International Real Estate
How & Why to invest in Dubai Real Estate Market?
November 19, 2011 | 
Author Dubai real estate market has grown to be the wealthiest estate markets in the ongoing decade and it is still the center point f the investors’ attention. Many investors entered the arena of profit-making in the recent rising property value. A great number of buyers and sellers emerged to claim the property in Dubai real estate market which boomed it to the skies and that current is still going on, though there is a bit fluctuation did take place recently. The experienced real estate agents in Dubai and the investors made the most out of Dubai real estate market through sale, purchase and lease. There is never any uncontrollable price hike take place in Dubai real estate as the law is implemented with its full impact and no one can go against the law or cheat.
The strict property law implementation makes Dubai real estate market the safest place to invest in as there is no other crime rate as well in Dubai.
The clarity and transparency in property laws are clearly visible in the admittance of real estate agent as it is not so simple task to enter the Dubai real estate market as real estate agents. The candidate for becoming a real estate agent in Dubai has to go through a rigorous test and studies. Then they become real estate agents and get their license to actively participate in Dubai real estate market. Experienced real estate agents in Dubai really have their worth if you happen to be the lucky one to find them as they know about Dubai real estate market like the back of their hand. It is for sure that Dubai real estate market will always have charming welcome for experienced real estate agents.
As it is an obvious act that Dubai is one of the most attractive tourist destination and it serves tens and thousands of travelers every year.
Therefore, the economy of Dubai is mainly dependant on tourism and the beautiful tourist spots including the best accommodation points such as furnished apartments, luxurious flats, hotel apartments, mansion in man-made islands, etc. For shopping, the best supermarkets and shopping malls for a fun and cost-effective shopping experience. All these tourist attractions are inevitable for Dubai real estate market so as to give a boom to the economy.
Dubai Real Estate will always be a golden hen for the investors as it has literally laid eggs of gold for the ones who invested in Dubai real estate market earlier. Whenever you happen to have a bargain in Dubai real estate market, you are supposed to pursue some experienced real estate agents in Dubai since they can be truly fruitful for you. If you are planning to invest in Dubai real estate market, you had better take a deep observation and analysis of the ongoing events and happenings around. One more important aspect to consider is the amendment in law. Be watchful if the government intends to make any alteration in the current law as it may affect your decision of investment later on in Dubai real estate market. So the best option to make a safe bargain from any aspect is to hire some experienced real estate agents in Dubai and the good news is that they are working online nowadays as the world is moving to internet day by day.
Author Bio
Search Dubai Property & real estate with Hamptons International. Rent, Buy or Sale UAE property (Dubai & Abu Dhabi) with us. Choose our finest rental property listings to meet your Dubai rent needs.
Real Estate Business In Dubai
Dubai is an excellent place to stay in the UAE, ensuring peace and harmony for all the people that live here, belonging to any culture or religion. In terms of accelerating number of immigrants, it is among the fastest growing cities of the world. Apart from a welcoming and peaceful environment it offers the luxury of a modern life style with the best accommodation. Real estate investors and estate agents consider it a great opportunity for them to invest in the property sector. During the period of economic recession for past two to three years, Dubai got affected badly by the continuous increase in the population. This caused the rental prices to fall as there were more properties on supple then the demand in the market, due to which Dubai rental and real estate sector suffered a great deal in 2009 and first quarter of 2010. In the third quarter of 2010 there was some recovery in the economy and some useful hike in the job stability. As a result the last quarter of 2010 proved to be improving for the Dubai rental market as the rate of demand for rental properties increased in some area of Dubai.
Office in Dubai is also high in demand by smaller firms and businesses moving to Dubai, these businesses are mostly looking to acquire an office on rent. People obviously look to start a business where there is safe environment, lavish life style, and residents that are willing to spend money. They look for an accommodated office in Dubai to impress not only their clients, but to provide a comfortable and convenient work environment to their employees. Once the business gets established and if you require more space a bigger office can also be acquired. Location of your office in Dubai is also very important, areas like Business bay, Dubai marina, or Jebel Ali where there is more commercial activity can be a good choice.
Many people think that the best property investment can easily be found in Dubai, despite prosperous market, its no-doubt a very difficult assignment to choose the best property investment in Dubai. Considerable scrutiny and investigation is required one need to look at all the categories of properties shall it be residential, or a business property, to select the best property investment in Dubai. Property investment also depends upon your finances and the price offered in the market. In the end, you are the only one who can finalize the best property investment in Dubai.
