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