Cheap Property In Turkey – Good Investments

Real estate has been over the last decade the most reliable form in investment globally. And undoubtedly one of the best emerging real estate markets is cheap property in Turkey. The Republic of Turkey is strategically located astride two continents and is culturally rich having a unique blend of Eastern European and American Western traditions. Turkey is now classified as a developed country which means that real estate is now a prime investment commodity. It is key however that you locate cheap property in Turkey and hence the property will be able to increase in value over a very short period of time. The township of Belek in Turkey is considered a real estate goldmine. Property in Belek is increasing in value by 15% year over year and is making headlines globally as one of the most in demand real estate in Europe. Belek has a municipality in the district of Serik in the province of Antalya.

Belek is considered the Mecca of Turkey’s tourism industry and has over thirty hotels, many attractions, guest houses, gaming and entertainment facilities and a host of other tourist attractions. Employment and business services are key factors to increasing real estate values and this then means that property in the area will appreciate as more jobs are created, business are open and tourist attractions are constructed. Belek property values are also boosted as road and infrastructure is built to accommodate newly constructed hotels and properties. Having discussed how the property value of Belek real estate is anticipated to appreciate at an increasing rate we look on how to locate and purchase the property.

There are restrictions that exist for individuals that want to purchase Belek property Turkey. As at January 2008 the following apply:

A.) Non Turkish national is not allowed to purchase over 25,000m² or 6 acres of land either constructed or not in the country of Turkey unless given special circumstance consent from the Turkish governments Council of Ministers. The council however is limited to only increase the size to a maximum of 300,000m2 per person.

B.) Foreign national ownership of real estate in Turkey must not exceed 5/1000 of land in any Turkish province.

C.) Property purchased in Turkey by foreign national must exist within a municipality. Foreign nationals cannot purchase real estate in Turkish villages.

All purchasers must also acquire clearance from the Turkish military before making any purchase of Turkish real estate. Where mortgages are concerned in January 2008, non Turkish nationals are allowed to apply for mortgages to purchase property.