Emigrating to Australia, Moving From Ireland Using an International Mover
emigrating to Australia from Ireland
Australia is an attractive relocation destination. This has resulted in about 20% of the total Australian population comprising of people with Irish origins. Australia and Ireland share cultural links, as they were both British colonies. Emigrating to Australia from Ireland is a good decision considering the ever-rising standards of education and growing job opportunities there. Learn some useful facts and tips to make the process of relocation to Australia easy.
Australia’s Skilled Visa Programs
One attractive aspect of emigrating to Australia is the skilled visa programs that the country operates. Australia is a thriving economy, and it is in constant need of skilled professionals. This makes Australia one of the most popular relocation options for skilled professionals in different fields. Irish citizens are among the top migrants who choose Australia to establish an attractive professional career.
What Other Factors Promote Immigration?
Apart from the hot job market, there are many other factors that promote Australia’s status as a good relocation destination. The country has always welcomed aspiring students through its world-renowned higher education campuses. The University of Melbourne, Australian National University, University of Queensland, and University of Sydney are only few of the many reputed campuses in the country.
Australian culture should appear friendly and familiar to the Irish migrants. This is not only because of the high percentage of Irishmen and women, but also due to English as the medium of communication. The cost of real estate property in Australia is lower than many other countries. The low cost of living is another factor that pushes immigration rates to a higher level.
Making Relocation Process to Work
Firstly, you must learn about various visa options available for Australian immigration and your eligibility for the same. The next step is to find an immigration consultant in Ireland who can help you fill all required forms to apply for the visa. If you are moving to Australia on a permanent basis, you will need to contact one of the international moving companies that can help you in shipping your baggage safely.
You may have special requirements of transporting your car, pets, and plants to the new place in Australia. Make sure that the international moving companies you consider offer facilities to fulfill these requirements. A good way is to compare the quotes offered by different companies and strike the most affordable deal.
Once you reach Australia, make sure that you obtain information about the Ireland embassy and consulate. The Irish Embassy is located in Canberra, while the consulate offices are located in Sydney and Victoria. You may also search for Irish Australians in your area through social networking portals. All these things should help you easily settle down in the land down under.
Dan J Boyle has been helping Individuals and Families move from Ireland to other countries for over 15 years.
Posted in International Real Estate | 
Tags: Australia, Emigrating, From, International, Ireland, Mover, Moving, Using | 
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Who Really Runs The Gulf Economy
The Arabian gulf region consists of countries like the United Arab Emirates, Oman, Saudi Arabia, Qatar, Kuwait, Bahrain and Iraq. The middle eastern region as we know, is an oil rich region. The oil has been the major source of income for most of these countries. And since the demand for oil is so high all around the world, these countries have become very rich and prosperous as a result.
The discovery of oil in the middle east is not a recent phenomena. Oil was discovered a long time back and the oil was discovered on the pretext of searching for water in the hot, desert region of Arabia. What they found however, made them rich beyond their wildest dreams.
The main source of income for these countries were pearl diving and fishing. Though pearls are an expensive commodity, the trade for pearl diving started to die as there was too much competition from other countries and the low margins that came with it. Not only that, pearl diving was a pretty dangerous trade in itself and combined with the new discovery of oil, the trade was pretty much dead by the time serious oil drilling began and oil companies all around the world started scrambling to explore and drill new regions for oil.
Image via Wikipedia
The discovery of oil prompted the opening up of thousands of industries which was, at least initially, oil based. The population in these areas were not that much especially when the oil was discovered, so there was a need to employ more workers. The Arabs hired expatriates in order to fill up jobs which were necessary in order to make full use of the oil. They needed more people on the oil rigs. As the oil industry flourished in the Arabian gulf, the industries started to diversify. It started of as oil-related industries such as oil refining, transporting and the others. As more and more oil was discovered, more and more firms were opened, and there was a need to hire more and more people.
Image via Wikipedia
The people mainly came from India, Pakistan and the Philippines. There was a mixture of roles played by the expatriates. Expatriates were needed to perform all kinds of roles ranging from skilled to unskilled labour. Expatriates suddenly started pouring in. And the demand for more labour was there because these countries were developing extremely fast.
