Looking to buy a property in Turkey in 2016? A little cautious and got your doubts? Read on and maybe the following will help sway your decision…
The weak Turkish lira is an advantage for foreign property investors. It’s unrealistic to expect developers in Turkey to drop the prices of their properties dramatically due to the weak value of the Turkish lira. Many materials involved in building a property in Turkey are purchased in USD, GBP or Euros, it’s largely just the labour that is paid in local currency. This does however give agents wiggle room at negotiation stage. Many properties are marketed in foreign currency, certainly along the coast. Developers are reluctant to drop asking prices arguing the point above and that their properties are still very much in demand. Realistically their margins have increased via savings on labour and current exchange rates, in addition they are keen to deal in foreign currency. If agents use this tact correctly during negotiations, it is realistic to walk away with a significant saving on the list price of a new build or off-plan property.
- Experts suggest buying abroad to avoid second UK stamp duty. If buying abroad wasn’t already an enticing proposition, as of April 2016 buying a second home in the UK will mean paying the normal stamp duty plus an additional 3%. The stamp duty in Turkey remains the same. Whatever your views are on the UK property market, many investment experts believe the true bargains are found overseas. Kate Everett-Allen from Knight Franks Global Research Team was quoted in the Telegraph’s investment pages as saying “Turkey, which saw the biggest growth with an 18.9% year on year price increase during 2015, is one area tipped to grow further”.
- The cost of living in Turkey is extremely attractive for foreigners. A weak lira makes Turkey an excellent consideration for anyone looking to retire or spend extended periods of time in the country. Although recent hikes in taxes have raised prices and the general cost of living in 2016, if you have USD, Euros or pounds in your pocket you’re on to a winner. The cost of living, dining in restaurants and enjoying life makes Turkey a very attractive option.
Buyers have the upper hand leaving a wealth of affordable properties on offer. When it comes to resale properties most vendors know that it’s a buyer’s market and they have to price their properties to sell accordingly. The vast majority of property in Turkey is now realistically priced. We have even seen many cases where vendors have dramatically reduced the asking price to attract a quick sale. Take a look at Oceanwide Properties website for the latest offers.
- High quality properties at affordable prices. Most modern developments and resale properties in Turkey are built to European standards. Strict legal measures and checks are in place during the building process to ensure that all modern builds are to a high standard.
- Unique location where East meets West. Turkey is ideally located where East meets West. A property in Istanbul, a gateway where international transport links are superb , makes for an excellent and affordable base for those working or trading in the Middle East, Asia, Europe or North Africa. Alternatively, with over 7,000km of wonderfully diverse coastline homing a wonderful choice of cities, resorts and unspoilt treasures, a home by the sea is ideal for any investor seeking a holiday home, buy to let investment or permanent residence in the sun.
- Exceptional Climate. The Southern coast of Turkey, places such as Bodrum, Fethiye, Kalkan, Marmaris and Antalya, are recognised as having some of the healthiest climates in Europe. Long hot summers, mild winters and low air-pollution levels make Turkey the ideal location for retirement or vacations. Most of the popular resorts have well established ex-pat communities, the cost of living is a fraction of that in much of Europe, and the diversity of the landscape mean there’s a property available to suit all tastes and budgets.
- Turkish Hospitality. Turks are well known for their hospitality. They are some of the most welcoming, harmonious and sincere people you could possibly meet. Many Turks in cities and coastal resorts speak excellent English. But even where they don’t Turks will find a way to communicate and be understood. Turks have a great knack for making you feel at home. Smiling, gesticulating, babbling or calling on an English speaking friend to help communicate is not uncommon and utterly endearing.
Turkish Food. Largely the result of a rich and diverse cultural history, Turkish cuisine is a mouth wateringly good array of fresh meat, fish, vegetable and sweet dishes. Most regions have their own specialities but, on the whole, Turkish family meals are cooked from scratch using organic ingredients brought at local markets. Cities and resorts do offer a wide array of international restaurants for those missing a taste from home, and an increasing amount of import shops where international ingredients and supplies can be found mean you are unlikely to miss out on what you fancy. The cost of basic foodstuffs, groceries and necessities is a fraction of that in the UK so you won’t struggle to eat like a king in Turkey – with the variety on offer it’s hard not to!
- Simple and straightforward buying process. Buying a property in Turkey is easy in most cases and completion can often be done in a matter of days. You are normally expected to leave a deposit to take the property off the market, a majority payment soon after, and the final percentage on completion/title deed transfer. If a property on the same complex has received military clearance recently you may not even have to wait for the sale to be army approved meaning that you can have the keys of your new home in your hand in as little as a couple of days. See Oceanwide Properties buyers guide for full details.
Come along to A Place in the Sun Manchester Central this weekend.
Want to know more? Come along to A Place in the Sun Live exhibition in Manchester this weekend. You will find Suleyman Akbay and the Oceanwide Properties team on stand C63 from Friday through to Sunday. Failing that, get in touch,we will be happy to help.
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