INVESTING IN TURKEY
BUYING A PROPERTY IN TURKEY
Traditionally British people have bought property mainly in European-Mediterranean countries
such as Spain , France , Italy and Cyprus as well as famous US destinations like Florida .
However, these places have recently become extremely expensive and saturated. Nowadays,
the UK citizens have been seeking other alternative overseas destinations.
If you, as a UK citizen, prefer buying a property at a very reasonable price which you can use
yourself for regular holidays and that you can also rent out to get some income in a country
where the summer is nice and long, stretching from March to November, and there are many
tourism attractions, then Turkey is the most appropriate destination for you.
In 2007, more than 23 million tourists visited Turkey and more than 25 million tourists were
expected to visit Turkey in 2008. This figure is expected to double within a few years.
Moreover, future projects such as creation of much more congress, golf, health tourism
centres, having held international sports events such as Formula 1 races, international
university Olympics-Universade 05/Izmir and UEFA Champions League Cup Final in 2005; the
fact that Turkey started full EU-membership negotiations in October 2005 are all potential
factors which will contribute well to property market in Turkey.
Moreover, the facts that:
1.High levels of Growth - Turkey has experienced consistently high levels of capital growth, reaching nearly 10% in 2004 & 2005 respectively.
2. Regular flights to Turkey - There are now direct flights from the UK to most Turkish destinations throughout the year including holiday regions of Bodrum, Dalaman, Antalya and Izmir. Also easyjet offer low cost flights to Istanbul. The flight times are at an average of only 3.5 hours which is making the coastal regions of Turkey extremely popular and affordable.
3. High Rental Income - There is a widespread campaign by the Turkish tourism board to promote tourism with an estimated 12 million visitors each and the target of over 30 million by 2010, year round flights and the introduction of golf to the region will lead to a very strong rental income from your investment.
4. Mortgages - Legislation has just been passed allowing mortgages to be given to foreigners, these are fixed interest and can be given up to 70% of the property value. These are available for key ready and off plan properties.
5. No Capital Gains Tax - You are not liable to pay any capital gains tax after 5 years.
6. Extremely low property prices - Compared to other European countries prices are still low accompanied with the low cost of living. Prices can be up to 60% cheaper than a comparable property in Spain. With the huge investment currently in Turkeys coastal regions the capital growth is estimated between 15-20% per year for the next 3 years.