Customer Information
Customer Information
The facts about buying an OEC Developments Property in Turkey
Why should I consider purchasing property from OEC Developments?
Paul Egan and Jeremiah O'Connor of Egan & O'Connor Construction have been established as builders in County Clare, Ireland since 1975. With over 35 years in construction we carry this experience to OEC Development projects in Bodrum, Turkey. A director of OEC Developments Mr Can Ozer is a lawyer and he is based on the ground where the developments are located. We are always here to deal with your concerns and all aspects of your purchase; you will not get that service elsewhere.
Why do I need to take an Inspection Trip?
We recommend that you take an Inspection Trip with us to familiarize yourself with all aspects of OEC Developments, and with what is involved in purchase. However, there is no obligation to purchase. Contact us info@oecdevelopments.com
Why do I need Power of Attorney?
Under Turkish law the purchaser of a Turkish property, or their legally appointed representative, must be present for the signing of legal documents. These procedures are time consuming. By appointing a Turkish solicitor as Power of Attorney, the practicalities of the purchase are made significantly easier for you. We introduce you to the local solicitor, whom you can choose as your Power of Attorney, but you are free to choose whom you like.
Can I set up Power of Attorney from outside Turkey?
Yes, you can. Setting up Power of Attorney from outside Turkey requires the services of an official known as a Notary who is a solicitor with the licence to act as official witness. We can help you with the Power of Attorney process at OEC Developments.If I decide to let my property, how can OEC Developments help? We introduce you to a Letting Agent, should you choose to lease your property.
What other services might I need, which I can take advantage of during the Inspection Trip? We also recommend an English-speaking accountant to you to do your tax returns in Turkey. We accompany you to the Bank and Tax Office. Are there direct flights to Bodrum? There are direct flights to Bodrum from most European Airports.
TURKISH PROPERTY MARKET
"Turkey; the country with something for everyone"
In contrast to the gloomy outlook in the US and much of Europe, the Turkish real estate sector is expanding due to a rapidly growing population and sustained economic growth, with Deutsche Bank predicting five to six per cent real growth per annum over the next 10 to 15 years.
Due to tight regulations in the country's recently reformed financial system, Turkish banks' direct exposure to the sub-prime mortgage debacle is minimal. Despite the introduction of mortgages in 2007, the majority of Turkish buyers still rely on savings for property purchases.
Analysts at the US investment bank Merril Lynch recently taken over by Bank of America, have concluded that the Turkish Property Market offers a real 'safe haven' during the global financial turmoil. The company is planning a second country-specific property fund to join the Turkish real estate fund which they launched 18 months ago.
Low property prices and the possibility of EEC membership contribute to making Turkey an attractive proposition for those looking for a home overseas with investment potential. Mortgages have recently become available to overseas investors, increasing Turkey's popularity.
The country's flag-carrier Turkish Airlines is also bucking the global trend having enjoyed 20 percent annual growth over the past five years despite the worsening outlook of the sector. Meanwhile, low-cost operator Easy Jet was one of several airlines to announce new routes from the UK in 2010, improving air access to Turkey and helping promote tourism and the property market in the coastal tourist resorts, where the majority of the 23,000 British property buyers are concentrated.
The country's tourist industry is currently one of the fastest growing in the world with a reported 25.1 million visitors in 2009.
Figures from the Turkish Tourist Office and the Association of British Travel Agents show that Turkey was the most popular destination for British holidaymakers this summer, overtaking traditional favorite Spain!
CLIENT GUIDE TO POWER OF ATTORNEY (POA) PROCESS FOR PURCHASE OF TURKISH PROPERTY
Client Guide to Power of Attorney (POA) Process for purchase of Turkish Property
1. Introduction to the POA process
Under Turkish law the purchaser of a Turkish property, or their legally appointed representative, must be present for the signing of legal documentation and subsequent documents regarding council and utility connections etc. These procedures are time consuming but necessary in order to facilitate the purchase of a property.
By appointing a specified individual as power of attorney for the document signatures the practicalities of the purchase process are made significantly easier for all parties. It removes the requirement for a client to travel a considerable distance, sacrificing time and cost, in order to sign a single document to hand over a utility connection for example.
Naturally, OEC Developments recommends that our clients engage an independent lawyer for your property conveyance.
2. Setting up POA from outside Turkey
Naturally a POA process is quickest and easiest to complete if the client does so in Turkey. If not, the POA process can be completed remotely (i.e. outside Turkey) using the following 3 steps.
1. Complete & sign POA document & copy of passport(s) in presence of official Notary i.e. a solicitor with the licence to act as official witness.
2. Forward Notary stamped POA docs to Dept of Foreign Affairs for their stamp called an "apostille'' stamp.
3. Forward the POA docs to your appointed representative in Turkey by courier.
ARTICLES OF INTEREST
The Radisson Hotel Group is constructing a Hotel on a 12 acre site in Yalikavak. There is a new driving range with four golf holes... just opened in Yalikavak. There is also a new eighteen hole golf course opened near Bodrum Airport (Vita Park Golf resort) www.vitaparkgolfresort.com.
Overseas Property Enquiries are Flooding into Turkey according to a recent article in OOP news Letter Local agents are reporting a lot of interest from the UK, there are two main sources of interest Turkish Investors and UK home market. Turkish Investors mainly come from major cities like Istanbul, Izmir and Ankara and are often looking for a retirement villa. The UK buyers like the low cost of Turkish Property as well as the hot and sunny Mediterranean summers.
Spot Blue has also received record numbers of enquiries this year from international buyers looking to purchase both investment and holiday homes. Figures from Turkey's Statistics Institute suggest the country has experienced a booming 10.3% GDP growth rate in the second quarter of 2010 making it the world's third fastest growing economy for April to June after Singapore and Taiwan, in the first half of this year Turkey's GDP is up 11%.
Where in Europe holds the greatest Investment potential for the Future?
Turkey 14%, Germany 13%, Croatia 10%, UK 8%, Poland 6% and Macedonia 5%.