Posted on 23 October 2017
According to The General Directorate of Land Registry and Cadastre of Turkey, over 7,000 British citizens have purchased property there since 2012. Why have so many intrepid Brits decided to purchase property in the furthest reaches of south west Europe? Who wouldn’t want to live where the sea is a mesmerising shade of blue – the word turquoise derives from the word turkey – temperatures in popular coastal resorts average around the 30°C mark in summer and the remnants of ancient history await you at every turn? But there’s more to buying in Turkey than the blindingly obvious.
Weak Turkish lira
Despite the pound’s travails since the British public voted to leave the European Union last June, it wasn’t the worst performing currency over the following 12 months. That unwanted title was taken by the Turkish lira. The benefits of a weak Turkish lira for British property buyers are twofold: property prices remain at affordable levels, and the cost of living there is kept low.
Regular low-cost flights
Turkey might be one of the furthest points from the UK in Europe, but that doesn’t mean you’ll have any problem getting to your new home there. Low-cost flights to Istanbul, Antalya, Bodrum and Dalaman are in plentiful supply from airports across the UK throughout the year. Whether you live London, Edinburgh or anywhere in-between, you won’t be far from a flight to the Turkish sun.
Straightforward buying process
Purchasing a property and property investment in Turkey is generally a straightforward and secure process. Ever since overseas buyers were allowed to enter the Turkish property market back in 2001, the authorities there have worked to simplify the property buying process to attract foreign investment. Put simply, you’re expected to leave a deposit to take the property off the market, make a majority payment soon after and cover the final percentage on completion/title deed transfer – meaning you might be in a position to complete in a matter of days.
The good news is there isn’t one in Turkey, which is even more beneficial when we consider its popularity with retirees looking to purchase property there. Many countries, including the UK, charge a tax of up to 20% on the estate (the property, money and possessions) of someone who’s died. However, it is worth noting that EU law can affect this and certain rules do apply. For example, the regulations regarding paying inheritance tax on an overseas property are dependent on how long you have lived abroad and whether your assets are located in your home country or abroad.
As Turkey’s economy springs back to life and its global political status strengthens, its infrastructure and quality of services, particularly within the healthcare sector, are improving rapidly. Hospitals are modern, containing state of the art medical equipment, and the staff working in them are trained to the highest standards thanks to the introduction of dynamic training institutions around the country.
For more about living in Turkey, visit Turkey Property Guides where you can download your FREE Turkey Buying Guide here!