First Property in Turkey?
House prices in Turkey have risen by 40% in the last 2 years and an increase in the number of flights and improvements to roads and motorways is making Turkey attractive to investors and it is anticipated that an increase in property prices will continue over the next 3 years. A reformist government is also making Turkey attractive. Türkiye Is Bankasi, is launching an innovative new mortgage product to UK nationals at competitive standard variable rates for overseas repayment mortgages in British pounds sterling. Isbank London has been offering financial services in the UK since the early 1980’s. The IsBank Overseas Mortgage is the first overseas mortgage available to foreign nationals in Turkey. Although the Financial Services Authority (FSA) regulates Isbank London, this product is not an FSA regulated mortgage. It is the policy of Isbank London to observe the provisions of The Banking Code.
For anyone considering making an investment into the Turkish real estate market:
• Always use a professional licenced Estate Agent.
• Be careful, Trust your instincts NOT the waiters!
• Different estate agents do try to charge different commissions so go for a mainstream agent where the buyers commissions are clearly shown.
• Find a realy good lawyer that you can trust.
• Don't believe what anyone says about rental away from Bodrum town and it's immediate surroundings. However there is a very good rental market to Turkish nationals for long term summer rentals (a lot of wealthy people from Istanbul move to Bodrum for ALL the summer)
Changes to the law in 2001 mean that it is now easier for UK residents and other non-Turkish nationals to purchase land or property, providing a reciprocal arrangement between Turkey and the country of origin of the prospective purchaser exists as it does for the UK and the Turkey meaning Turks can olso buy property overseas.
Buying land or property for sale in Turkey can be a fairly simple, stress-free process, as long as the usual, expected care and attention is taken. Once you have chosen a property that matches your requirements and budget, the processes is similar to that of the UK in that it takes six to eight weeks to complete. Inevitably, there are also taxes and other fees to take into consideration. Normally, on the purchase of a property, the main costs involve a one-off 3% of the declared value of the property, and approximately £200-£300 to cover official documentation for transferring ownership. You will also be responsible to pay around £30 “Education and Earthquake” Tax, and thereafter 0.01% of the property value per annum, payable to the local authority.