September 12, 2007
Interest in property in Turkey growing
For the first time in real estate history, the number of foreign residents owning properties in Turkey has gone beyond the 62,500 mark. According to a report by the Alanya Chamber of Commerce and Industry, Syrians, Britons, Irishmen, Germans and Netherlanders head the list of property owners in Turkey. Syrians presently hold the top spot, although this rank may change soon. Alanya Chamber of Commerce and Industry reports that between January 7th and July 24th 2006, 6,053 foreign nationals bought property in Turkey, 1,876 of these buyers are Brits.
Many of the foreign owners have nested along the Aegean or Mediterranean coastlines - the Antalya Province, which includes well loved resorts like Side and Alanya. However, the largest concentration of foreign-owned real estate is found in Istanbul. “Undoubtedly Turkey, and in particularly Istanbul, is one property market to keep a close eye on,” comments Jonty Crossick of Ready2invest. According to Crossick, they are starting to see significant growth in a market that is still new to most Western Europeans.
Posted on: Turkey
Turkish Property Auction a success
Last year, October 7, the Turkish Property Auction in the United Kingdom was held at the Sandown World of Property Show. It was believed to be the first ever and was organized by World of Property (WOP) and Solaris Villas.
Prior to the event, many buyers and investors have shown great interest in the auction. An estimated four thousand visited the World of Property Auction web site. Six hundred requested for the Auction Catalogue before the event.
“The response to the Auction was amazing with everyone looking for a bargain. A number of properties were sold prior to the Auction and major savings were there on the day with some properties discounted by up to £25,000,” reveals Bernadette Tyson, Director of Solaris Villas. “There have been further sales after the Auction as people’s interest has continued throughout the past few weeks. Because Solaris Villas has a unique relationship with its developer network, we are able to bring a number of all exclusive bargain properties up for Auction, giving everyone the opportunity to get their dream home at a price that they would not normally find anywhere else”.
Posted on: Turkey
September 5, 2007
ISTANBUL: CULTURE CAPITAL 2010
Istanbul, Turkey’s most populous city, has been awarded the third and final nomination for European Capital of Culture 2010 ahead of Kiev, Ukraine’s capital. The move is expected to benefit the city’s fast-growing property market. Announced in Brussels, the nomination prompted elation from both the Turkish delegates present and in Istanbul itself.
“This will become a major agent of change for Turkey,” shares Nuri Colakoglu, a spokesperson for the Istanbul bid. “This shows everybody that this model will solve problems in Turkey. We have put our heart and soul into this bid and we expected to win.”
The chairman of the independent judging panel, Sir Jeremy Isaacs, praised the “pleasingly popular” bid. Isaacs claims that the bid was very well prepared and extremely professional. “Interestingly, the Istanbul application did not begin either with the government of Turkey or with the government of the city of Istanbul, but with groups of public-spirited citizens who took into their own hands the initiatives of leading their city towards this bid,” the chairman adds.
Posted on: Turkey
August 30, 2007
Moving to Turkey
If one would like to live in Turkey, one will have to get a residence visa. All relevant documents must be submitted to the Turkish Consulate General at least eight weeks before departing from one’s home country (depending on visa issuances, nationals of European Union countries and nationals of Australia, Canada, Iceland, New Zealand, Norway, Switzerland and USA may be issued a one year resident visa in a week).
After obtaining a visa, it is important to register with the local police force within a month of arriving in Turkey in order to secure a residence permit. Extensions for residence permits should be done before the expiration of the current permit with the same local police office.
Posted on: Turkey
August 28, 2007
Turkish property restoration business
Lorna Acikalin and her Turkish husband Sadi spent a lot of time traveling in southern Turkey, before returning in 2006. They had the intention of finding a home they would renovate and eventually move into
The couple was so smitten with the beautiful location and the friendly people in Side, Antalya. So much so that they bought several plots and have completed the first couple of their ’boutique’ Turkish property developments.
“About 15 years ago, Sadi and I came across a beautiful, old farmhouse in the countryside near Side. On a return visit in 2006, we decided to try and find it once again to see what had become of it,” says Lorna. “I remember Side standing out because it was so green – not at all how you imagine Turkey. It reminded me of rural England in some ways.
“We were shocked not only by how little the countryside had changed in 15 years, but also by exactly how many old farm buildings there were in the region – many just left derelict.
