February 2, 2007
Turkish Mortgage Act
A Turkish Mortgage Act was planned by the Turkish legislators in the Spring of 2006 so that they can take over the sales of mortgages in Turkey and to make certain that the style to mortgaging is similar to the style utilized by mortgages in the UK.
But here comes the rub. The decision was put on hold last week by the Turkish Prime Minister’s Office and the Turkish Treasury because they don’t see eye to eye on their views.
Posted on: Turkey
November 30, 2006
Moving to Turkey
Planning to move in Turkey? Here are a few tips that will help you make this Eurasian country your new home.
1. To live in Turkey, you must get a visa residence. To obtain one, submit all necessary documents to the Turkish Consulate General at least eight weeks before you depart from your home country. Depending on Visa circumstances, you may be issued a one year resident visa in a week. After obtaining a Visa, register with the local police force within a month of arriving in Turkey so that you can get hold of a residence permit. To extend your residence permit, reapply at the same police station before your current permit expires.
2. Household items and furniture can be brought into Turkey through a system called ‘Temporary Import.’ However, your residence permit must be valid for more than one year. You will be required to pay a deposit which you can get back when you return to your home country. As another option, you can submit a bank guarantee letter from a Turkish or international bank which will ensure that all relevant taxes and duties are paid if the goods remain in Turkey for at least 5 years.
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Posted on: Turkey
Settling in Turkey
Thinking of settling in Turkey? Especially during retirement age? Here are some guidelines to help one settle in easily.
First is securing a residence visa and submitting all pertinent documents to the Turkish Consulate. Submission of all requirements should be accomplished eight weeks before departure time. However, it would be better to check the exact deadline of the requirements in one’s locality.
After arriving in Turkey, head to the nearest local police to secure a residence permit. This should be done a month within arrival. Extending the residence permit is allowable for as long as this is done way before the expiration date with the same local police office.
Posted on: Turkey
November 29, 2006
A guide to buying property in Turkey
Property in Turkey has recently become popular for foreign property investors, particularly in the coastal regions. Turkey has a warm climate with miles of sandy beaches and plenty of history. Popular places for investors include Alanya, Gocek, Antalya, and Belek.
Turkey is already a NATO member and is likely to become a member of the EU in the near future. This means that property prices in Turkey are likely to increase as well. If Turkey becomes a member of the EU in 2015, property prices are likely to increase, making it one of the perfect places for property investment.
The holiday season in Turkey is from April to November. Although the rental market at its infant stages, the potential is massive. Low property prices will probably produce high returns in the long run. However, location is the most important factor - one may have to pay more money for the prime locations. However a well-chosen property will yield a high return on investment. It is also important not to fall for the promise that buying from a developer will be cheaper than buying through an agent as this is often not the case.
Posted on: Turkey
Turkey for sale
Alanya, Gocek, Antalya, and Belek. Famous destinations in Turkey.
Aside from the warm climate and sandy beaches offered, Turkey’s application for European Union (EU) membership has forced the country into development.
Its property rental market – even in its nascent stages – is seen to increase in investment and enjoy low prices, especially if Turkey’s EU membership is granted. The likelihood of getting high returns in investment is there but key to this would be how developed the location of the property is. At the same time, it is not a guarantee that the purchase of property from developers will produce the desired result on ROI.
For parties interested to purchase and invest in Turkish property/ies, there are a few items they should bring with them. One basic requirement is to view the property. Property viewing will help the buyer make a good assessment if the property is worth the investment. The assessment includes the location the property stands on; if the amenities or utilities are available and working; and if the unit or property complies with building standards.
Posted on: Turkey
October 9, 2006
Getting to know the Turkish Riviera
Turkey’s Aegean and Mediterranean coastlines has truly become popular with the British property buyers and so Paul Beasely took time to review the ‘Turkish Riviera’.
A great part of the infrastructure in Turkey is on a stretch of the Turkish coastline, running several hundred kilometres from the central Aegean resorts to the Mediterranean resort of Alanya, wholly known as the ‘Turkish Riviera’. On this area, summer temperatures can reach or even exceed 30°C and winter temperatures are rarely below 15°C, sea colour and quality of resorts considerably differ.
Turkey’s foreign tourism started in the central and southern Aegean coast, where tourists are enticed by its pine-green forests, turquoise waters and Ancient Greek archaeological sites.
Reaching a century of tourism, Cesme, the westernmost town in Turkey, is in close proximity to Hios in Greece. Unsurprisingly, Grecian influence is apparent in the town where it is built around two streets of old Greek houses, as well as other influences like the Ottoman-era fountains and a Genoese castle. Cesme’s value is as a low-key resort. The coves at Altinkum (‘Golden Sand’ in Turkish), nine kilometres of the town, are attractive and fairly free of large buildings. A three-bedroom semi-detached duplex villa a few minutes from Cesme’s town beaches costs almost £61,000.
Posted on: Turkey
September 29, 2006
Istanbul set for flights and property boom
According to David Fuller, after announcing that Easy jet will start a thrice a week service to the Turkish city from third quarter of last year, Istanbul may attract more British property buyers than ever before.
Original plans for the route was put on hold due to a delay in the awarding of an operating licence from the Turkish authorities to the low-cost airline. But final plans for the service had been approved and effective August of last year, Istanbul can be reached from the UK for as low as £30.99 with initial flight schedules every Tuesday, Thursday and Saturday. When September came, the frequency of these flights became daily, a move which could really lead to opening up the property market of Istanbul to British buyers.
Posted on: Turkey
September 12, 2006
How and where to buy property in Turkey: Investment potential
With Turkey’s coasts being a popular destination for British tourists plus the fact that the country enjoys sunny weather for most of the year, there is a definite potential for Turkey to establish a vibrant buy-to-let market in the next few years. It helps that more and more investors are already starting to be drawn to the market.
Unfortunately, there aren’t a lot of low-cost or budget flights that travel directly to Turkey’s coastal areas. Easyjet was planning a thrice-weekly service between Luton and Istanbul. However, since June 2006, they are still waiting for final approval from the Turkish Civil Aviation authority. Visitors can opt for chartered flights that run regularly to Bodrum, Antalya and Dalaman airports between the months of May and October.
Posted on: Turkey
July 31, 2006
Turkey’s property taxes rise
Residential property taxes in Turkey have gone up by 9.8 percent following a joint decree by the ministries of finance and public works. The new levels of taxation will be effective as of the beginning of 2007, according to the government’s Official Gazette.
Posted on: Turkey
How and where to buy property in Turkey: How to buy
There are simple steps to follow in buying a Turkish property. First, the purchasing contract is signed after an agreement has been made on the property. By this time, the final price should have been agreed upon by both parties. In the contract, the address, price, price inclusions, and the terms of payment are stated.
Secondly, secure a copy of your passport and four copies of colored passport photos. Your mother’s maiden name and father’s full name will be asked for all named persons to be included on the Tapu (title deeds). If for some reason the you can’t go back to Turkey to sign the Tapu, agents, like Ilkem Construction for example, can organize the Power of Attorney. This will enable such a company to act on your behalf and take the Tapu. The company can also organize all other documentation for the property. A receipt for each payment will be issued to the you. The other copy will be kept in the office on file.
Posted on: Turkey
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