Soon, there were new industries developing. These were not just oil or petroleum based. New construction started, there were several projects, the governments spent their newly acquired money into infrastructure. The governments’ budgets ran into surplus. They had a lot of money to spend.
As these countries began to develop further, there was high employment. Surprisingly, the Arabian gulf still found itself in a position where they were short on a proper workforce. Though it was surprising, it was pretty understandable. An extremely large number of projects were initiated and it had aimed to develop the country and provide it with proper infrastructure and for that it required a really huge workforce.
Image via Wikipedia
Expatriates from other countries were keen on coming to the Gulf region too. First of all, expatriates came from countries where there are few opportunities for employment. Second of all, the Gulf were paying really handsome salaries to workers. Third of all, the gulf was developing and modernizing extremely fast and that provided for a much higher standard of living.
As more money came in, there was demand for many more goods and services. A lot of industries came up which produced food items, plastic goods and many other consumer items. The governments encouraged this too. They did not want to import something as basic as food from other countries. Though they import most of their food grains, fruits and vegetables from other countries, they are processed all in their own countries. And to man these industries, there was a need for more labour which was cheap, so they kept hiring more and more people, especially expatriates.
Image via Wikipedia
Now the situation was as such, that the Arabs who are the employers of the huge number of expatriates that they hired, started constituting a minority in the country. This is because the number of expatriates far exceeded the number of Arabs. In the United Arab Emirates, 80% of the population is Indian. Arabs constitute only about 10% of the population, the rest are other expatriates. The situation is like that in the gulf region as of now.
But that has led to a very interesting insight.
The Gulf economy is no longer run by oil now. Cities like Dubai have given up oil drilling and have started searching for opportunities in other sectors like tourism and real estate.
The gulf economy is still employing a lot of expatriates to fill up jobs. And people are literally pouring from outside to the gulf. This in itself has created such a huge market.
The gulf economy doesn’t need to run on exports in order for its economy to thrive. The large number of expatriates it has added into its population has resulted in this huge internal market where the economy actually runs.
Image via Wikipedia
Expatriates in the gulf are paid pretty well and they are good consumers. As long as they stay in the gulf, they spend in the gulf. They spend a lot of money. Especially when expatriates settle there, they spend even more. Some of them have their families in the gulf and there is a need to put their children in schools and the economy grows stronger that way.
Since the Gulf countries do not charge taxes on salaries, the people have more disposable income which they can spend on consumer goods. And since some of them are pretty well paid, they consume goods on a pretty large scale. When expatriates go back home for holidays, they take a lot of goods with them for their friends and relatives back home. So the holiday season in the gulf is a bonanza for the gulf economy.
In fact, the Dubai Shopping Festival which is conducted every year is testimony to this very fact that it is not oil that rules the gulf economy, it’s the people buy consumer goods. The Dubai shopping festival was made to tap the demand of the people in the gulf. So people from all over the gulf, however far they are, come to Dubai and shop for that whole month. And it is no secret that the Dubai Shopping festival is a financial success.
And the very fact that more and more firms catering to consumer goods are building their factories in the gulf stands testimony to the fact that the demand for goods is high. There are a lot of people there who want more and more things.
The governments in the gulf know that the oil is not going to last for a really long time. That is why most governments are trying to divert their resources into building industries and improving tourism in their countries. And they are trying to woo the very people they brought into their country to work on their oil fields and rigs.
