TURKEY prepares itself for a record-breaking summer tourist season

TURKEY prepares itself for a record-breaking summer tourist season, with 25 million visitors expected by Turkish officials this year, the country’s property market looks set to attract a record number of British buyers too. Land Registry figures show over 74,000 foreign property owners in the country. Although way behind the established property spots like France and Spain in terms of the number of buyers, up-start Turkey has moved from being a relatively unknown emerging market for adventurous buyers to achieve a regular spot in the top ten most popular destinations. This trend looks set to continue with a Nat West survey of British mortgage lenders identifying it as the third most popular country to buy property in the next three years. So what is fuelling this interest? Turkish property is still excellent value, with high-quality apartments from as little as €35,000 still available in some of the coastal resorts. Huge investment is being channelled into the development of the coastal areas as part of the government’s plans for Turkey to become one of the world’s top five tourist destinations by 2023. On the ground, this means new airports, roads, golf courses, marinas and hotels- all of which have a very positive effect on the desirability of Turkish property and values. In addition to the million-plus British tourists that visit Turkey each year, the pleasant Mediterranean climate, relaxed way of life and low cost of living are attracting a growing number of permanent British residents and retirees. A British pension can support an excellent standard of living and the quality of private healthcare is high with modern clinics and hospitals with English-speaking staff in the main resorts. The availability of new finance options, with several Turkish and European banks now offering 60-100% mortgages for new and off-plan properties, is an important factor increasing demand from foreign buyers. Interest rates on sterling mortgages typically start from 8.5%, so although a Turkish mortgage may sound attractive, raising money back home is by far the cheapest option. Don’t be tempted by the lower rates on euro mortgages, because unless your income is in euros you will be exposing yourself to changes in the euro-pound exchange rate – something that could cost you dearly if current trends continue. Many mortgage brokers will forget to remind you about this potential pitfall! The temporary freeze on the issuing of title deeds to foreigners, ordered by the Turkish Constitutional Court on April 16th while the government redrafted parts of the legislation relating to foreign purchases, should come to an end soon. The changes to the amount of land foreigners can buy have been approved by a parliamentary committee and are now waiting to be published in the Official Gazette – the wheels of the Turkish bureaucracy grind slowly forward! Under the amended legislation foreigners can own up to 10% of an officially zoned area only, instead of 0.5% of any of the country’s provinces. So the changes will have absolutely no affect on the vast majority of foreign buyers. Unlike in 2005, when a similar stop on foreign purchases dragged on for over 5 months, the current freeze seems to be having little affect on the market. According to a Europe-wide report by Savills Research, property values in Turkey increased by an average of 15.5% each year from 2002-2006, with industry experts expecting 15-20% increases in 2008. However, an over-supply of property in some areas means that not all the resorts are a good buy. When purchasing new or off-plan property take care to buy from an established developer with a high build quality. Location and communal facilities, if you are buying on a development, are all important when you come to rent or resell the property too.

Turkey Tops For Golf

Turkey is a winner for the 2008 IAGTO Golf Tourism Awards

Turkey: On receiving the Golf Destination of the Year Award for Europe. Ali Sahin, Director of Golf, Cornelia Golf Club & IAGTO Turkey Chapter Chairman said: "We are very proud and happy to win this award. The award means we have achieved something because we have worked very hard over the last 10 years. We started off with just one course in Turkey, and now we have 14. Over the next two or three years there will be about 30 courses throughout Turkey."

