Turkey Property

While there is differing speculation as to whether Turkey will be part of the European Union by 2014, one thing cannot be argued: Turkey’s dramatic scenery, popular beaches, mild climate, and low cost of living have attracted the attention of tourists and investors the world over. As a result, Turkey’s real estate prices are starting to slowly edge up—but not so far as to leave out the budget-conscious. Today, anyone looking to invest in this exotic land has only one hurdle—misconceptions.

#1. Purchasing land in Turkey is a complicated matter for foreigners.
Not so. Despite its exotic location, purchasing property in Turkey is no more difficult for foreign nationals than residents. However, one must have a Turkish lawyer fluent in both English and Turkish to handle the transaction. In addition, any foreign national seeking to purchase land must have military security clearance. Are you in a hurry? You may have to slow down a bit, as the clearance process can take three to four months. It will also take extra money. Plan on budgeting 6% above the purchase price to pay for the purchase levy, legal and estate agency fees, and stamp duty. Beyond the extra time and money, obtaining clearance is relatively simple, and should not be difficult for the average investor.

For those fortunate to live in countries that allow Turkish nationals to purchase land, purchasing land in Turkey is even easier. For them, Turkey allows the purchase of land with virtually no limitations.

#2. Sure, but not that many foreigners have invested in Turkish property.
Wrong again. Foreigners own more than 40,000 properties, with nationals from 87 countries free to purchase land as they wish. Germans, Dutch, British, and American investors (to name a few) show significant interest in Turkish property.

#3. Property appreciation is not guaranteed.
Is it ever? While nothing is ever set in stone, those looking earn a good profit on their investment shouldn’t be disappointed with Turkey. Currently, homes can be bought for as little as $50,000—much lower than popular southern European destinations. And those pessimistic about Turkey’s economic future shouldn’t worry too much. While there is speculation as to whether or not Turkey will become part of the EU by 2014, there is no arguing that Turkey is becoming a more popular destination—and prices are rising. While Turkey’s addition to the EU might influence how high real estate returns might be, it most likely will not interfere with a promising growth trend.

While Turkey does offer a lot of opportunities for eager investors, there can be some difficulties. For example, there is no mortgage system in place, so those seeking to buy property must come with cash in hand, or financing from their own countries. In addition, despite its “open” door to foreigners, there are some areas where foreigners are not allowed to purchase land. Finally, remember to always check the property title, as it may be encumbered by financial or legal liens.

Turkey offers a vast and growing landscape for anyone seeking to fill his or her real estate portfolio. Whether you’re purchasing land as an investment, or as a vacation destination, Turkey is guaranteed to welcome you with open arms.