Worlds Most Expensive Yachts
10. Le Grand Bleu: $ 90 million
Le Grand Bleu is one of the largest private yachts in the world at 370 feet (114 metres) in length. It was built at the Bremer Vulkan yard in Bremen, Germany, and was launched in 2000. Design and Construction by Kusch Yachts [1]. It was previously owned by John McCaw Jr., an American businessman who sold her to Russian businessman Roman Abramovich in 2002. Abramovich had it refitted to his own preferences by HDW in Kiel, Germany. This included an internal refit and the addition of a 16 ft swim platform. In June 2006, Abramovich “gave” Le Grand Bleu to friend Eugene Shvidler. Mr. Shvidler maintains ownership of Le Grand Bleu. -wikipedia.org
9. Tatoosh: $ 100 million
Tatoosh is a 301-foot (92 m) private yacht owned by Microsoft co-founder Paul G. Allen, who also owns the 416-foot (127 m) Octopus. She is now the world’s 26th-largest superyacht. Originally built for mobile phone magnate Craig McCaw, Tatoosh was built at Rendsburg in Germany by Nobiskrug and completed in June 2000. Design and Construction by Kusch Yachts. She was purchased by Paul Allen in 2001 at a reported cost of $ 100 million. -wikipedia.org
8. Annaliesse: $ 103 million
7. Alysia:$ 116 million
Alysia is a luxury charter yacht owned by Greek businessman Andreas Liveras. She is number 38 on the List of motor yachts by length. She was constructed in steel during 2006 by the Neorion ship-yard for a cost of about 116 million EUR. This made her Forbes Magazine’s most expensive yacht in the world for 2006. -wikipedia.or
6. Ecstasea: $ 129 million
Ecstasea is a luxury yacht. The yacht is the biggest Feadship built ever and is property of the Russian oligarch Roman Abramovich. Ecstasea is large yacht, which was built in 2004 as the largest Feadship built ever. The yacht was built in the famous shipyard of Royal Van Lent and has length of 85.95 m. (282.00 ft). The beam of the yacht Ecstasea is 11.50 m. (37.75 ft). This large and very spaceful yacht has deadweight of 585 metric tons and has capacity for 12 passengers, who are divided into 6 separate rooms with all extras inside. The yacht is made of all steel and is much closer to a luxury ship, than to a yacht. -wikipedia.org
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5. Pelorus: $ 130 million
Pelorus is the world’s sixteenth largest luxury yacht at 377 feet 3 inches (115 metres) in length. It was built at the Lürssen yard in Bremen, Germany to the design of Tim Heywood and was launched in 2003. It was briefly owned by a Saudi businessman who sold it to Russian billionaire Roman Abramovich the following year. Abramovich had it refitted to his own requirements by Blohm & Voss. This included the addition of a second helicopter pad forward, four new zero-speed stabilizers and modifications to the exhaust, mast and stern. Abramovich also owns Ecstasea, and gave away Le Grand Bleu to friend Eugene Shvidler. -wikipedia.org
4. Octopus: $ 200 million
Octopus is currently the world’s ninth largest superyacht, owned by Paul Allen, the co-founder of Microsoft, to whom she was delivered in 2003. Octopus is the third largest superyacht that is not owned by a head of state, measuring 414 feet (126 m). Octopus sports two helicopters on the top deck (one in front and one on the back), and a 63-foot (19 m) tender docked in the transom (one of seven aboard). The yacht also has a pool on board, located aft on one of her upper decks, and two submarines: one operated by remote control for studying the bottom of the ocean. Side hatches at the water line form a dock for jet skis. -wikipedia.org
3. Rising Sun: $ 200 million
Rising Sun is a motor yacht designed by the late Jon Bannenberg, and built by Germany’s Lürssen, is currently co-owned by Larry Ellison, CEO of Oracle Corporation, and David Geffen. The yacht is the 6th largest in the world with a length of almost 138 meters (453 ft). It reportedly cost over US$ 290 million to build. -wikipedia.org
2. Lady Moura: $ 210 million
Lady Moura is a private superyacht. It was pronounced the 11th largest private yacht in the year 2006 in Monte Carlo, Monaco. It is owned by Nasser Al-Rashid, a Saudi Arabian businessman. Both the hull and the superstructure are made of steel. The propulsion plant consists of two KHD-MWM diesel engines, each with a power of 5050 kW (over 6700 bhp), and controllable pitch propellers producing a speed of over 20 knots. A crafty hydraulically-operated system of shell ports, doors, flaps, roofs, bath platforms, gangways and cranes provide the most possible ease of operation and comfort. Even the boats, anchors, liferafts and navigation lanterns are hidden behind covers and do not disturb the aesthetics of the yacht. Both the name and the escutcheon that can be seen at port, starboard and at Stern are carved in 24 carat gold. -wikipedia.org
1. Dubai: $ 350 Million
Dubai is the current name of a yacht currently owned by Sheikh Mohammed bin Rashid Al Maktoum, the ruler of the Emirate of Dubai and the Prime Minister of the United Arab Emirates. This vessel is 524 feet, 10 inches (162 m) long, is the second largest yacht in the world after Eclipse. Formerly known under the project names “Panhandle” and “Platinum”, the yacht was built by Blohm + Voss and Lürssen. It was bought by Platinum Yachts FZCO of Dubai, UAE, and shipped to Dubai in a floating dock. The partly finished steel hull and superstructure were completed by Platinum Yachts, who also managed the interior design to match the requirements of the new owner, completed the interior and exterior outfitting of the yacht and delivered the vessel in 2006 complete with full Lloyds Register certification. -wikipedia.org
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Worldwide Proven Sector For Investment And Business
Real estate plays an important role while developing the economy. Up downs in the economy directly affects the real estate market of particular country. From previous few years, the real estate sector had been facing number of challenges at international level. Majorly, USA one of the effected areas from recession period that goes on in the world from last three years. Real estate of USA has been on the downward moral after leading companies have shown their recession period. Therefore, there is direct relation between economy development and real estate sector. For developing countries, it plays an important role while developing the infrastructure.
