Burak Çağdaş, Vice Chairman of leading Turkish real estate group Çağdaş has issued his predictions for 2013 – and it looks like good news!
Article written by The Overseas Guides Company
In his statement he expressed a belief that 2013 will see foreign property owners in Turkey who have been negatively impacted by the economic crisis selling off their assets. As a direct result of this, he predicts that we will see a warming up of the Turkish real estate market.
He commented on who he thinks is likely to cash in on all of the property set to be back on the market: “I expect a boost in real estate sales to foreigners thanks to the recent reciprocity code adjustment. But Europeans who already own properties in Turkey will try to sell-off their properties due to the European crisis”.
Çağdaş also touched upon the issue of recent legislation changes and how they may adversely affect the real estate industry due to the increase in prices and the complexity of some of the introduced changes.
The new value added tax (VAT) law is set to impact upon small luxury houses located in metropolitan areas which will be facing an increase in the amount of tax that they have to pay. However, the concept of what is classed as “luxury” is still yet to be defined.
For details of more property for sale in Turkey, visit the Turkey listings on Rightmove Overseas. One way to save money when buying or living in Turkey is to use a currency specialist when transferring your pounds into lira or euros. For more information on this, contact Smart Currency Exchange or visit the Currency Zone.
To understand the full step-by-step process to buying a property in Turkey, collect The Overseas Guides Company’s ‘Turkey Property Buying Guide’
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