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Please note: our prices and information are correct as of the last update date shown on the home page (top right) - to the best of our knowledge.

Kas Marina Completion



Kalkan neighbours many important Lycian sites (Patara, Xanthos, Letoon, Tlos, Kekova-Simena), for more info visit our Lycia website.

 
 



Property News

 

October 15, 2014

Thomas Cook is offering flights to Dalaman Airport throughout the autumn and winter, from Manchester and Gatwick:

http://www.fethiyetimes.com/travel-2/12817-cheap-winter-flights-great-fethiye.html

 

Turkey's e-Visa website - application for and information about Turkey's new e-Visa.

 

Property law takes effect, all foreigners gain right to own

From Today's Zaman

 
8 August 2012 / ALI ASLAN KILIÇ, ANKARA

A new piece of legislation -- often referred to as the reciprocity law -- which is intended to allow foreigners to purchase property in Turkey, even if Turks do not enjoy the same right in those same foreign countries, has taken effect.

“Now the citizens of 183 nations can own property in our country,” Environment and Urban Planning Minister Erdoğan Bayraktar said at a press meeting on Wednesday, announcing the implementation of the law.

In early May, Parliament passed the bill concerning the sale of land to foreigners that eliminated the reciprocity requirement and increased the limit on the size of land able to be bought by foreigners to 30 hectares. President Abdullah Gül did not take much time to sign the bill into law, and it was then published in the Official Gazette on Monday.

The new law amends title deed laws and changes the previous reciprocity requirement, which dictated that the citizens of 89 countries did not have the right to own property in Turkey because Turkish nationals are not entitled to own property those countries. Among these countries were Russia, the Gulf States and the Turkic republics of Central Asia.

According to the new law, foreign individuals and businesses are required to submit their project proposals for vacant plots of land to Bayraktar's ministry within two years of purchasing the land. If the ministry approves the project, it will be forwarded to the local land registry office for monitoring.

With the introduction of the law, real estate prices are expected to increase across Turkey, but particularly in İstanbul and the country's highly-touristic southern belt. In a statement released from his office in late May, TAB Real Estate Investment Chairman Ahmet Temeltaş said it will help raise real estate prices in İstanbul by as much as 200 percent. “The price of a square meter of real estate is likely to increase to as much as $6,000-$7,000 from the current $2,000 levels in a short period of time,” he said. He believes particular parts of the province will experience the biggest hikes in prices. He named Ataşehir, Maslak, Çekmeköy, Sancaktepe, Kartal, Pendik and Halkalı as examples of the best İstanbul neighborhoods in which to invest.

According to the Central Bank of Turkey's latest figures, housing prices increased at an annualized rate of 11.68 percent in July while consumer inflation averaged at 9.07 percent compared to the same month past year. According to the Real Estate Investing Partners Association (GYODER), 96,000 housing units were sold in the first quarter of 2012, 5.5 percent more than a year ago.

Turkey attracted $3 billion in foreign real estate investments between 2003 and 2008. This number was $2 billion last year. Market observers expect the anticipated foreign investor influx to Turkish real estate markets could create as much as $5 billion in sales per annum after the new law.

 

Parliament Passes Bill on Sale of Real Estate to Foreigners

3 May 2012 ASLAN KILIÇ, ANKARA, TODAY'S ZAMAN

Parliament on Thursday passed a bill concerning the sale of land to foreigners by eliminating the reciprocity requirement and increased the limit on foreign buyers to 30 hectares.

The new law, which was discussed and approved in the Parliament, amends title deed laws and changes the current reciprocity requirement, which dictates that the citizens of 89 countries currently do not have the right to own property in Turkey because Turkish nationals are not entitled to own property in their home countries. Among these countries are Russia, the Gulf States and the Turkic republics of Central Asia. The law also increases the limit on the size of land foreign buyers can purchase from two-and-a-half hectares of vacant land to 30 hectares, and buyers will have to comply with a condition to provide plans for the construction of a house on the land before they make the purchase.

Foreign individuals and businesses will be required to submit their project proposals for the vacant lands to the Ministry of Environment and Urban Planning within two years. If the ministry approves the project, it will be sent to the local land registry office, which will then monitor it.

Opposition parties put up a fierce resistance to the bill, criticizing the ruling Justice and Development Party (AK Party) for obeying orders coming from large businesses such as the construction sector. The final decision on the articles of the law will be made by the Cabinet, which will be able to determine which of the 89 countries will be added to the list of countries whose citizens are able to purchase property. The Cabinet will also be able to increase the 30-hectare limit on property purchase to 60 hectares as it deems acceptable.

