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Centrally located ,500 mt away from the sea.apart rooms with kitchen, bathroom, balcony. Large swimming pool and gardens 1 bedroom ,1lounge,1bathroom £29,000 2 Bedroom 1 Lounge 1 Bathroom £38,000, 2 Bedroom,1 Lounge,2 Bathroom £44,000

BUYING AND INVESTING IN TURKEY

If you are looking to invest in Turkey. We can help. Turkey has an excellent legal system, but is different from the UK and it is helpful to know how to avoid the pitfalls. Turkey has now overtaken the usual locations such as Spain, Portugal and France for a second or retirement home. Prices are very much on the upwards curve and a wise purchase should net you an annual return of 20-40% on your investment. A five year investment should more then double you money.

"A Place in the Sun" Ranked Turkey third in the top places to invest in 2005 and if Turkey eventually becomes a member of the EU, prices will jump overnight. Another benefit of buying in Turkey is that the level of protection afforded to foreign buyers is exactly the same as it would be of a Turkish citizen. Conscious of the mistakes made in European countries, new legislation was introduced on the 7th of January 2006 restricting the volume of land acquisition by individual's purchases and the density of developments, a very reassuring introduction for overseas buyers. Also a new law passed on March 6 2007. This law allows mortgages to be available over longer periods to house buyers. Turkish financial organizations can now provide long term loans to foreigners, providing they have an acceptable guarantee such as bank letter of approval. 

  BUYING IN TURKEY

If you are looking to invest in Turkey, whether it is an apartment or a villa, established or "off-plan", we can help. Turkey has an excellent legal system, but it is different from other countries' systems and it is helpful to know how avoid the pitfalls.

Turkey has now overtaken the usual locations such as Spain, Portugal and France for a second or retirement home. Prices are very much on the upwards curve and a wise purchase should net an annual return of 20-40% on your investment. A five year investment should more than double your money.

"A Place in the Sun" ranked Turkey third in the top places to invest in 2005. If Turkey becomes a member of the EU, prices will jump overnight. Another benefit of buying in Turkey is that the level of protection afforded to foreign buyers is exactly the same as a it would be to a Turkish citizen.

Conscious of the mistakes made in other European Countries, new legislation was introduced on the 7th of January 2006 restricting the volume of land acquisition by individual purchasers and the density of developments are very reassuring introduction for prospective overseas buyers.

                                               

PROCEDURES

ONE STEP AT A TIME!

Once you have selected an area and decided on the home of your dreams, there are a number of minor formalities to ensure that we can process your purchase even after you return abroad.

  • Obtain a Turkish tax number
  • Open two bank accounts, one in Sterling and one in Turkish Lira
  • Obtain a power of attorney and passport translation from the notary office
  • Engage a solicitor to draw up a sale agreement
  • Obtain 12 passport size photographs (easily done locally)
  • Provide a copy of your passport and proof of your address (copy of driver license or utility bill)
  • Place a deposit on your selected property
COST

As with any property purchase, there are various costs and buyers  should budget around 8% of the property value. A typical breakdown of costs is as follows:

  • 3% standard real estate agency fee on purchase price
  • 3% purchase tax, payable on the issue of Tapu or Title Deed to the property (normally 4 months after completion)
  • Notary fees and legal translation fees are approximately 0.75% of the purchase price
  • Solicitor's fees and title searches approximately £500
  • Stamp Duty is between £100-£500 depending on location
  • Military/ Navy search- 650YTL
  • Passport Translation- 33YTL
  • Transferring water and electric service- approximately 200YTL each
 

RUNNING COSTS

Other costs should be considered after completion, such as compulsory earthquake insurance at app. £ 50 a year, property & contents insurance, council tax at approximately £60 a year (2 installments May and November)

OTHER COSTS

  • Maintenance contract, covering a shared pool, garden and exterior repairs would be approximately £250 a year
  • If private pool, approximately £200 a year for chemicals
  • Assuming a full time residence: Electricity and Water, approximately £300-£450 a year
  • Bottled gas for cooking approximately 200YTL a year


Key selling points:
Newly renovated
Swimming Pool
Beautiful gardens
Seller has reduced price for quick sale
Central location near the sea

PROPERTY FEATURES

Property type: Apartment & CondoListing type: New construction
Rental investment: YesCity: Mugla
Region: Mugla ProvinceCountry: Turkey
Property size: 861 sq ftNo. of bedrooms: 2
No. of bathrooms: 2 Swimming pool: Yes
Parking: YesAir-conditioning: Yes
Balcony: Yes

FINANCIAL INFORMATION

Asking price: USD 72,293

Prices may or may not include extra charges like taxes or agency commission. Always verify details with the owner or broker.

PROPERTY LOCATION

Directory: 

Turkey > Ege kiyilari > Mugla Ili > Mugla

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