Author: Steven Magill Added: July 29, 2008
Buying property in Turkey today is a lot easier and safer than it was even just a year ago. The Turkish government have gone out of their way to encourage foreign investment, first by making it possible for foreigners to buy property, then by letting foreigners obtain Turkish mortgages on similar terms to that of the UK. Here are a few of the pitfalls involved in buying property in Turkey that can easily be avoided with just a little thought and preparation: 1. Buy property that is new or fairly new. The Turkish government brought in new building standards and regulations governing the building of property in Turkey around the start of the new millennium. These standards and regulations comply with European Union standards as the country is trying to become part of the EU. For this reason, newer properties can be depended on more for structural integrity than older properties. 2. Make sure that any estate agent you may choose to use is properly registered and licensed. Not all of them are. Those that are not registered and licensed may be perfectly fine to deal with, but it is in your best interests to deal only with the agents that are fully complying with all the necessary legislation. 3. Use a lawyer for any property dealings you may engage in. This will protect your rights throughout the process. It is of course yet another expense to consider, but not using a lawyer could turn out to be much more expensive in the long run if things go wrong. Always think of how to best protect yourself, and using a lawyer is the first step. 4. Don't think you can just leave the country and re-enter again every three months to comply with immigration and visitor laws if you have bought property in Turkey. You can of course, but if you are serious about what you are doing it is safer for you and better all round to apply for a long term residency in the country. You will need to fill out and submit a Declaration of Intent form, which, once accepted, is valid for a maximum time of five years. 5. Don't go to Turkey and buy property on a whim. If you are very rich it may work out fine. However, all too often plans that are poorly thought out, if at all, end up in tears. It is far better to think everything through fully and get expert advice at every turn. Always go through the proper channels and never try to take a shortcut. If you conduct yourself squeaky clean at every turn, you should have no difficulties to worry about. Buying property in Turkey is not really very different to buying property in any other country. It's really just a matter of understanding as much as possible about what you are doing. Do your research, or employ an expert to do it for you. Inform yourself a thoroughly as you possibly can at every step of the way and check, check, and check again.
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