Q. Can British people buy villas/property and are there any restrictions.

A. Yes, indeed any foreign person can buy property in Turkey, subject to the following:
You must obtain approval from the relevant dept in the area you wish to purchase in, this is to make sure you are not buying in a area of military importance or planned for other uses, it is very easy and takes about 12-20 weeks to come through, this delay can sometimes make it difficult to reserve the property you wish to purchase.
That is not the case when you buy a property from MIDAS PLC once you have signed the 'Sales Agreement' we will apply on your behalf, as yet we have never been refused approval for our buyers. All our developments are in non-sensitve areas. Should we not secure permission then all monies paid will be refunded.

Q. How do I know I have purchased a property with good title?

A. In Turkey you can buy with confidence, there system is very simple and very effective, it is similar to our land registry, and this is the procedure.
Upon agreeing to buy a certain property you or your proxy with your lawyer and the seller go to the deeds office in the relevant town, there you declare you wish to buy and the seller is willing to sell, the deeds officer then checks the records to see who the current registered owner is, providing this is the same as the seller who's ID matches that of the owner on file then the deeds officer will register you as the new owner, you will then be given a document declaring you the owner.

At the same time and before the sale is completed the deeds officer can confirm any mortgages or debts registered against the property, just as in UK if the debt/mortgage is not recorded at the deeds office it is not enforceable in law against the property and its owner.

Indeed you can go to the deeds office at any time and search to see who is the owner and are there any mortgages/debts, again just as in the UK.

Q. Do you have any information regarding the increase in market price of property?

A. Yes prices increased as follows:
Major Tourist Areas up 20% 12 month period from 2002 to 03, up 35% 12 month period from 2003 to 2004 and around 20% recently.
Areas around major tourist areas up 40% 12 month period from 2002-03, up 50% 12 month period from 2003-2004 and around 35% p.a. recently.

Prices in the outlying major tourist areas have increased more than the centre simply because the centre prices are forcing many to realise they can get much better property for their money outside the centre.

As all MIDAS PLC property development sites are in the outlying areas of major tourist centres we believe you will enjoy very good increases in equity, certainly this in the case for all our owners to date.

The average market price of a 100 m2 2/3 bed 2 bath villa of a good standard of construction ready to occupy with communal swimming pool with sea views is as follows:

Major Tourist Centres € 200-225k
Areas around Major Tourist Centres € 110k- € 130k

It is reasonable to say that the next few years will be very profitable for today's buyers, Turkey offers so much both as a long season destination, and like for like property for money is much, much lower than the rest of Europe, and many buyers are now coming to Turkey to take advantage or today's great value for money property.

Q. How can I be certain that the property has the correct permission and that I will not find myself being told to take down my property because it does not have the relevant permission.

A. Again, in Turkey this is similar to the UK, they have a clear planning procedure, with offices that deal with this in each area, firstly your lawyer will request to see the relevant permission and then check with the local office to make certain all is in order, it really is no more complicated than that.

Q. Is there any danger of losing my property as we hear about in Spain?

A. NO is the short answer, but let us enlarge.

The laws in Turkey are national laws, there does not exist the ability to have by-laws, or laws which the local Major can choice to enforce, the only circumstances the local council in the name of the Turkish government can seek to acquire your property is if it is required for a social need.

This is just like in the UK, if a new road is agreed and your house is in the way the government will come along and compulsory purchase same, it is the same in Turkey, NO more NO less.

The procedure is this, you will receive a demand to sell your property for TLxx (Turkish Lira), if you are happy with the price and you agree there is a proper social need and benefit then you agree, if however you are not happy with the price offered because you can show it to be below the market value or you can argue that there are better ways to meet the social need you can take your case to a Judge who will decide the case.

Q. What is the position on Tax on profits on the value of my property?

A. This is similar to Spain and some may think that in this instance this is a good thing.

There is a sliding scale, which is to complicated to explain here, but in essence it varies between 20-30% on the declared increase in value, few people in Turkey declare the real value and therefore few people pay much or any tax on the profit from increased value in property, as in Spain this is the norm and so a blind eye is turned as all are doing the same thing, it will be for you to decide who you integrate with local customs.

Q. Can I open a bank account in Turkey to pay running costs etc?

A. Yes very easy, first you need to obtain a tax number, this is impressively simple, you go without appointment to the local tax office with a notary certified copy of your passport and in minutes they will enter you on there system and issue you with your tax ID card and number.

With this you can walk into any bank and open an account there and then, they will issue you with a cash card for withdrawals via any ATM in the world.

Please be advised Turkey is like France regarding payment by cheque, virtually everybody will take your cheque on the assumption it will be honoured, bouncing a cheque in Turkey is a serious thing, be warned.

Q. Can I get a mortgage on my property?

A. Yes, mortgages are available on completed buildings, normally 70-80% of value rates are around 6.5-7.25%.

Q. What other costs or taxes will I have to pay when I buy a property in Turkey?

A. On purchase there is a purchase tax of 3.4% of the declared purchase price, again this is like in Spain, note the word declared price.

So you need to decide if again you wish to integrate into local customs.

There is a local council tax which is very small about £200-300 p.a., but this is not payable for the first 5 years on new built property, so as far as your dealing with MIDAS PLC is concerned as the proud owner of one of our new built villas you will not have to pay this for 5 years anyway.

Q. How much will a good lawyer cost me to handle my property purchase.

A. Anywhere from £1000-2000 subject to the purchase price etc, is it already complete or must stage payments be made, be aware there does not exist the same protection for clients money in Turkey as exists in the UK with solicitors, so do not deposit money with a Turkish lawyer, this is not to say there is anything wrong with Turkish lawyer far from it they are very efficient, it is just not necessary as bankers drafts are much safer for you.

Q. Can you arrange for me to visit Bodrum to see for myself the quality of the villas and the site location of available plots?

A. Yes certainly, we can arrange everything for you.

You can choose the number of days you wish to spend, most clients find 3, 4 or 5 days is just right to make sure they see everything.

We will be pleased to escort you to all the interesting places and we would be pleased if you would be our guest to some of the very best eating Turkey has to offer, you will not be disappointed.

The cost including Flights and accommodation will cost around £350 per person subject to the standard of hotel you require, in the above price we have allowed for 3* Hotel, we can book you into a 5* Hotel if you prefer at a little extra.