Turkey property owners in earthquake insurance plea

With the property market in Turkey proving popular with overseas buyers and investors, experts are advising would be buyers to check out insurance and building guarantees as it is a part of the world that can be affected by earthquakes.

Many people don't think that an earthquake could strike but Turkey is on what is known as the San Andreas fault of the East which means that Istanbul lies on one of the most restless fault lines in the world.

According to seismologists, the risk of a 7.6 magnitude earthquake striking Istanbul by 2030 is greater than 60%.
 
Earthquake insurance is compulsory in Turkey and property owners should make sure they are up to date. Under the country's DASK insurance scheme any new developments that fail to pass a minimum standard will not be granted certificates.

But Loxley McKenzie, managing director of property investment company Colordarcy, says that extra checks should be made on properties built before 2007.

‘It is important to get the right cover for Istanbul property investments before the worst happens such as your property turning into a pile of rubble and the owners losing all the money that was invested,' he said.

‘Checks should be made to make sure a building complies with earthquake safety rules. The seller should also be in a position to provide a Use of Building Permit or a Habitation Certificate.

To be passed for DASK insurance, all new buildings built since 2007 have been built according to TSE standards, similar to the UK British Standard or other similar codes of practice. They must also have a full minimum five year structural guarantee similar to the UK NHBC scheme,' he explained.

To arrange DASK earthquake insurance on a property, investors will need to provide a copy of the Tapu (Title Deeds) plus passport numbers of all people named on the Tapu, the size of the property or land in square metres and the address.

SourceL PropertyWire