From last year, major part of the society have loose their jobs, unable to get mortgage on time, unable to pay their credit cards, unable to meet their expenses. All these factors negatively affect the real estate sector, where demand cannot meet the consumption and it started a meltdown in the industry. In this situation we will find an addition to the number of sellers in the market whereas on other hand it decreases the number of buyers in the market. Besides these, there are many other factors which are responsible for this situation like lack of confidence among people, consumers want to hold on to their finances, increasing unemployment rate and rise in saving rate habits. All these points make the economy out of its progressive session.
In this situation numbers of financial institutes and banks have come up with their home loan schemes and programs in order grabbed the market. For developing economy, these financial institutes really worth out for middle and low income group, where people prefer to go with verities of home loan process and loans against property in order to renovation. Here with home loans one can be able to apply for buying new home, for renovation, for reconstruction, for plots / lands and for renovation. Terms and conditions vary as move from residential to commercial property loans. Before applying to home loans it is recommended to go through various types of home loans, its respective terms and conditions and EMI calculation. Major section of society is in sought of making money in real estate nowadays by investing in different properties and then reselling them in order to make profit. However, before selling property there are few points that must be kept in mind like searching right customer, analyzing current market rates, go in contact with property dealers and real estate dealers for genuine buyers.
For developing countries where real estate proves to be an emerging sector for investment and business like India, China, Singapore, Hong Kong and many more developing economies welcomes outsiders to inverts in their real estate sectors. In India, it is very easy for outsiders / NRIs to invest with India properties may be in Delhi, Gurgaon, Noida, Chennai, Pune, Hyderabad, Bangalore all these are the developed and urban sections of the nation. Here, 123realestates bring you with complete information about home loans, home loans calculators, process and lots more about commercial and residential property of the nation.
Get connected with real estate in india that bring with list of property dealers in india and lots more regarding home finance companies for loan providers across the nation.
Posted in International Real Estate | Tags: business, Investment, Proven, Sector, Worldwide | Comments Closed
Lakshish of lakshish group at www.lakshish.com
Lakshish : Our Current Landmarks
Envisioned to cater to different aspects of such needs, our current landmarks include Bollywood City a township project on the Mumbai – Pune Expressway and Amara Retreat a farmland project on the Mumbai – Goa National Highway.
Our Strengths
Lakshish believes in designing all projects as per Vaastu in order to ensure that the development offers positive vibes to all the inhabitants. Further our developments are cradled by elements of nature: land, water and air.
We know that having the best people is what makes Lakshish different from others. The energy, enthusiasm and skills of our people are directed towards building and maximising the value of our clients’ real estate assets.
Incorporated in 1999, Pavan Datta (Founder, Chairman and Managing Director) has been a driving force behind the formation and the success of Lakshish . The Group looks at delivering hassle-free and committed quality services to its clients across the globe.
Making an effort to understand the needs of people belonging to different walks of life has been Lakshish’s trait. The properties being developed by the Group includes premium hotels, resorts, town houses, villas, apartments and high-rises. We believe in constant search for improvements that will enable a high standard of client service to be maintained in a competitive market.
Lakshish participated as the Platinum Sponsors in “Magicbricks Property Show”, Dubai, August 2008.
