Your guide to buying property in Turkey
With the vast amount of coastline Turkey continues to attract British buyers every year. But try and avoid jumping in and buying a property in Turkey until you have read this guide which holds some useful tips.
It is not surprising why Turkey continues to be in one of the top ten places to buy in 2015; littered with unspoilt beaches there is plenty of potential for an investor. Regardless of the fierce competition due to low property prices in mainland Spain, Turkey continues to offer a range of properties covering all spectrums of the budget.
In recent years trends suggest that non European Union investors are enjoying Istanbul and Bodrum and the British are in love with lots of other resorts including Kalkan, Fethiye, Altinkum and Yalikavak.
If you are not sure where to invest in Turkey, Istanbul is a popular choice with many. This incredibly stylish city is growing at a fantastic rate. As at 2014, there are over 14 million people living in Istanbul making this the second largest city in the world.
A choice that is growing in popularity is a working town called Didim that offers both a beautiful beach setting and a town square. It appeals to many for various reasons but the main one has to be the low property costs.
Interestingly a sleepy village commonly known as Ovacik has become a hotspot. The price of property here is reasonable but due to its growing popularity the property prices are set in increase.
Another contributing factor whilst people are choosing to relocate to Turkey is the living costs are extremely low. How can council tax of £35 per a year not appeal to you? Utility expenses, taxes, education and healthcare are all much lower than other countries. Beautiful weather, spectacular landscapes and cheap living, what else could you ask for? As with any property purchase ensure you do your research and don’t just use price as a deciding factor.
As soon as you have located your perfect property you will need to instruct a lawyer (independent). It is their role to ensure that the basics are correct and that the house is deemed acceptable to be sold to a non Turkish investor. A deposit will usually be required but the percentage will vary dependant on the type of property. Once the deeds are ready to be issued the final balance will be requested as well as any buying fees. Buying fees will vary but you should consider agency fees, land registry costs and any other legal costs.
It can take on average four weeks for the purchase to be complete but can sometimes be completed a lot sooner than this. All parties will need to sign the contract in Turkish but it can be translated at your own request.