With its fantastic climate, charming towns and villages, golden beaches, wealth of history and friendly, hospitable people, Turkey is becoming more and more popular for European people buying homes in the Mediterranean and Aegean area.It's also a vibrant, thriving country which is proving to be an important new market for international companies. What's more, with Turkey expected to join the European Union in the near future, more and more Europeans are buying property in the Aegean and Mediterranean regions. The potential for returns on investment in this area is enormous. Last year alone, property prices increased by around 15%. With more people looking to buy property in Turkey, this extra demand is sure to push prices even higher in 2008. So the best policy is to buy property now and enjoy the benefit of an investment that should soon increase in value.

PURCHASING A REAL ESTATE FOR PRIVATE USE IN TURKEY

Buying property in Turkey is not as complicated as you might imagine. The procedure is often far simpler than in most other European countries.Foreigners may purchase land and property in Turkey under their own names provided that properties are located outside of military areas. After an agreed sale, in order to acquire the title of a property, an application has to be made to the local Land Registry Office. The title may be transferred once checks have been made to ensure the property meets all necessary requirements. During the transaction, the proofs or documents concerning the transfer of the full purchase price into Turkey must be presented to the Land Registry Office. Sometimes this process can take a few weeks.Where the purchaser of the property is from Turkey, the checks and searches may have previously been carried out and the whole procedure can literally take five minutes !!!

A 1.5% duty both for the purchaser and seller must be paid. In addition, there is an annual property tax, collected by the local government at the rate of 0.1% for houses and 0.3% for developed lands. New properties are exempt from the annual property tax for 5 years. The acquired property may be resold and the proceeds of the sale may be transferred out of Turkey.

WHO CAN BUY ?

Citizens of countries who have a reciprocity agreement with Turkey can purchase a property. This includes all countries within the EU.

TENURE OF PROPERTY

Almost all property in Turkey is "Freehold".

ERA Egevilla

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