| Turkey and Turkey Property
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| | areas of Turkey. While the terrain can be
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| Turkey straddles South East Europe and
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| | difficult to navigate, there are some
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| South West Asia and is bordered by the
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| | breath-taking sites to behold as people
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| Black Sea and the Mediterranean Sea,
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| | begin to investigate the less fashionable
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| Greece, Bulgaria, Georgia, Armenia and
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| | areas. As many of these areas have not
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| countries in the Middle East (Iraq, Iran,
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| | yet been affected by the rise in property
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| Syria, Azerbaijan). Turkey and Turkey
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| | values, there are some real bargains to
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| property is steeped in a wealth of
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| | be found.
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| history and culture which should be
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| | Buying Property in Turkey
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| understood when making investments into
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| | Turkey is one of the many countries which
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| Turkey property.
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| | have applied for membership to the
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| Modern-day Turkey was formed in 1923 by
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| | European Union (with this expected to be
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| Mustafa Kemal who became known as "Father
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| | rubber stamped in 2007) and seems poised
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| of the Turks". This followed periods of
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| | to benefit more than any recent entrants.
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| control by the Ottoman Empire, and Kemal
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| | The World Trade Organisation believes
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| established a constitution and
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| | that Turkey has one of the most
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| Constantinople became known as Istanbul.
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| | prosperous economies in the world and is
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| Turkey has suffered from many periods of
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| | set for further growth in the foreseeable
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| civil unrest with a poor human rights
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| | future. The potential for economic
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| record, but the troubles have lessoned in
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| | growth is based on a mixture of the
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| recent years. Rapid modernisation an
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| | climate, great history, golden beaches,
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| expansion is taking place.
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| | and some very quiet rural villages which
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| Turkey has a diversity of culture,
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| | are attracting the attention of
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| beliefs and ideas and has nine locations
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| | foreigners looking for exciting and
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| listed as World Heritage sites, including
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| | different holiday venues. These are all
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| Istanbul and Troy. Anatolia is one of the
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| | fantastic signals for those investors who
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| oldest areas in the world (the link
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| | are thinking about buying property in
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| between Europe and Asia) and there are
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| | Turkey.
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| believed to have been Neolithic
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| | As well as attracting new holiday makers,
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| settlements. Turkey still shows
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| | the country is attracting a lot of
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| influences from many civilisations or
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| | overseas investment with a number of blue
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| empires - Hittites, Greeks, Persians,
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| | chip companies opening up manufacturing
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| Romans, Byzantine, Oghuz Turks and the
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| | and service operations in the country.
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| Ottoman Empire.
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| | This in turn is adding to the vibrant
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| Turkey has 81 provinces and although the
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| | economy which is also encouraging further
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| capital is Ankara, Istanbul is the
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| | infrastructure investment. While
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| financial hub of the country. Turkey is a
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| | initially the government may have been a
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| democratic republic.
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| | little slow to encourage overseas
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| Turkey has a lot to offer any visitor -
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| | investment, they now seem to making up
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| the warm Mediterranean climate means that
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| | for lost time, and the forthcoming
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| the Aegean coasts with bays, sandy
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| | membership of the European Union can only
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| beaches and coves, as well as ancient
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| | open up new avenues.
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| theatres and temples. Resorts such as
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| | Recent increases in the value of
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| Bodrum are popular. Istanbul is well
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| | properties have been in the region of 50%
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| worth a visit for its museums, churches,
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| | and while this cannot continue
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| palaces, mosques, bazaar places and
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| | indefinitely there is still substantial
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| natural beauties.
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| | demand in the pipeline to ensure above
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| Property in Turkey
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| | average returns in the short to medium
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| Historically the Turkish property market
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| | term. The country has a prime site, with
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| grew from the need for cheap affordable
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| | local access to central Asia, the Middle
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| housing for the growing inner city
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| | East, Africa and the mainland European
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| populations, who moved inland to find
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| | markets and a double taxation agreement
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| employment. This resulted in some low
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| | with many of its trading partners also
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| quality property offerings in Turkey,
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| | adds a further attraction for investors.
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| although this was all that was required
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| | In brief, Turkey has embraced the free
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| at that stage. There are many factors
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| | market economy and has a young and
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| affecting large scale change in Turkey
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| | willing work force who are helping to
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| and property in Turkey. Shrewd property
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| | power the country's economy. Vibrant,
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| in investors are seeing this as an
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| | open to new ideas and with recent
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| opportunity to make an investment in
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| | government reforms starting to take
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| property in Turkey at the ground floor.
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| | effect there are many positives to look
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| The country has under gone a series of
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| | forward to.
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| fairly radical economic changes, due in
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| | Future for Property in Turkey
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| the main to the application to join the
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| | As the Turkish economy continues to
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| European Union (EU) and the many
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| | expand and the standard of living
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| conditions attached to this. The Free
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| | improves further, the forthcoming
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| Market culture was embraced and the
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| | membership of the European Union will
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| restriction on overseas ownership of
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| | further lift what is already a buoyant
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| property was lifted. After spotting a
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| | economy. As ongoing government reforms
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| very underdeveloped property market in
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| | continue to be introduced, the period of
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| Turkey, the impending economic growth and
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| | co-operation with business and overseas
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| infrastructure investment associated with
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| | investors continues to develop to
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| the EU membership application, overseas
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| | facilitate an ever increasing inventory
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| investors have taken a great interest.
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| | of property in Turkey being bought and
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| Initially the interest has centred on the
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| | sold.
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| Aegean and Mediterranean coastline, with
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| | After a very difficult economic period,
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| its extensive transport network and
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| | which resulted in near collapse in 2001,
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| demand for holiday housing which have
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| | the country has recovered and inflation
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| resulted in a property boom.
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| | is now under control. In hindsight the
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| All be it from a very low basis, the last
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| | fall to the brink of disaster caused the
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| 12 months have seen the price of Turkish
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| | government into radical reforms which are
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| property leap by over 50%. While there
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| | still coming into effect now. The
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| is no way that this increase in prices
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| | economy is being supported by the ever
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| can be repeated indefinitely, there are
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| | growing population of the country which
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| many market observers who believe that
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| | reflects the general air of confidence in
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| this is only the beginning of a long,
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| | the future. A recovery in the value of
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| sustained re-rating of the sector. Many
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| | the currency and the fact that inflation
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| are predicting a boom period which could
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| | is now under control adds to the positive
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| easily last between 5 and 10 years.
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| | outlook for the country.
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| While the large global holiday companies
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| | Do not be put off by recent property
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| have a significant exposure in the
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| | price rises, as these were from a very
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| coastal cities and towns, many people are
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| | low base and look set to continue for the
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| now looking inland at the more untouched
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| | foreseeable future.
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