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It has become quite an attractive proposition to buy property in Turkey. The reasons for this are many and various: Good climate, a hospitable people, beautiful scenery and not least the favourable prices. For example an attractive apartment close to the beach and city can be bought for under 50,000 Euro.
This property is also an investment for the future. If we take a look at the development in countries such as Spain and Greece, we can see that prices throughout the last 15 years have been continuously increasing. This same development could happen in Turkey. It can be seen already in the price increases on properties in Turkey in recent years. Turkey´s expected entry into the EU might also increase property values.
In Turkey foreign citizens are allowed to own property. That is why they do not encounter problems like those found with time share projects or projects with flats under a multi-ownership scheme. Once you have signed for and received the deeds(tapu), you are the official owner of the property and you can do whatever you like with it.
The paperwork involved in a property deal here is unique. Many parties have an interest. For example, the military authority should approve the deal. These endorsements are only a formality and normally the estate agent arranges them without the buyer's involvement.
The Turkish interest rates are very high. For this reason it is not recommended that you fund your purchase with monies raised in Turkey. It will become too expensive. All the financing should be arranged in your home country. Your estate agent should be able to advise you on this.
It is also worth mentioning that there are some unauthorised estate agents. They are focused solely on a quick way to earn money rather than doing a fair trade. Make sure that you are dealing with a professional estate agent in whom you have confidence.
Good luck in your quest for your dream property in Turkey.
This property is also an investment for the future. If we take a look at the development in countries such as Spain and Greece, we can see that prices throughout the last 15 years have been continuously increasing. This same development could happen in Turkey. It can be seen already in the price increases on properties in Turkey in recent years. Turkey´s expected entry into the EU might also increase property values.
In Turkey foreign citizens are allowed to own property. That is why they do not encounter problems like those found with time share projects or projects with flats under a multi-ownership scheme. Once you have signed for and received the deeds(tapu), you are the official owner of the property and you can do whatever you like with it.
The paperwork involved in a property deal here is unique. Many parties have an interest. For example, the military authority should approve the deal. These endorsements are only a formality and normally the estate agent arranges them without the buyer's involvement.
The Turkish interest rates are very high. For this reason it is not recommended that you fund your purchase with monies raised in Turkey. It will become too expensive. All the financing should be arranged in your home country. Your estate agent should be able to advise you on this.
It is also worth mentioning that there are some unauthorised estate agents. They are focused solely on a quick way to earn money rather than doing a fair trade. Make sure that you are dealing with a professional estate agent in whom you have confidence.
Good luck in your quest for your dream property in Turkey.
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