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Turkish Property Market
Turkey has been a popular holiday destination with the British for many years now. However, up till 2003 acquiring a property there was difficult. Since the purchase law changed and the restrictions were lifted foreigners from EU countries were given the same rights when buying a property as Turkish nationals. Understandably, that led to an increased demand for properties and livened up the property market. |
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A Sun Location |
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| What makes Turkey an appealing place for home buyers is, first of all, the country’s hot Mediterranean climate, clear seas and excellent beaches as well as its diverse culture and rich history. | |||
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Turkey ’s stable political situation together with the economy growing at a very impressive rate and the prospect of joining the EU in a few years’ time bode well for the future of the country’s property market. |
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Who Buys in Turkey? |
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Overall, 1.4m Britons currently own a property outside the UK – and 2.2 million more people are expected to purchase overseas property by 2008 (Barclay’s research). Over the last three years 52 thousand people bought property in Turkey and 18% of them were British. |
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What Types Of Properties Are Popular? |
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| Resale, new or off-plan? Out of the three, off-plan and newly built properties are most popular among foreign buyers. One of the reasons is that properties built after 2003 have to comply with the new EU building regulations and must be earthquake proof. | |||
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There is a strong resale market in resorts of Bodrum, Antalya and Fethiye. An example of a resort with an abundance of rundown resale properties suitable for refurbishing is Ayvalik. This little town on the north west coast of Turkey offers a good choice of old Greek houses. From an investment point of view, off-plan properties bring the highest returns. Especially when purchased at an initial stage of construction at a below market level prices an off-plan property can bring substantial returns on investment. Tailor-made property is yet another option. It gives you most flexibility and influence in terms of the property’s location, design and materials used. |
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| Favourite locations | |||
Before deciding which part of Turkey to buy from it is essential to know who is the area popular with. Turkey attracts tourists from all over the world and each nationality seems to favour a different resort. Therefore, if you intend to rent your property out and you are targeting the UK market make sure your property is not in the area dominated by the Germans or Russians. Here is a rough guide: Most Brits prefer Fethiye, Dalaman, Side, Akbuk and Altinkum. The Irish, Germans and Russians prefer Kusadasi, Kemer and Alanya. |
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 Foreigners can purchase a property as freehold. |
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There is no restriction as to how many properties you can buy. |
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Maximum size of total lands/properties that can be purchased by a real foreign person cannot be more than 25 000 sq m. The Council of Ministers is authorised to increase this threshold to 300 000 sq m per person. |
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| There is a robust central land registry in place |
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| Areas for property investor development are designated, mostly in coastal regions with restrictions relating primarily to inland and village areas. |
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| Foreigners are not allowed to buy property in the military, strategic and security zones of Turkey. |
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