WHY INVEST IN TURKEY?

With the facilities brought by the new law on ownership of property for foreign nationality personalities, until today the following number of properties have been sold to foreigners: Dates Between (19.07.2003 - 19.04.2005)


England 5329
Germany 2967
Netherlands 794
Greece 372 Ireland 918
Norway 331
Belgium 311
Austria 279 Denmark 469
Sweden 104
Finland 35
Italy 87 Spain 21
Switzerland 56
Russia 70
USA 161
Source: www.tkgm.gov.tr



Investment

The country is strategically situated close to the Middle East and the European markets.
Agreements between Turkey and 39 other countries to promote and protect mutual investments as well as an agreement to preclude double taxation.
Customs union with E.U. since 1996
A candidate member of the European Union.
A very liberal investment climate, including free (international) movement of capital, profits, dividends and salaries, free-trade zones and subsidies.
A large labor force at relatively low costs.
A modern infrastructure.
A well preserved European holiday destination.
The World Trade Organization considers Turkey to be one of the most dynamic countries.
Newly administered investment regulations for the foreigners


Living

Properties at still very low prices
Beautiful Climate
Beautiful blue flag beaches
Well preserved environment
Low living costs
Very hospital people
Environment full of history and culture
Tax facilities for foreigners


What nationalities are permitted to purchase a property?
Some of the countries Turkey has a reciprocal agreement for the purchase of land and properties;

England, Ireland, Germany, Holland, Norway, Sweden, Denmark, Austria, Switzerland, Belgium, USA, Spain, Italy, Canada, Luxembourg, Australia, France, Greece, Portugal, Poland, Croatia, Israel, Finland, Estonia, Hungary, and some African and South American states.

How long does it all take and how does it work?
It takes between 1 to 2 months to receive the final Tapu ( Title Deeds),

After signing the reservation contract, the copies of the buyers passport will be handovered to the local land registry office, the copies and the official papers showing the location of the property will be sent to a Military Head office in Izmir to be checked that the mentioned property is not in a Military Zone. After the approval of the permission our company pays the necessary fees and taxes to the authorised bank (T.C. Ziraat Bankasi) and to the tax office in Manavgat. The official receipts of these taxes and fees will be declared during the transaction in the Land registry office. Finally the buyer and seller signs the land registry book under the supervision of an official interpreter.

Do I have to be a resident or have a resident’s visa to purchase?
No, To buy a property you do not have to have a Residents visa. This is only required if you want to stay longer than three consecutive months, or wish to have a phone or buy a car. Then the three months tourist visa is not enough.

What do I have to check before purchasing?
Check that there are no outstanding rental agreements or mortgages.
That the seller has the legal right to sell the property and that they have a Tapu ( Title Deeds) for it.
If there is an agent how much commission is payable, commissions rates are usually very high in sales where European clients are involved.

Do I have any Taxes and fees to pay for the purchasing?
A. There are some taxes payable, however some are a “once only tax” i.e.
3% of the declared value of the property,
Education and earthquake tax approx. £30
All formal documentation and copies approx. £180
Interpreter fees approx. £50
Water: Connection fee for new homes, approx. £55
Electric: Connection fee for new homes, approx. £80
Telephone: Connection fee £15 approx.



If I sell my property can I take the proceeds back to the U.K. or other countries?
You have the legal right to take the proceeds back to the U.K.

Can I will my property to my beneficiaries?
You can make a Turkish Will and leave your property to your beneficiaries, however if you hadn’t made a will, the property goes to your next of kin.

What would be the running costs?
Tax yearly: 0.1% of the declared cost of your property

Refuse: Every year approx. £10

Electricity:
Time share : 17/22 22/06 06/17
. 0,11 €/kWh , 0,03 €/kWh . 0,06 €/kWh

Water: 1 - 20 m³ 0,32 €
21- 40 m³ 0,48 €
above 40 m³ 0,87 €

Can I import my belongings/furniture and car into Turkey?
You can, but it is expensive for transportation and Duty, so it may be advisable to purchase your furniture here.








Other Information
Property Investment in Turkey is becoming the best destination in the world for property value growth. The Property Boom along the Turkish Riviera is just about to start and we urge you to consider it seriously.

Demand for Property in Turkey is on the increase as well. Turkey attracts approximately 15 million visitors a year and the tourism infrastructure is very well established. Turkey is the 3rd most popular holiday destination in Europe. In 2005 Turkish tourism is set to increase by 25%, making Turkey a great place for rental income.

With many excellent facilities and English being widely spoken and the relaxation of the rules allowing foreigners to own Turkish real estate, this boom is likely to run for many more years.

AKIN BLM knows how important property investment is becoming and how serious investing in the Turkish Riviera will become. This is the new hot spot that all the large property investment companies are taking seriously. Just look at these statistics

· Land prices have doubled in the last 2 years in the most popular areas and property prices have risen by 25% to 40% in the last year alone.

· Currently prices are running at 1998 equivalent Spanish prices for a similar build quality.

· Currently property along the Turkish Riviera is increasing at 2% per month.

· Turkey was voted as the 3rd best destination in the world to buy a property. (A Place in the Sun - Channel 4 television)

· Turkey was voted the best destination in the world for affordable, high earning growth. (A Place in the Sun - Channel 4 television)

· Turkey was voted the number one place to invest by International Property. (Inside Track the magazine for the professional property investor)