November 29, 2006
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.
Being equipped with basic Turkish property law is an advantage. It will provide investors guidelines in purchasing property and make them understand the processes involved in a real estate transaction. Such is the case when preparing and finalizing the property contract. It should stipulate clearly the roles and responsibilities of both the seller and the buyer, and the requirements needed to fulfill to close the agreement. In case one is not familiar with the Turkish vernacular, it would be good to get a professional translator well-versed with said transactions.
As in all property purchases and transactions, an initial deposit has to be made. In Turkey, the amount is around 5 to 10% of the selling price.
Turkey has some regulations for foreign nationals and companies in procuring property. Not more than 2.5 hectares (or 25,000 square meters) are allowed unless special permission was granted and the type of property should not be under military, strategic and security categories. Also included in the category are lands that are used for scientific and preservation purposes.
Posted on: Turkey
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