Furthermore, the law allows for the purchase of up to 10 percent of the total area of towns densely populated by foreigners. The Cabinet will be able to set limits and bans on the law depending on the country of origin and the number, type and qualifications of foreign businesses which have property in Turkey. Only individuals and private businesses will be allowed to make land purchases, meaning entities such as public institutions, state-owned businesses and the like belonging to foreign countries will be barred from doing so.

The Ministry of Defense is also expected to prepare a map of restricted areas, military zones and strategic areas and submit the information to the Land Registry Directorate General within one year as of the date of the Cabinet approval published in the Official Gazette. Republican People's Party (CHP) Balıkesir deputy Namık Havutça criticized the AK Party for prioritizing ways to recover from a $300 billion current account deficit (CAD) on the country's agenda while diverging from the real concerns of the public. During his speech in Parliament, he stressed the importance of the reciprocity agreement and said, "Bringing this bill to the attention of Parliament is imposition of foreign capital on the current government." Other deputies demanded that the AK Party consider more important issues, such as teachers who are waiting to be appointed to schools, workers employed on temporary contracts, and the prevention of violence in the country. Environment and Urban Planning Minister Erdoğan Bayraktar defended the law, noting the importance of its contribution to the tourism sector and foreign investment. "The law will bring more investors, more tourists and more capital to the country," he stated.

 

August 27, 2010

Turkey is a shore bet: The holiday home market is thriving on the Turquoise Coast

Dailymail.co.uk

This has always been a magnet for holidaymakers lured by a shimmering sea that hugs the shore for 1,000 miles. But with the country's bid for EU membership coming under ever-closer scrutiny, will Turkey's famed Turquoise Coast continue to attract those investing in holiday homes?

'The Turquoise Coast has been increasingly popular with British buyers over the past ten years,' says Angela Campbell, of overseas agents Properties Away.

'The natural beauty is always a draw, but recently we've seen buyers' attention shift from places such as Spain in search of better value for money.

They also like the fact that you can buy in sterling because in eurozone countries, the strength of the currency has been putting off many potential buyers.'

Buyers looking for second homes are after properties for private use, to generate rental income or as investments  -  sometimes all three.

'There is a real buzz about Turkey,' says Julian Walker, director of Spot Blue, a property company specialising in the country.

'It's emerged from recession and powered into 2010 as one of the world's fastest-growing economies, attracting international investment on an unprecedented scale.' 

The Turquoise Coast has the advantage of easy access. The old harbour town of Fethiye, a popular spot for British buyers, is about an hour from Dalaman airport.

It's a favourite of the yachting crowd, who can set sail for the 12 islands around Kekova Island. There is also the blue lagoon at Olu Deniz, a natural park of stunning beauty. 'The atmosphere here is chilled,' says Angela Campbell.

Select Resorts, a property partner of agents Savills, is selling a four-bedroom detached villa which is a 15-minute drive from the beach and the Olu Deniz lagoon, for £235,000.

There is a decent choice of properties for less than £250,000 throughout the area. A four-bedroom, three-bathroom villa with garden terrace, whirlpool spa and private pool overlooking the sea on Fethiye's Calis beach is £245,000 through Spot Blue. The villa is part of a complex of 40 houses with three communal pools within walking distance of the shops, bars and the beachfront.

Further down the coast, two hours from the airport, is Kalkan. With its narrow, winding streets, sun-bleached houses and balconies overflowing with bougainvillea, the town is popular with British buyers. 'Kalkan has a classy, but relaxed feel,' says Campbell.

Properties Away is selling a four bedroom villa in Kalkan with a roof terrace, private swimming pool and sea views just 200 yards from the seafront. It comes fully furnished and is on the market for £219,000. 

The company is also selling a three-bedroom, two-bathroom duplex with two sitting rooms and roof terrace. With a communal swimming pool and sea views, it is priced at £89,000 and has the potential to be divided into two apartments.

Just 20 minutes from Kalkan, there's an enclave of four-bedroom (all en-suite) villas, each priced at £425,000 with Spot Blue.

Designed by an award-winning architect, the villas come in two or three storeys with marble flooring and an infinity swimming pool facing the sea.

'Fethiye and Kalkan have adopted strict building codes that limit developments and the number of storeys. This should prevent them from becoming like the high-rise resorts you get along the Costas,' says Campbell.

