ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

A Dream House on the Mediterranean for a Quarter of What You'd Pay in Spain

Updated on December 3, 2010

Where can you buy a home and enjoy miles of sandy coastline, glorious views, romantic hidden coves and the warm water of the Mediterranean Sea for prices that are truly astounding? The answer may surprise you; Turkey.

Turkey is a beautiful country that was founded less than a century ago in 1923 by founding father Mustafa Kemal Atatürk who’s motto “Peace at Home, Peace in the World” never seemed more poignant than today. It’s located exactly midway between the Pole and the Equator and serves as a natural and metaphorical bridge between Europe and Asia. The country is practically surrounded by water. The Mediterranean, the Aegean, and the Black Sea all contribute to Turkey’s diversity. Turkey is divided into seven different regions and they all boast their own unique landscapes and climates; from mild mannered Mediterranean coastal towns to temperamental mountain ranges up in the north and everything in between, so you won’t be lacking for variety.

The Turkish people are known for their open and friendly natures and will go out of their way to be hospitable. You’ll find life in Turkey is laid back and the cost of living cheap compared to Western Europe. You could say that Turkey is a semi-developed country with some cities having more modern conveniences such as ATM machines, cable TV, high speed internet connections than others, but it is defiantly on its way. Since its acceptance into the candidacy program of the European Union foreigners have been flocking to Turkey. Apart from Istanbul which is famous for its beaches and Ankara which is the capital city, there are many coastal towns that are becoming not only popular tourist destinations but also new homesteads for expatriates. Attracted by low cost/high quality housing, stunning views and a mild climate the real estate market in Turkey is booming. The cost of buying a house in Turkey is about 25% of what it would cost to buy the same thing in Spain. There are basically four ways to find a house to rent or buy in Turkey (or anywhere for that matter) and that is to use the services of a real estate agent, look in the classifieds section of the newspapers in your chosen city, search on the web or ask a friend.

For Those on a Modest Budget... Don't Fret!

If you have a modest budget there are a few things you should keep in mind:

• You will find better prices on homes from neighborhood realty companies than you will with large international firms. Although, what you gain in savings you may lose in convenience, as a smaller firm might not be used to dealing with all the complexities of a foreigner buying property.

• Everything is negotiable, including the commissions that are paid to real estate agents. You should be prepared to haggle extensively on the price of your new home. Don’t worry; the seller will let you know when you’ve hit his bottom price. If you speak Turkish you will be at a distinct advantage over your fellow expatriates.

• If you plan on renting and will be paying in a foreign currency such as Euros, Dollars, or Pounds then you hold a trump card in your hand… make sure you use it to bring down the price of your rent, it could save you quite a bit.

• Whether you buy or rent it is crucial that you hire a lawyer to review your contracts.

As a foreigner, you are allowed to purchase real estate in your own name but only if the property is situated within the boundaries of a municipality or borough. At this time it is still forbidden for foreigners to own property in villages, military zones and security areas. Also, according to Turkish law a foreigner cannot buy property if it is located within a particular distance of strategically important or military sites. Unfortunately, large pieces of the Turkish coastline fall into this category. Therefore, it is absolutely imperative that you check with all the proper authorities to see if the property that you’re interested in is affected by these restrictions. Below you will find a useful link to detailed explanations of laws concerning foreigner’s rights when buying property in Turkey:

Before buying a property you will need to apply to the local Land Registry Office. They will carry out the necessary searches. If your land checks out they will transfer the title to you. Because in some cases it is possible to obtain property in Turkey by inheritance, execution of debts, or a judicial decision it is essential that you have the Land Registry double check who the real and legal owner is because it won’t always be the person on the deed. Sellers have also been know to try and use outdated proof of ownership so, buyer beware. Again, it is always a good idea to have a lawyer or notary on hand to protect your interests even though it is not required by law.

There is a very small annual property tax in Turkey of .03% for private buildings. Although, new buildings are exempt from this tax for the first five years. After that, the property is subject to revaluation.

All in all, this is a country on the rise with excellent investment opportunities. Whether you are looking for a good return on your investment or your piece of heaven on earth, you should make investigating Turkey top priority on your list of things to do.

Article by Anne Alexander Sieder


    0 of 8192 characters used
    Post Comment

    • edelhaus profile image

      edelhaus 5 years ago from Munich, Germany

      Hi Jools99, i hear you. things are tough all over Europe right now. thanks for stopping by an commenting.

    • Jools99 profile image

      Jools99 5 years ago from North-East UK

      Interesting hub. Turkey has becomes something of a holiday hot spot for discerning Brits over the last decade but I have yet yo go there. I am trying to talk hubby into a holiday there this year, sadly, we can't afford a home there, I wish we could, it sounds wonderful.

    • edelhaus profile image

      edelhaus 7 years ago from Munich, Germany

      Well thank you epigramman! You're quite the writer yourself :-) And I've fixed my oversight on The Great Exhibition as well. :-)

    • epigramman profile image

      epigramman 7 years ago

      ...well I have a dream cottage here on the shores of Lake Erie in Canada - lol lol - if that qualifies - lol lol - I tried to leave a comment on THE GREAT EXHIBITION but there was no comment space available -

      You have done a hubfabulous job on THE GREAT EXHIBITION with detailed research and a true writer's passion which makes you a real 'hubgem' ...... so welcome aboard the good ship Hub and thanks for the cyber tours both culturally speaking and historical too ...... you sure are prolific for what you have done in just four days - bravo and keep them coming - I'd travel anywhere in the world with someone like you as my guide .......