Introduction to Buying Real Estate in Turkey

Buying a property in Turkey can be a very rewarding experience, both personally and financially, if you can avoid the pitfalls. Our straightforward guide is intended to give you an introduction to the Turkish property market and help you avoid making a mistake.

The prospects look promising. More than 21 million tourists visited Turkey in 2005, over 25 million are expected during 2006 and this figure is expected to double over the next few years. Turkey also has a booming economy and commenced EU membership negotiations in October 2005. These factors all bode well for the future.

Who can buy a property in Turkey? New property laws introduced in early 2006 allow foreigners to purchase a property in Turkey provided there is a reciprocal agreement allowing Turkish citizens to buy a property in their home country. Turkey has such agreements with many countries, so rarely presents a problem for foreigners wishing to buy. Turkish law ensures that foreigners enjoy the same property rights as Turkish Citizens.

Types of property

New-Build Typically purchased off-plan or within a newly completed complex. If buying off-plan you need to be sure the developer is financially secure and that the finished property will match the dream you?re sold. It?s worth checking whether the finish can be customised to your specification, for example can you choose interior fittings and flooring? Payment is usually made via a series of instalments while the property is being constructed. It is sensible to check progress on-site, either yourself or via an agent, before making each payment.

New builds offer some peace of mind because (in theory) the property should be in very sound condition and require minimal work/maintenance in the early years of ownership. However unless you choose very carefully investment prospects may be limited.

Re-Sale Re-sale properties vary widely, ranging from recently built properties on complexes to well established houses in their own grounds. Buying this way typically opens up a more interesting range of properties than new builds, but there is also greater scope for error so care is needed. If you?re fortunate the property will be in good order, or may have even been recently renovated, but carelessness could mean buying a money pit. When buying always gauge how much work, if any, is required and factor this into your budget. However don?t let cosmetic work put you off, it?s often inexpensive to carry out and offers an ideal opportunity to personalise your new home.

There is a large gulf between the best and worst re-sale properties, so it?s worth taking the time to find a good property agent who can cherry pick the best for you to view.

Renovation Projects Buying a renovation project requires a good sense of imagination along with a willingness to take on some risk. However it can be rewarding; overall costs may be lower than new-build/re-sale and you can renovate the property to your specific taste and specifications.

Unless you have building experience and speak good Turkish it?s a good idea to use a local project manager to organise and supervise the renovation - it will likely save you a lot of time and money.

Emma Ghent is the founder of Myndos Ltd , a leading Turkish real estate company based on the Bodrum Peninsula.