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Buying a Property in Turkey

Property in Turkey: Investment potential

Buying in any country purely for investment always comes with its risks, and Turkey is certainly no exception. There are, however, some factors which may contribute to higher capital growth than other destinations.

The prospect of Turkey joining the European Union is an issue which always arises when discussing Turkish investment potential. The truth is that, while Turkey has been an official candidate for EU membership since 1999, there is no sign on the immediate horizon of this becoming a reality. That’s not to say that it won’t come to fruition – but experts who are willing to put their predictions on the line state that the earliest this is likely to happen is 2015.

The other factor affecting house prices is flights. Turkey is not on any cheap air routes, and currently there are no direct flights to southern Turkey during the winter. Many British owners are currently campaigning against this, as it limits their rental season – as well as their own enjoyment. It is possible to change at Istanbul, but this can considerably lengthen the average three and a half hour flight time.

Health and education

While you don’t need to have any particular vaccinations before you enter Turkey, it is absolutely essential that you have private health insurance as there is currently no reciprocal agreement with the UK. Most cities and tourist resorts have private hospitals in which the standard of care is believed to be very good. Do, however, be aware that the Turkish ambulance system doesn’t have such a positive reputation, and taxi is often believed to be the quickest route to the hospital.

Much like in the UK, the Turkish education system is divided into preschool, primary and secondary schools. British children are entitled to enter the state system, but facilities do tend to be much better at either international or private schools. Unfortunately, international schools can only be found in large cities. A child entering the Turkish education system will need a student visa unless they are the legal dependent of someone with a work visa.

Transport

British Airways and Turkish Airlines are among a number of carriers that offer direct flights to Turkey’s major airports on a frequent basis. During the summer months several charter airlines such as Cosmos and Thomas Cook Airlines fly to the southern tourist destinations, but these tend to be limited to fixed term return dates.

Once in Turkey, be aware that public transport is pretty thin on the ground – although there are more buses in busy tourist resorts than elsewhere. Taxi’s however tend to be reasonably priced and in plentiful supply. If you are planning to do a fair amount of sightseeing then your best bet is probably to hire a car – which can be an economical decision, especially when travelling with a group.

And finally…

As with any property investment you should think clearly before investing in a Turkish home. There are things to consider carefully before parting with any money: is the title clear? Is the property built to earthquake specifications? Is the estate agent registered?

Generally these are questions that only your solicitor can answer, so make sure that you get an independent lawyer who is acting solely on your behalf. The same should be said for financial advice as, despite low property prices, this is still a large investment. A small outgoing now could save you thousands in the future. Ultimately, do your research before committing to any property purchase.

UPDATED MARCH 2011

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Page 1: Why buy property in Turkey?
Page 2: Financing property purchases
Page 3: Property in Turkey: Investment potential

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