Turkey
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Turkey
Area Guide Turkey is a paradise of sun, sea, mountains, and lakes and offers a complete change from the stress and routine of everyday life. From April to October, most places in Turkey have an ideal climate that is perfect for relaxing on sandy beaches or enjoying the serenity of mountains and lakes. Since the beginning of history Turkey is a country which has a magnificent past having been the home of 13 successive civilisations and it is full of historic treasures spanning 10,000 years. It is difficult to find another country where one civilisation leads to another.
Turkey is the gateway to Europe and Asia and is a continent at the heart of
the oldest continents on earth and a bridge between ages, nations and
civilisations. It is a unique country linking East to West and offering past
and present as history and geography live side by side.
Turkey borders 8 other countries with Bulgaria lying to the northwest,
Greece to the west, Georgia, Armenia and the Nakhicheven exclave of
Azerbaijan to the northeast, Iran to the east and Iraq and Syria to the
southeast.
It is a big country with many climatic zones. You can be skiing down the
slopes in the Eastern Anatolia area whilst others ski on the water along the
Mediterranean coast. The Mediterranean, Aegean and Marmara regions have a
typical Mediterranean climate with hot summers and mild winters. |
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Turkish cuisine A distinctive feature of Turkish home cooking is that you start with the cooking of the meat and gradually add all other ingredients. At the end of the cooking you have completely finished the course in one saucepan. This method saves time, especially if you work from scratch. Although Turkey is a small country, there is a difference in cooking traditions between its northern and southern parts. Typical Turkish cuisine consists of plenty of fresh vegetables, eaten raw, roasted or stewed with meat in terracotta pots with lots of garlic, onions, oil and spices. Turkish cuisine combines Mediterranean, Caucasian and Arabic influences. Lamb is the most important meat, also used are chicken and beef. Eggplant, onion, lentil, bean, tomato, garlic, and cucumber are the primary vegetables. The main staples are rice (pilav) and bulgur wheat, and dishes are typically cooked in olive oil. A full Turkish meal starts with a soup – often lentil soup (mercimek çorbasi) – and a set of meze appetizers featuring olives, cheese, pickles and a wide variety of small dishes. The main course is usually meat – Turkey’s best known culinary export is kebab (kebap), grilled meat in various forms, while köfte meatballs are a variation on the theme. There is no restriction on the sale and use of alcohol in Turkey. The famous local anis drink “raký” is widely consumed in Turkey. Turkish people are very understanding about foreigners’ different customs and they try to communicate in order to help visitors according to their code of hospitality.
Dairy products
Milk: The main way of having milk in Turkey is plain yogurt. In general it is prepared from cow’s milk, but it can be made from sheep milk or buffalo-cow milk, which is thought of as being much tastier than cow milk. Almost everyone in Turkey eats yogurt every day - from the age of 3 months. Cheese: Feta (white cheese) which is in two types, cow feta and sheep feta. In Turkey it is most common to use cow feta in cooking and sheep feta to eat.
Potatoes, cabbage, carrots, tomatoes, green peppers, egg plants,
cucumbers, garlic, zucchini, pumpkin, onions, peas, celery, spinach,
cauliflower, lima beans, lettuce, radishes, turnip, mushrooms, olives.
Cherries, raspberries, strawberries, blueberries, blackberries,
apples, peaches, pears, plums, apricots, watermelons, melons, grapes, and
quinces
Peanuts, walnuts, hazelnuts, almonds, chestnuts. Parsley, mint, paprika.
Many different, from thyme to milfoil. They are used in cooking and for herb teas.
Typical Turkish Dishes Salad - chopped tomatoes, cucumbers, onions and peppers sprinkled with feta (Turkish white cheese)
Cacýk – a thick creamy yoghurt with chopped cucumber or gherkins,
walnuts and garlic Mercimek Çorba - traditional lentil soup
Ýþkembe Çorba - tripe soup with garlic, vinegar and chilli
Banking in Turkey
Driving in Turkey If your vehicle is stolen while you are in Turkey, you will be considered liable for import duty and related taxes. If you cannot pay, you will have to sign a declaration on departure confirming that you will pay the due amount. We strongly recommend that, if possible, you take out insurance to cover this. HEALTH
Although some initial emergency medical treatment may be given free, British nationals are likely to be charged for the majority of medical expenses incurred whilst in Turkey (including tests and investigations, medication and overnight stays in hospital, whether state or private).
