The holiday home of your dreams at the Mediterranean coast; is it possible?
There is only one answer to this question: Yes, easily!
In addition to being a financial investment, a holiday home is first and foremost an investment in yourself, and it will at best generate delight for years ahead. Turkey offers unique experiences, a fascinatingly different culture, a long and colourful history and for those who live in Northern Europe, an almost strangely feeling, genuine hospitality.
Alanya in Turkey has already for several years been a favourite resort e.g. among Scandinavians, and the place has become a second home for many European people. Flights are short, and there are daily flights between a lot of European cities and Turkey. Shortly, it is easy to come to Turkey!
Price level and cost-effectiveness: Modern and roomy apartments are considerably cheaper than in other Mediterranean countries. Although the level of building quality in Turkey is top-class, the square metre price is often less than one thousand euros even for new apartments. Large balconies add to the comfort of living.
Residential costs are also cheap. Maintenance charges are much lower than in Europe. Use of the swimming pools and jacuzzis, gym and saunas on the site is included in the charge.
Electricity and water are invoiced only according to use. There is no basic charge for power.
The building supervision by the Turkish authorities is nowadays very strict. Special attention is given to the strength of the foundation and durability of the constructions. Matters pertaining to heat, water and sound insulation are also appropriately observed when building.
The climate of Alanya is ideal: one can enjoy sunny and warm days even during the winter months, even over 300 days per year! Thanks to the climate, fresh sun-ripened fruits and vegetables are available year-round.
Alanya is progressing in popularity as holiday destination; it is thus easy to rent and resale a holiday home.
Turkey invests on tourism at an ever increasing rate. Turkish membership in the EU is a current topic, and the reason why many things are changing. Tourism regions are continually being developed and more and more services are offered also for foreigners.
The growing traffic at the new Gazipasa airport near Alanya and upcoming five golf courses nearby will raise the value of apartments in the area even more. Now is the time to invest in Turkey!
The most important thing is that you use a reliable real estate agency that is a professional in Turkish housing matters, and that you are able to communicate in your own language. You do not buy an apartment through a taxi driver, a waiter or a beach boy in your native country either.
When you buy a holiday apartment you should ponder different alternatives and compare what is on offer. The objective is to purchase an apartment, where you enjoy yourself – possibly even for longer periods of time – that is not in immediate need of a renovation or some major repairs, which is of a size that meets your needs and fulfills the criteria you have set. In this guide we have gathered useful information about buying an apartment; at the same time we have tried to answer questions that trouble many. For more detailed information we are more than happy to help.
The most important matters to consider in advance are the location, the size of the apartment and your budget.
Do you want your apartment to be situated in the city centre, where all services from shops to pharmacies and restaurants are within walking distance? Or is it more important for you that you can enjoy a beautiful sea or mountain landscape from your windows and balcony?
What is the purposed use of the apartment? Will it be mainly for your own use or do you want to rent it out? Other factors to take into consideration are the services of the housing cooperative; swimming pool, sauna, gym, tennis court, a play area for children, Internet connection, caretaker, security services…
After we have together found out about these matters, we will go on a presentation tour to study the apartments that answer to your criteria. You will get all relevant information on the apartment; plans, the things that are included in the purchase price, etc. also in writing. We will together study the contents of the bill of purchase and the terms of payment.
An apartment in a house under construction, in a new, already finished house, a second-hand apartment in a new house or a second-hand apartment in an old house…There are a lot of alternatives.
Even an old apartment may after a complete overhaul look as new, but there is a risk hidden in the structures of the house. Houses constructed after the year 2000 have been built according to the new, strict building codes and under the supervision of building authorities. In older houses there may also occur problems e.g. with power and pipelines.
A NEW APARTMENT OR AN APARTMENT UNDER CONSTRUCTION?
Pros and cons with a finished apartment:
You can see the location, size, quality, and fixtures of the apartment as well as the views; value for money can easily be assessed.
The problems in connection with buying a finished apartment are lesser (no uncertainty with regard to completion or its timetable, level and fixtures).
The disadvantage of a completed apartment is that you may no longer influence subdivision of the apartment, materials etc.
Even if an apartment is completed and new, it does not necessarily guarantee that the buyer obtains property rights to the object: there are (even foreign) swindlers
operating also on the Turkish housing market: the entire property may be mortgaged for the builder’s debts or the same apartment may be sold many times over.
