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Up until
recently,
British people looking for a
home abroad have tended to buy
property in other sunny Mediterranean
countries such as Spain, France, Italy and Cyprus,
but prices there have risen significantly due to congestion of the market. Many
now choose to buy property in Turkey, having
discovered the beautiful countryside, vibrant culture and
hospitable people whilst holidaying in its coastal resorts. You too
can buy a home in Turkey at a very
affordable price, which you can use for regular
family holidays (and
also rent out), as the
latest legislation now makes buying property much easier.
The
main appeal of Turkey lies in its long warm
summer, its historical
sites and natural beauty
and the hospitality of its
citizens. Turkey is a stable
country, with good infrastructure,
modern
cities and the expectation of
accession to the EU. Its huge economic
potential, young population and the increasing number
of foreign tourists all
add to the attraction. All these factors, together with
expected future developments in the
Turkish property market, mean that
investments in real estate are highly likely to yield
an excellent return.
The demand for
real estate in Turkey is growing fast. As
of January 2005, the number of foreign nationals owning property in
Turkey is 51,000 and 18.2%
of these are
Britons. This means that the number of
Britons and other foreign nationals who own property in Turkey has
increased by 214% and 35%,
respectively, since property buying rules for foreign
nationals were relaxed in July 2003. This figure is
expected to rise by more than 6000 each year, and to double in the
very near future. Foreign nationals are estimated to have spent
more than $1 billion on buying property
in Turkey in 2004 alone.
Turkey is surrounded
on three sides by sea (the Aegean,
Mediterranean, Marmara
and Black Seas) and has
a wonderful coastline
with large resort cities as well as many smaller
seaside towns and villages. The
country is self-sufficient and grows a huge range of high
quality fruit and vegetables which are sold very cheaply
in markets and even on street-corners. There is a large
selection of restaurants and cafes where you can get delicious
dishes at prices to suit every pocket. In fact, most things
in Turkey are cheap and it's easy to attain a
good standard of living on quite a small income. People in
Turkey are warm, community-minded and
hospitable to foreigners, so you will soon feel
at home. In summer, of course, the sunny
weather, superb beaches
and exciting
outdoor activities mean that you will never be
at a loss for something to do, but there is also plenty to
occupy you in winter,
as there are mountain resorts for winter sports
and mountaineering,
large
modern shopping malls, concerts and cinemas
and still a wealth of historical
places to visit.
In 2004, more than 17 million tourists visited Turkey. This figure
is expected to double in the next few
years. Future
projects such as the creation of further conference
centres, golf courses and health
tourism centres, as well as the hosting
of international sports events such as Formula 1 races,
will have a positive effect on
the property market in
Turkey. For this reason, buying
the right property in Turkey
should lead to a
substantial profit. As property prices are steadily increasing,
and the tax on property is comparatively low, there
will be a considerable difference between the
purchase price of your
property and
your selling price, and your
house is likely to realise its
acquisition cost within 8 to
10 years if it is
rented out properly.
So, whether you buy real estate for investment
or for residential purposes,
to live in yourself or to rent out, you will never regret your decision
to buy in Turkey. Its climate is ideal for
old and young and
there are good opportunities for qualified people who wish to work or to establish their own
business.
Turkish Property Law
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