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Tapu ban lifted
The Turkish Government recently temporarily suspended the issuing of Title Deeds (Tapu’s) to foreign nationals. The Constitutional Court of Turkey ruled that a specific section of Article 35 of the Title Deed Act, which governs property acquisition by foreign nationals, is contrary to Turkey’s constitution.
On Thursday 7th August 2008, Parliament ruled to lift the suspension and it’s back to business as usual. In essence, nothing has changed. The changes made relate to purchasing large pieces of land, and property purchased by foreign companies as follows :
- Foreign persons will be able to buy up to 10 percent of the total area of the district in which their property will be located.
- Foreign companies will now be able to buy real estate in Turkey.
- Foreign persons will be entitled to purchase property within the limits of areas allocated for development aslong as the total land purchased by foreign persons in the city does not exceed 10 percent of the total land in
a given province's city center. Companies established by foreign citizens or those with foreign shareholdings
will be able to acquire real estate in order to conduct the activities stated in their articles of incorporation.
This principle will also be applicable to transfers of property so acquired.
Source: Today’s Zaman 11.08.08
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Turkey more popular than Spain this year
Whilst the credit crunch continues to bite in the UK, most Brits will not be put off from their long awaited holiday to sunnier destinations. Spain, typically the most favoured holiday destination, has been left in the shadows so far this year according to a survey by The Co-Operative Travel Company.
As holidays to destinations such as Mainland Spain and the Balearics are down 13%, bookings for Turkey are up a massive 30% which makes it the number 1 holiday destination this year. The research showed this was partly due to the poor exchange rate between the pound and Euro meaning holidays to Turkey were cheaper by around £100.
Indeed in Kalkan itself villa and apartment owners are reporting that rental bookings have increased considerably this year and are still being taken. According to official figures, more than 750,000 tourists passed through Dalaman Airport last year with the figure set to increase by 18% this year. This is very good news for home owners who continue to see their investment doing well. |
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Bringing Pets to Kalkan
In accordance with the Turkish Customs Regulations if you intend to import a pet cat or a dog into Turkey you need to obtain following documents:
If you are accompanying the pets you need a veterinary health certificate which must be issued not more than 10 days before departure. Your pet also needs a Rabies vaccination which must be given to the animal not less than 30 days before departure. The vaccine certificate should state the expiry date of the vaccination. None of the documents need to be certified either by the Foreign and Commonwealth Office Legalisation Department or Turkish Consulate General.
If you are not accompanying your pet in addition to other documents stated above, you need an export certificate. In this case, the export certificate must be certified by the Foreign Office Legalisation Department .
Each adult may only bring either one cat or one dog.
In terms of taking an animal out of Turkey, please refer to your own country’s regulations which can generally be obtained by contacting your Embassy. |
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Smoking Ban hits Turkey
As of May 2008, the ban on smoking in most public places came in effect. A partial ban was already in place for some years on buses, but now the ban covers the following places.
Smoking is prohibited in: Government buildings and offices including schools, hospitals, prisons (there will be a smoking room), stadiums, cinemas, shopping malls. Public transport is now extended to cover boats, trains and taxis.
Smoking is permitted in: Bars, clubs and restaurants but only until July 2009 when the ban is extended to cover these establishments too.
There are fines in place too. For dropping your cigarette on the floor a fine of 23 YTL will be imposed, whilst smoking in a prohibited area will cost you 62 YTL and the owner of the establishment 250,000 YTL! |
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 Are you driving illegally?
For tourists, the law on driving is simple. You can use your UK licence to hire and drive a car. But for those people who live here or spend most of their time here, the law is different. Assuming you have a residency permit then your UK license must be translated into Turkish and notarised. You should then carry both your UK licence and notarised documents with you at all times. |
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Did you know.....
- Turkey is ranked number 45* in the world with a landmass of 780,580 sq kms compared to the UK at number 86 with 244,820 sq kms
- Kalkan has a population of around just 2000 people.
