How to buy a luxury property in Turkey
"Some people think luxury is the opposite of poverty. It is not. It is the opposite of vulgarity" Coco Chanel. An interesting viewpoint certainly - but we hear you saying "what's that got to do with overseas property". We shall get to it, patience is a virtue......
Turkey’s luxury properties are gaining a reputation as some of the finest examples of modern Mediterranean design. Built in surroundings of natural beauty and nestled under deep blue skies, luxury Turkish homes in areas like Bodrum, Kalkan, Kas and Gocek are more in demand than ever before.
Here, we let you in on some inside information: where to buy, how to buy - and how to avoid scams and pitfalls along the way. Some say luxury is a weakness, we say it is a way of life as long as you indulge responsibly.
Where to find Turkey’s most luxurious properties
Some of Turkey’s most luxurious properties are currently found in the higher end areas of Bodrum, such as the new developments overlooking the stylish new marina development in Yalikavak (an absolute must for any sailor traversing the Mediterranean coastline) or facing the castle in Bodrum Town. Euro 500,000 will allow you to buy a modern light-filled sea view villa with a private pool and even private mooring or a jetty if you care to double that budget.
Once upon a time Euro 1M would’ve been an unheard of amount to spend on a Bodrum property. But today the property landscape looks very different and Bodrum is home to some of the most expensive (and exquisite) properties outside of Istanbul, as well as some of the world’s biggest names. One recent development by the Mandarin Oriental group is selling residences in Turkbuku for over Euro 3million and up to Euro 7.5m. Other big brands such as Richard Meier architects are also moving in, offering five-star facilities, private mooring, beaches - you name it. If you have the money to spend you can command premium villas in Bodrum.
This exclusive Mediterranean harbour town enjoys some of the best sea views on the coastline - as well as some of the most sumptuous, luxurious villas. Thanks to its distance from the nearest airport (1.5 hours) Kalkan has retained its unique Turkish Mediterranean feel. Spending around Euro 500,000 will buy you a luxury modern villa with sea views to die for, four large en-suite bedrooms, a private pool and a short walk to the centre. To make it even far more exciting, you will generate no less than Euro 2,000 per week for up to easily 20 weeks a year on holiday lets. Do we need to tell you that the rental yield is exceptional or shall we take it that you know how to calculate it, further how to compare it to say UK, France, Italy and more...
This yachting centre is one of the most up-market centres for quality homes. With some of the country’s top marinas and wonderful sailing conditions all year round, Gocek is a prime destination for anyone seeking a marina home in Turkey. For Euro 400,000 you can buy a beautiful home in a quiet part of town with a private pool and plenty of room. Spend a little more and you could have private mooring for your yacht.
Bohemian Kas is one of Turkey’s greenest locations, a small peninsula jutting into the sea. One side has striking views of the Greek island of Meis, while on the other side a new state-of-the-art marina has attracted buyers with a love of sailing. A lovely town centre and quiet neighbourhoods make Kas a favourite of anyone wanting a genuine retreat. Luxury homes over Euro 500,000 here have sea views, en suite bedrooms, private pools and beach platforms.
There are only a handful of properties on Kas Peninsula, it has a big name yet Kas is a tiny place. Demand and supply is such that the more attractive of Kas villas maintain and increase their prices year on year, thus making Kas a real solid investment as well as tranquil lifestyle. If you like your luxury with a great deal of contemporary, then Kas is probably not for you for Kas architecture is traditional with plenty of stone used in the construction. For contemporary and plenty of glass head for neighbouring Kalkan only 20 minutes to the west of Kas.
Buyer’s guide: how to buy a property in Turkey
1. Inspection trip
A well organised inspection trip is crucial for anyone hoping to buy a property in Turkey. We recommend you plan for a four-day excursion with a reputable agent who will not only show you the area’s top homes but will also help you to get some idea of the area’s charms - and any drawbacks.
Once you’ve decided on a property, it’s time to strike a deal. A good agent will do this on your behalf, brokering the best possible price (sometimes as much as 10% off the asking price) and arranging for deals on furniture and property guarantees.
Once the price has been agreed you’ll need to reserve the property to freeze the price and ensure it’s taken off the market. This price varies with each property but is usually around Euro 1,000.
4. Appoint your solicitor
The easiest and most efficient way to complete your property purchase is to grant a solicitor power of attorney to conclude all the necessary steps on your behalf once you head back to your home country.
5. Completion of purchase
After everything is signed and sealed, the purchase process should take around four weeks to complete. Your solicitor will have completed every necessary check on the property on your behalf and you will soon be eligible to receive your TAPU (title deed).
Dos and Don’ts of buying a property in Turkey
DO … your research.
Turkish property is booming and there are thousands of properties to choose from and hundreds of agents hoping to cash in on your purchase. Make sure you find a reputable company with a solid reputation of many years.
DON’T … be fooled by inexperienced or fraudulent agents
A number of buyers are tricked into buying properties without the correct licences or title deeds because they’re beguiled by low prices. It’s incredible how many otherwise savvy people are chatted up by a waiter or hotel receptionist and convinced to buy a friends' property going for a song. Always use a reputable agent, never trust someone who approaches you wanting to go the unofficial route.
DO … hire a solicitor
For around Euro 1,000 - 1,500, a solicitor provides you with peace of mind that your property purchase is legitimate. Your solicitor will check the property’s deeds, licences and will ensure that there’s no money owing on the property. You’ll find a list of reputable solicitors on the British Consulate in Turkey web-site.
Buying a luxury property in Turkey needn’t be difficult or fraught with problems - just so long as you take the right steps. Agents will tell you location is everything - but once you’ve found that perfect home in that perfect spot, your work is only just beginning. Contact Property Turkey to find out how to make the luxury property buying process as seamless and simple as possible.