How secure is the Turkish property market and to what extent does the system protect overseas buyers?

The process is more straightforward than you may think. The key is to work with a good lawyer who will carry out due diligence on the project of interest. They will check building licences, land ownerships, penalty clauses, property specifications etcetera before they complete the contract. The contract exchange process takes around six to eight weeks. A good lawyer will guide you through each step to ensure you are protected.

What advice would you give overseas buyers looking to buy property in Turkey when it comes to financing their purchase?

Many clients release equity from their family home to finance a second home or holiday home. Investors are more likely to take a Euro mortgage, through one of the banks offering overseas mortgages. Rental income is not taken into consideration as income when you apply for an overseas mortgage.

What does Turkey have to offer overseas property investors and why should overseas buyers invest now?

Prices have risen within the last few years but are still much lower than other eastern European markets; this is partially due to the current election year. In addition, in recent years Turkey has experienced economic stability due to the political climate resulting in an increase in disposable income which, in turn, has shown an increase in property investment. The standards of properties in Turkey are set high to meet and satisfy the growing demand of overseas property investors in the country. However, if the developer or salesperson of the property is not well known, interested buyers are advised to get an expert opinion on the situation to avoid any disappointments or failed investment. Coastal homes are the number one interest for overseas property investors and second-home owners. Equally, large cities like Izmir, Istanbul and Ankara are also experiencing huge interest from tourists. As and when Turkey has been granted EU membership, buyers should begin to see a positive impact on its economy and property market. Strategic investors will experience a rise in property values, which is why the right time to invest is now.

Jane Griffiths is Managing Director of Regnum Ltd 

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Article published October 2007