Property for sale in Alanya / Antalya
Alanya is approximately 120 km east of Antalya Airport and has around 138,000 inhabitants. Alanya district has 25.6 km of coastline (taking in Konakli, Oba, Kestel and Mahmutlar) and Alanya town stretches along the Mediterranean coast for approximately 8 kilometres and goes inland for approximately 1 kilometre. The most expensive part of Alanya for property is the Old Town, which juts out on a hill into the sea. Here you will find the Old Harbour and Castle.
Investment or retirement home - AlanyaBefore you do go ahead, you need to decide one important point, is your prospective purchase an “investment” or are you simply hoping to use it as a holiday home or maybe a retirement home.
There are of course, massive variations in-between. Your aim might simply be to live in it a few weeks a year, whilst not being adverse to making a few quid on the side from family and relatives who also want to stay there. Or you might want to “sweat” your investment, and make as much as possible out of it.
What your investment might cost
You will see many advertisements for properties in Turkey starting at around £20,000, forget these prices, they do not exist for insurable properties any more.
Realistically, properties on “The Turkish Mediterranean” start at around £40,000 freehold. For this you will get a 2 bedroom large apartment a stones throw away from the beach. Villas start at around £90,000.
If your priority lies in making capital return on the property, this is the ideal place to buy. Currently the property market is showing a massive 30% per annum increase, coupled with a 12 month rentable season. The HSBC bank is also offering foreign purchasers a massive 10% interest rate, tax paid. There is no capital gains tax after 4 years.
Borrowing to finance your property
Recent changes in Turkish financial legislation mean that certain banks will now advance moneys up to a 20 year period to finance Turkish properties, either “off plan” or “key ready” the system is slightly different, however very efficient with a decision being given within 2 weeks with capital being available from that date. Loans of up to 60% are available at an average interest rate of around 9%.
Another option is topping up your UK mortgage. This may be a sensible choice if you already have plenty of equity in your current property, you can consolidate both the overseas and UK loans and – hopefully – get a good fixed or discounted deal to help fund the new purchase.
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