“Instead of buying just one house for ourselves, we fell in love with the area so much that we decided to start developing some of the old, rural dwellings. The old buildings were very strong, with two-foot thick dry stone walls.
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Posted on: Turkey
Istanbul’s European credentials
Despite Turkey not yet being a member of the European Union, Istanbul has emerged as a front-runner for the Academy of Urbanism’s European City of the Year 2007.
Last March saw the 20th anniversary of the European Union, which was formed on the 14th of March 1987. Although Turkey has been an EU Associate member since 1964 and officially recognised as a candidate for membership in 1999, the country only started negotiations for EU accession in 2005, a process which is likely to take at least a decade.
Nonetheless, when the competition for this year’s European City of the Year 2007 award was launched at the MIPIM International Property Fair in Cannes, Istanbul featured prominently. It was followed by Rome, Barcelona and Paris. Behind these early front-runners, a larger group included Budapest, Stockholm, Athens, Berlin, Madrid, Prague, Munich, Amsterdam, St Petersburg, Valencia and Riga. The European City of the Year category, which alternates annually between Great Britain and Ireland for one year, and mainland Europe the next, opened to cities in mainland Europe for 2007.
Posted on: Turkey
August 25, 2007
Turkey edges towards EU
The EU has opened up the second chapter of Turkish EU membership negotiations, coinciding with the 20th anniversary of the European Movement in Turkey.
On the 29th March, the EU gave its green light to opening membership talks with Turkey for the area of enterprise and industrial policy. It is the second of 35 negotiation chapters needed to be brought in line with the EU’s set of rules.
Turkish Chief Negotiator Ali Babacan said in a public statement that the decision to open membership talks marked an important step in the Turkish EU accession process and that negotiations could now proceed at full speed ahead.
Turkish EU membership talks had been partially suspended for eight of the 35 chapters last December 2006 due to Turkey’s reluctance to open up its ports and airports to ships and planes from Cyprus.
Babacan said that Turkey was waiting for the embargo on the Turkish part of the island to be lifted seeing that there would be no progress on Cyprus until the isolation came to an end.
Despite the AKP Turkish government being one of the few with the clearest vision towards the EU, the German Ambassador to Ankara, Dr. Eckart Cuntz, pointed to the polls that show how support for Turkish EU membership has recently fallen in the country and he no longer saw the same enthusiasm about the EU he had done the previous year.
Posted on: Turkey
August 23, 2007
Mortgages could see Turkey property prices soar
Turkey property prices are set to reach new heights after an announcement stating that mortgages will now be available in the country for the first time.
Previously, Turkish property buyers needed to use either cash or bank loans at high interest rates to purchase a home in Turkey. However, buyers from overseas and from within Turkey will now be able to finance their purchase using a fixed interest rate mortgage. The rate can be fixed for either one, two or five years with current local interest rates fluctuating between 5.5 to 6.5 per cent. Turkish mortgages are based on affordability, with 40,000 euros being the minimum amount one can borrow and 200,000 euros the maximum. The maximum repayment period for the mortgage is 20 years.
Posted on: Turkey
August 22, 2007
Turkish Mortgage Act
Paul Benedek, director of Solaris Villas, rounds-up the prospective changes to the Turkish Mortgage Act, which could benefit foreign investors.
In the spring of 2006 the Turkish Legislators drew up plans for a new Turkish Mortgage Act to govern the sales of mortgages in Turkey and to ensure that the mortgage market was regulated in a style similar to the UK.
In an interesting turn, the Turkish Prime Minister’s Office and the Turkish Treasury put the new law on hold due to a difference in opinions.
Posted on: Turkey
August 3, 2007
Buyers in Turkish North could fall foul of new Cypriot Law
Developers are positive about the northern Cypriot market, but buyers may be discouraged from investing due to the new law which can sentence them to seven years in jail.
Passed last October 20, 2006, the law applies to anyone caught selling, renting or building on disputed land without the owner’s consent. Several prospective investors have cancelled purchasing agreements for fear of prosecution. According to Kibris, the Turkish Cypriot daily, these investors are Turks, Britons and Israelis.
The new law passed was brought to the world’s attention in November after the highly publicized case of a Russian national named Ekena Merkushova. The accused was arrested as she entered Southern Cyprus, charged with illegally purchasing Greek Cypriot property in the north. Merkushova is presently facing a sentence of seven years in prison if found guilty. She denies the charges, claiming that she was deceived by agents who did not disclose the real owners of the property.
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Posted on: Turkey
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