One of the hottest of the property hotspots to emerge in recent years is Turkey. Thousands of miles of beautiful, undeveloped Mediterranean coastline have been drawing tourists, and homebuyers, in their thousands, and the growth in affordable property has led to a remarkable boom with the potential for large returns on relatively small investments.
The very undeveloped nature of the area means that most investment is being made ‘off-plan' – buying property before construction. The great advantage of buying off-plan is one of cost; put simply, it's cheaper to buy a home before it's built. Areas such as Fethiye and Bodrum – the two major centres of off-plan sales – have seen a number of developers move in to snap up cheap land in desirable locations, and top-quality villas and apartments are sprouting up all along the coast.
The old prejudices regarding construction quality, which dogged the Turkish market for a while, have now hopefully gone for good; construction is as good as anywhere on the Med, with a government-regulated five-year guarantee – the TSE – as standard.
In terms of value, Turkey's property market is experiencing massive inflation, which looks set to continue for some time to come. The downside of this is that prices aren't as low as they were – for example, buying a four-bedroom villa near Fethiye off-plan now costs, on average, slightly more than £100,000, although it must be noted that much lower prices can be found in less-sought-after locations. But the advantage is that prices are likely to carry on rising, taking the value of your home on completion far above the initial outlay.
Buying Property in Crete
Ten reasons to retire in Cyprus
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4. The cost of medical treatment in government hospitals is very low. People wishing to consult private doctors will find a large selection of competent doctors, specialists, and surgeons practicing on the island.
5. In terms of European standards,
6. The relatively low cost of living in
7. Compared with many European countries,
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9. Communication is easy as almost everyone speaks at least some English and many speak English very well.
10. Special tax incentives offered by the Government (e.g., the Double Taxation Treaty existing between the U.K. and Cyprus, allows a U.K. citizen to receive their pensions and investment income in Cyprus, with exemption from U.K. taxes).
2. There are a variety of primary and secondary schools of a high standard catering for English and foreign-speaking pupils
3. Compared with many European countries,
4. The general price level of property in
5. Taking advantage of Cyprus' privileged and strategic geographical location at the crossroads of 3 continents, Cyprus cooperates with neighbouring countries such as Greece, Israel, Lebanon, Syria, and Egypt.
6. The mild climate of
7. A relatively low cost of living often accounts for a substantially improved quality of life.
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