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News
Holiday homes to rent
• Villas and apartments in Turkey in stunning locations and coming soon, luxurious cottages in Bath.
Invest in Turkey for Major growth
• So says Global Property Guide's Property Recommendations. It says gross rental yields are currently at 5.48% with 'significajt potential for growth' Overseas Mortgage Finder also says Turkey is the 3rd largest source of enquiries for mortgages (June figures)
Tax rebate for holiday home owners
• Are you a UK resident for tax purposes?  Do you own a property available for holiday let in Europe?  Do you make that property available for let?  Did you purchase the property for more than £150,000? If you can answer yes to all of these questions, you may be eligible for a Capital Allowance Tax refund of around £10-15,000.    We have teamed up with International Property Success who have arranged a no upfront fees scheme with a tax expert.  The scheme is fully HMRC approved. The amount you can claim will vary according to the rate of tax you pay and the specifics of the property. Claims are administered swiftly.  You will receive a report on your rebate, showing how much you can reclaim, in most instances within 8 weeks.  International Property Success are advisers that specialise in the capital allowance field.  They do not charge upfront fees - you only pay once your case has been approved by your accountant.    Experience shows that unless an investor has access to the appropriate level of expertise it is rare for all available tax allowances to be identified which means that the majority of Investors are not claiming all the tax allowances they are entitled to.  If you would like to find out if you are eligible for this tax break, please contact us immediately.  Tax rules change frequently and can be withdrawn at any time.  This rule will be reviewed in April.
Hot deal from Pegasus
• Pegasus Airlines, Turkey's low cost carrier, are offering 5000 seats to Istanbul at £39.99 one way, for flights taken between November 2009 to November 2010.  The flights can be booked now and fares include all taxes and charges but are subject to availabitily.  Pegasus offer connecting flights to 11 cities in Turkey including Bodrum, Izmir, Ankara, Dalaman and Antalya.
Global property prices on the up?
• With interest rates around the world at an all time low, many countries are reporting signs of improvement in their property markets.
Fractional ownership increases its appeal
• More developers are looking at increasing the appeal of fractional ownership to mass markets.
Costa bargains reignite interest
• According to Rightmove.co.uk's overseas division, interest in the Spanish market is crawling up again.  Spain accounted for 21% of overseas searches on the website in June 2009, an increase of 0.3% on May.  France followed hot on Spain's heels with 17%, although the percentage of hits had decreased by 8.2%.  Half of the regions that featured in the top climbers list were Spanish, with Tenerife experiencing an 9.1% increase in searches followed by the Costa del Sol with an 8.7% increase.  Another high achiever was Turkey, whose market share rose by 13%, taking it into the top 10 countries searched.   The Bodrum Peninsula proved particularly popular. The biggest loser was Dubai with a year on year decrease in searches of 60%.
Investing for the long term - Villa Park
• People often say to us, “is now a good time to invest?” and the truth is nobody knows.
Eurozone recession deepens as house prices drop
• Data compiled by the Financial Times on house prices in the 16 countries of the Eurozone shows a 4.8% drop in prices in the final 3 months of 2008, compared to the same quarter of the previous year.
Wealthy French property owners warned of tax inconsistencies
• Despite President Sarkozy’s significant increases in the 'abattement', or level at which a beneficiary has to pay inheritance tax in France, wealthy property owners should still be wary of inconsistencies between the French and British laws that govern inheritance tax.
 
 
 
 
Download our Guide to Turkey
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Turkish Guide
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Summary of our Guide to Turkey
With very cheap property prices, outstanding recent and predicted future growth, Turkey is fast becoming the latest property hot spot. As a potential member of the EU, with talks ongoing, the country has very much been in the public eye.

Turkey is at the eastern end of the Mediterranean and is considered the gateway to the Middle East. Turkey lies mainly in Asia, but 3% of the country is in fact in Europe. With borders on the Black, Aegean and Mediterranean Seas, Turkey has 7,200km of coastline bordering its 780,580km2area.

The Aegean and Mediterranean coasts have very hot and dry summers with wet, mild winters. The summers often see temperatures in the high 30's on the Southern, Mediterranean coast, with the Northern, Black Sea coast normally 10oc behind.

