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Buying Property In Turkey

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Buying property in Turkey is becoming more popular each year so where does an overseas property buyer start to look for Turkish property? The area of Fethiye, Turkey could be just the place for a holiday home or investment property in Turkey. It has caused a flurry of activity amongst the British buying property in Turkey .



The town of Fethiye, on the Mediterranean coast of Turkey, surrounded by mountains, water and lush forests is one of the most scenic and popular areas in the country. With its moderate climate, spectacular scenery and great beaches, it is an ideal location for the international property investor. The modern resort town, located 135 southeast of Marmaris and not far from the Greek island of Rhodes, is situated on the site of the ancient city of Telmessos.

As with much of the Turkish coast, there are numerous historic and cultural sights in and around the new town. Overlooking the city is an ancient fortress built by the Knights of Rhodes. Rock tombs carved into the cliffs by the Lycians are a remarkable sight and date back as far as the 4th century BC. There is an ancient amphitheater in town and many more sights nearby.

Sovaliye Island and the beach resort of Calis are nearby and the town itself is in a protected, natural harbor of Fethiye Bay. This makes it an ideal location for boating, and the marina is quite popular. The Taurus Mountains meet the sea here, and the town is surrounded by dramatic hills and snowcapped peaks. The climate is ideal for growing, and the hillsides are full of pine trees and forests. 14 km from town is the incomparable ?l'deniz (Blue Lagoon). Belcegiz Beach lies on the waters of ?l'deniz Bay, one of the most spectacular lagoons you will every see. The white sands of the beach lead down to clear blue water, which reflects the hills and trees surrounding it.

Just north of Fethiye is the beach resort of Calis. This is a growing resort village with lots of new and off-plan properties available. It is an ideal location for investors looking for rental property as well as those looking for a beachfront home. Two bedroom off-plan apartments here are available for as low as ?37,500.

Fethiye and the surrounding area offers the potential property buyer a number of options, from existing homes and villas to many new and off-plan units that are under construction. There are apartments, duplexes and townhomes from one to four bedrooms that are near the water and in the hills above town. With so many options available, it isn't hard to find the exact property you are looking for.

The nearest airport to Fethiye is a Dalaman, 55 kilometers to the northwest. Dalaman Airport (DLM) has regular daily flights to Istanbul and a number of weekly direct and connecting flights to London and other major European cities. For spectacular scenery and an ideal climate, Fethiye is hard to beat.
Buying Property In Turkey
Property prices.

Without an official price index, many properties are advertised with a price that is determined by what the vender wants rather than by a market value. If you find a property in a particularly popular area (or in an area like an Old Town where they can be no more development), it is most likely that market has been determined by the price paid for a similar property. If you are looking at a renovation project in an area away from the main towns, then the price you pay will most likely be a result of your negotiation skills.

Legal advice.

Getting a local lawyer is imperative. Many properties have multiple owners (i.e. owned by whole families) and all parties must be in agreement of the sale. When the lawyer has this in writing, the title of the property can be yours.

Paying for your property.

All purchases are cash purchases. The vendor will require a cash deposit of at least 10% of the agreed price and you will need to pay the rest in 30 days. If you cannot complete the deal, you lose the deposit. If the vendor pulls out of the deal, they will have to pay back the deposit plus the same again. Therefore, if you put down €5000 and the vender defaults, you will receive a total of €10000.

Fees.

In Montenegro, it is the buyer that pays the estate agent fees.

- Property tax: 2% (on the sale price, payable to the government.)

- Agent fees: 4% (approx.)

- Legal fees: €750 (approx.)

Example: Agreed sale price = €45000 + €900 tax + €1800 agent fees + €750 legal fees = €48450

Transferring money.

It is not necessary to carry the whole amount of money to Montenegro as cash (although you may wish to do so for the deposit). You can transfer the outstanding amount electronically to a bank in Montenegro and withdraw the money when you are there. Some banks don't have any method of direct transfer to Montenegro, so you may have to use a currency exchange to do this for you (they quite often get better exchange rates too for those in non Euro currency countries). From there the money can be transferred to a Montenegrin bank (Opportunity Bank in Kotor Old Town only charges a €15 handling fee. Some banks charge a percentage).

Once you have decided on your property (or properties), seek the proper legal advice and look forward to your new holiday home, capital growth or rental income.

Please note: this article does not constitute legal advice and any costs incurred and potential future gains may be different in each instance.
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About Author
Both Nicholas Marr & are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Nicholas Marr has sinced written about articles on various topics from Real Estate, Property Investment and Home. Nicholas Marr is a lifetime overseas property investor and CEO of Marr International Ltd a UK based property marketing company that is responsible for international real estate web site at. Nicholas Marr's top article generates over 74000 views. Bookmark Nicholas Marr to your Favourites.

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