It is strongly recommend that you take out comprehensive travel and
medical insurance to cover the full period you will be in the country, and
which also includes medivac to the UK if necessary. (You should be aware,
however, that most insurance companies will not authorise medivac to the UK
as a matter of routine, or because local hospitals are not up to UK
standards). You should check any exclusion, and that your policy covers you
for the activities you want to undertake. Facilities in most Turkish
hospitals are basic and old-fashioned compared to those in the UK. Standards
of medical care are acceptable, although specialised equipment/treatment may
not be available, and most hospital staff is unlikely to speak English. There have been no reported cases of Bird Flu (also known as Avian Influenza) in Turkey during the current series of outbreaks, but The World Health Organisation has confirmed cases elsewhere in the region. If you are travelling to Turkey, you should consult your usual healthcare provider for travel medical advice before departure. The risk from Avian Influenza is believed to be very low, provided you avoid visiting live animal markets, poultry farms and other places where you may come into close contact with domestic, caged or wild birds; ensure poultry and egg dishes are thoroughly cooked. The continuing series of outbreaks of Avian Influenza, which started in South East Asia at the end of 2003, have led to a number of human deaths in Vietnam, Thailand, Indonesia and Cambodia. The World Health Organisation (WHO) has warned of the possibility that the Avian Influenza outbreaks could lead at some point to a human flu pandemic. British nationals living longer term in an Avian Influenza affected region should take personal responsibility for their own safety in the event of a future pandemic, including considering their access to adequate healthcare and ensuring travel documents are up-to-date. You should read this advice in conjunction with the FCO's Avian and Pandemic Influenza fact sheet which gives more detailed advice and information. For further information on health, check the Department of Health's website at: www.dh.gov.uk
Turkey has been very popular as a holiday destination for a long time with around 25 million tourists flocking to the stunning beaches along the Turkish coast each year. The beautiful climate helps to make Turkey a location much in demand. Currently, with the profile of Turkey greatly increased due to a large increase in media exposure, Turkish property is in great demand and Turkey itself is at the start of a predicted property boom. Turkey’s current status as a candidate member of the EU with likely inclusion as a full member in the near future has added to the demand for property in Turkey. Turkish property is currently still very well priced with frontline beach property obtainable at prices that cannot be rivalled in almost any other location with similar assets.
Turkish Homebuyers And Holiday Homes In Turkey
Here you can take a more detailed look into why Turkish property has become so appealing to property investors from around the world.
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Stunning
beaches and climate make it a very popular and well tested holiday
destination
Turkey has
many market drivers that make it an ideal location currently for property
investment. Here we look at some of the economic reasons why Turkey is one
of the world’s hottest investment property locations.
Stock market - 18% (gross) (source: invest-in-turkey.co.uk) In the opinion of ‘A place in the Sun’ cited in the October 2004 edition of their magazine, the price increase in beach areas is expected to increase initially by 50% and then over the next two to three years 100%. Taking an average of 25% capital growth, a property purchased at 60,000GBP with sustained growth over five years will have a market value of 183,105GBP. That’s a huge 305% return on investment.
Turkey is
just entering the EU process which means there is still another 5-10 years
of European investors interest in property with EU inclusion estimated
before 2015.
You can
still find excellent front line properties for excellent value for money
with high capital growth probability
Huge golf
tourism evolving in Antalya which will make any investment more valuable Main ports: Samsun, Haydarpasa (Istanbul), Izmir, Izmit, Trabzon, Mersin, Iskenderun. Railways: Total length of railways is 10,933 Km of which 2,133 are currently electrified Roads and highways: The national road network length has reached 62,000 Km of which 1,726 Km are motorways and 55,000 Km are asphalt roads. 95 % of passenger transport and 90 % of the transport of goods is realised via road and highway transport.
Telecommunications:
In Turkey over the last two years, land prices have doubled and in the last year property prices have risen by 25 – 40%. Recent research has shown that by comparison investments made since 1994 have yielded the following average returns:
(source: invest-in-turkey.co.uk)
Capital Growth Estimation * Estimation below is based on projected Capital Growth for a Bodrum based property in Turkey and is only an example based on generally accepted market growth figures. It has been estimated by many professionals in the field of property investment that the capital growth anticipated for properties in Bodrum area over the next 2 years is in the region of 40-50 %
** The projected capital growth is illustrated above at a rate of 40% and is for guidance purposes only.
Many people buying property in Turkey are buying as an investment, some as a holiday home with the aim of also making a little money and others as a dedicated investment that they may never even visit. It is essential that potential buyers of property in Turkey understand that Turkey is a new country with regards to overseas property. Buying property in an "emerging" market such as Turkey is very different to buying in a more traditional market like Spain, where millions of buyers already own homes from all corners of the world. In Spain for example the procedures are tried and tested with every notary having huge experience. In Turkey this is not the case and the lack of experience and firm procedure can lead to delays and confusion.
