LIVING IN TURKEY

Sunshine, friendly people and a low cost of living make Turkey a hugely desirable place in which to buy a property…

Turkey may border the volatile Middle East, yet it is a stable, secular and democratic country. Its geopolitical position, close to the USSR, made it a key Western ally during the Cold War, and it became a member of NATO in 1952.

The country has continued to be an important friend of the West, although the war in Iraq has put this relationship under strain, particularly as there is widespread popular discontent at events there. Many Turks also feel let down by what they see as European foot – dragging over their country’s application to join the EU. Despite this, the political establishment and military remain pro – Western.

The country is currently run by the Ak Partisi, which enjoys a large majority in parliament – a rare thing in the usually fragmented world of Turkish politics.

Turkey’s population is 99% is Muslim, but most Turks are far more moderate in their beliefs than their neighbours in Middle East. The west of the country and the main cities such as the capital Ankara, plus Istanbul, Izmir, Adana, Antalya, Bursa, are the most developed areas, where industry and commercial activity are concentrated. This is also where the tourists industry and foreign property market are currently concentrated.

The crime rate in Turkey is very low compared to Britain and other Western European countries. Violent crime is particularly very rare, Burglary and car crime also less common and almost entirely confined to the larger cities and towns.

AN INTODUCTION TO BUYING A PROPERTY IN TURKEY

Turkey is a paradise of sun, sea, mountains and lakes and offers a complete change from the stress and routine of everyday life here in the UK. Due to the temperate climate it is perfect for relaxing on sandy beaches, enjoying walks in the tranquility of the mountains or experiencing the beauty of its lakes.

Turkey has a magnificent past, and is full of historic treasures from 13 successive civilizations spanning 10,000 years. No matter what length of time you spend there, you can see some small part of Turkey's great heritage. A country for people of all ages, you can experience each of the four seasons on the same day in some parts of Turkey. During the spring months you can bask in the glorious sunshine while playing golf and swim in the Mediterranean Sea, and all after skiing in the morning on the lofty Taurus Mountain tops that line this lovely coast.

We find, once people have bought their dream property in Turkey, they return time and time again to discover one extraordinary place after another and to enjoy the friendliness and hospitality the people of this lovely country offer.

Turkey is a vast country (the most easterly point of Turkey is nearly the same distance from Istanbul as London is!), about three and a half times larger than the whole of the United Kingdom and is mainly covered by forests, lakes, agricultural land and grasslands. Turkey is surrounded by sea on three sides; the Black Sea to the north, the Mediterranean Sea to the south and the Aegean Sea to the west, and the coastline measures a staggering 5,000 miles!

WHY SHOULD YOU BUY YOUR DREAM PROPERTY IN TURKEY?

Turkey offers everything: sun, sea, skiing, fantastic scenery, friendly people, value for money, freehold properties, low cost of living, potential EU accession and great investment opportunities with property prices increasing by 12.5% - 25% per annum (Source: Knight Frank-2007).

INVESTING IN YOUR FUTURE - WHAT THE PROFESSIONAL INVESTOR SEES

• A few interesting economic facts about Turkey and some of the reasons why this is one of the hottest locations for property investment:
• Turkey is one of the fastest growing economies in the world.
• Inflation has reduced from 70+% per annum in 2003 to 7.1% in 2007 and is forecasted to reduce even more to attain EU standards (Source: EUROSTAT, Turkish Statistics Institution, Central Bank of Turkey).
• GDP increased by 6.1% in 2007 (Source: EUROSTAT, Turkish Statistics Institution, Central Bank of Turkey). Projected 6% GDP growth in 2008 (Source: International Monetary Fund).
• Airlines flying from UK to Turkey include: BA; Easyjet; Fly Thomas Cook; Turkish Airlines, Turkish Cypriot Airlines; Onur Air; XL Airways; Avro; Lufthansa; Sun Express
• The number of UK visitors to Turkey has increased by 14% during 2007 according to the Turkish Culture and Tourism Office (TCTO). From January to October 2007, 21.9 million tourists travelled to Turkey.
• Turkey is the 17th largest economy in the world and one of the rare countries in the world that is completely self-sufficient.
• Turkey has one of the most liberal foreign exchange regimes in the world. The New Turkish Lira is fully convertible and property owners and investors can freely transfer their capital or profits abroad.
• The 10th Annual Global CEO Survey of Pricewaterhouse Coopers projects that Turkey will continue to attract FDI inflows and outstrip economies of the current G7 (US, Japan, Germany, UK, France, Italy and Canada) by 2050. Over the last four years, the FDI has increased by 122%.

TURKISH PROPERTY - ON THE UP AND UP

Turkey is always preparing new laws and regulations in order to become a full member of the European Union and the expectation is it will take 6 to 8 years to reach full acceptance. Property prices in Turkey are already rising in anticipation of this, and are expected to continue to rise over the next 3 to 5 years (especially with new airports such as Gazipasa opening), eventually gaining parity with other European property price levels. Now is the right time to invest in Turkey and Metro Estate and Construction Ltd. is here to help you every step of the way.

WHERE TO BUY YOUR PROPERTY IN TURKEY?

It depends whether you are buying a property in Turkey just for summer holidays, or for all year round use, winter breaks, investment, rental, or to live in when you retire.

The two most popular areas for non-residents to buy property in Turkey are: the Aegean Coast which is home to such places as Canakkale, Cesme, Izmir, Kusadasi, Didim, Altinkum, Akbuk, the Bodrum Peninsula, Marmaris, Icmeler, Dalaman, Dalyan, Uzumlu, Hisaronu, Ölüdeniz, Calis, Ovacik, Fethiye and Gocek; or the Mediterranean Coast, home to: Kalkan, Kas, Finike, Kemer, Saklikent, Antalya, Serik, Belek, Kumkoy, Side, Manavgat, Avsallar, Alanya, Mahmutlar, Gazipasa and of course Istanbul.

Keep an open mind, because even if you know Turkey but have yet to buy a property there, it is perhaps worth considering the pros and cons of the two areas. Which area suits you best is, of course, largely dependant on why you are buying a property in Turkey.

CURRENCY AND BANKING

A new currency, the new Turkish Lira, was introduced at the beginning of 2005 to replace the Turkish lira, whose valued had been eroded by years of rampant inflation. The old coins and notes were legal tender until the end of 2005, though you can still change them for new Turkish Lira at many banks in 2006.

There is a large choice of high street banks in Turkey, offering standard banking services to foreign nationals living in the country. You will need only a tax number to open an account, but you can cash travellers’ cheques and withdraw cash from ATMs using British credit cards, as well as some debit cards. Making international transfers to and from Turkish bank accounts takes at least 10 working days, and often considerably longer.

The mortgage system in Turkey is still at a very early stage of development and loans are now available to foreigners. Please click on MORTGAGE to learn more about Turkish Mortgage System in Turkey.