October 15, 2014
Thomas Cook is offering
flights to Dalaman Airport throughout the autumn and winter, from
Manchester and Gatwick:
e-Visa website - application for and information about
Turkey's new e-Visa.
Property law takes effect, all
foreigners gain right to own
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
Bayraktar said at a
press meeting on
In early May,
the bill concerning
the sale of land to
increased the limit
on the size of land
able to be bought by
foreigners to 30
Abdullah Gül did not
take much time to
sign the bill into
law, and it was then
published in the
Official Gazette on
The new law
amends title deed
laws and changes the
dictated that the
citizens of 89
countries did not
have the right to
own property in
are not entitled to
own property those
these countries were
Russia, the Gulf
States and the
Turkic republics of
According to the
new law, foreign
required to submit
proposals for vacant
plots of land to
within two years of
purchasing the land.
If the ministry
project, it will be
forwarded to the
local land registry
introduction of the
law, real estate
prices are expected
to increase across
İstanbul and the
southern belt. In a
from his office in
late May, TAB Real
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
from the current
$2,000 levels in a
short period of
time,” he said. He
parts of the
biggest hikes in
prices. He named
Pendik and Halkalı
as examples of the
which to invest.
According to the
Central Bank of
prices increased at
an annualized rate
of 11.68 percent in
July while consumer
at 9.07 percent
compared to the same
month past year.
According to the
housing units were
sold in the first
quarter of 2012, 5.5
percent more than a
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
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
'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
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
'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
'Taking it all into account, that is why
Turkey is attracting today's savvy and risk-averse overseas property
June 11, 2010
Global Property Guide:
Mid 2010 Property Markets Forecast
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
However, the general
trend is up, due to lower interest rates and higher
Things are back to
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
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
- Economies are
- 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
Our selections for
investors: Peru, Panama, Brazil, and Chile
In the US:
- The economy is
- 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
- Property markets
have not sufficiently adjusted from their 15-year
rise. Residential property yields are poor
- 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
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
Our selections for
investors: Egypt, Jordan
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
Property is over-valued
in most countries in Asia, with two exceptions
Our selection for
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:
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
Sept. 28, 2009
Future bright for Turkey - Goldman Sachs
report just publishedTurkey 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
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
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.
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
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
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.
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
Is Property in Turkey Still
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
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.