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There has never been a better time to buy property in Turkey In January this year a law was enacted to allow property purchase by foreigners in Turkey, many people have bought in anticipation of this but it has taken the uncertainty away, There are a some restrictions on the areas and size of plot on buying property in Turkey and suggest purchasers to go and read the valuable information that is available on the Turkish Embassy website.
Although at present mortgages are not available in Turkey there is a bill awaiting to go through their parliament, later this year, to allow mortgages.
When this happens there should be a jump in prices, as the market is opened up completely as happened in Spain, just look at the prices on Costa del Sol.
There is a window of opportunity, the prices have been moving up in anticipation of the foreign property purchase legislation and will continue rising ahead of the mortgage legislation, the big jump in prices should be when the mortgage market is opened up – indeed land prices have doubled in the last year.
Word of warning – Make sure you either buy new or nearly new properties, the new Turkish build standard which came into effect in the millennium brought in new minimum build standards – it is unlikely that any mortgage company would lend on properties not built to this standard which will mean old property won’t enjoy the same gains in future price inflation.
Where is the best place to currently buy in Turkey
The main areas for property purchase are on the Aegean and Mediterranean coast.
Many people are buying in Kusadasi and Altinkum on the Aegean coast because of the perceived low prices but it's best to buy in Bodrum at present where villas and apartments can be purchased from £60,000.
On the Mediterranean coast (which is drier in winter than the above) it's recommended to buy in Side and Belek, these have the best climate, easy access and golf courses.
Turkey has got the be near the top of the list of countries to consider for buying property abroad for investment or holiday home, with so many tourists going each year (21 million in 2005) in has the feel of Spain in the early years. |