Turkey stands out with its tasty real estate market

Turkey stands out with its tasty real estate market Tue, 15 Apr 2008 10:05:00
When it comes to buying a holiday home or investment property in the Mediterranean, most people tend to think of Spain or Italy. But Turkey, with its stunning scenery and wealth of antiquities, is fast emerging as a new property hot spot. Straddling Europe and Asia, Turkey is blessed with some of the best coastline in Europe, especially in the country's southwestern corner where the Mediterranean and Aegean seas meet. With Turkey expected to join the European Union within the next decade, property experts say those who get in early stand to see a substantial return on their investment. The combination of rapidly rising house prices and Turkish property market reforms has made the country an increasingly popular destination for international investors. Five years ago the government passed legislation making it possible for non-Turkish citizens to buy property. Since then, foreigners have spent more than $7.2 billion on an estimated 30,000 homes, according to the Turkish government. Over the last year alone property sales to foreigners soared by 59% to $2.9 billion. Moreover, recent changes in legislation have also created the country's first ever mortgage market. As a result, it is now possible to get a mortgage at interest rates that are roughly 50% less than the traditional home loans buyers used in the past. "Now that the government has made it easier for foreigners to buy, demand is soaring," says Ahmet Rauf Saatci, chief executive of real estate agency in Istanbul. Bright Spots The sunny Mediterranean climate is only a small part of Turkey's attraction. For starters, property prices are on average 30% to 50% less than those found in more well-trodden hotspots such as the Spanish, French, and Italian coasts. Property experts compare the country to the Spanish property market in the 1970s. And London-based international real estate agency Knight Frank predicts property prices will increase by 12.5% in 2007. Not only is it cheaper to buy, it is also much cheaper to live. Economists reckon that the cost of living is between 40% and 60% less than in continental Europe. And according to the Organization for Economic Cooperation and Development, Turkey is the fourth least expensive place to live in a recent survey of 30 member countries. The vast majority of international buyers are focusing mainly on coastal resort towns. Towns such as Bodrum, Marmaris, and Fethiye, all long-popular with vacationing Turks and Europeans alike, have experienced a development boom. Over the last five years, numerous modern apartment complexes and gated private communities have sprung up to cater to demand. Good Returns Turkish real estate company Seaside Properties Turkey exclusively markets its portfolio of modern villas and apartments to Europeans. Since ownership laws for foreigners have been liberalized, interest in investment properties in the Bodrum Peninsula has accelerated, according to Seaside Properties Turkey Those who have bought properties in Turkey are already seeing good returns. Over the last year, prices in coastal areas have appreciated between 30% and 50%. New, modern, gated developments with pools and other amenities such as tennis courts are in high demand. Take the seaside resort town of Antalya. Fifteen months ago, Umit Sutoglu, a real estate agent with Turyap Lara in Antalya, recalls how one of his clients bought two three-bedroom homes in Antalya for $112,000 each. Within one year, he sold one of the homes for $272,000, pocketing well over 100% profit on the deal, Sutoglu says. Returns in Turkey's big cities, such as Istanbul, Ankara, and Izmir, are more conservative but still attractive, averaging 10% to 15% a year. Turkey's biggest and most expensive city, Istanbul, offers yields of around 9%, says Century 21's Saatci. "But in Istanbul's new suburbs such as Beylikduzu, Cekmekoy, and Umraniye, returns can climb to 20% or more." He says foreign buyers are increasingly heading to these newly developed suburbs to buy land and build themselves. Straightforward Sale The buying process is straightforward. There are no restrictions for Americans or European Union citizens on buying property in Turkey. Most experts recommend consulting a local solicitor to handle the conveyancing and contracts. Typically buyers can expect to pay 25% of the purchase price as down payment. Additionally, purchasers need to factor in taxes—which run 0.3% for houses 150 square meters and less—plus real estate agent commissions of around 5% to 10%, and legal fees of approximately 10% of the purchase price, says real estate agent from Lara. If you are buying the property to rent, expect to pay 20% tax on the rental income to the Turkish government. If you hold the property for more than four years, you will be exempt from capital gains. But if you decide to sell before then, you will pay 20% capital gains tax locally. Sounds like it's time to board a big bird to Turkey

Apartments from €35,000

Property News:
Quality, comfort and certainty now available from € 35.000,-
Kurt,Safir&Saray exceed themselves again, this time not only in quality, but also in price.In September of this year we will start building our latast projects, which are for sale now already off plan. These projects have the same finish and quality as all our previous projects. The only difference are the significant lower prices. This is the opportunity for evryone to invest or to buy now.

Starting price from € 35.000,for large One Bed- and Two Bed start from € 41.000.
You have a choice out of 1-bedroom apartments, 2-bedroom apartments or fabulous penthouses with spacious living and open plan kitchen, offering you acces to the enormous roof terrace.

Location:
These projects are built in Mahmutlar, a cosy town, that have been developed to one of the most popular places in Alanya. Pleasant walks over the recent constructed boulevard, beuatiful cycling tours in the mountains, a refreshing dive in the Mediterranean Sea or shopping in the new shopping area’s. It’s all possible in Mahmutlar!Quality, luxery and comfort in breath taking surroundings on the Turkish Riviera is affordable now for everyone. Don’t miss this opportunity!