Turkey is a place of dramatic, but varied scenery with a beautiful coastline, picturesque fishing villages, market towns and international marinas. More Roman remains than Italy keep the history lovers happy.

A wide variety of property is available, most investors choosing to buy in coastal areas such as the Bodrum peninsula. Prices start from as little as £10,000 for a ruin, but more typically around £45k for a decent one bed apartment. Financing is available for UK investors, with loans in both Sterling and Euros, typically from 6-7%.

Turkey has had its problems in the past but a concerted effort over the last five years has created a dynamic, fast growing economy. Inflation fell to a thirty year low in 2005, with foreign direct investment expected to increase in 2006. The Turkish currency is the YTL, which has tended to appreciate against the Euro and £ since the economic reforms. Many international banking groups are acquiring controlling stakes in Turkish banks, which will increase competition and therefore product availability in the finance sector.

The cost of living in Turkey is still very reasonable, even when compared to some Eastern European countries. It is very easy for expats to live comfortably or visitors to holiday on a tight budget.

Turkey is an easily accessible country, with flights to and from most UK airports. In recent years direct flights have not been available to local airports during the winter months, requiring connections through Istanbul. However with the introduction of budget flights from easy-jet, Istanbul can now be reached for as little as £30 and local airports are projected to have flights all year round from 2007/8.


Guide to Turkey
Country Profile

The Republic of Turkey (Türkiye Cumhuriyeti) is situated at the Eastern end of the Mediterranean, straddling both Asia and Europe. The European part of Turkey (Thrace) and the Asian part (Anatolia or Asia Minor) are divided by the Bosphorus, the Sea of Marmara and the Dardanelles. Because of its pivotal position, Turkey is known as the gateway to the Middle East and has a long and colourful history. Turkey’s wealth of archaeological and architectural treasures makes it a popular tourist destination. It is often said that Turkey has more Greek ruins than Greece, and more Roman remains than Italy. From the stunning beaches and ancient ruins of its coast to its vibrant cities, Turkey offers something for everyone.

Turkey’s landscape is dominated by lakes and mountain ranges rising to heights in excess of 5000 meters in the east of the country. Tourist resorts across the country usually have a view of these pine-forested mountain ranges in the background, and most of the mountains are easily accessible for day trips, affording spectacular views. Ankara, the capital of Turkey, is located on the plateau of central Anatolia, where much of the country’s agriculture is based. All along the Black Sea coast you will also find cherry orchards, hazelnut groves and tobacco fields, whilst the rolling country of Thrace is famed for its vines and fruit orchards.

Climate

Turkey’s climate is generally warm and sunny with long summers and little rain. Turkey is often preferred by tourists to countries like Spain and Greece because it does not experience the stifling heat associated with these places. The Aegean and Mediterranean coasts have a typical Mediterranean climate with hot summers and mild winters, whilst the Black sea Coast is more temperate and has higher rainfall. Central and East Anatolia has more of a continental climate with hot summers and cold winters. Spring lasts from April to mid June, and stays hot until September with some mild rain beginning in October.

Interesting Facts

Turkey stretches over 314,500 square miles with 4,350 miles of coastline. It is just over 1025 miles from east to west, and 400 miles north to south. The population was last recorded as 73.3 million, with 10 million people living in Istanbul, Turkey’s largest city, and 4 million in the capital, Ankara. Istanbul, formerly Constantinople was the famous capital of both the Byzantine and Ottoman Empires.

Each year Turkey welcomes millions of visitors to its shores. Thanks to a new PR campaign, visitor numbers are expected to increase to a phenomenal 25 million in 2007. Over a million British tourists visit Turkey each year and increasing numbers are turning to Turkey as an ideal place to buy a holiday home or property investment.

Enchanting past

Everywhere you go in Turkey you will see and feel over 10,000 years of history around you in the ancient cities, ruins and monuments that adorn the prehistoric landscape. Until 1500 A.D., Turkey was the centre of world civilization and this rich cultural heritage has placed Turkey on the world heritage list as a site of historical as well as natural wonders.

Famous Landmarks: Ayasofya Museum, Topkapi Palace, Blue Mosque, Dolmabahce Palace, ancient City of Troy, Ephesus, Aphrodisias, Pergamon, Pamukkale, Goreme-Cappadocia, Mt.Nemrut, Safranbolu.

