WHY INVEST IN TURKEY?
In 2003 Turkey has liberalized
its real estate market for foreign buyers. So far
more than 45.000 estates in Turkey
have been purchased by foreigners.
In 2006, it is expected that more than 15.000 foreigners
will buy in Turkey. British, Irish,
Germans, Danish and Dutch are at the top of the list of
nations interested in buying in Turkey.
One of the main reasons why investors consider Turkey is
that prices in Turkey are still well below the EU average.
When Turkey joins European Union, property prices will most
likely reach near European levels. The prices in Turkey are
similar to the prices in Spain 10 years ago. The potential
for returns on investment in Turkey’s coastal resorts are
enormous. With many excellent facilities, English widely
spoken and the liberalization of the rules allowing
foreigners to own Turkish real estate, this boom is likely
to run for many more years.
Let’s have a look at some facts:
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Turkey was voted the
3rd best destination in the world to buy property.
(A Place in the Sun - Channel 4 television) |
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Turkey was voted the
best destination in the world for affordable, high
earning growth. (A Place in the Sun - Channel 4
television) |
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Turkey was voted the
number one place to invest by International
Property. (Inside Track Magazine) |
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Turkey welcomed 20
million visitors in 2005. It is the 3rd most popular
holiday destination in Europe. |
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In 2007 Turkish
tourism is set to grow by 15%, making Turkey a great
place for rental income. |
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Land prices have
doubled in the most popular areas during 2005 and
property prices have risen by 20% to 40% in the last
year alone. |
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Current prices of
properties with comparative build quality, are
similar to what they were in Spain in 1996. |
If you want to
spend holidays, live or work in Turkey . . .
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Very competitive
prices |
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At least 300 sunny
days per year |
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Excellent Blue Flag
beaches |
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Amazing and
unspoiled nature |
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Low cost of living |
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Warm and hospitable
hosts |
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Environment full of
culture and history |
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Foreign
investment-friendly tax regime |
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Customs union with
EU since 1996 |
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Double taxation
treaties with 39 countries |
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Candidacy for the
European Union membership, with ongoing negotiation |
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Very liberal
investment climate, including free international
movement of capital |
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Large, inexpensive
pool of skilled labour |
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Modern
infrastructure |
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The World Trade
Organization considers Turkey to be one of the most
dynamic economies today |
PURCHASING A PROPERTY THROUGH MNA
CONSTRUCTION
Buying a property in Turkey is a lot easier than in many
other European countries. In order for a foreign national to
acquire the title of the property, an application has to be
submitted to ensure it is not located too near to a Turkish
military base, something of a formality for our developments
in Altinkum. All properties sold by MNA Construction are
purchased on a Freehold basis.
Once you have decided on your place in the sun, an
independent solicitor will draw up a sales contract
detailing the agreed terms and conditions of the purchase.
We will then take you to the solicitor’s office and a legal
translator will be present at all stages to represent your
interests. The solicitor will make sure the title of the
property is checked, confirm that the seller is the
registered owner of the property, and that we are free to
transfer ownership to you. They will also ensure the
information on the sales contract corresponds to the
information on the deed. Once agreed, the buyer, seller,
solicitor and translator will sign the sales contract in
both English and Turkish.
If a client opts to give their Turkish solicitor Power of
Attorney so that they can sign for the release of the Title
Deeds (TAPU) in their absence, then you will be taken to the
Notary Public to draw up the Power of Attorney
documentation. The legal translator will be present at all
times to ensure the procedure is fully understood. This
usually takes a maximum of 45 minutes. Giving your
solicitor Power of Attorney does not give him or us any
claim over your property - your name and picture will still
appear on the Title Deeds.
It normally takes approximately 3 months for the application
to transfer the Title Deeds to be approved by the Land
Registry Office (including security and property location
check). We will advise you as soon as this happens,
together with the balance of monies due, and as soon as all
outstanding payments have been made we will arrange to
accompany you or your solicitor (Power of Attorney) to the
Title Deeds Office. Final formalities can then be completed
quickly and your stamped documentation should be provided to
you the same day.
INSPECTION TRIPS
You may already know where you want to buy but nothing beats
getting to know an area and seeing a selection of our
properties for yourself. You can arrange an inspection trip
with us free. It will be our pleasure to show you around
the resorts and to accompany you on a tour of the properties
we have for sale. Our inspection trips are simple to arrange
and typically last 3 – 7 nights. If you have already
organized your travel, we can meet you during your stay.
Please contact us (
info@mnahomes.com ) or one of our UK representatives for
further details (UK: 0871 711 9077).
A GUIDE TO PURCHASE COSTS
MNA Construction will provide you with a Payment Plan at the
Sales Contract stage so that you are fully aware of what
monies are due together with payment dates. The following
is a guide to the costs you can typically expect to pay in
addition to the purchase price. We will ensure you are
provided with receipts for all payments made through us.
Solicitors Fees £ 250
- £ 350
Legal Translator £ 50
Notary Charge (if required) £
100
Title Deed
Application
£ 240
Buying & Selling Tax £
500 - £ 1250
Annual Property Tax £ 60
- £ 100
Water/Electric Connection £
350 - £ 450
Annual Earthquake Insurance £ 40 - £
100
Annual Property Maintenance £ 350 - £ 450
OUR
SERVICES
MNA Construction has a dedicated maintenance company at
Aegean Pine and
Apollo Villages
who will do all they can to assist you. The maintenance
company offers 24 hour/365 day uninterrupted service. Their
staff are friendly, English speaking, and specialists in
their field providing you with instant solutions. As well
as being responsible for the general upkeep of the complex,
the following are some additional services they can provide:
Airport Transfers:
To and from Bodrum and
Izmir
airports.
