Turkey proving popular with Brits
Following on from our article last week regarding Turkey’s property market, it seems that savvy Brits are already ahead of the game and jumping at the chance to invest in the country’s burgeoning property market – already up 30% from 2008.
Data released from the Turkish General Directorate of Land Registry indicates more than 63 million sq ms of Turkish property is now owned by foreigners with Britons possessing the most at 6 million sq ms. Affordable prices, easy access (Monarch recently announced more flights to the region) and the low cost of living seem to be the factors that draw many investors to the region.
The stunning scenery and relaxed way of life found along Turkey’s Aegean coast has resulted in this area proving to be the most popular. Couple this with being outside the Euro zone (for now) meaning many prices are fixed in sterling and 70% LTV mortgages being increasingly available for foreign buyers it’s no wonder that Turkey is really starting to attract serious attention.
Acacia International Lawyers spokesperson Ayse Ozcan re-iterated the potential of finding good properties in Turkey but recommended exercising some caution when it comes to legal matters –
“It’s amazing how many people go to Turkey and just sign a contract without doing any research into the seller or developer. Make sure you hire a professional and independent conveyance lawyer to look into the property. There is a definite trend in Turkey for agents or developers to introduce clients to a lawyer, which is unsafe – if something goes wrong, that lawyer will not be on the client’s side.”
At Emerging Real Estate we are committed to all our customers and can help you find the best legal advice available. To talk more about the exciting project in Turkey, Harmony Bay then please feel free to get in touch.
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