Turkey’s foreign property market is booming: recently named one of the most attractive places to buy in Europe, the first six months of 2013 saw the number of overseas buyers more than double from the same period in 2012. German investors in particular have been making the most of this recent growth. According to a recent survey carried out by the Turkish Environment of Urban Planning Ministry, German investors were responsible for 1350 properties bought in Turkey in the space of one year, ranking them third after Russian and English buyers in creating the country’s thriving expatriate community.
Of course, there are some particular places in Turkey that are experiencing a faster rate of growth than others. Çeşme, located on Turkey’s scenic west coast, has experienced a notable explosion of popularity with foreign investors in recent years. Following the completion of a 375-berth marina in 2010, the international community has confirmed the town’s status as a luxury second-home destination, with many expats choosing to purchase second homes in the peninsula.
According to Heri Nadery, the managing director at the Engel & Völkers’ Çeşme office, the price of upmarket property in the resort has risen by between 5 to 10 per cent over the past year. He explains that ‘many potential buyers say that the Çeşme peninsula feels more exclusive than Bodrum,’ thanks in part to strict zoning regulations which include restricting buildings from rising above two storeys.
Çeşme’s sense of exclusivity is key to maintaining its reputation as a glamorous retreat. Described as the Turkish Saint-Tropez, the relaxed pace of living and pristine beaches are a major draw for any investor. Ilıca Beach, with its clear waters and white sands, is particularly beautiful, and offers everything from sailing and windsurfing to scuba diving and surfing to keep active residents happy.
The Çeşme marina is also where you’ll find the best shops, with a retail complex housing designers like Calvin Klein Jeans as well as yachting design shops like Vakko Cruise. Çeşme’s nightlife is equally celebrated, thanks to popular hotspots like the Marrakech Beach Club and Paparazzi that combine stunning views of the sea with a party atmosphere that keeps going until the early hours of the morning. Çeşme’s attitudes towards alcohol and dress are generally more relaxed than other parts of Turkey, which also helps western European residents feel more at home.
If you’re looking to join the many investors indulging in a piece of Çeşme’s paradise, there are a few things to bear in mind. Overseas investors are required to get military permission to purchase property, which usually takes about three weeks – though the time may be shorter or longer depending on the case. The deeds for all properties are lodged with the local District Land Registry Office, and before the sale can be complete or legal, the paperwork must be lodged with them too. It’s also recommended that you obtain the services of an independent lawyer who you can consult before signing anything.
Make sure you navigate your way effortlessly through this process by engaging Engels & Völkers’ expert services. With our combination of regional experience and international reach, we can help you make an informed decision about your new investment in a beautiful Çeşme property.