HI Radio

Every lead you have given me has brought light to a darkened corner of the room and after a few months pf madness I now believe I am cured so thank you for that. I decided not to hold property 2 years ago and instead sold our family home and reinvested the proceeds in equities that I know something about. I made a lot of profit from them and got out recently.

I was seduced by the HPA magazine becasue I thought it was fellow investors passing on their secrets independently of the developers. To me they were my candid friend. I have since painfully recognized I am their bunny punter. I cannot back out of Bansko becasue I have paid and in any case will use it privately for many years so the investment part does not matter. I think the hotel deal is limiited to a £20k punt and can't believe I won't be able to recoup more than this some time in the future whatever happens.

Their remains a daunting state of affairs thatr I knew 2 years ago and now but somehow like the market discounted the risk. The USA is broke and americans are already slaves to the debt they racked up in the past few years. This will affect everyone and is indeed beginnig to with the sub prime debacle. This is the trigger and will gather momentuim from here. I will resume my original position of being out of property until the fire sales arrive. I will stick to cash, dump remaining equities (apart from Japan) and wait for however long it takes

Excellent idea. I would advise though to keep a lot on the USA market, somebody might give up earlier than others and you might get some really nice bargains over there.

prices in turkey have already double and nearly tripled. mostly due to the fact that now your average jo can get a mortgage

who has this helped. the middle classes that already owned the property



but turkey is different from most other countries, because it has very lax laws and can react quickly to demand (actually i have no idea if the laws are lax, but grease the right hands and laws mean nothing)

ERRRRRR WRONG
Turkish mortgages come into place from Jan 1 2008.
Then we probably will seea surge in buying and prices rising.
Cells if your going to comment at least get your facts right.

well i was there last year over the summer for about 6 weeks and that was the reason stated to me, i was also told that prices had already risen sharply.


although one thing i know first hand, there where MANY MANY MANY flats lying half finished and many more finished but i assume no buyers or renters because they where clearly empty. anyway that was in mersin and adana



i wouldn’t invest in turkey personally because

1: shoddy work
2: earthquakes (although i suppose insurance would solve that)
3: lax planning permission (it is actually a good thing, but not for hpi)
4: if they ever get into the EU expect at lest 10million to flood out of the country within a couple of years)
5: low wages (£2k average or less per year)
6: relatively unstable currency (if you double your money but the currency tanks 50% you would be lucky to break even) although not such a big problem anymore
7: corruption (at all levels)

But then again there are good reasons too, but imo they are outweighed by the risk

1: large portion live in villages and are starting to move into cities (much more demand for housing)
2: if you’re right about mortgages coming in 2008 that will surely buff prices
3: large population and growing
4: EU membership may increase prices
5: if all else fails it’s a cheap land with good weather

In a mad moment earlier this year, I considered an investment in Turkey. I was told by the agent that I could get a 75% mortgage on it. I agree that locals can not get mortgages yet. Out of interest, are mortages available to foreign investors in Turkey or was I being steered toward an alternative currency mortgage?

Would you like to buy my 5 year old Ford Mondeo for 18k? It's really worth 28k but, although I don't know you, I'm willing to give up 10k of my own money, just for you.

For once CO. you're talking crystal clear sense there.

I congratulate you!

From OPP and reported in Turkish national papers :



With Istanbul recently named as one of the most expensive metropolitan areas in Europe, Turkey’s real estate prices are still rising.

Istanbul is more expensive than Madrid, Stockholm and Rome, according to an annual report prepared by the Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC). Based on input from 400 real estate specialists, Istanbul ranked the highest for city development prospects. One respondent observed that “the market still needs many developers rather than pure investors... real estate sectors are now in a learning curve,” while another said: “ Istanbul will be the star of the next decade.”

However, while Istanbul is catching up with Europe’s real estate prices, it has some way to go. London currently holds the lead with €13,000 per square meter, followed by Paris and Milan with €8,500 and €6,500, respectively.

Many of the UAE’s largest developers, including Emaar, are developing major urbanization projects in the city and large agents like Parador Properties started selling in Turkey last year. A new mortgage law is also expected to open the market to more foreign buyers (who have had to release equity in their homes to buy or use savings), which may push up prices.

Refurbishment of existing homes as part of big urban redevelopment initiatives will also raise the cost of real estate. A major urban transformation project was recently announced in the north of the TEM Highway by the Housing Development Administration of Turkey (TOKİ), the Istanbul Metropolitan Municipality, and the Küçükçekmece Municipality of Istanbul. Between 2,000 to 5,000 model homes are due to be built in the Bezirganbahçe district to transform the 1,800 shanty houses situated in the vicinities of Tepeüstü and Ayazma. Küçükçekmece Mayor Aziz Yeniay was quoted by the Turkish Daily News as saying that real estate prices could increase ‘5-6 fold in the region’.

