Overseas Property World

How to Buy a Property in Turkey

Turkish property is very popular with foreign property buyers from around the world. It was popular before the international downturn, but has arguably become even more popular in its aftermath. Reasons cited for this belief are the massive economic growth of Turkey (11% year on year in first 6 months of 2010), its stable banking sector and relatively high liquidity and its stable fiscal performance.

This makes Turkey stand out in Europe as an investment destination. The well respected publication Global Property Guide recently published a report titled Turkey: Europe’s Best Residential Property Investment? This was accompanied by an article titled Turkey: a Housing Boom Ready to Roll?

Both detailed how Turkey property, currently among the lowest priced in the world is undervalued and presenting good investment opportunities.

While foreigners purchasing property in Turkey maybe becoming more popular, knowledge of how to go about doing so is not getting any more widespread. Every foreign purchase must be approved by the military, and there are other procedures unique to Turkey, which create the impression of excessive red tape and a difficult purchase process.

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The world is still turning! As we entered the second half of 2008 and progressed into 2009 it seemed it was going to end. Not the world, world, but the overseas property world. Yet… here we are, just over a year later and the overseas property industry is clambering back onto its feet and trying to work out exactly what has changed: is speculation really dead? Is it really only cash-buyers that will buy in 2010? What damage has been done to off-plan buying?

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I just read a Telegraph article by Zoe Dare Hall, a writer whom I like very much, usually, but on this occasion I am still trying to work out the point of the piece.

It tells the story of the overseas property boom gone by, portraying buyers in a dim light, and then comes to a rather abrupt end as sharp as if the pen had run out of ink.

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