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Are you looking for a guide to selling property in Turkey in 2018? Turkey enjoys an excellent reputation in the overseas property market. It is one of the fastest growing economies in the world and a hot tourist destination. There is also a great demand for properties in Turkey from wealthy foreign investors.
And why not – property prices in Turkey have grown by double digits every year for over a decade and a half now. Turkey receives close to 25 million tourists every year. It has a booming economy that is the envy of the world.
But there is no question that there are serious issues in Turkey. It has been wrecked by terrorism in recent years. A more serious problem is the growing threat of authoritarianism in Turkey under President Tayyip Erdogan. President Erdogan won a referendum in 2017 which guarantees that he will remain as President until 2027 – that means he will be in power for 29 years, making him the longest serving world leader ever.
What does this mean for you if you are planning to sell your property in Turkey? Well, it’s not good news, as many Britons and Americans who were planning to buy property in Turkey have decided against it. However, there is still a lot of interest in Turkey from other countries such as Germany, Ireland, China, Russia, Sweden and Norway.
There is also a demand from wealthy Arabs for Turkish homes and apartments, and why not – Turkey occupies a very high standing in Arab imagination because of the popularity of Turkish TV shows and movie stars.
There are over a million people of Turkish origin living in Germany and many of them have achieved great success in their adopted country. A lot of Turkish-Germans want to buy homes in posh areas of Istanbul and other cities in Turkey and have the financial wherewithal to do so.
The most popular areas in Turkey right now, where you can command a great price for your property are Bodrum, Alanya, Antayla and Kusadasi. Holiday homes in these areas fetch a great price. Also a hit are Fethiye and Side. Many overseas investors look to buy properties here.
However, if you really want a great price for your property, it would help if it is located in the cities of Antalya and Istanbul. That’s where most foreign buyers looking to stay in Turkey want to relocate to.
Overseas investors have bought over 20,000 properties in Turkey worth more than $3 billion in 2016. The government is keen to encourage foreign investment Turkey’s real estate sector and has introduced a slew of legislations for the same.
For one, you don’t have to pay a double tax on the sale of your property in Turkey, as you would have to in many other countries. The capital gains tax on property sales in Turkey is one of the lowest in Europe and only applies to properties that have been constructed recently. Talk to your real estate lawyer or UK estate agent for the details on this.