Purchase
Through A Reputable Agent
Identify
The Property You Wish To Buy
Reservation Contract If you do not continue with the purchase due to a legal problem then you should contractually be entitled to a refund of the paid reservation fee, although this is not always the case. If you decide not to proceed due to a change of heart or mind then it is standard that you will lose this reservation fee. If you decide to proceed with the purchase then the reservation fee already paid is treated as part of the payment towards the property in question. Preliminary Contract After the reservation contract is signed and the required fee paid you can expect to be presented with a report containing the findings of the legal checks. If the report is satisfactory then you would then sign the preliminary contract and also pay at this stage the required deposit. On a resale property this is typically 10% and on an off-plan (new) property expects to pay varying amounts around the 30% mark. If required at this point in the process, the seller is then required to apply for permission for you to purchase a property in Turkey. With off-plan property purchases in Turkey the buyer may be expected to pay a number of stage payments throughout the construction process. Completion Once all parties are ready to proceed or in the case of an off-plan sale the property is completed, the buyer will need to pay the required tax payments and the final contract / Deed of sale (Tapu) is signed. With the signing of this document the land ownership is transferred to the buyer, this is usually undertaken at the land registry office. Once signed the Deed of sale (Tapu) is registered at the land registry.
A guide to the legal costs involved when purchasing a property in Turkey
* If property is bought in a complex there is an average maintenance charge of approximately €300 - €800 (euros) per year * When purchasing property, the buyer will be responsible for paying the water and electricity connection fee.
Turkey works on a reciprocal agreement and if Turkish citizens are permitted to buy a property in their country, citizens from that country are allowed to buy in Turkey. With Turkey set to join the EU in 2007 this has opened the doors to allow citizens from many different countries to buy a property in Turkey in line with EU law. Where in Turkey is it permitted for a foreigner to purchase a property? Foreigners are allowed to buy property or land in their own names in towns but not in villages or rural areas. Foreigners are also not allowed to buy near any military areas and it is the military who issue the official permit papers for the Land Registry during the purchasing process. Buying Costs
The buyer and seller both pay a 1.5% duty when a property changes
owner. Annual Property Tax The annual property tax which is collected by the local government is at the rate of 0.1% for houses and 0.3% for developed land and this is based on the declared value. Exempt from Annual Property Tax For the first five years of a new property, owners are exempt from annual property tax. Every 5 years they are subject to revaluation. Capital Gains Tax in Turkey Private individuals do not have to pay any Capital Gains Tax as long as a property has been owned for over 1 year. If the property is owned by a Company then Capital Gains Tax will apply. All proceeds from the sale of a property can be taken out of the country. Residents Visas You are well advised to apply to the Turkish Government Office for a resident’s visa if you are relocating to Turkey for more than 6 months. The document they issue will need to be taken to the police station for processing. What is the Buying Procedure? It is highly recommend for all property purchases in a foreign country that a qualified Notary who speaks your language is instructed. They will ensure that all legal requirements are in place to ensure legal ownership. Typical things they will check are:
That the person who is selling the property is the legal owner. Once the agreement has been drawn up the buyer and seller will have to sign and the new title deeds will be applied for. This can take up to 2 or 3 months.
The title deeds will then be transferred to the new owner and will
have to be signed for in the presence of the Notary or someone who holds the
Power of Attorney. At the moment it is virtually impossible to get a Turkish mortgage unless you are a resident and working in Turkey so any necessary finance will need to be sought from the purchasers own country
Turkish
Investment Property - The Next "Hot Spot" For International Property
Investment |
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International Property Investment Network (IPIN) And Turkey The International Property Investment Network has selected Turkey as one of its chosen locations to offer investment opportunities to its members. There are many reasons for this which you can see in our Turkish investment research section and find out about the natural and economic reasons why Turkey is set to offer investors such excellent investment growth.
Investors looking at Turkey generally have a similar investment
strategy. With EU inclusion possible well within the next ten years and a
tourist industry that is booming and expanding at a rapid rate, Turkey
offers investors a chance to invest early in a potentially very strong
market. Most Turkish property investors will look to buy quality property in
quality locations now whilst property prices are as low as they will be and
then use this investment to generate strong rental yields operating a
"buy to let"
strategy benefiting from the huge demand for well positioned Turkish
property over the next few years. This will allow the market to mature and
property values to appreciate, with EU inclusion being a huge added bonus as
this would also add value to property investments in Turkey. Investment Property Turkey- Natural * Stunning beaches and climate make it a very popular and well tested holiday destination
Investment Property Turkey- Economic
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Excellent capital growth predictions of around 25% per annum |