You can buy only within designated areas, but the process is straightforward. Costs are around 6-7 per cent of the purchase price, which compares with other countries favoured by the British.'

'There is a sense that British buyers are becoming more familiar with Turkey,' says Julian Walker of Spot Blue.

'What's more, the low-cost airlines easyJet and Jet2 have increased the frequency of flights, while Ryanair has signalled a desire to make Turkey the focus of its next round of expansion.

'Taking it all into account, that is why Turkey is attracting today's savvy and risk-averse overseas property buyers.'


June 11, 2010

Global Property Guide: Mid 2010 Property Markets Forecast

by GLOBAL PROPERTY GUIDE

The world's property markets are on the road to recovery, but investors will have to be careful about which markets they select. In a new report, the Global Property Guide makes recommendations for residential property investment during 2010 (download the full Global Property Guide Mid-2010 Property Recommendations report).

The world is no longer moving in one direction, as it did during the crash and the bull market of 2006-2007. Some countries' real estate markets are moving down (most notably Bulgaria, Ireland, Iceland, Slovakia, Spain, the Philippines, Greece, the Netherlands and, for political reasons, Thailand). Others are moving up (Hong Kong, Singapore, Taiwan, Australia, Israel, Finland, Norway, Sweden, and the UK) (see The World's Housing Markets at Q1 2010).

However, the general trend is up, due to lower interest rates and higher government spending.

Things are back to normal.

Well, not quite. The world's housing markets will surely be affected by a major long-term trend, the adjustment - deep and powerful - of economic forces which is now impacting everything we do.

  • The leading developing countries are growing rapidly and are assuming much greater importance.
  • Relatively speaking, the developed world is losing ground.

For 15 years the loss of momentum of the developed world was disguised by the housing pseudo-boom, but now the issues have become very apparent.
Inevitably property markets will in future reflect these facts. Some ripples on the surface of the waters:

In Latin America:

  • Interest rates are in long-term decline, due to better Central Bank policies
  • Economies are booming
  • Tourism is rising
  • The residential property boom that began 3 years ago continues
  • Rental yields - critical indicators of the health of property markets - are still high
  • Latin currencies are rising

Our selections for investors: Peru, Panama, Brazil, and Chile
Possible: Colombia

In the US:

  • The economy is recovering
  • The dollar is rising
  • Residential property valuations are attractive in some states, and are already attracting investors

Our selections for investors: states whose property markets fell dramatically during the crisis, beginning with Florida

In Europe:

  • Property markets have not sufficiently adjusted from their 15-year rise. Residential property yields are poor throughout Europe.
  • The panic over the Greek and other deficits shows no side of abating
  • The Euro is falling. Currency depreciation should somewhat offset increased fiscal stringency - a positive.
  • There are buying opportunities for opportunities for non-Euro buyers, but of themselves residential properties are not an appetizing investment in most of Europe.

Our selections for investors: Turkey, Hungary
Turkey, because of its young population, the opening to the East, and its competent government.
Possible: Hungary, because its incompetent government may provoke a crisis which would make its low prices and excellent yields even more attractive.

In the Middle East and North Africa:

The Middle East is in a cycle, led by the Gulf. Recovery may take a while, but the underlying dynamic of petro-dollars, pegged currencies, and high domestic inflation, which tends to push property values up. As yield-oriented investors, we are more interested in the marginal markets, but we expect investors to begin to be interested again in the Gulf soon.

Our selections for investors: Egypt, Jordan
Possible: Morocco
Egypt and Jordan's property markets have been hard-hit by the crisis. But in both countries' capitals, there are generous yields.
Morocco has less attractive yields, but a long term tourism trend.

In Asia:

Property is over-valued in most countries in Asia, with two exceptions

Our selection for investors: Malaysia
Possible: Thailand
Malaysia is very stable, and has reasonable returns
Thailand has excellent yields. Prices have been falling, because of the political uncertainty. Developers want to reduce risk by unloading stock. Opportunity knocks.

In the Pacific:

Avoid. Australian residential property is quite overvalued, and interest rates are rising. In New Zealand there is less overvaluation, but we do not see a strong investment case.

 

Sept. 28, 2009

Future bright for Turkey - Goldman Sachs report just published

Turkey offers strong long-term growth potential, equal to that of many other N-11 and BRIC economies - Goldman Sachs'

Turkey, if it keeps up with the proper policies, will become the ninth biggest economy in the world in 2050, according to a report by Goldman Sachs, a leading global investment banking, securities and investment management firm.

