Turkey

Population: 70.560.000
Area: 780.580 km2
Capital: Ankara
Language: Turkish
Currency: Yeni Turkish Lira (YTL)
Gdp per capita: $7.600
Gdp growth: %8.2
Dialing code: + 90
Emergency service: 112
Embassy phone in London: 016685240
Visa requiry: yes - awailable at point of entry, 3 months
Dublin - Lisbon distance: 3.288 km
Agent Fees: %3
Legal fees: up to €1.500
Season High: Jul - Sept

Purchasing property in Turkey is becoming increasingly and globally popular with holiday home owners and investors. According to a broad economic and political analysis of Turkey dated November 2006 by property investment experts Amberlamb, the Turkish property sector is on track to become one of the top five performing European markets in terms of capital appreciation in 2007. [1]. Several factors are contributing to the popularity and the trend displayed by foreign purchases of property also had important repercussions within Turkey. The issue is especially notable given Turkey's potential EU membership and the related economic integration processes [2].

One particularity of overall landownership profile in Turkey is the high proportion of land owned by the state, either directly, under the authority of the Undersecretariat of Treasury (Hazine in daily language), or indirectly through the inheritance and management of Ottoman foundations (vakıf), under the authority of the General Directorate for Foundations. Vakıf (Foundation) lands is the real estate legated by their original proprietors, often centuries ago, for the purpose of the upkeep of a public building, a community service, a particular person or a group of persons. Foundations also constitute part of the assets held by Vakıfbank, a bank originally founded with the purpose of putting the foundations in value for the economy of Turkey and named in reference to them. Hazine (Treasury) lands are those, often covering vast areas in rural Turkey, for which no private ownership is recorded at any time, imperial legacies that did not fall within the scope of foundations, or land that passed over to state ownership through many possible reasons.

Therefore, unlike many other European countries where most of the land area is privately owned, much of the land in Turkey is still held by the state. One aspect of this situation is the simplification of procedures in the case of public works or investments that are envisaged where, instead of costly expropriations, correspondance between ministries is often sufficient to make suitable land easily available for projected works. Another is the constantly re-surging plans by various governments to make one or other particular part or type of state land available for private sector use and development. These issues of land-grant become particularly sensitive when the land in question is important for fauna or flora in environmental terms, for irrigation, for any other public use, or when conflicts of interest arise or private interests influencing government plans are detected by the opposition groups. Notwithstanding occasionally heated debates on the matter, by complying with basic public relations principles, vast parcels of land do become available to investors in Turkey through the consent of governments pursuing encouraging policies to the effect.

Buying Process and taxes * Once property has been selected and the price is agreed verbally a preliminary agreement may be signed by both parties, which may require a deposit. Full checks are then carried out on the property and its title deeds (TAPU) * The Buyer should register with the local tax office and open a bank account. the buyer must also supply the TAPU office with proof of ID and a copy of the current TAPU . * The TAPU office then makes an application for purchase on your behalf, this includes a check of the buyer's suitability and verification that the property is not in a military sensitive area. * Once clearance has been given, the two parties sign a final contract, the balance is paid, and formal title deeds are given to the buyer. * Taxes and fees include a stamp duty tax levied at 1.5% land registration fees, and fees to the notary, the municipality, lawyers and translators (it is vital to get a certified translation of all documents).