Buying Property in Turkey, Buy Property in Bodrum, Villas in Bodrum

May 9, 2009 by  
Filed under Property in Turkey

There are many reasons why people choose to buy property abroad whether for an Investment, a Holiday home, retirement or a lifestyle change.

Turkey is a growing country where house prices are still comparatively inexpensive and can only go up, combine this with the reduced cost of living, lower taxes and better weather and you end up with an attractive package.

The process of buying property in Turkey is relatively straight. However it can take a little time as a military clearance process is required that can take between 3 to 6 months. This is because foreigners are not allowed to buy property in the military, strategic and security zones of Turkey. In practice, the military sign-off is a formality – it is only undertaken to ensure that the land on which the property you’re buying stands does not fall within the restricted zone.

Once you have found your home, you must sign a reservation contract, which will hold the property for a limited period, and pay a small holding deposit (usually £2000).

It is customary for buyers to grant POA – Power Of Attorney – to their chosen law firm which gives the lawyer authority to act on your behalf in a legal or business matter. Your lawyer will check the TAPU (title deeds) to ensure the property belongs to the owner, check it complies with building standards and that there are no outstanding charges against the property. You then sign a preliminary contract of purchase, which commits you to the sale and pay a deposit of around 30%.

Villas in Bodrum

At the end of the process when you have fully paid for your Turkish property the title deed transfer will take place at the land registry office and you will receive a habitation certificate. This document also includes information regarding construction authorisation, completion date of the construction works, the land registry office records on the property, address and size of the property, specifications of the independent parts in the property, and the owners.

For purchase costs you should budget on six to seven per cent of the purchase price for fees as you will need to pay a deposit, legal fees, taxes and agent’s commission.

You can find detailed information for Villas in Bodrum and Apartments in Bodrum at buying Property in Turkey.

Properties in Bodrum, Buy Property in Bodrum Turkey, All about Bodrum

May 9, 2009 by  
Filed under Property in Turkey

Turkey is friendly, beautiful and culturally rich country that offers great value for money. It’s modern enough to be comfortable yet traditional enough to be interesting. In recent years Turkey has become one of the favourite tourist destinations in the world with its immense unspoiled coastline and Mediterranean climate that offers all-year round sunshine.

Property in Turkey is seen as a good future investment considering the fact that Turkey is on the verge of becoming a member of the EU and is one of the fastest growing emerging markets in the world.

Bodrum is a Turkish port town in Muğla Province, in the southwestern Aegean Region of the country. It is located on the southern coast of Bodrum Peninsula, at a point that checks the entry into the Gulf of Gökova, and it faces the Greek island of Kos. Today, Bodrum is an international center of tourism and yachting.

Bodrum is the jewel of the Turkish Riviera and people are drawn by the allure of is its “St Tropez of Turkey” atmosphere. From pretty fishing villages and idyllic secluded bays there is literally something for everyone which allows you to have a relaxing day followed by an exhilarating night. Unwind in the sun, take a stroll around the shops or visit some of the ancient sites and as the sun goes down entertain yourself at one of the many bars and clubs.

Property in Bodrum

Elsewhere on the peninsula Gümbet and Bitez are magnets for those who enjoy windsurfing where the wind and sea are perfect, Ortakent with its sandy beaches is the best choice for walking and Akyarlar is famous for its clear blue sea. There are three other pretty villages close to Bodrum, lying on the western end of the peninsula called Gümüslük, Turgutreis and Yalıkavak all of which are worth a visit.

The holiday season is generally from mid-April to mid-October with July and August being the busiest. However, now that more people are buying property in Turkey the holiday season is all year round.

You can find detailed information at Property in Bodrum.

Property in Turkey for Sale, Buying Property in Turkey Quick FAQ

May 9, 2009 by  
Filed under Property in Turkey

Turkey is friendly, beautiful and culturally rich country that offers great value for money. It’s modern enough to be comfortable yet traditional enough to be interesting. In recent years Turkey has become one of the favourite tourist destinations in the world with its immense unspoiled coastline and Mediterranean climate that offers all-year round sunshine.

Property in Turkey is seen as a good future investment considering the fact that Turkey is on the verge of becoming a member of the EU and is one of the fastest growing emerging markets in the world. 

Am I Eligible To Purchase A Property In Turkey?
Yes, all EU citizens are able to purchase property in Turkey, subject to a military check. This check is mainly a formality to ensure that the property does not lie within a restricted zone.

Is It Easy To Buy Property In Turkey?
Yes. Property may be purchased in your own name provided that the property is situated in an area with an official municipality (council) and is Freehold.

What Does Freehold Mean?
Freehold means that when you purchase a property you hold the title deed in your name. Every property Cumberland advertises is freehold.

If I Purchase A Property, Am I Going To Have To Come Over To Turkey Lots Of Times?
If you purchase through Cumberland Properties, we manage the sale for you. You would only need to visit Turkey once. During this time, we will work with the lawyer to draw up your contract, and to arrange Power of Attorney, so that they can sign the Title Deeds on your behalf.

Property in Turkey

How Do I Buy A Property?
Sales in Turkey are cash sales, where purchasers are requested to pay cash deposit, followed by an interim cash/mortgage payment and a final amount on sales completion. This may vary, according to whether the property is off-plan, newly-built or re-sale.

Can I arrange Finance/Mortgage in Turkey?
Yes, mortgages are now available both from Turkish Banks and UK finance organisations and detailed information can be obtained from us.

Are There Any Extra Costs Or Fees That I Should Be Aware Of?
Yes, there are extra costs involved; purchase tax, passport translation, notary charges, earthquake insurance, utility connections, title deeds, property tax.

Property in Turkey

Is It Easy To Sell And Transfer The Proceeds Out Of Turkey?
Yes. A property may be resold or let and the proceeds transferred out of Turkey.

What about Capital Gains Tax?
There is nothing to pay if you sell your property after an ownership period of 5 years. If sold prior to this, there is a sliding scale rule on tax which is based on the “declared value” of the property set by the Title Deed Office.

You can find detailed information at buying Property in Turkey.