When you take a close look at Turkey as a tourist destination, the fact that in 2007 over 23 million people took their holiday there underlines its popularity with overseas holiday home and property investors alike. The government of Turkey continues to strongly invest in important infrastructure projects and actively encourages the hosting of major sporting events such as Formula 1 and UEFA Champions League Final, and most importantly has started negotiations for full membership of EU, these contribute to attractiveness of Turkey as overseas property owning destination
Prices remain reasonable, indeed extremely competitive when compared to other Mediterrean destinations, and some key facts to point to prices rising over the short to medium term, the facts that
- New and more favourable mortgage laws were inacted in 2007
- Housing supply in Turkey lags behind demand
- The average age of houses in Turkey points to a strong need for new building.
means that house prices could rise attractively over the next few years.
Foreign Citizens owning property in Turkey
According to article 35 of Title Deeds Law, foreign nationals (real persons) are able to aquire property in Turkey on the conditions of being reciprocol and complying with legal restrictions.
In implementation of the reciprocity principal it is essential that property aquisition rights given by a foreign country to its own citizens and commercial companies established in foreign countries according to the laws of these countries are also given to the citizens and commercial companies of the Republic of Turkey.
In this context, there exists reciprocity between the UK and Turkey regarding the aquisition of property.
Popular destinations for owning a property in Turkey
The Aegean coast of Turkey has some of the most scenic coastlands to be found anywhere, if anyone was claim that the most scenic vistas in the world can be found on the coasts of the Aegean, none other than Heredotus, who said of the Aegean coasts "they have the most beautiful sky and the best climate in the world."
The bays and peninsulas, coves and golden beaches stretch the length of Turkeys Aegeon coastline, it is a region steeped in mystery and mythology, at almost every turn, you will encounter the temples and agoras of the ancient past.
Owning a property in Turkey is becoming more and more popular as investors and holiday home owners confidence grows in line with the Turkish governmemts ongoing commitment to developing the regions tourist industry. For the Turkish property owner Turkey is easy to get to with cheap flights readily available departing from most UK airports
Property for sale in Turkey by Region
Regions Aegean Provinces Aydin Districts Didim Cities and Towns Akbuk Altinkun Kusadası Izmir Mugla Districts Bodrum Dalaman Fethiye Cities and Towns Calis Ovacik Marmaris Mediterranean Provinces Antalya Districts Alanya Antalya Serik
The most popular regions for owning a property in Turkey are Antalya Bodrum Fethiye and Kusadasi
Bodrum was described by Homer as "The land of eternal blue" and throughout history Bodrum has always been fought over because its people have been unwilling to share its beauty with others.
Bodrum is built on a peninsula which is formed by the coming together of the eastern and western harbours, vistors to the town enjoyits narrow streets than meander down to the sea and harbour with its picture post card white houses where some of the worlds most renowned yachts can be seen. Owners of property in the Bodrum region of Turkey enjoy the contrast of the hot and dry summers and mild and rainy wintersAmong the most popular destinations for owners of Turkish property is Fethiye because of its culture and natural beauty. Located in a bay within the Fethiye Gulf which provides stunning view accross the large and small islands and the pine forests which provide its backdrop and visitors can relax in the warm mediterranean climate
The seaside resort town of Kusadasi has expanded immensely in the last 30 years, the population has grown from just 600 in the 1970's to over 50,000 today due to its popularity as a holiday desination. Kusadasi is reguarly visited by the cruise liners which travel among the many Aegeon islands because of its closeness to Selcuk and the chance for visitors to explore the ancient cities of Priene and Didyma.
About the many Locations in Turkey
Aegean Coast location and regional property guide
Mediterranean Coast location and regional property guide
Property for sale in Turkey
The process for buying a property in Turkey
Reservation Contract
The conditions of the Reservation Contract under which you pay reservation only deposit to take the property off the market for a short period are such to provide you with time for your lawyers to do the due diligence in preparation of you signing a preliminary/promissory purchase contract and pay the full deposit. If you withdraw due to any legal problems you are contractually entitled to a refund of your reservation deposit, be aware that if you just change your mind you may lose the reservation deposit.
The Preliminary or Promissory Purchase Contract is the legally binding contract to buy the property. This is a premilminary step towards the signing of the formal contract of sale. As a "preliminary contract" it is legally binding. If you withdraw at this stage of the purchase you lose your deposit and may be liable to further action from the seller. Do not sign this contract until you are satisfied as to legal and structural status of the property.
The checks needed post signing the Reservation Contract
The checks required will depend on the type, age and construction of the property, the following checklist covers the main points your solicitor should cover with you;
1. The check with Land Registry to make sure that the vendor is the registered legal owner and that the property is free from debts or other onerous burdens
2. The results of a planning enquiry to establish the current planning status for the property. In the case of a new property the construction licence for the building of the property or if resale property the habitation certificate authorising the occupation of the property as a dwelling.
3. The conditions in the proposed contract of sale and that the terms are fair and contain no omissions, including guarantees securing the completion of the property.
4. The results of the structural survey, as with the UK this will be a necessary step in obtaining a mortgage.
5. If you are planning to make alterations to the property, an extension or adding a swimming pool for example check that the authorities will in principle grant approval, as with most planning systems this will not be binding until a proper application has been made.
The next step is the Preliminary or Promissory Purchase Contract, at this stage you are required to pay the full deposit as set out in the reservation contract.
The Preliminary or Promissory Purchase Contract
Your solicitor we will need to obtain a tax identification number and prepare a Power of Attorney authorising them to sign the tapu senedi on your behalf, assuming you will not be in Turkey to sign yourself.
You will need to have opened a bank account in order to have the funds available to complete the purchase.
Your solicitor will need to confirm that the vendor makes an application for 'military permission' on your behalf which is necessary requirement for foreigner to own land in Turkey.
Once you have signed the Preliminary or Promissory Purchase Contract you are committed and you can only withdraw if you can prove breach of contract on strong legal grounds
The Final Contract or Deed of Sale (tapu senedi)
It is at this stage when you sign the tapu senedi that you are required to the balance owed on the price of the property plus taxes and other fees. This tapu senedi is the document transferring ownership to you.
The tapu senedi is signed at the Land Registry in front of an officer of the registry when at the same time the officer will register your title.
At Overseas Property Centres you can find a wide range of property for sale in Turkey.
4 day Viewing tours to Turkey from £49 per person More details
If Golf is your thing Turkey may be a newcomer in the golf market but it is fast becoming a favourite with many travellers due to an improvement in facilities and, of course, its superb all-year round climate. Golf, Sports and Activities in Turkey. For many it’s the history and culture of Turkey that bring people back time and time again Nature, Culture and Arts Sightseeing in Turkey
There are many sources out the for more information on buying property in Turkey. Our knowlegde base articles on Turkey will provide a helpful insight into the world of owning overseas property. Read our guide about the key points for property ownership in Turkey, or our guide to the Turkey property purchase procedure.
Fincancial information
Turkey mortgages Legal procedure in Turkey
