According to the Land Registry “32,000 British buy to let insurance policyholders own property in Turkey.”

British people have never stopped buying in Turkey and latest figures show how the property market is growing in Turkey.

According to Steven Worboys, MD of Experience International, the Turkish property experts: “We have certainly seen the Turkish property market go from strength to strength.Overall, the number of foreign property buyers has increased by nearly 30%, from 73,000 in 2008, to 104,000 today.”

Indeed European buyers especially British, have been attracted to Turkey property due to the affordable prices as well as the low cost of living. Moreover Turkey has been developed with new roads and enlarged airports in order to make the property market in Turkey more popular. However the most important points to keep in mind is that Turkey also offers some tax incentives such as Capital Gains Tax. “If you sell your property after four years, there is no capital gains tax. Property that is sold before the period is over will be charged at the standard rate of income tax (between 15% and 35%), calculated on the difference between the buying and selling price”, according to property developers in Turkey.

“Over 63 million sqm of property, classed as ‘immovable assets’ by the Turkish Land Registry, is owned by foreigners with Britons possessing the largest amount at 6 million sqm, followed by the Germans at 3.5 million sqm and Greeks at 3 million sqm”.

The favorite area of British buy-to-let policyholders is the province of Muğla, located in the south western corner on the Aegean coast, with almost 5.5 million square meters owned by foreign nationals, counting about 14,000 British owners.

The Turkish government is focusing on developing the country’s tourist industry to reach 15% of its Gross Domestic Product by the year 2020.

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