ANKARA - A law banning smoking in public places came into effect on Monday in Turkey -- a country where nearly two-thirds of men smoke.

But media reports said the ban appeared to be having little effect, with television channels showing pictures of supporters still puffing away freely at public events marking a public holiday across the land.

The law was passed by the Turkish parliament in January, and prohibits lighting up in government offices, workplaces, shopping malls, schools, stadiums and hospitals.

There are exemptions for special zones in psychiatric hospitals, retirement homes and prisons, whilst smokers will be allowed to light up in designated smoking rooms in hotels.

Cafes and restaurants will also benefit from a transition period, with a total ban only applying to them from July 2009, while organisers of sporting events or concerts may provide smoking areas.

Any establishment defying the ban will receive a written warning, followed by a fine of up to 5,000 Turkish liras (2,700 euros, 4,000 dollars).

An individual caught illicitly smoking risks a fine of 50 liras (26 euros, 40 dollars).

Around 60 percent of men and 20 percent of women are smokers in Turkey, which is also an important producer of tobacco, with tobacco-related diseases blamed for a fifth of all deaths.

Smoking is already banned on public transport, and the advertising of tobacco is prohibited.

However, in such a nicotine-addicted country, the law has seldom been rigorously enforced, even though an opinion poll published by the Sabah newspaper showed 85 percent of people in favour of the new ban.

Already some deputies who voted for the law have privately indicated they intend to enjoy a smoke within the parliament building -- despite the ban.

The full extent of compliance with the new legislation will only be apparent on Tuesday when public offices reopen after the holiday for the anniversary of Kemal Ataturk's campaign to free Turkey of occupying powers after World War One.

But experts said it would be extremely difficult to break with old cultural habits.

"Drinking a coffee and smoking a cigarette after a meal is a ritual," Selcuk Candansayar, a professor at Ankara's Gazi medical school, told the NTV television channel.

"It's a tradition that has to be broken."

ba/mb/ach

05/19/2008 13:06 GMT

Antalya region ranks first in the total number of foreigners who have bought property with 24.4 percent of the total.

Property News:
I said it all before, now it is fact!

Alanya district of the Antalya attracts foreigner buyers

According to research conducted by the Alanya Chamber of Commerce and Industry (ALTSO), Antalya region ranks first in the total number of foreigners who have bought property with 24.4 percent of the total.

The research also shows that Alanya is the district of Antalya foreigners prefer the most. Antalya has witnessed the sale of 17,850 houses to the foreigners, 12,331 of which are located in Alanya. However, the district is not so popular for land sales; the number of land sales to foreigners is 20,903, only 501 of which were in Alanya. This comprises only 2.4 percent of the total number of land sales.

“The results of the research by ALTSO show that Alanya is the most favourite place for foreigners to purchase houses in Turkey, while the district is not as much preferred for the purchase of land,” said Kerim Taç, chairman of the Alanya Chamber of Commerce and Industry, who noted that there is no need to worry about property sales to foreigners. “Foreign people preferring Antalya and Alanya to invest in will contribute to the further development of the district. We hope that the new regulations will facilitate us to make good use of this opportunity,” added Taç.
ALANYA – Anatolian News Agency (Abridged)
Thursday, May 1, 2008

Property News: Alanya district of the Antalya attracts foreigner buyers

According to research conducted by the Alanya Chamber of Commerce and Industry (ALTSO), Antalya region ranks first in the total number of foreigners who have bought property with 24.4 percent of the total.

The research also shows that Alanya is the district of Antalya foreigners prefer the most. Antalya has witnessed the sale of 17,850 houses to the foreigners, 12,331 of which are located in Alanya. However, the district is not so popular for land sales; the number of land sales to foreigners is 20,903, only 501 of which were in Alanya. This comprises only 2.4 percent of the total number of land sales.

“The results of the research by ALTSO show that Alanya is the most favourite place for foreigners to purchase houses in Turkey, while the district is not as much preferred for the purchase of land,” said Kerim Taç, chairman of the Alanya Chamber of Commerce and Industry, who noted that there is no need to worry about property sales to foreigners. “Foreign people preferring Antalya and Alanya to invest in will contribute to the further development of the district. We hope that the new regulations will facilitate us to make good use of this opportunity,” added Taç.
ALANYA – Anatolian News Agency (Abridged)
Thursday, May 1, 2008