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Turkey - An Up And Coming Jewel In The Crown Of Europe

07 April 2011 - News

Turkey has been the home of some of the world’s greatest marker points of history and as a result, the remnants of its ancient empires can be found throughout the country. From Alexander the Great, Achilles and the Trojans, to the great Ottoman Empire, Turkey is a country whose roots can be traced back to the dawn of civilization.
Like its rich history, Turkey’s terrain is also vast and varied. With stunning landscapes Turkey sits on the Anatolian peninsula, bordered by sea on three sides and mountains on the other, it is a country with world class natural wonders such as the 'Fairy Chimneys Rock Formation' in Cappadocia, to the uniquely mythical landscape of Pamukkale, a city blessed with incredible beauty formed by calcium deposits, which truly has to be seen to be believed. Its name translates as ‘cotton castle’ and this fits perfectly with the haunting limestone landscapes it describes.

Turkey borders eight other countries, Bulgaria, Greece, Georgia, Armenia, Azerbaijan, Iran, Iraq and Syria, and as such straddles the line between cultures and faiths with ease and subsequently has become over the last 20 years a leading holiday destination and a place to find quality property for sale to rival Europe's old guard, eg, France, Spain, Portugal and Italy. Secure in the knowledge that we are buying in a safe, friendly country, within a modern moderate culture and first class infrastructure.

Turkey is separated by seven geographical regions, but it is the Mediterranean and the Aegean regions that are the centre of the tourist industry and housing market. The Mediterranean occupies the southern coast line, home to such land marks as the Cilician Mountains, a rural area with beautiful mountains and incredible deserted beaches. Also the Cilician Plains, famed with biblical importance, this is Turkeys lowlands with the occasional rocky area, with ancient citadels and ruins found throughout. Hatay is an area that still retains its Middle Eastern flavor due to its proximity to the Middle East, well known for its rich culture and great food. A lake district full of wonderful natural lakes, large and small. Lycia, known as the ‘Turquoise Coast’ with clear waters lighting up its coastline, great for divers, swimmers and yachting, also with a large inland area of woodland, amazing ruins and awesome landscape. Pamphylia is one of the jewels in the crown of the Turkish tourist industry, on the Turkish Riviera with clear blue waters and long sandy beaches, mixed with great food and history this is a real winning combination for holiday makers and those looking to relocate.

On the other side there is Turkey’s Aegean coast, a stunningly rich landscape full of history. In the central Aegean region there is Izmir and its surrounding areas, full of ancient antiquity and ruins such as the incredible ‘Library of Ephesus’ an enchanting well-preserved ruin of a Roman city. Samos with its lush forest, now declared as a national park and the Ionia coast with seaside towns and tourist facilities aplenty. In the northern Aegean the climate is somewhat milder and lends itself well to olive groves, which you can see for miles around in this region. The southern Aegean is well known for its crystal clear turquoise waters and iridescent citrus plantations.

With such a vast array of landscapes, cultural elements and micro weather climates, Turkey is a country so rich environmentally and historically that one could spend a lifetime exploring. It soon becomes evident why Turkey has evolved as a world class holiday destination and popular choice to buy a first or second home.

With all this to consider, let’s have a look at some of the price factors and legal requirements that come into play when looking to purchase a property in Turkey.

The first thing that should be noted is that Turkey has emerged very well from the global recession and at the heart of its well documented economic strength must be a country that offers genuine great value for money whilst also balancing its books well. These days it’s important to know that if we are going to invest money in a country's bricks and mortar, that we understand it is the country’s worth itself that gives value to our investment. With so many blue chip economies either going into or edging ever nearer to meltdown and receivership, it simply is not a given anymore that you are buying into a stable economy just because it once was. Here Turkey comes up trumps, unfettered by the over spending and over borrowing of Europe’s old fat cats. It is an emerging economy, built up by real management and vision to succeed in competitive markets. How many of the worlds old power house economies would like to turn back the clock and stand where Turkey does today? More than a few for sure. As many of the worlds old powerhouse economies recede, Turkey, now in the EU is having a growth spurt.

Another thing to keep in mind is that according to the most recent report on Revenue Statistics by the Organisation for Economic Cooperation and Development (OECD) Turkey was found as being the second lowest tax to GDP ratio amongst (OECD) countries. A salient point for anyone thinking about a possible rental income for the future.

With so many good reasons to buy real estate in Turkey and with property prices so low, with one bed coastal apartments for as little as €20,000 and two beds from €25,000 all that’s left to say is to make sure that your contract is water tight.

Here are some pointers to keep in mind for those wishing to buy in Turkey:
• Buying in Turkey is safe but it is imperative that you use a reputable estate agent and solicitor which should be well researched prior to anything else.
• Make sure that you check credentials of your agent so you can be sure that they are not just a fly by night make shift business.
• Foreigners can buy freehold property provided the property has fulfilled requirements:
o A government title deed (Tapu) that is recorded at the land registry.
o The property is located within a town development.
o The property is not located close to military installations.
o The land does not belong to the forestry commission.
o The foreigner is of a nationality that can legally buy property in Turkey, this includes all European nationalities.
• As a rule deposit is 10% on signature of a purchase contract. If the buyer pulls out after this point the money is forfeited.
• Contracts should be signed face to face and in the presence of a Turkish solicitor. If this is not possible it is possible to sign the contract in your home country using a local solicitor.
• Make sure that your solicitor and/or your agent is there to witness the completion of the deed. This takes place at the local land registry office. All Foreign buyers are required to have an official translator there to help with the registration process.
• On the transfer of the title deed the balance of the funds are paid. It is wise if possible to ensure that these funds are paid through an escrow account and are released only after title transfer has been confirmed.

As with any property transaction abroad the best advice is to tread carefully and go slow. Making sure that you have fully researched the whole buying process in advance and have found reputable agents and solicitors that you can trust to give you guidance. Never proceed with any large transaction unless you are one hundred percent happy with all arrangements.

If you take care along the buying process, Turkey offers a fantastic opportunity for buyers looking for a property at great prices in a truly spectacular location, rich with culture and history and a buoyant economy that is going from strength to strength. A winning combination.

By (April 7, 2011)
Turkey Property sales | Turkey Holiday rentals | Turkey Monthly lettings



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