Insurance:
Household Contents Insurance, Buildings Insurance and
Earthquake Insurance.
Bank Accounts:
Assistance with opening a Turkish bank account.
Furnishing:
Introduction to local suppliers who can assist you with
furniture purchases, curtains, and other soft furnishings
PROPERTY MANAGEMENT
Checking Your
Property
Your property in Turkey will be regularly checked and
controlled by our staff to find out if there is any problem
and once a problem is detected, you will be informed as soon
as possible and we take the necessary caution after your
instruction. So for any possible problem that your house may
encounter with when you are away will be professionally
handled by our company. As we mentioned at the beginning of
our booklet, we are aiming at your satisfaction with our
ongoing after-sales services and these services include the
ones described below :
Bill payment :
We will regularly check your bills for water, electric and
telephone and pay them for you and when you are back to
Turkey, you will do these payments to us against the bills
submitted to you with their dates and fees on. So when you
are back to Turkey, you will not need to waste time with
these bills.
Protection of your property :
Your property will be checked by our patrolling staff
everyday and in case of any problem, you will be informed
immediately.
Security systems : A
comprehensive security system with lots of cameras will be
installed to your house and when you turn the system on,
your house will be monitored for 24 hours by our
professional security system and in case of any problem, the
police will be right there on that time. For further and
detailed information, see our security system booklets.
Special organizations :
Any kind of organization, such as anniversary, birthday
party or special meal and etc. we will be ready to prepare
everything that you may need. Just let us know and than feel
free.
Cleaning of your property :
Both when you are here or away, our cleaning team will be at
your disposal at any time. To get rid of the hassle of
cleaning and wasting your time on cleaning, let us do this
for you. Even if you let us know one day before your
arrival, this will be enough to find your home nice and
clean when you get to Turkey.
Gardening :
After you buy your property, you do not need to waste any
time on your garden to get the garden in your dreams. Just
let us know what kind of a garden you want and consider it
done in only one day. Also, on your demand, a full
irrigation system can be installed in your garden.
GETTING THERE
From April-September there
are numerous charter airlines competing for direct flights
from the UK to both Izmir and bodrum airports Turkish
Airlines and British Airlines offers year round daily
flights from the UK to these airports .
WHAT IS THE WEATHER LIKE IN
TURKEY?
Mediterranean and Aegean
coasts enjoy hot and long summers and relatively mild
winters; the Black Sea coast is hot and humid in summer but
it is not as long as south coasts. It gets cold and quite
wet in winter. The north west of Turkey including Istanbul
can get very hot in summer and cold in winters.
WHAT IS THE POLITICAL AND
ECONOMIC SITUATION IN TURKEY?
Turkey is showing an excellent economic performance. This is
a reflection of the political stability of the country as a
whole. The country's progress in recent years has been
remarkable. The benefits of the government's commitment to
its economic program are clearly visible. Much has been
achieved since the current reform program was started. The
challenge now is to build on those achievements and exploit
Turkey's potential as a rapidly-growing and increasingly
sophisticated economy. Turkey's system of government is
based on free and democratic elections.
WHAT DOCUMENTS ARE REQUIRED
TO PURCHASE A PROPERTY IN TURKEY?
Buyer’s passport(s), which need to be copied and translated
into Turkish, as well as passport sized photographs. The
public notary’s office works in conjunction with the Land
Registry Office and the Aegean Army. The translated
documents will be checked by the Army to ensure there is no
record of criminal intent or activity against the Turkish
state.
WHAT ARE THE RENTAL
PROSPECTS LIKE?
The rental prospect are very good. The main season starts in
April and finishes in October, but lower-rate winter rents
are not uncommon. You may rent your house from a real estate
agent or from our maintenance company.
HOW DO THE LOCAL PEOPLE TREAT
FOREIGNERS WHO PURCHASE IN TURKEY?
Turkish people are extremely hospitable and friendly. They
will welcome foreigners and will be delight to help them.
Turkey is a family orientated society and children are
welcome almost everywhere.
IS TURKEY SAFE?
Turkey is a very safe country and has one of the lowest
crime rates in Europe.
WHAT IS THE LOCAL HEALTHCARE
LIKE?
The standard is generally very good. All foreigners have to
pay for medical treatment and there are reciprocal private
health plans available from the UK/ROI which will be
accepted in the private hospitals. Foreigners can purchase
health plans in Turkey up to the age of 55 years.
WHAT ARE THE LOCAL SCHOOLS
AND COLLEGES LIKE?
As a resident, you can send your children to either public
or private schools. Both of them offer a good standard of
education. There are also private schools with native
English speaking teachers. These typically cater pupils from
all over the world.
HOW HIGH ARE THE GENERAL COST
OF LIVING AND WHAT IS EATING OUT LIKE?
Fresh food is a great value for money. You’ll find most
items much cheaper than in the UK, with the exception of
perhaps fuel.
Turkey has very rich and diverse cuisine and prices are at
least lower than in Britain. Turkey is a Muslim country,
but pork can still be found in some restaurants and shops.
There is a wide choice of other meats, seafood and
vegetables. As well as Turkish cuisine, you will be able to
sample English, Italian and French food.
IF I MOVE TO TURKEY, CAN I
TAKE MY DOG/CAT WITH ME?
Yes you can. You must first obtain a ‘pet passport’ and vets
documents. For more information you can call UK - The Pets
Travel Scheme on 08702 411710. In the ROI please call The
Animal Health and Welfare Division on 01 607 2827.
CAN I WORK IN TURKEY?
Yes, you can, but you
must obtain a work permit. |