» No capital gains tax
Turkey offers some tax incentives that are of high interest to property investors, If you sell your property after four years, there is no capital gains    tax to pay.

» Excellent value coastline properties with high capital growth potential
The Turkish market still offers excellent quality properties at prices that most other locations of a similar caliber could not offer 10 years ago.

» Over 25 million tourists visit Turkey each year and boost the property market
Turkey ranked eighth in the world and current demand for Turkey is reflected in the 25 million tourists it attracts per annum ranking it 9th in the world in terms of the total tourist numbers. This translates into solid rental yields by buy-to-let investors who purchase in the best tourist locations.

» Turkey offers a modern infrastructure
Turkey has a solid and modern infrastructure that is rapidly growing in line with its economy, tourism and property markets.

» EU Membership
Although EU membership will undoubtedly support Turkey’s economy and, as one aspect of this, Turkey’s property market is not dependent upon EU membership in the same way it clearly was for countries such as Estonia and Czech Republic.

» Vibrant Economy
Turkey is the 17th largest economy in the world, with an annual average real GDP growth of approx 7% between 2002 and 2007. With a population of 70 million, of which over 60% are younger than 35 years old, Turkey has a strong and growing local market.

» The future for Turkey
Global Investment bank, Goldman Sachs' projections revealed that Turkey would become the 9th largest economy in the world in 2050. Turkey is expected to grow to become a nearly 6 trillion USD economy in 2050, moving ahead of G7 countries such as Japan, Germany, Italy, Canada and France.

What do Spain and Turkey have in common?

Sunshine and warm winters! Plus Turkey has affordable housing and a low cost of living. Just as home buyers flocked to Spain in search of a better quality of life, now many are buying property in Turkey for the same reasons:

» sunshine
» unspoilt beaches
» sailing
» scuba diving in crystal clear azure waters
» delicious food
» hospitable people
» low cost of living
» cheap property.

Property prices in Turkey have increased substantially over the past 5 years but are still good value starting at €40,000. Build quality is high and apartments and villas are more spacious than is generally the case on the Costa del Sol. On the Spanish coast, €150,000 might buy a small studio apartment in a middle-class area. That same money can buy a nice 3-bedroom villa with private pool in Turkey.

Buyers can find a vast assortment of freehold apartments and villas along the Aegean and Mediterranean coasts from Ayvacik to Antalya

Some direct comparisons between Turkey and Spain

Purchase & sale costs: IVA or VAT is 3% and is split between buyer and seller. As a buyer you pay 1.5% compared to the Spanish 7% IVA. A lawyer is not obligatory in Turkey and is far cheaper than the lawyer/notary fees charged in Spain.

Taxes: Another decided advantage of Turkish versus Spanish property is the capital gains tax – or lack thereof. If you sell a home in Turkey after 4 years you pay NO capital gains taxes. In Spain you currently pay 35% capital gains taxes regardless of how long you’ve owned your home. Property tax in Turkey is paid twice yearly, is a minimal percentage of the property’s value (0,3%) but new buildings are exempt for 5 years.

Weather: The weather in Spain and along the Turkish coast is very similar. Temperatures range from about 12 degrees in the coldest of winter to 38 degrees in late July and August. The tourist season runs from April 1 – October 31.

Language & people: Most Turks who come into contact with tourists speak some English although it is not as prevalent as English on the Costa del Sol. Turkish are known for their hospitality and friendliness and it is easier to have close personal friendships with Turks than with Spanish.

Cost of living: Living in Turkey you can make it on €400-600 / month, all included. Added services such as an ADSL internet connection, movie channel tv subscription, daily household help add additional costs but are still comparably lower then spain. A meal can range between €13-20, including one glass of beer or wine. Some areas are more expensive.

Activities: Spain is renown for its plethora of golf courses. For the non-golfers, there is tennis, horseback riding and other entertainment. Golf in Turkey is on the rise with many championship courses in Belek – total number of Golf courses in Turkey is 15 with more under development. Most activities in Turkey are excursions or watersports: sailing, cruising, scuba diving, snorkeling, sky diving, paragliding, fishing and so on.