Property in Fethiye Hotspots Area
Fethiye town is an excellent place to have wonderful time. Many restaurants and Cafés along the new seafront promenade leading in the centre where you can have an interesting and nice dinner in the fish market or in the restaurants located in Paspatur for and authentic atmosphere. Indoor and outdoor Bars and Discos, good night life, shopping quarter, The Antic Theatre, Yacht Marinas and much more are available within the relaxing and easy life climate of Fethiye.
Calis, the nearest beach resort to Fethiye, became a town centre its own now as it has got all. Calis Beach is famous with picturesque sunset, sea breeze and the 3 km long beach promenade. Restaurants, bars, shops, cafes, Water Park, Sunday market and all amenities for both relaxation and fun are available along the promenade and in lively centre of Calis. The main town Fethiye is 4-5 km away. You can visit there easily by any local transport, ideally by water shuttle for a difference.
Oludeniz (Hisaronu & Ovacik)
With its real turquoise colour sea, Olu deniz has the most beautiful beach in Turkey and the 4th most beautiful beach in the world. It is in the same time one of the most popular paragliding centres in the world, where air games are organized every year. As Oludeniz beach area not surprisingly highly protected, it is not allowed to build houses closer than 3 kilometres to the beach. This means that, if you are considering a property for sale Olu deniz, you will actually consider a property for sale Hisaronu & Ovacik, which is the residential area of Oludeniz. That is how Ovacik with its lively centre Hisaronu have recently been very popular.
Ovacik, the residential area of many holiday villas and apartments, is geographically a very spacious area with amazing and relaxing mountain and sea views. The area has very fresh and healthy air as the humidity is low.
Hisaronu, the centre of Ovacik area, is one of the liveliest resorts in Turkey where you would get full of fun. The nicest restaurants and Cafés, the best outdoor and indoor bars and dancing bars are along the long main street. Amusement park, Water Park, Carting, shopping centres, street market, night life and all entertainments are available for an amazing holiday.
With over 300 sunny days a year, the area has an excellent climate. The winter is two months only; December and January, where the temperature is 15 degrees Celsius minimum. You have summer season for almost 8 months where the temperature varies between 25 and 40 degrees.
It rains hard for a short while in the winter and then the clouds leave and the sun says Hi again. The sky is never completely covered by clouds more than a few hours.
The long summer season is full of sun with blue sky. The hottest month is August where the temperature leads to 40 degrees for some days. The local people miss the rain during the long summer time.
PROPERTY IN TURKEY AND LIVING, FETHIYE
The Living cost in Turkey is considerably less than it is in Europe. The living cost in Fethiye is even much less than the bigger cities in Turkey. An income of around 300-400 GBP per person per month will afford a very nice living in prosperity and happiness in Fethiye. Here are a few examples of costs for the nice and easy life in Fethiye:
– A very nice dinner in a good restaurant costs 10 to 20 GBP per person, including drinks
– A nice lunch of kebabs, pizzas, fast food or Turkish food cost 3 to 8 GBP per person
– Local transports cost 050 to 0.90 GBP per person, water shuttle 2 GBP
– A boat trip all day including BBQ lunch cost 8 GBP per person
– Brand new car hire costs 150-180 GBP per week (British driving license is valid in Turkey)
– Nice walks along the beaches and seaside promenades, watching picturesque sunset, easy way of living with no rush, nice smells of flowers and nature, mountain and se views, friendly people, more than 300 sunny days a year, etc. are free of charge
CAPITAL GAINS TAX
What is the taxation procedure for the incomes through our investment, how does it apply from one country to another
Capital Gains tax is only payable if two or more properties are purchased then sold within a five year period. The amount paid is approximately 25% of the profit. Capital Gain Tax is not payable on the sale of one property. Turkey is a signatory to a Treaty for the Prevention of Double Taxation. In principle this enables off setting tax paid in one of two countries against the tax payable to the other. This prevents double taxation. For more information look at www.worldwidetax.com.
Treaty for Prevention of Double Taxation (which Turkey is signatory of) does not include profit made on property abroad and would still be liable for Capital Gains Tax in the UK if declared on a Self-Assessment Tax form and taken back to the UK in a lump sum. Any profit made from rental income is also subject to taxation in the UK but other expenses can be offset against it. So, all expenditure on the property here can be offet against any tax payable there – this includes furniture, utility bills, monthly maintenance fees etc. Therefore, the total annual expenditure on the house could mean that no tax is payable in the UK at all. Any tax paid here in Turkey a is deducted from any tax payable in the UK which again means that the tax payable would be virtually nil.
Expenses related to buying this property (approximate figures)
1. All possible figures paid once upon purchase:
• 100,000 GBP; Price of Property
• 3,000 GBP; Estate agent commission of 3%
• 4,000 GBP; Purchase tax of 4% (paid upon the receipt of the Title Deed)
• 1,000 GBP; Solicitor fee (in case the buyer wish to involve a solicitor, only)
• 400 GBP; All paperwork (Notary, Power of Attorney, Stamp Duty, Passport Translations)
• 200 GBP; Registration for electric and water meter (paid after the receipt of the Title Deed)
• Valuation of property by government expertise 110 GBP
2. All possible figures about paid every year to run the property
• 720 GBP per year; Maintenance fee 60 GBP x 12 months (garden maintenance, pool maintenance, 24 hours security, communal lightning, communal cleaning and watering, all complex facilities)
• 120 GBP per year; House and content insurance
• 120 GBP per year Property tax i.e. council tax (beginning in the following year after the purchase date)
• Utility bills & expenses depending on the following cases:
A- Below figures are valid if the property is rented intensively all summer:
• 150 GBP per year; Rental management annual fee
• 180 GBP per year; Electricity bills, 20 GBP to 40 GBP per months during 6 months
• 50 GBP per year; Water bills, including garbage tax added to bills
• 40 GBP per year; Gas bottles for cooker
B- Below figures are valid in case the property is not rented; but used as holiday home by owners, relatives, friends, and etc. for around 10-15 weeks a year:
• 120 GBP per year; Electricity bills
• 20 GBP per year; Water bills, including garbage tax added to bills
• 20 GBP per year; Gas bottles for cooker
C- Below figures are valid if the owner lives in the property more or less permanently all year:
• 180 GBP per year; Electricity bills
• 30 GBP per year; Water bills, including garbage tax added to bills
• 30 GBP per year; Gas bottles for cooker
Expenses if you consider selling your property in the future
If you resale within 5 years after the purchase:
10 to 20% of the profit is paid as capital gain tax if your profit is less than
30% of the profit is paid as tax if your profit is more than 30,000GBP
The figures are calculated based on the amount declared on Title Deed.
If you resale after 5 years or more after the purchase:
No any capital gain tax paid