Advantages and risks with an apartment under construction or planning:
You may plan and have built for you an apartment that exactly matches your wishes. Usually the buyer may undertake any changes in subdividing the space inside the
outer walls (even free of charge) and in fixtures as well as fulfill his or hers “luxury dreams”.
The prices are usually appr. 20% cheaper at the construction/planning stage.
Along with the increased tourism and the fast growth of the holiday home business there are also unqualified dilettantes and opportunists around. The biggest risk is that the house never will be finished and that its quality and fixtures are something else than what has been agreed. That is why it is essential to check the builder’s references and financial resources; therefore study the builder’s former objects. If you accept the construction quality and workmanship in the earlier objects, you will not be disappointed with regard to your apartment
HOW CAN I AVOID THE PROBLEMS?
In addition to the aforementioned matters, one cannot emphasize too much on choosing a good and reliable broker. A professional is familiar with the property business in Turkey and the local bureaucracy and is able to communicate in the native language of both the country and the customer. When you choose a good real estate agent and a reliable builder via the agent, you can rely on that you get what has been agreed.
FACTORS INFLUENCING HOUSING PRICES
Location, location, location
The standard of the fixtures
Plot size (land is expensive, building cheap)
Method of payment
The prices change continually, and in different parts of Turkey apartment prices are gradually rising. The price level is nevertheless still quite affordable and it is profitable to invest.
FACTORS THAT INFLUENCE MARKET PRICES:
The renown of Turkey and especially Alanya has increased during a short time and prejudices have decreased.
In 2015 Turkey was visited by 41 million tourists.
The infrastructure, services and pleasantness are improved all the time
Turkish banks grant housing loans also to foreigners
Tapu is the official deed to the apartment. In the Tapu, the piece of land that you own and the location of the property are exactly defined. In Turkey you always also own a small share of the plot. In addition, the tax value of the apartment, the seller’s name and the buyer’s name are also indicated in the Tapu. The Tapu fee is 4.0% of the tax value of the apartment, depending on the apartment app. EUR 2000 – 4000. Nowadays also foreigners are able to get Tapu in 2 days when before application process took 2-6 months.
Every apartment must have an Iskan, which is a kind of residence permit. An Iskan is obtained for all new apartments. If you are buying a second-hand apartment, this is no concern of yours, because the former owner must already have obtained it. The price varies considerably in different municipalities; from app. EUR 300.
The registration fee for a water and electricity installation is app. EUR 300-600.
MAINTENANCE AND SIMILAR COSTS
Maintenance charge: app. 20 – 110 euro/month (240 – 1320 euro/year)
Electricity and water charges only according to use; no basic charges for electricityElectricity app. 0.10 euro/kWhWater app. 0.75 euro/m³Turkey has the same mains as Europe, no adapter is needed.
Annual property tax: 0,1% of the tax value of the apartment.The property tax is paid annually to the town hall. Apartment owner shall himself take care of the payment of the tax, because no separate invoice or reminder is sent.
Insurance premiums(home insurance and earthquake insurance): from app. 130 euro/year
Furnishing the apartment There are several furniture stores in Alanya. The assortment is wide; you can also find furniture and decoration items according to Scandinavian/European taste. It will cost from app. EUR 6500 to furnish a two-room apartment.
When the construction company has transferred the property, a residents’ association is established. The residents’ association works in the same way as a housing cooperative. The tenants elect a board (chairman, members and auditor) for the association. The residents’ association usually convenes once a year. At the meeting the budget and the maintenance charge are decided upon. The maintenance fee is, according to what is agreed, paid monthly, semiannually or for the whole year in advance. If the maintenance fee is left unpaid, a judicial process and quick recovery of the debt by foreclosure will follow. The penalty interest on the maintenance fee is 5 percent and it is charged for each day of delay.
Houses with more than eight apartments must have a property manager. The tasks of the manager include among others: employing a caretaker and a security guard, insuring common spaces, collecting the maintenance fees, keeping the house book, forwarding property information to the authorities, anticipating/monitoring faults, and renovations. The tasks of the caretaker include taking care of common spaces and areas; taking care of the garden and courtyard, keeping the stairways clean and cleaning the swimming-pool. The caretaker often lives in the same house/object. In some small houses there may be a ”circulating” caretaker, he performs his duties each day, but does not live in the house himself. One must keep in mind that the caretaker is nobody’s personal assistant, servant or chauffeur.
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