Experience the delight of Turkey www.poshproperties.co.uk
Posh Property International Ltd
Tel: 01283 792392
Turkey, the most inviting of destinations Turkey, straddling two continents with Europe on one side and Asia on the other, has long been regarded as the gateway to the East. Turkey is a beautiful country, with hundreds of idyllic bays and golden beaches gently washed by the Aegean, Black, Mediterranean and Marmara Seas..
Beauty, Culture & History Three times larger than the United Kingdom, Turkey has something to offer everyone: Charming fishing villages, Lively holiday resorts with energetic nightlife, a wealth of cultural & historic sites and a wide range of leisure pursuits.
Visit Turkey & just relax Life in Turkey takes place at a relaxed pace. With it’s wonderful climate and warm and hospitable people, Turkey is ideally placed to welcome you, whether you intend to move here permanently or enjoy your holidays in this most inviting of destinations. Bearing the influences of the oldest civilizations and religions, the Greeks and Romans built beautiful cities here and evidence of Turkey’s rich heritage is visible at every turn. You may be surprised when visiting that despite its rich historical background, a buzzing modern atmosphere prevails throughout. Why wait? Come and visit us today. Experience all of the delights of Turkey!
www.poshproperties.co.uk
Posh Property International Ltd
Tel: 01283 792392
Turkey, A fantastic investment opportunity Turkey has one of the world’s fastest growing economies and is currently undergoing huge changes to allow for full membership of the European Union, which is expected in 2015. Property prices in Turkey are currently on a par with those of Spain during the mid 80´s and prices in some areas have risen by up to 25% in the last 12 months. Combine this with a rapidly expanding tourist industry, 2006 was another record breaking year for Turkey with more than 20 million visitors, it means there has never been a better time to buy property in Turkey. The prospects for growth in property values over the next few years are even further enhanced by Turkey having recently passed a new mortgage law, which allows banks to set variable interest rate.
Turkeys new “Mortgage Law” set to stimulate the property market This new law is expected to see home ownership in Turkey increase dramatically from it’s current 4.5%. The first ever mortgage law was passed in February this year and should be implemented by early 2008. From an investors point of view this is a great opportunity to invest in an up and coming housing market. The demand for mortgages has not been high just now due to high interest rates. However, once the interest rates start to lower it is predicted the demand for mortgages will increase dramatically.
Now is the time to invest for profit "Once it takes off it’s going to be the single largest driver in absolute terms of retail loan growth for the next five to 10 years," Credit Suisse analyst Yavuz Uzay said. Maybe now is the time to look at Turkey and put money into property for a 3 – 5 year view to making a significant profit?
www.poshproperties.co.uk
Posh Property International Ltd
Tel: 01283 792392
Buying in Turkey - How does it work? The buying process in Turkey is different from that in the UK. You should bear in mind that the legislation related to sale and purchase of real property in Turkey is very strict. We strongly recommend that you seek independent legal advice prior to signing any reservation or preliminary purchase agreements. We can introduce you to fully qualified, English speaking lawyers who can assist you in this respect.
Reserving your property You will be expected to pay a reservation deposit (usually around £1000 to £2000) to take the property off the market for a certain period of time. This should be a sufficient time to enable you (or more usually, your lawyers) to carry out the initial checks and look over the preliminary purchase contract.
Checks at the Land Registry Initial checks at the Land Registry Office are very important in order to make sure that the person, who claims to be the owner of the property is the current registered owner of the property and that the title deed is free from any legal charges or encumbrances. Additionally for off-plan properties, checking the existence of a valid construction licence is very crucial. In order to carry out these initial checks, your appointed lawyer needs to attend in person the local Land Registry Office and the Local Authority to check the records.
Formal Deed In Turkey, for the transfer of the title deed into to the name of the purchaser, a formal deed has to be executed by the Land Registrar in the presence of the parties or their legal representatives at the Land Registry.
www.poshproperties.co.uk
Posh Property International Ltd
Tel: 01283 792392
Buying in Turkey - How does it work? (Cont) Taxes Real Estate Tax The new owner of a property declares the actual value of the property at the end of the year of purchase. The tax value is reassessed every year and varies according to the location of the property. The property tax is paid in 2 instalments each year. The first instalment should be paid in March, April or May and the second one in November. Capital Gains Tax (Individual) Property owners are liable to pay capital gains tax over their gains from sale of the property, however currently the owners who own the property more than four years are exempt from this tax. Property owners are generally liable (except when total income is low) to pay tax on rental income. The tax will be 15%-35% dependent on amount of income Capital Gains Tax (Corporate) Foreign Limited Companies will pay capital gains tax and the standard rate of tax for a corporation is 20%. However, if the assets are held for more than 2 years the capital gain is exempt from tax. Land Registry Dues A sale of land or a property is subject to a 3% acquisition levy of the declared value in the Land Registry (Tapu). The purchase tax is payable by both the Seller and the Buyer, unless otherwise specified in the Contract. The tax is 3% of the declared value in the Tapu. Environment Tax Environment tax is collected through water bills at a rate of around £0.04 - m3 (around £0.005 in metropolitans).
www.poshproperties.co.uk
Posh Property International Ltd
Tel: 01283 792392
Want to rent out your property? We can put you in touch with a full property management company to guarantee that your investment receives the best possible care whether you use the property for your own use or you rent it out. The fees charged typically start from around £550 (approx €815) per year and a basic management package includes everything you need for successful property management; F F F F F F F F
Furnishing your property Keyholding Advertising for Renting Weekly security check Airing the property Inspection Utility payment Detailed monthly accounting and reports
Does appointing a good property management company mean you can rely on them for all advertising of renting out your property? Well, to be honest I would not leave it entirely to any company, however good they are, to provide you with all of your renting clients. Our advice to you is that if renting your property is important to you, you should advertise as widely as possible to maximise your rental income. There are many inexpensive ways to do this, including; F F F F F
Word of mouth - tell all your family and friends Web site portals - sign up with as many as possible Get your own website (see www.independentowners.com) Local newspaper advertising Cards in local shop windows or workplace notice boards
The basic advice is, the more people know about your property, the more likely they are to rent it! Please ask for more details if you would like an introduction to a good property management company to rent your Turkish apartment or villa.
www.poshproperties.co.uk
Posh Property International Ltd
Tel: 01283 792392
Experience the delight of Turkey www.poshproperties.co.uk
Posh Property International Ltd
Tel: 01283 792392
