Bodrum Property
The weather and beauty of the Aegean Sea are behind the popularity of Bodrum property. The widening of the mortgage market, increase of low-cost flights and EU membership will push the popularity of property in Bodrum even higher.
Bodrum is a big peninsula with more than 20 holiday locations in which to buy Bodrum property. Local planning restrictions limit the height of buildings but there has been a lot of development – even overdevelopment - recently, which makes choosing a good quality property in Bodrum in a good location is vital if you intend to rent or resell.
Currently, the best Bodrum property buys are in the Tuzla area where property offers value with good potential for rapid capital growth.
The process of buying Bodrum property is relatively straightforward and UK nationals can buy most types of property on a freehold basis. A deposit is usually required to secure the sale and a contract is signed that includes the payment plan and purchase conditions of the property. Bodrum's local land registry office carries out a search for any restrictions that may prevent foreign nationals from owning the Bodrum property and once the Turkish military pass the application (8 -12 weeks), the contracts are signed at the registry office. Those that choose to buy property in Bodrum can nominate a representative with power of attorney if they are unable to attend. Costs involved in buying property in Bodrum include three per cent stamp duty (shared between buyer and seller), solicitors and notary fees and a three per cent estate agents fee. Foreign buyers of Bodrum properties only pay capital gains tax on a 15 per cent sliding scale if they sell their Bodrum property within five years, otherwise they are exempt.
Some information contained herein may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and/or financial advise from a qualified professional.
