Why Invest in Turkey

Time Zone: UTC + 2hours
Area Code: +90
Electricity: 220V, 50Hz
Weights and Measures: Metric

Most of us have visited Turkey in the past and have dreams of purchasing our own property in that lovely country. Some of the reasons why this may be your ideal investment choice are –

Wide choice of affordable properties at a fraction of the cost of similar properties in the UK and Ireland.

Low cost of living which means you get more for your money and afford a better quality life. Low cost of living and long summers make it a favourite retirement spot for the Europeans.

Turkey has over 20 million visitors a year, encouraged by cheap bargain flights, many of whom will return year after year, boosting the property market and creating strong ‘’buy to let’’ possibilities

Great climate if you love the sun – long hot summers and balmy winters. Turkish summers are a lot longer than in many other EU destinations, offering more hours of sunshine per annum

All the main property hotspots have good quality infrastructure in place year round

We will introduce you to only the best quality properties, with a 10 year structural guarantee approved by the Turkish government and EU certified building materials

As the demand for properties in Turkey grows, so do their values. Turkey is now one of the best property hotspots in Europe with excellent capital growth and rental returns

Turkey has it all – beautiful blue flag beaches, undeveloped bays and coves and magnificent inland scenery with lakes, mountains, waterways – all waiting to be explored by you

Turkey has fascinating historical sites, contrasting with modern cosmopolitan cities and sophisticated resorts for the finer things in life.

Turkey is entering the EU process which means there remains another 5-10 years of European investor interest in property.

Turkey is just at the beginning of a property boom

Turkish economy is very strong

You can still find excellent front line properties for excellent value for money with high capital growth potential

No capital gains tax after 4 years

Land prices are on the increase while the property market evolves

Turkey is considered to be a highly dynamic country by the World Trade Organisation

Turkish population is huge 70+ million. This creates a strong internal property market meaning investors are not reliant on international investors for re-sales.

Huge golf tourism evolving in Antalya which will increase the value of any investment

Typical buying costs in Turkey

Anyone from countries with reciprocal agreements for the purchase of land and property can buy in Turkey – with all taxes and duties paid in Turkey recognised in the relevant country of origin. Typical costs include the following

Stamp Duty (3% of sales price, with 1.5% by the buyer and seller)

Property Tax based on property type and location, it is approx 0.5% to 0.6% of the property price (paid yearly)

Government Tax from €150 to €750

Utility connection fee based on property type and location between €300 and €500

Capital Gains Tax (not payable by private purchasers if it is not sold within the first 4 years)

Corporate Tax (a company is exempt from any corporate tax so long as it has been held for at least 2 years)

Real Estate Tax (an annual charge, similar to UK council tax), which is 0.1% for residential buildings

Environment Tax (taken as part of water utility bills)

Earthquake Insurance (compulsory and at a nationwide contribution rate)

Solicitor’s Fees paid once the sales agreement has been signed range from €350 - €2,000 and you would need to set aside around €100 for legal translator and around €90 for the Notary Fees

Promising a low cost of living, as well as cheap property with good growth potential, Turkey has become a key market for retirees. Those who plan to stay in the property for more than 3 months will need to leave the country and re-enter to re-new their visa – although property owners living in Turkey can buy a residency visa for one year (from £240 or £930 for 5 years). Those looking to set up a business will still need to apply for a residency visa and work permit.

Getting to and around Turkey

Turkish Airlines has flights among major cities for long distance travel and Onur Air, Fly Air and Atlasjet are slowly expanding routes with lower fares. Apart from the international airports in Istanbul and Ankara, there are several smaller airports serving the Turkish coast.

Airports:

Sakirpasa Airport - Adana
Esenboga Airport - Ankara
Antalya Airport - Antalya
Milas - Bodrum Airport - Bodrum
Dalaman Airport - Dalaman
Erzurum Airport - Erzurum
Ataturk International Airport - Istanbul
Sabiha Gokcen Airport - Istanbul
Adnan Menderes Airport - Izmir
Konya Airport - Konya

Most of Turkey’s trains are old and slow, but cheap. Expresses and Super Expresses between Ankara and Istanbul are slower than buses but offer more seating-room for less money (useful on public holidays when more people are traveling). It is recommended that tickets are purchased in advance, however.

Local ferries are convenient. The Sea of Marmara ferry services run between Istanbul on the north shore and Yalova and Bandirma on the south shore, and across the Dardanelles. There are also Greek Island ferry services between the Aegean islands and the Turkish mainland.

Traffic congestion is a major problem in the cities although massive road improvements are currently underway on all major coastal routes as part of the government’s tourism plan. This congestion, particularly in cities like Istanbul, means that buses are preferable to cars as parking spaces are limited. There are plenty of cheap taxis available as well.

