Frequently Asked Questions
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Frequently Asked Questions
What economic and political situation will I find in Turkey?In Turkey, the government is a secular parliamentary representative democratic republic. In other words, the President of the Republic is the head of state and is responsible for representing the Republic of Turkey and the unity of the Turkish nation. The President is also responsible for upholding the Turkish Constitution and ensuring the smooth and organised working of the organs of state.
The Prime Minister is the head of government which holds executive power and shares legislative power with the Grand National Assembley of Turkey. The Judiciary is independent from both the Executive and the Legislative and the freedom and independence of the Judicial System is defended within the constitution.
The current government describes itself as a moderate, conservative, pro-western party which advocates the membership of Turkey in the European Union and a liberal market economy. The government has been in office since late 2002.
The Turkish economy is thriving, with an average increase of 8% on average during 2002-2004. Inflation was down to single digits in 2004 for the first time in the last 35 years.
Turkey is responsible for the largest producer in the world of hazelnuts, figs, apricots, cherries, quinces and pomegranates as well as being the second and third largest producer in a number of other agricultural produces.
Due to the strong economic growth and the increasing demand for housing, in early 2007 Turkey adopted its first ever Mortgage Law, thereby giving a totally new breed of buyers the option to purchase homes, further assisting growth. Many of the larger financial advisors are suggesting that shopping centers are amongst the favourite commercial investment in Turkey and some suggest that as many as 200 may be built in Turkey over the coming 5 years.
Can foreign nationals own property in Turkey?
Yes, foreign nationals are able to purchase and own property in Turkey and are given the same rights and responsibilities as a Turkish national as long as the agreement is reciprocal. Therefore, if Turkish nationals are able to buy land in your country of origin, you are allowed to buy in Turkey.
Which is the best way to go to Morocco?
There are several International Airports in Turkey which welcome numerous daily flights departing from several airports within the UK with most major Airline carriers, both low-cost, charter and regular flights.
Do I need a VISA to enter the country?
A sticky type visa which allows the holder to stay in Turkey for up to 90 days can be purchased at the point of entry to turkey by British and Irish passport holders. The costs are £10 for UK and €10 for Irish passport holders
Is it possible for foreign investors to have a mortgage?
In early 2007 the new Mortgage Law was passed in Turkey, opening up the property investment market to a totally new field of buyers. Whereas before, when interest rates were fixed, banks are now allowed to off-load the interest rate risk to customers by using a variable rate. Turkey has an extremely competitive banking market, therefore the rates are likely to fall in the near future, which will in turn fuel house price increases.
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