| 27th
March 2007
INVEST IN TURKEY
FOR GREAT CAPITAL
GROWTH, SAYS LEADING DEVELOPER
27 April 2007: With experts anticipating a fall in Spanish and French
property prices in the coming months, British buyers are turning to new
hotspots in their search for a sound investment.
One such hotspot is Turkey, where the number of Brits owning property
has grown by nearly 600 per cent over the past four years. And according
to developer Kemer Mediterra, the company behind the upmarket new LaVanta
project in Kalkan and the prestigious Kemer Country in Istanbul, capital
growth potential is one of the key reasons British buyers should choose
Turkey.
“Over-development of traditionally-popular destinations like Spain
has led to over-supply which is now dampening the market - people buying
now cannot guarantee huge returns on their investment,” said Mark
Connelly, Kemer Mediterra’s International Development Manager.
“Turkey by contrast is still growing - and with the newly-passed
mortgage law set to open up home ownership to more people than ever before,
savvy investors know that the value of property there is certain to rise
dramatically.”
Connelly identified capital gains tax rules as another major advantage
for Brits buying in Turkey. Those who retain their Turkish property for
a minimum of five years after purchase are exempt from that country’s
capital gains tax - a more favourable situation than in Spain, where CGT
on property sales ranges from 20 to 35 per cent.
In France, British owners must either enter the French tax system or wait
15 years to exempt themselves from CGT on the sale of their property.
“When you put all the factors together Turkey is a very strong investment
proposition for overseas buyers,” Connelly added.
“Property values have doubled over the last four years but prices
are still lower than in Spain, France or Italy. We’ve sold apartments
in the first phase of LaVanta at £69,000 but second phase prices
will be at least 15 per cent higher because that’s the way the market
is heading.”
Contact: Kemer Mediterra on 0800 970 2310 or visit www.kemermediterra.com
for more information and a brochure.
For media information, please
contact
Suzanne Holiday at suzanne@saltmarshpr.co.uk
or
David Ezra at david@saltmarshpr.co.uk
Tel: 020 7928
1600
Fax: 020 7928 1700
The Saltmarsh Partnership
The Copperfields
25d Copperfield Street
London SE1 0EN
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