Three Warnings About Property in Turkey

Three Warnings About Property in Turkey

Three Warnings About Property in Turkey

Turkey is a great place to buy property, low prices, good climate and a housing market that is attracting overseas property buyers.The Turkish weather makes for a laid back way of life and long holiday rental periods for property investors.All sounds good however if you are planning to buy a property in Antalya or Bodrum, Turkey has some unusual buying restrictions and rules.Here are three warnings you should take into account when buying in Turkey.1.) Foreigners cannot buy real estate near military bases.There are various areas of Turkey where foreign nationals are prohibited from buying. For example, Brits are not permitted to buy property in the vicinity of military bases or other sensitive locations. Whilst this may seem like a throwaway condition, it can scupper your Turkish property purchase. When house hunting in Turkey be sure the dream home is not located in a restricted area.2.) Earthquake insurance is generally compulsory.There are not many countries in the world that insist that you take out earthquake insurance when buying your home. However, you are obliged to take this insurance in almost all areas of Turkey. Insurance costs are based on the location of the property, the square footage and the construction type of the building. The tax rates range from 0.44 per cent to 5.5 per cent depending on the above factors.3.) Buying in Turkey is a relatively recent developmentEven in the recent past; it has been very difficult for foreign nationals to own property in Turkey. Right up to 2003, it was almost impossible for a non-Turkish national to buy land or real estate in the country. It was only in 2003 that the Turkish government relaxed the laws on property ownership. To do this, they introduced a 'reciprocity law' which means overseas nationals can buy property in Turkey, just as Turkish nationals can buy property outside Turkey.So why does Turkey tick all the boxes for international real estate buyers?1.) Property in Turkey provides good investment potential.2.) Steady financial returns from holiday rental property which has high demand.3.) Low interest rates.4.) A strong economy.5.) A government encouraging overseas property investorsOverseas Property InvestmentAs a profit making vehicle, overseas property can prove to be a lucrative investment. Currently, many Brits for example are choosing to invest in countries where property prices have fallen significantly over recent years. Emerging countries where economic growth and demand for property are set to be strong include regions such as Turkey.It is always good to remember that profits are made not only on the sale but also on the purchase.

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