Buying Property in Turkey
With its vast and stunning coastline, the popular Bodrum Peninsula area of Turkey and Istanbul in particular continues to attract buyers from overseas in their thousands. Vibrantly diverse and one of the most exciting emerging markets, Turkey remains a mid-table mainstay of the Top Ten Places to Buy 2015.
The process of acquiring residential property in Turkey can be complicated, time consuming and a frustrating process. Every year it gets slightly easier to buy and a more firmly established market for overseas buyers. At the end of 2014 it finally became a reality that purchasers of resale properties could get their title deeds in one day.
Many British investors own a property on the shores of the Aegean Sea, along with a good number of Scandinavians, continental Europeans and a growing number of Russian and Middle Eastern investors. Over the past two years, non-EU investors have fuelled the markets in both Bodrum and Istanbul, with Yalikavak on the Bodrum Peninsula becoming especially fashionable, attracting luxury brands and a wealthy cosmopolitan market since its new marina “Palmarina” was completed.
Competitively low living costs are also a factor to consider, as well as the demand for travellers wanting to rent villas as holiday homes, which is attractive to investors wanting to secure rental income from their investment.
Important factors for buyers to consider
To increase your chances of finding and purchasing your ideal home here are some important considerations:
• It is essential that you are in a strong position to move. Cash buyers have a great appeal to vendors.
• Constant contact with your agent is very important. Not only will this prove your commitment to buying a property but you might be lucky and ring up the agent on the day your dream home comes to the market.
• Timing can be critical. Sellers can change their sales strategy and it is important to be kept informed as this may change your negotiating position.
• Be decisive. When you move from search into the buying and negotiating phase then make decisions as quickly and effectively as possible.
• Your financial capability such as being able to move quickly without the need to find additional finance can be crucial.
• Determination pays off! Don’t walk away from a potential deal too soon. Quite often negotiations can get frustrating, but that probably means you are not far apart.
How can the Luxury Property Turkey team help you?
The knowledge and professionalism of Darren, Guzide, Annie and the Luxury Property Turkey team will help you find the right property and guide you through each key stage of the buying process. All the best agreements are “win-win”, where both the buyer and seller are comfortable with what has been agreed, and Darren and his team are experts with this in the Turkish property market.
Here’s how the process usually works:
• You will probably start this process with a search on line.
• If you are in the market you’ll almost certainly send an enquiry to us using this site or one of our sister sites.
• Annie will deal with you initially to ensure we fully understand your needs and to make sure that we see a potentially good fit for you with available properties. This is where the intimate knowledge of the property, the owner circumstances, and selling position come into play.
• You will likely develop a short list of properties, and at some point you will need to make a visit to Turkey to view those properties.
• We know you are busy, and as well as taking time to view properties to buy, you may well want to relax on your viewing trip. We will help organise your visit to make sure that your time in Turkey is not wasted on viewing properties which are not appropriate for you. That’s why we take a lot of time and effort to make sure that what we show you on your visit is a potentially good fit for your needs.
• On your visit you will be met by Darren and his team. They will look after you, and they will do whatever is needed to help you find the right property. Your plans may well change once you are here and have viewed some properties, the local team will respond to your changes if that happens.
• If you want to open negotiations, then Darren will guide you through every step.
• Upon conclusion of negotiations Darren will continue to help you through every step ensuring all paperwork, to comply fully with Turkish property purchase regulations, is carried out.
• Darren will work closely with your lawyer all the way to completion and title deed exchange.
After you take ownership, if you have any post purchase needs, the team will continue to assist you with a wide range of needs such as re-modeling, moving in, property enhancements, furnishings and rentals.
You are strongly recommended to obtain the services of a locally based property lawyer before committing to buy. We will introduce you to an English speaking lawyer and provide you with costs associated with the purchase.
Foreign nationals may require military clearance on some properties, this can cause a delay in the process of three to four weeks your lawyer will handle this on your behalf along with all other requirements to complete and safeguard your purchase.