The beautiful climate and exotic quality of life help to make Turkey a location that is much in demand

Increasingly popular with British house buyers, and likely to become ever more so when it joins the EU, Turkey is known as the next hot spot by aficionados. In 2004 alone, property prices rose by around 30 percent and doubled in some areas depending on the property and location, particularly in the coastal towns.

While coastal areas will continue to be the first choice for the British looking to soak up some sun, Turkey’s major cities are also becoming ever-popular destinations. Prices are going up by an average of almost 50 percent per year and look set to continue increasing for years to come, hence why this extra demand is set to push prices up drastically. Turkey provides excellent value for money investment and great rental income potential.

Early economic indications for 2005 suggest that Turkey is set for record numbers of tourists and British second-home buyers are to follow despite the country’s predominantly Muslim culture that can mean business practices are different to those in the UK.

The Turkish property market boom is triggered off by an important change in the law relating to the ownership of property by foreigners. This only happened at the end of 2002, but it has meant that prices have been rocketing ever since. As other Mediterranean countries rapidly become too expensive, it seems that all eyes are set on Turkey. The Turkish economy generally is attracting a massive amount of investment and interest from overseas as the government seeks to align their laws and policies with the rest of Europe in anticipation of full EU membership in 2007. Inflation is down from 90 percent only five to six years ago to 8 percent today. Other reasons to invest in Turkey include:

• There are now cheap flights to Turkey available as the costs of the airline tickets are going down due to more chartered flights, especially during the summer. Fethiye, Marmaris and Bodrum have become a hot holiday destination for Brits.
• High standards of education and medical care attract mature couples and families with children to choose Turkey as their home.
•Low crime rates compared to UK is another factor to consider if you are looking to relocate.
• The cost of living in Turkey is at least 50 percent cheaper than in UK, which provides a better quality holiday or standard of life.
• Turkey has a warm Mediterranean climate throughout the year. The temperatures in winter do not fall below 10°C (50F), summer temperatures are 30-40°C (86F-105F) on average.

Buying in Turkey
• The buyer needs to obtain permission from the military to purchase the property prior to completion, as non-nationals are only permitted to buy within a designated town area. Your solicitor will apply on your behalf.
• Once you have found a property for sale your appointed English-speaking local lawyer will draw up a pre-contract and at this stage a deposit of generally not less than four percent is acceptable, although 10 percent is the more usual minimum to ensure both parties are serious about the undertaking.
• Once the deposit is paid, the lawyer will ensure that there are no debts outstanding on the property - which would pass to the new owner. Once he is satisfied everything is in order with the property title both the buyer and seller are required to be present at the Land Registry office, but you can appoint a power of attorney (usually your solicitor) to sign on your behalf.
• Lawyer’s fees vary and are usually negotiable, but allow four to five percent of the purchase price to cover his fees, insurances and registration charges.
• Should you sell your property in future, Capital Gains Tax is levied at 25 percent of the profit between the purchase and sales price.

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