Turkish property buyers could save thousands in living costs

When it comes to making a profit from an overseas property investment, sellers usually go through the motions of hiring a reputable agent, making sure the right ownership documentation is in place and then pricing for a quick deal while ensuring a healthy margin.

According to one man’s recent experiences, all a seller need do is hand potential buyers a calculator and invite them to do a few sums. UK national Chris Bate is leaving his native Cornwall and is off to buy a house in Turkey after getting fed up with living costs in his home country.

Homes 10 times cheaper than some Western EU markets

Local paper the Western Morning News says the 58-year-old has spent just £30,000 ($42,297) on a two-bedroomed property overlooking the sea in Turkey. According to his sums, similar homes near where he lives would cost 10 times this thanks to high house prices in the UK.

Beyond this, his Turkish property venture also makes financial sense thanks to an estimated saving of £180 ($253) per week - and homes in Turkey also became particularly attractive after he had worked out some of the pension implications.

Living in a Turkish house may mean only £1,000 national insurance

The paper says his retirement income at 65 will reach £13,000 ($18,326), but in Britain tax rules mean he would lose thousands a year to the UK government, but will only be paying around £1000 ($1,410) in Turkish national insurance once he has moved to his sun-drenched property.

This shows that in the current climate, marketing a house is not just about pretty pictures and a canny agent. The game is now also about appealing to people’s pockets. To some westerners, homes in places like Turkey clearly don’t just mean happy holidays, they may also mean a better standard of living and a house in the sun.