When it comes to buying the ideal property in Turkey, the process used to be complicated and time-consuming. But over recent years the government has been simplifying the requirements and while the system is a little different from most other countries', it's much easier to undertake nowadays. The whole process could take as little as 4-8 weeks if you're buying an already built property; obviously, off-plan, it will take longer.
An Ideal Investment
One of the friendliest and most beautiful places on earth, Turkey is loved for its stunning coastlines, glorious weather and affordable property prices. Turkey boasts a strong economy and young population leading to growing demand by foreign buyers, including those from the Middle East. Expanding infrastructure and innovative projects have seen a surge in media interest with highly regarded architects and designers choosing Turkey to showcase their work.
Buying a property in Turkey
When it comes to buying a property, there is a huge choice of property available and prices are still very favorable when compared with other popular tourist destinations. For example, you can still fetch a sea view apartment for less than £100,000. By contrast, at the other end of the scale you can buy a luxury property running into millions located in luxurious surroundings. No matter the size and scale of your budget, be aware of the costs which come with the transaction. These include: stamp duty, 3 % of the assessed value of the property, legal fees of around £1,000, agency fees of 3% and the other various fees which can be sent your way.
Overall though, Turkey property and the Turkish market of today is a safe bet and a wise bet too. The ongoing costs of property ownership in Turkey are low, especially when compared with Spain or France. To add to this, if in the short term you are buying a holiday home or investment property, upon renting the property out, the rental yields are good.
When it comes to buying property in Turkey, make sure you have researched the company you are dealing with. Check in detail to see if they are they an established company with an excellent track record and ask for full details of the deeds of the property they are selling. Quite simply – make sure you know who you are dealing with when it comes to making this large investment.