The first phase of 150,000 planned houses in Kayabaşı will start this year as part of a plan to create a new 'city' of 750,000 people, according to TDN. Yeniay said this region was a backup area for housing in Istanbul due to the risk of earthquakes.







Real Estate in Turkey has become a good investment for the British buyer with more and more people taking the plunge. Whether your villa is for investment or simply as a holiday home you will be very pleased with your return. Turkey is the place to be.

Property Help Turkey

You sound like a Salesman driving the Hard sales tactics.

What is it you wish us all to buy up?

A Fool & His Borrowed Money, i couldnt give a toss who buys where my friend.
I was just backing up my argument with facts.
Maybe a few more should back there arguments as such ratherthan commenting on a country they dont know very well.

Here's a deal for you. 2 months ago I bought a preplan 3 bed in Bansko on the piste for £53k. It can now be bought offplan for £85k but I will sell it to you for £100k. You obviously have a problem buying BMV so maybe you would prefer buying AMV

This is just my experience in Istanbul. I have been living in Istanbul for 10 years. At the end of 1997, I bought an apartment here. It has already more than tripled in value, so of course, I am pretty happy with that.

Right now, I am ready to sell up and leave Turkey, but with mortgages coming in 2008, I have a strong temptation to hold on to it a bit longer. I may rent it out and leave it a bit longer. Eventhough, I really want to buy a place to live in back home.

Someone here said there are already mortgages in Turkey. They are not exactly correct. There are long term credit plans (maximum of 20years) that were introduced not so long ago. I believe with that system, you are locked into keeping the property for the full term of the repayment (not 100% on that one, but I heard that)

In Jan 2008, mortgages as we know them will be introduced, which will extend the repayment time to 30years and make home ownership more widely available.

There was also some worry about the currency expressed here. I was here when the currency crashed overnight. I think it was about half the value overnight. The currency used to be crazy, but it has stabilised. If it hadn't, I don't think banks would have started to lend money in local currency, YTL.

Earthquakes... definitely a problem. I was also here for the last big one. Something that scares me a bit. I do have insurance. That's not going to help me if I am under a pile of rubble, but.... I have compulsory government provided earthquake insurance and then topped it up with private insurance.

In any case, I don't have money to throw at property all over the world. My property here is my home. I think if I lived in the UK and wanted a holiday home and an investment combined, I would choose the country that appealed to me the most, but I would not rule out Turkey as an option.

Ooops... big mistake in my previous post.. I came here in 1997. I bought my property in Nov 2003.

Mik, I hope things work out the way you hope they will, I really do. You seem like a decent/honest guy, probably too honest.

I remember two things that were told to me when I was growing up and I always remember them when I get exited about a 'deal' :-

1) "Nobody gives away gold mines"
2) "Stick to what you know"

Im not saying, dont ever take a risk, (or learn anything new ) Its just if you are taking a risk on a deal make sure you put the deal together yourself. In other words try to minimise your risks buy choosing your team, go to the location, speak to an experienced property investor that has no interest in selling you anything (buy him lunch or something), find a reputable estate agent (take them both out to lunch!!!)...etc. Really find out about the area and its property market opportunities with your own eyes and ears, bypass the lies.

You may find out early on that its completely different to the image on the glossy brochures, I have a business designing glossy brochures and websites so I see this everyday.

Ive been thinking about investing abroad, however In my opinion, you should never invest in property without having been there and seen it for yourself. I personally would never have considered buying abroad without having built up a small, but respectable property portfolio on my own doorstep. I know the british market sux here now, but if you havnt already cut your teeth here, It seems a bit brave starting abroad. (sorry if you have a 400million property portfolio!).

Also, people talk all the time about how much money they have made cause they bought a place for £50K and they are now selling for £70K....you dont make money until its sold and the money is in your hand, and you can work out your real PROFIT.

mikefluk,

To see just what a lucky escape you had with R2I check out the latest postings on the Streetwise forum. Yet another golden opportunity heavily promoted by HPA that has cost investors dear.

Just in case the post has been removed, check out


www.jerseyfsc.org/BCMinfo/

(I've added my comments on P4 of the thread, but doubt they will be there for long 1).

I sure did have a lucky escape; I have been following the streetwise forum with interest.

Very wise words thanks. I have had a property portfolio in the UK I had a 4 bed detatched house in Kent thaqt was my main residence and a 3 bed house in Greenwich I bought for £82k in 1987 a 2 bed flat in Blackheath I bought for £72k in 1988 and a 3 bed semi in a village outside Milton Keynes that I bought for £54k in 1993.

I sold out of all of them (probably too soon) in hindsight although I made a healthy profit on all of them so I am no beginner inm the UK I just thought that overseas represented better value altohugh I was completely greeen and stupidly wasn't applying the same levels of due diligence that I would have done and did do in the UK Can't explain why.