Currency

Turkish currency is the New Turkish Lira. However, you can pay nearly everywhere in Euros but will probably be given change in New Turkish Lira, based on the daily exchange rate. The best place to exchange your Euros into new Turkish Lira is in Turkey as the local exchange rate is far better than in the UK. In most places you can pay for your goods by credit card as Turkey becomes increasingly westernised in its business outlook.

Language

Turkey’s official language is Turkish, although significant minorities speak Kurdish and Arabic as their first language. Turkish is a member of the Ural-Altaic language family, and is closely related to Mongolian and Korean. Turkish has a very different grammatical structure from English and Latin-based European languages, which can be a challenge when learning. English is widely spoken in most coastal resorts and main cities, although it is well worth learning some simple phrases and words.

Where in Turkey
Bodrum

Homer's description of Bodrum as "The land of eternal blue" captures the extreme beauty of the area, which has encouraged scores of invaders throughout history to annexe this paradise for themselves. Each civilisation to inhabit Bodrum has left a footprint in the landscape and heritage of the area, providing a wealth of historical treasures. Known as Halicarnassos, in ancient times Bodrum was an important city and the birthplace of the famous historian Herodotus. The Mausoleum, Bodrum’s oldest building, was one of the wonders of the ancient world built by the female warrior Artemisia.

Built on a peninsula formed by the meeting of the eastern and western harbours, Bodrum, with its narrow streets winding down to the sea, is famous for its C11th castle, its world-renowned yachts, its shipyards and the dazzling white houses and tombs lining the shores and harbours. With its combination of natural and architectural beauty, Bodrum will meet the expectations of all tourists, whilst its facilities, ranging from chic to traditional, cater for any budget.

Antalya

Antalya is an area of great natural beauty with three national parks, which are home to all kinds of protected tropical plants and animal species. The landscape is famous for its dazzling beaches, bountiful caves and waterfalls and the rapids at Korprulu Canyon National Park, where rafting is possible. Saklikent, 50 km from Antalya, also offers winter sports on the northern slopes of Bakirli Mountain in spring. The city of Antalya stretches along the rocky coastline, which boasts a magnificent flora and fauna. You can explore Kaleici, the old town, with its narrow streets and wooden houses along the ancient city walls, or take a stroll in the modern quarter down palm-lined streets to the prize-winning marina.

Termessos is one of the most interesting cities in the region, built 1050 meters up into the mountains. The Psidian city was inhabited by the Solyms, a purely Anatolian race, who withstood invasion by Alexander the Great in 333 B.C. Amongst the extensive ruins, you can see Hadrian's triumphal arch and the theatre. Other areas of historical interest include Ariassos for its baths and architecture, and the mosques of Sarampol and Kalekapisi. More recent history can be explored in the numerous underwater wrecks around the coast, which is a popular diving area.

Izmir

Modern Izmir stretches from the innermost point of the gulf and over the heights and ridges to the south. The ancient city is one of the oldest settlements on the Mediterranean and is today the third largest city in Turkey, offering visitors numerous museums, Turkish baths, and facilities. Although the first habitation of İzmir is known to be dated from long before, excavations could only go back to 3000 B.C. to the Ancient Bronze Age settlement. The city is famous for being Homer’s birthplace and home to many of the great ancient philosophers and poets.

Historical sites include the impressive tomb of Tantalus, ancient aquaducts, and the Agora of Smyrna but the area also encompasses three other ancient cities Pergamon, Sardis and Ephesus. Ephesus is known as the best-preserved classical city in the Eastern Mediterranean and is the location of the Temple of Artemis, one of the seven wonders of the antiquity.

The icon of the area is its famous public elevator connecting the lower streets with the upper terrace, which affords a breathtaking view of the city and bay. Izmir is also home to a Bird’s Paradise with over 200 species of bird.

For details of our current Turkish offerings, please use our comprehensive property search, which can be found on any page of the EFIP website - selecting Turkey in the country field.

Having said this, it always pays to contact us as some of our recommendations will sell out almost instantly as they usually come with very lucrative discounts.

The above information is prepared to the best of our knowledge. Edison Ford accepts no liability for errors or omissions.