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Turkey
OVERALL LOOK AT TURKEY - BODRUM HISTORY
• More than 5,000 years of history and one of the seven Wonders of the World
• Foundation of the modern Republic of Turkey by Mustafa Kemal Ataturk in 1923
• Joined NATO in 1952 LOCATION
• Eastern Europe, surrounded by The Aegean Sea, The Mediterranean Sea, The Marmara Sea and The Black Sea.
• Neighboring countries are Bulgaria, Cyprus and Greece.
• 4 hr flight time from UK – Istanbul
FACTS
• Capital Ankara, population 70 million, country is 5 times the size of the UK
• Turkey has the highest growth rate of any economy in Europe / Asia – turkey is becoming an important new market for international business already Sony & Ericsson have opened there.
• World Trade Organization considers Turkey to be one of the most dynamic countries
• Hosted first Formula One Grand Prix a couple of years ago in Istanbul
• In 2002 foreign nationals were allowed to buy property in Turkey
• 2006 capital appreciation in Turkey average 11%
• 2006 capital appreciation in Bodrum 30%
• 2006 22 million visitors to Turkey – and is set to double in the next couple of years
• 2 hours ahead of GMT
• Regular visitors:- Harrison Ford, Mick Jagger, Pamela Anderson LIVING IN BODRUM
• Bodrum’s population 70,000 people - Strong English community
• Cheap cost of living: €1.50 for cigarettes, €20 for dinner for 2
• Traditional Kebab, Mexican, Chinese, Thai, French, Italian cuisine
• Visa required for visitors from UK and Ireland which is given on arrival 10£ Sterling
• Not part of EU so need to take out health insurance when traveling
• Multilingual doctors, dentists, 24hr pharmacy
• Modern hospitals with bilingual doctors DESCRIPTION OF BODRUM
• 320 days of sunshine
• Weather: 35 degrees in summer, 17 degrees in winter
• Golden sandy beaches the majority blue flagged, sandy coves and many private beaches
• Most of our new developments are located along the Bodrum Peninsula offering panoramic and spectacular views of the Med and the Aegean Seas
• Amazing restaurants, cafés, and houses Europe’s largest open air disco The Halikarnis
• Shoppers paradise – designer boutiques
• Local intercity buses, minibus (dolmus, very cheap)
• Ancient historic sites - Bodrum has largest preserved roman city
• Tombed town perfectly preserved - site of Ancient Wonders of World.
• Hot springs and Turkish baths
• Yacht clubs and marinas
• Museums, castles
ACTIVITIES
• Daily boat trips to Kos, Kalymnos and also Rhodes
• Bitez is famous for windsurfing, scuba diving, waterskiing and jet skiing
• New 18 + 18 hole golf course currently under construction in Bodrum – 4 new championship PGA golf course in planning stages
• Hiking, horse riding and tennis
• Water parks
• Amphitheatre with open air film, concerts, annual ballet, jazz and film festivals
• Shopping Mecca in the local Bazaars
INVESTMENT • €1,050 per sqm one of the cheapest throughout all 17 countries
• 40,000 British citizens have bought in Bodrum Peninsula using own funds “information taken from census registration” - 214% increase in British investors in last 2 ½ yrs
• Guaranteed rental schemes in place coincide with increase of tourists going to Bodrum in the summer months to around 800,000 visitors
• Accepted in the EU, membership pretty much guaranteed for 2011, once EU criteria is met
• Dredging of Bodrum Marina will allow international cruise ships to dock
• Direct scheduled flights daily from Dec 2006 from The UK & Ireland – coincides with the expansion of Bodrum international airport
• Due to foreign investors high demand for second homes in Turkey, land prices are on a steep increase – as a result property prices are also on a steep increase
• Can sell before completion - but not advised by us. Better to keep property for more than 5/6 years to get the best returns on capital appreciation
• Very low density – you can only build on 20% of the land and 2 story’s high
• Building guarantees for 5 years
• Construction period will be 18 – 24 months
• Utility bills approx. €60/month - Community charges approx. €100 per month INHERITANCE TAX
• No inheritance tax CAPITAL GAINS TAX
• Sell before completion Capital gains tax 0%
• Capital gains tax 20% if you sell within in 4 years of purchase date
• Capital gains tax 0% if you sell after 4 years after completion date
• However, as a company, we would suggest that the clients do their due diligence and check their tax liabilities in their country of origin. (We are not tax specialists) INCOME TAX
• 0% for the first 3 years 20% there after RENTALS
• Guaranteed rental 7% NET for 3 years – only with Nokta developers on some developments
• The developers have agreements with tour operators to rent the properties. First Choice and Thomas Cook are very big in the area. This includes furniture pack, fully fitted kitchen, air-conditioning, utility bills, community charges
• Client can use property for 6 weeks per year (2 weeks high season)
• We have a rental & after sales division
• High season is 5 months May to September - Rental yield 7% - 10% MORTGAGES
• HSBC have suggested that mortgages will be available at the end of Q1 2007 for non residents; however legislation will not come into effect until Jan 1st 2008.
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