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Real Estate Market in Turkey

 

• Residential real estate demand is triggered by population growth, household rate and high proportion of young population


• Total residential real estate stock is ~17 million units (Building count in year 2005)


• Severe housing shortage, estimated around 180.000 units per annum


• The volume of housing loans in 2005 reached to 10 billion €


• Introduction of real estate mortgage system by mid 2007, stimulated the demand for housing and drive house prices upwards


• Increase in construction permits in recent years, rise in new stock


• Rising demand in Antalya – Kemer - Alanya-belek for luxury serviced apartments


• The new Gazipaşa airport (45 km east of Alanya) to open in August 2008, has already effected the land and real estate prices of Alanya region


• Rising interest of Europeans for residential residential developments in Mediterranean coast.


• Total market size is estimated to be 25.000-30.000 units per annum ( 2,5-3 billion Euro)


• There is room for retail industry to grow further, young and growing population with increasing income per capita


• Expected shopping center supply is 1.5 million sqm by 2010


• Yields are expected to compress due to both rising land values as well as due to rising investor interest


• Office industry promises high rental growth and room for further grow with increasing number of global companies from different sectors entering the market


• Economic and social trends will continue to shape the residential market in Turkey


• Turkish real estate market will continue to represent fantastic value for money compared to its rivals


 

 
Getting Visa to Turkey

As far as visiting a new country Visa is the most important document.  Getting a visa to Turkey before going there is thus essential. The easy and simple process of getting visa To Turkey for many nationalities is one of the advantages that Turkey has considering increasing growth of tourism as well as property investing.

Visa Requirements For Turkey 

Turkish visa ruquirements vary depending on your natianlity and passport type. Some countires may enter to Turkey without vise, many countries can obtain a visa at border ( airport) or even at Turkish consulate in your home country. However some possport holder of some nationalities can abtain the visa only in Turkish consulate in their country. Visit to web page of Foreign Affairs to find out if the nationals of your country require visa to enter Turkey. . Please note that the procedure to be followed may differ depending on the nationality and the type of pasaport. Find out how to apply visa to Turkey according to your country at Visa Information for foreigners in the Foreign Affairs web page. 

The cost of visa for turkey, As the some natioanals should have take their visa before coming to Turkey, They can find out informationsa about visa fees for Turkey at the Turkish Consulate of their countries. if for your nationality the visa can be obtained at the entry ( airport) , click Visa fees at borders in Foreign Affairs web page. 

If you have a valid visa, you do not need a residence permit as long as your visa lasts. On the other hand, Foreigners who want to reside in Turkey, should apply for residency permition at the nearest local police department before their visa expands
FREQUENTLY ASKED QUESTIONS
Q. What is the weather like in Alanya?
A. April average 64°F May & October average 70°F June to September average 80°F
Q. Which airport do I fly into?
A. The airport at Antalya is approximately a 90 minutes journey to Alanya.
Q . How do I get from the Airport?
A. We provide a minibus service to and from the airport at very reasonable rates.
Q. What local transport is available?
A. All areas are serviced by a minibus service called ' Dolmus'. You will never be more than five minutes away from a bus stop and the average fare is €1. Taxis are also readily available as is Car Hire at very reasonable rates.
Q. How are we covered for Medical Care in Turkey?
A. Turkey has an excellent standard of health care. You need to have full medical travel insurance.
Q. What is the local Currency?
A. The local currency is Turkish Lira, however, the Euro is widely excepted in all retail outlets. All major Credit Cards are also excepted throughout Turkey.
Q. Can I transfer money to Turkey?
A. All money can be transferred via your local bank foreign exchange department.
Q. Can I open a bank account in Turkey?
A. Once you purchase a property you can open a bank account and obtain a bank card.
Q. Can I take money out of Turkey?
A. Yes, either by Foreign exchange or in cash
Q. How is the cost of living in Turkey compared to Ireland?
A Approximately 20% of Irish rates.
Q. What type of food is available in Turkey?
A. There is a vast range of local and international restaurants in all major resorts. The local cuisine is excellent and varied.
Q. What entertainment is available for children?
A. Most apartment complex's and villas have playground facilities. There are also large water parks just a short bus ride away.
Q. What entertainment is available for adults?
A. Everything you can imagine - Local bars and restaurants many with live music. Endless places of interest and site seeing tours and a large variety of water sports. Please refer to the places of interest section of our website for further details and links.
Q. Duty Free?
A. Do not buy duty free in Ireland as you can purchase on your arrival in Turkey at 30% of the cost.
Q. If my apartment has a pool, who looks after it?
A. All complex's have maintenance staff who take excellent care of all facilities.
Q. Is the sea water warm?
A. Like a lukewarm bath
Q. Are the beaches safe?
A. The Mediterranean is non tidal and very safe to swim in.
Q. Can you drink the tap water?
A. Locals do, but as with all foreign resorts we recommend you use bottled water for drinking.
Q. Can I set up a business in Turkey?
A. The Turkish Government have recently changed the law to allow any non- nationals to open a business without having to have a Turkish partner.
Q. What are the Inheritance Laws?
A. They are the same as Irish laws provided you have made a will.
Q. What are the Tax implications if I sell my property?
A. You will pay tax at 3% of the estimated value of the property. The value is set by local government.
Q. Can I rent my property
A. Yes, Rental income is liable for tax assessment in either Ireland, the UK or Turkey and will be payable depending on the personal situation.
Q. What is the rental potential of my property?
A. Rental income is low by European standards. Most rental derives from Dutch, German and Scandinavians who go to Alanya for the winter months. Average rental income is estimated at €100/€150 per week for short term rental and approx. €50/€80 per week for long term.
Q. What legal fees are payable on the purchase of my property?
A. Generally legal fees are inclusive in the purchase price but there may be exceptions from time to time. Agents commission is normally 6% (3% from buyer and 3% from seller).
Q. What is the Crime Rate?
A. Almost None
Q. Are the locals friendly and welcoming?
A. Extremely friendly, very much like the Irish
Q. Can I receive European TV Channels?
A. Yes, provided you install a suitable satellite dish. This costs approx. €20.00 per month.
Q. What newspapers are available?
A. English newspapers are available in all main cities. You can make arrangements in your local shop to have these available for you. They cost approx. €4.00.
Q. Should I take out insurance on my new property in Turkey
A. Yes, It is advisable to insure your property in Turkey just as you would here in Ireland. You can take out buildings only insurance or include the contents if preferred.
Q. What is the Tax situation?
A. Capital gains made from the sale of a property will be taxable in Turkey if the owner is a registered company. Individuals do not have to pay capital gains provided they have owned the property for one year.
Q. What is the situation with Telecommunications?
A. Land lines can be installed for telephone and computer usage offering good quality Internet access with a good quality service
 

 
 
           
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