Turkey, which ranks 18th with its nominal gross domestic product, or GDP, as of 2007, will increase its national income to $5.9 trillion, surpassing the Group of Seven, or G7, countries like Japan, Germany, Italy, France and Canada by 2050. Turkey's current national income stands at $660 billion.

Meanwhile according to the data compiled by Goldman Sachs, including its world economic projection report, China is expected to become the world's largest economy with a nominal GDP of $70 trillion in 2050. It is predicted that the United States, India, Brazil, Russia, Indonesia, Mexico, United Kingdom, and Turkey will follow China in that order.

Income per capita

By 2024, Turkey's per capita income will climb to $20,000-25,000, claims the report. Turkey's per capita national income is expected to surpass $30,000 in 2033, and $40,000 in 2040, reaching the $60-65,000 level by 2050, adds Goldman Sachs.

The growth rates of the E7 bloc of emerging economies, which includes Turkey, China, India, Brazil, Russia, Indonesia and Mexico, will surpass those of the United States, European Union, G7 and the Organization for Economic Co-operation and Development, or OECD by 2050, the data revealed.

The countries including Turkey will catch up with the industrialized countries in 2025 and start to surpass them in 2030. The national currencies of the emerging markets, including Turkey, are also expected to gain 2 to 2.5 percent in value annually.

Economic balance

The emerging markets will become the driving force and will balance the world economy, according to the report. Besides their increasing foreign trade volumes, the seven emerging markets will also loom large with the investment they draw.

In terms of rapid economic growth, Turkey will rank just after the BRIC countries, which are Brazil, Russia, India and China, according to the estimates in the report.

Turkey has developed a more competitive economy due to structural reforms and new laws, which provide a prominent infrastructure in terms of high growth. Turkey, in regards to rapid growth, ranks right after China, according to the Goldman Sachs report, which also reveals that Brazil has the lowest growth rate in this group.

The countries that have younger populations, such as Turkey, Mexico and Brazil, have higher growth potential compared to China, India and Indonesia. Following Turkey, countries, such as South Korea, Egypt, Iran, Pakistan, Vietnam, Philippines and Nigeria will also loom large with their growth rates. Turkey and South Korea have higher potential in terms of surpassing the industrialized countries, according to the report.

 

Turkey – a booming property market - 11th June 2009

Mortgage applications at Conti up by 143%

The global financial crisis is clearly not dampening the appeal of property in Turkey, which has become one of the top investment destinations in 2009, according to Conti, the UK’s leading overseas mortgage specialist. The company has seen an increase of 65 per cent in mortgage applications for Turkish properties, when comparing the first five months of this year with the last five in 2008.  And over the last two months alone, applications are up by a massive 143 per cent compared with the same period last year.

Often referred to as the ‘new Spain’, Turkey offers some great property prices and all the benefits of its Mediterranean location, minus the effects of the strong euro, which have led to decreased levels of demand in other more traditional locations over recent months. Tourism in Turkey has risen dramatically over the last few years, with predictions that it will reach just under 30 million visitors in 2009. This will ensure that demand for quality rental properties in the popular tourist areas will continue to outstrip supply, making rental yields very lucrative.

Clare Nessling, Conti’s Operations Director, says: “We’re receiving a lot of enquiries about Turkey and it’s not hard to see why. A healthy tourism industry, cheaper house prices and rising demand for rental properties have all contributed to its popularity of late. These factors, combined with low interest rates and the fact that it’s out of the eurozone has made it increasingly attractive, as well as more affordable, for UK buyers.”

According to Conti, Bodrum is a particular hotspot, with many British investors snapping up small coastal apartments which they can use for their own holidays, but also rent out easily to others. Many developers are offering guaranteed rentals, which is working as a real incentive to those considering a purchase.  But there has also been an increase in the number of people buying more expensive villas, especially in areas such as Fethiye, and those investing in multiple properties in the prime coastal areas. Turkey truly has mass appeal.

With accessibility being a key factor too, Turkey has a wide choice of airports and is extremely well served by flights from the UK, with easyJet recently announcing the launch of three new flights from London Gatwick to the country’s most popular regions of Bodrum and Dalaman.

The country is also growing in popularity as a retirement destination, with many being lured by the warmer climate, lower costs of living, and excellent property value. And because it has avoided the effects of the strong euro, which has eaten into the pensions and savings of retirees in countries such as Spain, France and Portugal in recent months, it’s simply a more cost effective location at the moment.   

