The first step to take is to research the country. Start by investigating the different areas along with prices and the buying process for each area.
The internet and printed media is a good way to engage in research, but eventually a visit to the country is inevitable, even if you get help from a good estate agency or a lawyer (which is definitely recommended). Many times, estate agencies offer trips to interested buyers at very reasonable prices.
Some of the essentials to get done within the country include drawing up a contract for the house and signing a Power of Attorney so that the Title Deeds can be signed by your attorney at a later date.
Where to Buy
There are three areas of particular importance for people interested in buying property in Turkey: the Mediterranean coast, the Aegean coast and Istanbul.
The Mediterranean coast
This large stretch of coast along Turkey’s southern edge offers long summers and mountain snows in the winter. Now that foreigners are beginning to populate the area in ever larger numbers, golf is quickly becoming one of the most practiced sports. Some of the most popular areas along this coast are Alanya, Dalaman and Fethiye.
The Aegean coast
This coast offers tremendous diversity: from charming fishing villages to more lively towns, to intriguing ruins and beautiful resorts. Ceşme, Kuşadasi, Altinkum and Bodrum are the main areas of interest here.
Istanbul
Although it’s not the country’s capital, Istanbul stands as the cultural and financial capital and is the largest city in Turkey, with over 10 million inhabitants. The city has a modern, cosmopolitan feel. Unlike the coastal resorts, Istanbul is not particularly a hotspot for foreign homebuyers at the moment, but it offers excellent buy-to-let opportunities because of the large population and other favorable market conditions.
What Type of Property to Buy
Depending on what your interests are, you’ll be attracted to a different kind of property in Turkey. If, for example, you’re interested in buying to let, you’ll have to choose a place that not only suits your preferences but also holds appeal to other vacationers.
From an investment point of view, newly built houses on the coastal resorts are probably the best option. These types of properties are selling quickly and appreciating steadily, and prices are sure to rise substantially once Turkey enters the EU.
Off-plan and newly built properties are usually constructed to better specifications than existing homes, which in turn have the advantage of being very reasonably priced. Thos who’ve already purchased property have seen their investments in Turkish off-plan property rise by an impressive 10-15%.
If you’re more interested in a house to live in for the long term, a good idea is to rent a place for a while in the area you’re interested in to make sure you can live there and will be satisfied with this location in the long term.
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