Turkey Property towards the end of 2010

Affordable property prices, low living costs and easy access from the UK are believed to have contributed to the dramatic rise in British property owners in Turkey in the past few years. Steven Worboys, managing director of Experience International, the overseas property investment specialists, commented: "We have certainly seen the Turkish property market go from strength to strength. Overall, the number of foreign property buyers has increased by nearly 30%, from 73,000 in 2008 to 104,000 today with the British market accounting for the largest group of buyers." According to data released by the Turkish General Directorate of Land Registry, over 63 million square metres of property in Turkey is now owned by foreigners. Britons possess the largest amount, at 6 million square metres, followed by the Germans, who own 3.5 million square metres, and the Greeks with 3 million square metres. The province of Muğla, on the Aegean coast, is particularly popular, with almost 5.5 million square metres owned by foreign nationals. Mr Worboys said that the area, home to towns such as Bodrum, Marmaris and Fethiye, encapsulated “everything that foreign buyers desire" from a holiday residence, from sandy beaches to nearby international airports. Turkey’s location outside the euro zone means that many property prices are fixed in sterling, and 70% LTV mortgages are increasingly available for foreign buyers. Low-cost airline Monarch announced this year that they were increasing the number of flights to the country. Ayse Ozcan, of Acacia International Lawyers, said that there were many good value properties to be found in Turkey, but that buyers should seek legal advice before purchasing a property. “It’s amazing how many people go to Turkey and just sign a contract without doing any research into the seller or developer,” she said. “Potential buyers should make sure they hire a professional conveyancing lawyer to look into the property, and they should also make sure to find an independent one. “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.” She added that it was also wise to avoid off plan properties. “People think off plan properties are a bargain but if the house is already finished, you’re in a much safer position.”