Ocaso Properties

Contact Us

UK: +44 (0) 845 116 1813 skype ocaso

Request FREE Call Back

Property Search :

Latest Property News
May 2016
Home owner house purchase lending was up by 60% year on year in the UK in March but the overall lending figures were affected by a rush from buy to le..
Aug 2015
With all the recent renewed interest in the Spanish market, it is encouraging to see that not only are property inquiries rising, but so is the number..
Jul 2015
Residential real estate prices in Dubai continued to fall in the first six weeks of the second quarter of this year compared to the first three months..
1
 

 Turkey | Seahorse Residences
Bookmark and Share



Property Details:
Development Name : Seahorse Residences
Property Type : Apartment
Location : Turkey
Area / Region : Altinkum
Bedrooms : 1
Bathrooms : 1
Status : Key ready
Price : £62,400


One of the most luxurious Turkish properties available for investment in the Altinkum area is the Seahorse Residence, an opulent 5-star development with two inter-linked blocks that follows an 'S' shape. The area has been designated as a government recreational green area.

 

The Seahorse Residence is an off-plan development that sits adjacent to the Seahorse Boutique Hotel. The two blocks, which are designated as 'Arman' and 'Lara', have their even share of studio, two-bedroom apartments and three-bedroom duplex penthouses, with prices starting at just over £31,000 (approximately €37,000) for studios, £128,000 (approximately €153,000) for apartments and £203,500 (approximately €244,500) for the duplex penthouses. These prices are lower than the cost of properties in nearby Bodrum and Ku?adas? regions.

 

Because of Turkey's burgeoning tourism industry, the ever-increasing demand for properties to invest in, and the discrepancy between Turkish property prices and those found elsewhere in the Mediterranean, investing in properties like the Seahorse Residence is best done as soon as possible; property values in this area of the Turkish Aegean Coast rise by between 15% and 20% each year. With the influx of UK tourists and future residents, the Turkish government has also provided easier accessibility to mortgages. The rental potential is also of a very competitive nature, with an average rental income per week of £500.

 

These are some of the features that can be found in the development:
  • Two large outdoor swimming pools, as well as a kids' pool
  • Numerous exterior water features, as well as a children's playground
  • Each block has its own secure parking spaces
  • On-site management and security offices
  • On-site shop
  • On-site security operates 24/7
  • An Aqua Club is located beneath the sun terrace
  • A 70-tonne water tank serves as backup in the event of a water shortage

It's become almost fashionable these days to buy property abroad. Everyone wants to buy that dream home and retire there eventually, or simply want to buy a holiday home that's far removed from the usual everyday humdrum. Some people buying property even move there permanently, immediately, to get a new lease - as it were - on life.

Turkey is quickly becoming one of the most popular places to trade in the old home for the new life. Sunny weather most of the year, warmer climes and a country that waives lots of standard investment tax practices in favour of boosting its investment potential and appeal even further. It's practically a win-win situation. Turkey does have its own regulations regarding property investment, so take a look at the information about the buying process below:

Recommended legalities

Although using a solicitor is not a legal necessity when considering buying in Turkey, we'd like to stress that legal advice is always critically important for undertaking such a big step. Ocaso Properties uses its own team of independent lawyers to give interested parties the best advice to make an informed decision.

General Guide to buying property in Turkey

These are the steps you'll need to take to successfully purchase property in Turkey:

A new build property requires a reservation fee of £2,000, followed by a deposit of anything up to 30%, which needs to be paid 30 days after the reservation fee has cleared. Keep in mind, some developers offer staged payment plans, which can be agreed upon by both you and the developer at the time the purchase is made.

If you appoint a solicitor, the solicitor will perform title checks and draw up a contract, in English, between you and the seller. This contract will - and must - contain all terms regarding the conditions of the purchase, and how the payment plan will proceed. Make sure to give the contract a careful once-over before signing - these are hefty transactions involving a lot of money, and you don't want to be caught in a loop.

To give you additional protection on your investment, until the Title Deed (called tapu in Turkey, which is an Ottoman term implying a permanent lease of state-owned land) is signed, Ocaso Properties can place a charge in the Land Registry, outlining the amount going to the property developer. Although this charge costs 1.11%, it's a sure-fire way to keep the money safe in case the property developer goes bankrupt. To find out more about this charge, contact us, and one of our lawyers will answer any questions you may have.

You will then need to visit the notary office where your passport is getting translated, and where a copy of your passport will be taken. The Notary office works alongside the Aegean army, who do background checks on any foreign nationals prior to any Turkish property sales. This is more for your safety than anything else; these checks are done to make sure you have no criminal background, but also to make sure that your purchase is not located in or close to any military zones.

Again, if the property you are purchasing is a new build property, location checks will also be done to make sure that you’ll have dwelling permission.

Once all checks have been done, your appointed solicitor will carry out some final pre-completion checks. After this, you - or whomever you've appointed Power of Attorney in this matter - will sign a deed of transfer with the vendor at the Land Registry office.

After this has been done, you will be recorded as the official owner of the property, and the title deeds will be issued shortly thereafter.


Remember, all properties for sale in Turkey are termed 'Freehold' (also called 'frank-tenement'; this constitutes ownership of land and everything attached to it, such as structures, as opposed to 'leasehold', which is property that reverts back to an owner when the lease expires).

Other costs associated with your property purchase in Turkey

Expect to add roughly 5-7% of your desired property's selling price to cover the additional costs, e.g. notary, any legal, translation and army application fees. Turkey also levies property purchase tax at 3% - not to worry, this is usually split in half, e.g. 1.5% for you as buyer and 1.5% for the seller. The remaining costs will usually include agency fees, mandatory insurance fees and any utility connections fees. Precise costing will be discussed with you as buyer before you sign any purchasing contract.

Property tax

Because of the rising popularity of Turkish properties, the country charges a minimal 0.3% annual property tax, payable to the local municipality. The property tax is collected from you as owner, and is also subject to annual re-evaluation for standard tax purposes. The final additional cost is a small community tax, which is payable twice per annum for any local services, such as garbage collection and for the upkeep on public areas.

 

 

• Review List

/td>