Property in Turkey Buyer's Guides

The British pound has held fairly firm in the face of the Turkish currency, the lira, and so property in Turkey remains cheap – relatively speaking – for Britons seeking a property abroad.  Pushing up the appeal of Turkish property even more is the fact that the nation is driving ahead with the promotion and extension of its tourism sector, making parts of the country very popular with property investors and speculators.

However, the Turkish property industry is often compared with the Spanish industry 20 – 25 years ago when ripping off Britons was sport, and those who triumphed and actually managed to secure a quality home for their hard earned cash were the lucky few!

In this report we’re not going to beat about the bush of political correctness, we’re going to get right to the heart of the matter and discuss how you can buy property in Turkey without being ripped off.  Note, we’re not suggesting that ripping off property hunters is an exclusive sport of the Turks, it goes on everywhere – even under our noses onshore in the UK.  So, this is not a racist rant, it’s a tirade against those who seek to destroy the dreams of people who simply want to find their place in the sun.

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The property market in Istanbul has weathered the global financial storm well.  It has remained robust in pricing terms with minimal depreciation in underlying asking prices seen, yet there is plenty of room for negotiation for buyers who have the cash to negotiate with!  What’s more, there is potentially plenty of room for profit over the medium to long-term as Istanbul raises not only its international profile, but its presence on the global business stage.

In this article we’re going to focus specifically on procuring potentially high returns on property in Istanbul by making a good purchase in today’s market.  After all, no one can accurately predict where prices will move to in the future, so to be more assured of profit potential, you need to buy well today.

The keys to getting the right property at the right price in Istanbul are finding the best location, negotiating well with local input, having quality legal assistance and ultimately undertaking significant due diligence before entering the market.

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If you’re planning on living in Turkey, or buying property in Turkey, you need to be aware of Turkish inheritance law.

With a view to eventually joining the European Union, the Turkish legal system has now been integrated with the continental European system incorporating elements from the Swiss, German, French and Italian codes, however expats living in Turkey do need to be aware of the differences in inheritance law, as do those who purchase immovable property in the country.

The main principle regarding property is that the property is regulated by the laws of the country in which it is located.  This means that if you own property in Turkey, Turkish law is the applicable law when it comes to you shuffling off this mortal coil.  And you might be a little surprised to learn that the laws of succession in Turkey differ significantly from our own in the UK.

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