- Around 10% of foreign citizens live here permanently.
- Of homes purchased by foreign citizens, around 90% are British owned.
- The cost of living in Kalkan is around 80% less than that in the UK.
- Kalkan is extremely safe, with crime being virtually non-existent.
- Kalkan has plans to sink all the overhead electricity cables underground within the next 2 years.
- The new road due to open 2008 will cut around 15 minutes off the drive from Dalaman Airport bringing the total transfer time to around 1 hour 15 minutes.
- A YTL bank account pays 15.75% interest** on savings of £2500 (more if you invest more).
- 9.8%*** of tourists who visited Turkey stayed in rented properties in the first quarter of 2008.
- 46.4%**** of tourists stayed either in their own home or with family and friends in the first quarter of 2008.
- The regions within Antalya and Mugla were the most popular areas for foreign citizens buying property.
*CIA World Factbook
**Deniz bank rates 12.06.08
***Turkish Statistical Institute (TUIK)
****General Directorate of Title Deeds |
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Turkey ranked 7th in demand for holiday homes.
With its stunning scenery, crystal clear warm Mediterranean waters, good weather and friendly people, Turkey ticks all the boxes for an ideal holiday location. More and more people are choosing Turkey as a holiday destination. In a recent survey, Turkey came 7th out of 112 countries for demand for holiday homes and was ranked 8th in the world tourism table with 27 million visitors expected in 2008. There are also more flights scheduled to Turkey from the UK with more airlines cashing in on the number of visitors.
So how is Turkey responding to this demand?
Firstly, the Government quite rightly recognise the need to protect the natural environment and beauty of Turkey therefore there are restrictions until 2025 regarding planning to restrict overbuild. This is also in force in and around Kalkan. Building restrictions are strict and only 5% of the surrounding countryside is opened up for development every 5 - 7 years.
Expansion plans across Turkey are also underway to develop five new international golf courses, the Hilton Hotel chain is set to expand across Turkey and there are plans to build new airports, one of which may be between Antalya and Kas but this is still under discussion and is not planned for the immediate future.
Banks are also rising to the demand for properties by offering 60%-100% mortgages for new and off-plan properties. They are also offering extremely lucrative YTL savings interest rates of 15.75% (Deniz Bank correct at time of print), which many Europeans are taking advantage off. |
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Turkey versus other property hotspots
So you want to invest in an overseas property but aren't sure which country to choose? Well you can't go far wrong with Turkey and here's why.
The quality of villas and apartments in Turkey has improved and are continuing to do so in response to the foreign property investor. As reported in Business Week, compared to other Mediterranean countries such as Spain and Italy property prices are cheaper and the standard of property similar. However, as standards are increasing due to demand, this makes Turkey a better investment and prices are set to increase in 2008 by 12.5%.
- North Cyprus is a popular destination for second homes but investors face potential land claims from Greek Cypriots due to the ownership of the land being contested. In Turkey, military checks are completed against land and property prior to purchase by a foreigner and Title Deeds (TAPU) issued in the new owners name ensuring 100% ownership.
- In Spain, the problem for many is that homes were built without planning permission so many people face having their home demolished and seeing their life savings disappear. If you are having a property built in Turkey, at the end of the build you will receive the necessary certifications from the local council approving and signing off your property as a residential dwelling. You will also receive a TAPU for the land, and a separate TAPU for the building.
- In Thailand, foreign nationals cannot hold land in their name. In Turkey, there are some restrictions for foreigners buying in certain areas eg: military zones, but your solicitor and real estate agent will be able to tell in advance if your purchase falls into this category. Your compulsory military check will also confirm this.
Whilst Turkey has seen property prices rise year upon year and is set to continue according to most forecasters, Turkey is proactive to demand and savvy investors are investing for the future. As demand for Turkey is increasing as a holiday destination, many people are investing in buy-to-let properties with the intention of earning rental income. This is becoming a lucrative business for many providing a nice return on capital growth as well as rental income.
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