The India Property Fair 2008, organized by MagicBricks.com at Crowne Plaza in Dubai on August 29-30, garnered huge success. Lakshish, the platinum sponsors for the show, received a tremendous response. Magicbricks.com is India’s largest real estate portal dedicated to meet a consumer’s every residential and commercial property need in the real estate industry. Over 100 projects were featured by more than 30 of the major developers, builders, and real estate agents participating in the event. The exhibition stocking everything under one roof, benefited each one of the participants from builders, flat promoters, and layout promoters to housing finance, real estate agents, resorts & clubs, interiors & infrastructure. Other Reputed names that participated at the event included market leaders like Tivoli from Delhi, Alliance from Bangalore, Akshaya from Chennai, Desai Homes from Kochi, Aliens from Hyderabad.
Dubai Real Estate Properties
Article by Daniel McCain
Dubai is the heart of Middle East and is now known for its real estate and property because of its rapid growth and some of the most stunning construction the world has ever seen. These awesome constructions have made Dubai an ideal place for tourists from all over the world to visit and enjoy the extraordinary constructions, facilities, and hospitality. This Dubai property development has also attracted investors from around the globe to invest the Dubai property as the increase in the number of immigrants and tourists visiting Dubai every month has also increased the demand of real estate properties greatly. Also with the increasing business community and start of more and more new businesses has increased the demand of commercial properties as well but the rapid progress in the Dubai property development has been able to meet the demand in the market so far. This exclusive rate of development in the Dubai and property made Dubai stand along some of the fastest growing markets of the world and has created a competition among the property market of the world for who fetches the most investments The market offers high quality construction of modern design at a very competitive rate compared to other property markets in the world.
This became the main reason for property investors to invest in the property market Dubai and also for the increase in the Dubai real estate investments in a very quick time. And since Dubai property is continuously setting new bench marks by constructing such projects that were never constructed before Like The Palm, The World, Dubai Marina, Down Town Dubai, Burj Al-Arab, Business Bay, and Jumeirah Lake Towers, and many more, has caught the attraction of not just the buyers but also property investors from all over the world According to a survey by Collier International Dubai real estate investments is once again starting to move the positive direction as there has been an increase eighteen percent in the first quarter of 2011 compared to the last quarter of 2010. This positive rate of growth in the property investments is due to the fact that properties are still in demand in the market and property market has been able to regain the trust of the investors with its steady growth.
Another reason for the real estate and property market Dubai to get back on the track is that the property buyers have once again started buying property in Dubai, increasing the demand of residential and commercial real estate properties which was inviting for investor to invest in some new projects to fulfill the need of properties in the market and cycle of investing buying and selling began once again. Also the increasing prices of properties has made many of the local residents think about buying property in Dubai to change their status from tenant to a real estate property owner which will not only help them save monthly rental but also the luxury of having their own property.
Turkish Property Investment FAQs
As Turkey continues to progress as one of the most sought after emerging markets for property investing, several questions repeatedly arise from potential buyers considering the location. Below is a compilation of ten of the most frequently asked questions about Turkey as a property investment location.
1. What makes Turkey an interesting investment market?
Currently Turkish real estate is one of the strongest emerging international market growth sectors, showing excellent potential for continued demand and expansion. Capital growth for mid to long term investments, along with good rental yield potential are attracting investors to the country’s property sector.
Coupled with the country’s domestic market, demand for property currently exceeds supply, resulting in fast increasing real estate prices. Growth within the tourism sector and interest to re-locate are also areas creating further demand and a strong growth market.
The country features a youthful demographic with a highly skilled workforce with intentions to enter the real estate market, placing demands on supply and improvements to the mortgage financing sector. This market represents strength in the future re-sale and letting markets.
Turkey’s steadily expanding economy and government integration for bringing the country in line with EU accession requirements allow for strong future growth prospects.
Along with the excellent investment opportunities presented in the Turkish real estate sector, the possibility of gaining admission to the EU in the coming years is further fuelling demand. The pre-EU entry prices offer a competitive position within the European market.
2. Are there any restrictions for foreign buyers?
Most nationalities are freely able to purchase real estate in Turkey, although restrictions apply to some nationalities. Those who fall into a restricted category will require a legal ‘Letter of Invitation to Purchase’ prior to entering the country. If unsure, details can be obtained from an embassy or consulate.
Other restrictions relating to all foreign buyers are real estate purchases within restricted areas, such as military zones, along with restrictions relating to property over 30,000m2 without obtaining a special permit.