Overseas Mortgages

Conti provides finance for purchasing holiday homes, investment and retirement properties in more than 45 countries, and re-financing for any purpose in 15 of those countries. Rates for mortgages in Turkey start from as little 4.80%.

All mortgage applications are processed and underwritten by Conti’s teams of specialists, who know the exact mortgage application requirements for each overseas lender. It can also ensure that clients are put in touch with specialists in the country in question, to enable then to comply fully with planning and legal conditions and assist with currency exchange.

 

Is Property in Turkey Still Popular?

Has the global financial crisis put paid to the success of Turkey’s emerging property market? No says the majority of professional opinion!

Published on Wednesday, January 14th, 2009 - from shelteroffshore.com

It’s hard to know when one nation’s property market has fallen out of favour these days as the global financial crisis envelopes country after country and apparently leaves no nation’s economy untarnished. So is property in Turkey still popular or has the market boomed and gone bust?

This question is being asked by Brits, Russians, Germans and other Europeans who were well aware that Turkey’s appeal was rising fast, but who are now confused about where the future prospects for the country’s economic forecasts lie.

Well, if you listen to the economic experts then Turkey is still a sound bet, if you listen to the real estate analysts then Turkish property is still a viable investment, and if you follow the path of the high end real estate developers and designers, you can see that actually yes, Turkey’s is still an incredibly exciting market to consider. In this article we look at why property in Turkey is still popular, and where some of the best pockets of property are for sale.


According to real estate researchers Liam Bailey and Nicolas Barnes from Knight Frank, writing in the Financial Times, Turkey’s established and higher end markets are both worthy of serious buyer and investor consideration in 2009. They point out in an article all about where to invest in property in 2009 that whilst prices have surged ahead and are now falling back in most property markets around the world, if you look carefully at fundamentals such as a property market’s infrastructure, accessibility, amenities and prospects for economic growth and find that everything is in a particular country’s favour – 2009 could be the best time to chance your arm and buy in as prices fall fast and vendors display signs of desperation!

The logic behind their thinking is spot on – after all, despite what some countries’ economies are doing, the fundamental facts of supply and demand remain. In Turkey this is true, there is increasing demand for accommodation in the likes of Istanbul for example, and because Turkey is outside the eurozone, it is forecast to benefit from an increase in tourism traffic this year which puts pressure on the amount of accommodation stock available to let. So, a market like Istanbul’s is in favour – and then when you look at the prospects for other pockets of the country, you again find places where an investment today could reap significant dividends for the future.

Take a place like Bodrum or Belek where there is massive investment being ploughed into accessibility, core infrastructure, tourism amenities and the general appeal of the resort. This sort of investment forces the value of real estate up – even in a falling market! The resorts become more desirable as places to live or holiday, this increases demand for residential and rental property, this increase in demand may be slow now thanks to the state of the global economy, but it will come – and investors can bank on this. Added to all this you have the undeniable fact that in many of Turkey’s hottest resorts such as those already mentioned, there is strong local demand for second homes – so this makes the established and second hand market very valuable too. Resident buyers often go for well-maintained homes that are completed, have a traceable history and are in an established area. This places additional value on these types of homes for investors.

And finally, Turkey is also a country with an emerging market and a high-end market. One company has sought to embrace both camps and produced some exceptionally beautiful, well-designed and well-located stock – namely Limra by Jade Jagger for yoo in the idyllic Turquoise Coast town of Finike. This town is stunningly beautiful, has exceptional beaches, it is lesser known and therefore lesser developed, yet it provides for the perfect backdrop for this brand new and iconic development. Every single luxurious apartment within the development has its own outdoor space in the form of a private garden, balcony or terrace, these effectively extend the internal areas to create a light, spacious and naturally cool living environment that makes the most of the Turquoise Coast’s favourable climate. Jade Jagger’s signature style is evident in the properties’ interiors – her use of geometric tiles, coloured mosaics, decorative latticework screens and fully fitted glacier white kitchens with marble worktops seals the deal on these contemporary homes. An on-site show apartment has been created to demonstrate the high quality of the finished properties for sale, and it also displays a furniture package designed by Jade Jagger for yoo that buyers can opt for if they so choose, the company marketing these homes is Ready2Invest.

Clearly therefore, the global financial crisis is not dampening the appeal of property in Turkey, it is just forcing people to consider which properties they purchase that much more carefully.

 

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