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expat mag recommends turkish property
read this in The Telegraphs expat magazine...i think most of us know it already but it makes nice reading
Hot newcomer: Turkey
Turkey's stunning scenery, 4,350 miles of coastline, wonderful climate and rich culture now draws 14 million tourists. And last year, international homebuyers accounted for nearly half of all foreign investment. Why? Property prices have risen about 30 per cent in the past 12 months, yet an off-plan, three-bedroom property next to a marina can be bought for less than £70,000.
Sugar-cube houses: the square white, bougainvillea-draped homes on the Bodrum peninsula
Little wonder then that fishermen in idyllic ports such as Kalkan have dropped their nets and turned to hauling in British buyers. "I helped set up the first estate agent in Kalkan in May 2002," says Amar Sodhi, of Avatar International. "Now there are more than 70 in the town."
Paul McMullen, of Escapes2, has been bringing people to Yalikavac, on the Bodrum peninsula, where an extensive marina is being built. "A two-bedroom apartment that would be about £500,000 in Puerto Banus, Marbella, you can buy at Yalikavak for £60,000," he says.
Turkey is a country with more ancient sites than Greece or Italy. Wander three miles inland and you encounter an unspoilt world. That said, rock-bottom property prices, cheap beer and sunshine can have an unfortunate result: yob tourists and property-seekers with no interest in local culture. But the architectural vandalism that can accompany rampant property development is held in check. "Turkey has learnt from the lesson of Spain," says Amar Sodhi. "In most municipalities planning regulations are tight and building heights are restricted to two or three storeys."
The western Mediterranean: Gocek
This small holiday village, 15 minutes from Dalaman airport, lies on an attractive bay almost enclosed by pine-speckled mountains. It is much favoured by the Turkish rich and yachting types. Prices are higher here. Forest Grove is a small development of three-bedroom "neo-Ottoman-style" villas with private gardens and swimming pools. Guide price from £155,000. Marina View is a development of eight three- to four-bedroom villas with great waterfront vistas. From £240,000 freehold, through Savills.
Kalkan
Kalkan is now devoted to upmarket tourism. In winter it reverts to its traditional sleepy character. A few miles inland, Uzumlu is popular with British buyers. There is a boutique project of 10 properties by Avatar International. Stone-faced villas with timber flooring and swimming pools start at £150,000.
Fethiye
An ancient town in a broad bay, it has seen heavy development - and there is likely to be more. Headlands International has villas and flats in complexes with landscaped grounds near the beach. Prices start at about £48,000 for a one-bedroom apartment.
Other regions popular with British buyers include Kas and Ovacik.
The eastern Aegean: Bodrum
Bodrum and the Bodrum Peninsula are the focus of most development. But with its sugar-cube houses draped in bougainvillea and palm-lined streets, Bodrum has managed to retain its charm. Pretty villages on the peninsula include Gumusluk and Yalikavak. Flats and villas are available through Escapes2 and Headlands International.
Emma Cox, 25, and her boyfriend, Matthew Reynolds, 23, have bought a ground-floor, two-bedroom flat with garden and large terrace close to the beach for £60,000. They intend to rent it out during the tourist season, and use it themselves. "We decided we wanted to invest overseas and were attracted to Turkey by its prices - you get much more for your money there than in neighbouring countries," says Emma, a product trainer for Blackberry.
Dalaman
Until the regional airport was built nearby, this was a small town. Now it is a hot investment, helped by the Turkish government releasing 7,000 acres of land for golf resorts and marina tourism.
The Colonnades, 15 minutes from the beach, consists of two sites: one of 33, one-bedroom apartments and two swimming pools; the others of 84, two-bedroom apartments around two swimming pools, a communal tennis court and a gym. Prices start at £39,500 for one-bedroom flats, and £49,500 for two bedrooms, through Savills.
Buying tips
Buying in Turkey is safe, provided you proceed with caution and use reputable agents and lawyers. If buying off-plan, never sign a contract without knowing what you are signing, or hand over money without a receipt and a definition of what it's for. Take a photocopy of an agent's ID card. Do all transfers through a bank so you have a record of where your money goes. Above all, every town has a Notary Public, responsible for drafting contracts and proof of a transaction.
Self-build or restoration projects are inadvisable unless you speak fluent Turkish. A law forbids foreigners buying in rural areas. Property development is subject to the discretion of local municipalities. Check how sympathetic they are before you decide where to buy.
Once a sale is completed, there is a transfer tax of 3 per cent of the value of the property. Buyer or seller can pay, but typically both parties share the cost. Property sales in Turkey are not subject to VAT. There is no capital gains tax, and annual property tax is based on a half of a per cent of the declared price.
Getting there
Turkish Airlines flies from most UK airports to Izmir, Bodrum, Milas, Dalaman and Antalya via Istanbul, while Cyprus Turkish Airlines flies direct. Low-cost airlines are expected to fly to these airports in the future and British second-homers are petitioning charter companies, which charge about £70 return, to fly there in winter.
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