Before you decide to buy a property in Turkey, it is worth organising a site survey so that you can find out what the status of your property is. This will give you the information you need to protect yourself from any legal implications that could trip you up further down the line or result in your property being demolished.
A report in the UK newspaper the Grimsby Telegraph caught our eye this week. It was the story of a group of investors who lost £609,000 in a Turkey property investments scam.
Property investors may well be enjoying excellent returns on their investment in Turkey but the deadline for filing a tax return on the income made from property investments is looming warns Istanbul property management company TAM Property Management.
With some countries, eyebrows might be raised if you try to bring in large sums of money, particularly if you come from a country beyond the EU or other areas of International cooperation.Worse still you may face a lengthy delay at customs.
If you are considering the merits of investing in the Istanbul property market, you should start by carrying out some thorough research – first and foremost on buying property in Turkey and then the city itself including the many pluses and potential minuses.
Istanbul is one of the biggest cities in Turkey and it is one of the fastest growing cities in Europe.
You have just bought your first investment property in Istanbul. Congratulations!
You may have just invested because you wanted a holiday home or perhaps you did it just to make some money. Either way there are times as an overseas investor where you will need to generate some income from renting out your property.
If you’re lucky, all this will be in place when you purchase the property but what happens if the burden of finding a tenant and managing the property falls on your shoulders?
Often investors find themselves scratching their heads and spending large amounts of time trying to figure out how to rent out their property in a foreign country.