Your number 1 partner when buying property abroad
Turkey forms a natural bridge between the old world continents of Asia,
Africa and Europe, with the Black Sea to the north, the Mediterranean
Sea to the south and the Aegean Sea to the west. Turkey is a vast and
diverse country with some of the best coastline in Europe, blessed with
over 300 days of sunshine a year.
A very low cost of living, compared to any other European country, Turkey
has a massive manufacturing base and all everyday household products,
furnishings, fixtures and fittings can be sourced cheaply and at a good
quality.
These are exciting times for Turkey, on the verge of joining Europe, a
huge expanding tourism base, strong currency and a robust economy, it
has found itself thrive as one of the top worldwide property investment
locations. This is reflected by the industry media, International Property
Magazine (published by Inside Track) who voted Turkey as the number one
place to invest
.
Primarily because of the low property prices, Turkey has received positive
comparisons with the Spanish property market in the 1970s, with a long
term strong growth period predicted year on year.
TOP 10 REASONS TO INVEST IN TURKEY
In 2003, the Turkish government significantly liberalized the laws governing the ownership of real estate by foreign nationals in the country.Specifically, the Turkish government enacted what is known as a reciprocity law for the ownership of real estate by foreign nationals. These positive changes mean that investing couldn’t be simpler. If you’re resident in a country in which Turkish residents are free to purchase freehold property, then you’re free to buy in Turkey, with a traditional and simple buying process.
Turkey has been voted one of the best destinations in the world for affordable low cost property, where property prices still have a lot of ground to make up. Property along the Turkish Riviera is currently increasing in value at 2% per month and global investors are seeing high investment returns of approx 24% and with Turkey's admission into the European Union, this is set to rise steadily.
With a large population of 70+ million who are profiting from the economic growth, the internal property market is growing in strength, meaning investors are not only reliant on international investors for re-sales.
Over 25 million tourists visit Turkey each year boosting the property market and creating strong "buy to let" possibilities, with tour operators and the tourism industry increasing the media exposure, to which Turkey has responded by developing some world class resorts offering stunning holiday opportunities that are proving particularly popular with European travellers. ABTA has also acknowledged that Turkey is enjoying “spectacular growth” with over 30% more British arrivals in 2007 to 2006. With demand for holiday property going through the roof, there is a shrinking shortage of supply which is good news for property investors.Parliament has introduced tax incentives to further attract the overseas property investor by introducing the policy that if you sell your property after four years, there is no capital gains tax to pay. This allows you to profit from the capital growth, good rental return income and then sell with no tax penalty!
Turkey is considered to be a highly dynamic country by the World Trade Organisation and another reform passed by the Turkish parliament which came into effect on 1st January 2008 - will facilitate mortgages at affordable rates for the first time and it is estimated home ownership numbers will increase from the current 4.5% to 12% by 2015.
The cost of living in Turkey remains low and is about 1/3 cheaper than the UK, which is another reason why it is such a popular holiday choice as well as being attractive to those looking to move abroad to live and work or retire. With the Turkish lira rising against the Dollar and the Euro recently and is proving to be a more robust currency all round.
Whilst Turkey is positioning itself for acceptance for EU accession, it is a long and slow process, which the Turkish parliament is working hard to adapt their laws and standardise their practices to bring them in line with those of other European countries, another positive move for Turkey’s long term economic success.
Unlike some of the other eastern emerging markets, serious crime and crime against property and the individual are very low in Turkey meaning that an investor and his assets are safe and secure.
Low cost airlines as well as the usual charter flights now fly into the 6 airports within Turkey from most worldwide city locations, with flying time from the UK only 4-5 hours.Turkey has over 300 days of sunshine a year, with hot dry summers and mild, warm winters making the Turkish Riviera an international tourist hotspot with a high rental demand for 10 months of the year.
As well as an enticing climate, the unspoilt landscapes boast beautiful blue flag beaches, undeveloped bays and coves plus stunning inland scenery with mountains, lakes, rivers and waterfalls, and in contrast marvelous historical sites sitting comfortably alongside cosmopolitan cities and luxury resorts. Both the parliament and local governments are well aware of the beauty they have and are keen to preserve the country’s natural assets from over development and ruin, therefore when it comes to property development, they have implemented very strict planning and density rules, which will help to maintain the country’s beauty and its unique qualities.
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