3. What are the associated purchasing costs?
Purchasing costs will amount to approximately 5% of the property sale price. Registration and Notary fees are between 0.1% and 1%, while Stamp Duty fees are 0.75%. Title Deed fees have temporarily been reduced from 1.5% to 1% to assist the housing market during the current economic climate.
4. What are the legal fees?
Legal fees are around 2% of the purchase price, with prices varying between different legal firms. Half of the legal fees may be required when signing the purchasing contract and the remainder on completion.
5. What are the taxes I can expect?
If opting to sell the property prior to completing 5 years ownership, capital gains taxes will be charged at 20%. Following 5 years ownership the property is free from capital gains. VAT at 1% is required on real estate with a surface area greater than 150m2. Other taxes include residential real estate tax is 0.1% of the property value, and rental income tax where different payment method options are available to suit the owner’s preferences.
Rental income is charged at between 15.6% and 24.8% payable by a ‘deduction method’ exempting expenses such as utilities, insurance and administrative costs, or the ‘lump sum method’ deducting 25% of the gross income.
6. Will I be able to arrange a mortgage?
The growth of the real estate market has opened up mortgage financing on Turkish property to foreign buyers in recent years. Both fixed and variable rates can be arranged, with financing available for both re-sale and off-plan properties.
7. What is the military clearance requirement?
Military clearance is arranged by the buyer’s solicitor prior to completing the property purchase. The documents are required to ensure the property is not located within a restricted zone including military land, or other land protected for cultural, historical or ecological purposes.
8. What is a typical payment schedule?
While payment schedules may vary between different developments or agent’s requirements, a typical payment schedule will require a holding deposit, reservation payment and reminder on completion. Holding deposits are often approximately €3,000 or £3,000, while reservation payments may vary between approximately 10% and 40% of the purchase price.
It is also possible that a development may have staged payment requirements throughout the construction process. Re-sale properties are likely to have different payment procedures to off-plan investments, with the full price payable on transfer of the title, minus the holding deposit.
9. What is the time zone and currency conversion rate?
The time zone of Turkey is GMT +2. The local currency is the Turkish Lira (TRY). As the currency rate changes, the following conversions should only be used as a general guide:
1 EUR = 2 TRY / 1 GBP = 2.4 TRY / 1 USD = 2.5 TRY
10. Do I need a visa to visit Turkey?
Depending upon nationality and intended duration of the visit to Turkey, a visa may be required. Contacting an embassy or consulate prior to arranging travel plans is advisable for details of full requirements. This will ensure complete and up to date information to avoid unpleasant surprises.
Commercial & Residential Real Estate Law – Here & Abroad
Article by Daniel Williamson
Real Estate Law
Real estate is the term used within the legal industry, which encompasses the land premises and any immovable developments that are undertaken on those premises, such as buildings, walls fences etc. There are several legal codes and regulations under real estate law which is in relation to what jurisdiction the land premises falls under.
Residential real estate – Residences can be classified if they are connected to neighboring residences and/or land premises. The legal agreement for the right to occupy land or property is known as housing tenure. Different types of housing tenure can be used for the same substantial type. An example would a connected residence which belongs to a single entity and leased out; or owned separately with a contract covering the relationship between units and common areas and concerns.
Commercial real estate – real estate has become a major area for business real estate – Otherwise known as commercial real estate – with the new private property ownership developments being put into place. The commercial real estate lawyers have evolved significantly over time. Especially with companies who invest in land premises, are looking to develop their land as there are several specific legal characteristics which define each property.
International real estate law
International real estate law is a somewhat a new area of law. It began in the 1980′s when globalization was being realized by the world’s larger companies. International real estate law can be split into two categories:
International residential real estate – Usually international residential transactions occur when individuals purchase a second house apartment unit etc abroad. They are used primarily for second homes for holiday’s vacations etc. These have gone up drastically in recent years due to the increase in the travel and tourism market as well as the growth of international investment programs and the availability of overseas investment.
International commercial real estate – Corporations are the main type of clients which law firms see in these transactions. They usually involve legal design, urban planning, engineering, financing, and construction work. Legal proceedings which are international are usually supported by those foreign governments. Many national governments have aims to attract foreign investment, as well as real estate developments which can increase country revenue and the availability of national infrastructure.
International real estate is seen as one of the most dynamic areas of law. However, it is very much influenced by external factors such as fluctuating market values in sectors between countries. Also it doesn’t help that we are facing a global economic crisis.
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