Public holidays

The hours of business in Turkey are generally between 08.30 and 18.00 Monday to Friday and government offices shut for lunch from 12.00-14.00. However, there are also a number of public holidays that should be taken into consideration. In 2006, for example, these are as follows:

Festival of Sacrifice: 9-13 January
National Sovereignty and Children’s Day: 23 April
Victory Day: 30 August
Ramadan Festival: 22-25 October
Republic Day: 28-29 October
Festival of Sacrifice: 30-31 December

Turkey Passport and Visa Requirements

Entry requirements for Americans: US passport holders must have a valid passport. A visa is required, which is valid for up to three months, and can be obtained from the point of entry.
Entry requirements for UK nationals: UK passport holders must have a valid passport. British citizens may obtain a multiple entry visitor's visa valid for 90 days at the port of entry, but those with British National (Overseas) passports must obtain a visa from an overseas Turkish mission prior to arrival.
Entry requirements for Canadians: Canadian passport holders must have a valid passport. A visa is required, which is valid for up to three months, and can be obtained from the point of entry.
Entry requirements for Australians: Australian passport holders must have a valid passport. A visa is required, which is valid for up to three months, and can be obtained from the point of entry.
Entry requirements for South Africans: South Africans must hold a valid passport. A visa is also required and must be obtained in advance from the Consulate General in South Africa.
Entry requirements for New Zealanders: New Zealand nationals require a valid passport, but no visa is necessary for a stay of up to three months.
Entry requirements for Irish nationals: Irish nationals require a valid passport. A visa is required which can be obtained on arrival for a period of three months (multiple entry).

For a range of enquiries relating to living and working in Turkey, contact the Turkish Embassy at: 43 Belgrave Square, London, SW1X 8PA, tel. +44 (0) 207 393 0202, email: turkish.emb@btclick.com or visit the site at www.turkishembassylondon.org. For the Turkish Consulate, call +44 (0) 207 589 0360 or +44 (0) 891 347 348 for recorded visa information. Opening hours for visa information are 09.30 to 12.00 Monday to Friday and 09.30 to 16.00 for all other enquiries.

Currency: Turkish Lira (TRY)

Approximate Exchange Rates

1USD - 1.52 Turkish New Lira
1GBP - 2.89567 Turkish New Lira
1EUR - 1.94 Turkish New Lira

Emergency Numbers

Fire 110
Emergency 112
Police 155
Gendarme 156
Coast Security 158
Forest Fire 177

Turkish etiquette

Turkey may have the prospect of being the first Muslim state to join the EU, but it’s worth remembering that this country, which is rich in culture and history, has a different economy and manner of business. By observing some simple forms of etiquette, visitors – for work or pleasure – will orient themselves more quickly and get far more out of this thriving country.

Greetings: Greet people with either the Islamic greeting of ‘Asalamu alaykum’ (peace be upon you) or ‘Nasilsiniz’ (how are you?, pronounced na-sul-su-nuz). More useful everyday greetings include ‘Gunaydin’ (good morning, pronounced goon-ay-dun), or ‘iyi gunler’ (good day, pronounced ee-yee gun-ler).

Public behaviour: Keep your legs together or cross your legs when seated opposite someone. While holding hands with someone from the opposite sex is acceptable in the cities and beach resorts, it is frowned upon in rural Turkey and the East. Queue-jumping is not uncommon and patience is recommended. To wave down a bus or taxi, stretch out your right arm and move your wrist inwards repeatedly. The Turkish gesture for ‘yes’ is indicated with a nod of the head upwards, while ‘no’ is also an upward nod but accompanied by the raising of the eyebrows (a ‘tsk’ is often added for emphasis).

Negotiating business: Every visitor is always served coffee and it’s impolite to refuse (‘sade’ without sugar, or ‘orta’ with). Trust is fundamental, and Turks look for reassurance right at the start. Make sure your business proposal clearly demonstrates mutual benefit and profitability. Decision-making can be slow and is ultimately made by the head of the family, with initial meetings with younger members to vet for trustworthiness and viability. Turks will always barter and begin with extremes to gauge your response. Start with a target figure and work towards it. Do not use deadlines or pressure tactics as it will often end negotiations. Money isn’t always the most important bargaining point as power, influence and honour are highly regarded.

Tipping: It is customary to leave a tip in restaurants (10%), for hotel chambermaids, in reception for hotel staff . Taxi drivers do not normally expect a tip. Some have found that taxi drivers DO appreciate a tip and it's acceptable to "round up" the fare. So if you're charged 4.5YTL it's usual to give the driver 5YTL. Hairdressers also get tips, similar to the UK.

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