How to buy a Property in Turkey

Traditionally British people have bought land in European Mediterranean countries like Spain, France, Italy and Cyprus as well as some famous US destinations like Florida. However these places are now very expensive and costly. Hence now days they are seeking alternate foreign destination.

If you want to buy a property which is much cheaper and you can spend your vacations as well as rent it whenever required so that you can earn a good sum of money, if you want to enjoy long summers stretching from March to November, then turkey is the most appropriate destination for you.

In 2007, more than 23 million tourists visited Turkey. And 25 million tourists are expected in 2008. This figure is to double within a few years. Many international sports have been organized in Turkey.
Moreover the facts that:

1. The new mortgage laws and other relevant laws were enacted in 2007.
2. Housing supply in Turkey currently lags behind the demand.
3. Average ages of houses in turkey suggest that new houses are required to be built.
4. The building constructed after the devastating earthquake in Izmit, a city in the north west of turkey is much more preferred by the investors because they are earth quake proof.
5. Significant of buildings lacks the required licenses

These points clearly suggest that house prices are to be rocketed with few years. Thus there are big prospects related to property and construction based businesses.

Who can buy property in Turkey?

According to the article 35 of titles deed laws, foreign nationals are able to acquire property in turkey on the condition of being reciprocal and complying with legal restrictions.

In the implementation of reciprocal principal it is essential that the real estate acquisition rights given by a foreign country to its own citizens and to commercial countries established in foreign countries according to the laws of these countries are also given to the citizens and commercial companies of the country of turkey.

Where and what type of property can foreigner buy?

Foreign nationals can buy properties in the zones covered by an Implementary development plans or a local development plan for use of residential or commercial purposes. Foreign nationals and foreign companies cannot buy property in the military, strategic and security zone of the country.

I must tell you in a nut shell that the Turkish governments have made the law very simple and now it is very easy for the foreign investors to buy property in turkey. There are some restrictions where they cannot buy the property but this is common to all countries. Hence I would say that you should really invest in properties of turkey and enjoy the long summer.