Anyway I have concluded that residential property as an asset class is too expensive all over the world now and am keeping out for a while. I still have 2 property investments; 2 double rooms in a hotel in Scarborough that I bought for £20k each and the poperty in Bansko which has now gone off plan priced at the margins mentioned previously. I still cannot make my mind up as to whether I should sell and pocket the profit or hold as a holiday home. My wife wants to keep it as its fantastically positioned and we will make use of it in summer and winter with 3 kids for many years to come

I am now thinking of buying into some gold and silver and JPM Natural Resources. Any views on commodiites and precious metals

Interesting thread about Turkey... funnily I seem to agree with many of the points against Turkey yet find myself intrigued by the many possible positives.

I'm considering purchasing an off-plan apt in Turkey...for investment hoping I can sell on later. One of the areas I came across due to low prices (that I've never visited yet but will be doing so) is Altinkum think someone referred to it as a dumphole on here...funnily enough even though I've never been there it kind a conjured up images of crowded beaches full of laid out bodies topping up tans i.e a cheap holiday in the sun..My idea is for holiday rentals and to sell? in order to buy buy a villa (which I cannot afford now) but kinda wondering if I bought who I'd sell to? another Brit? or do other Europeans buy in Turkey, if so what regions?

I like Kalkan not been but it looks beautiful, calm and serene -but what about holiday rentals? just over summer or throughout the year -as it appears to quite distance from the airport.

Any comments.

If anyone has bought property in Turkey whom/what company did you buy from.

BTW Don't think Turkey will join the EU and with Turkey on Iraq's border currently doesn't look too good.

PLEASE PLEASE don't come to Kalkan if all you are interested in is rental income. The market is flat & has been for a year - with relatively low rents over a few weeks in the summer for the most part. The area WAS lovely before the new mayor came in & decided he would allow high density development - parts are now blighted by overbuild of villas. I suspect mostly from people who thought they would buy & then rent out...& guess what ....the impact on the village has been horrendous with mass closures of small hotels & pensions. All those self caterers do not bring so much business into the village restaurants any more...& these restaurants were the pride of Kalkan....
And yes we have a place there, bought 6 years ago, & no I am not a NIMBY....I would welcome tasteful development that would have really enhanced the village economy...& NO .we have never rented it out & we do try to support local businesses

Met quite a few people in Turkey who have sold up in the UK and after buying a bigger place in Turkey (e.g. 50k for a 4 bed detached house near the beach and with use of a pool) are left with 100k or so to bank in a Turkish Lira and draw up to 18% interest p.a. to give them a good standard of living in a healthy and better climate. IMO the place to buy is Akbuk near Didim (Altinkum) but I agree with what has been said, there are good buys but buyer beware and don't expect to offload any overseas property easily. At the end of the day isn't an overseas gaff just the modern equivelant of our parents owning a caravan by the seaside?

For anyone pricking their ears up at this last post. ...50k is unlikely to buy you a 4 bed house that is in a good area OR that is suitable for year round habitation....& it can get nippy in Dec/Jan.
Also the interest rate is high in Turkey only if you hold Turkish Lire account. The reason the interest is so high is cos the lire is rather oopsy downsy!!! Therefore its set that high to tempt people to hold that currency....needless to say the Turkish business people that we know all hold euro or sterling accounts...they pay much lower at around 6%

Quite right and I did state a Turkish Lira account, but if you have sold up and live there you are only interested in Turkish Lira not the pound, and you can like like a King on the interest on 240k YTL, you eat better as well on all organic cheap fresh food, just stay away from the tourist trap towns. I would be concerned that the Turkish government is looking at bringing the Lira into single figure interest though, which could catch out a lot of Brits

Don't know how you define a good area, but the house I'm thinking of is in the countryside 5 mins from the beach and built with thermal bricks and aircon, stoves and heaters have reached Turkey you know. Not for me though, I'm considering a 25k 2 bed detached renovation project with sea views (renovation cost 5-8k) put that alongside a static caravan at Blackpool or Windermere for the same price and it doesn't look a bad proposition, at least it shouldn't depreciate.

What I would steer clear of is your Paradors and MRIs of this world

Would agree with your last sentence!!
Intrigued by your renovation...that is exceptionally low cost. We are close to completion of a renovation in Morocco where labour is cheaper than Turkey & it will come in more than that (around 13k for 4 bed. ) Also would watch state of actual build...many of these old buildings do not conform to current earthquake regulations & to make them so can be more costly than knocking the original building down & rebuilding from scratch with the right foundations. Just a thought.

This is the EAs blurb

"This 2 bedroom detached Villa is in an excellent location as it is only 100m from the road and 200m to the beach.

The property has both sea and mountain views from Ground level

The property comprises of Lounge with open plan kitchen, 1 double bedroom, 1 single bedroom , bathroom, and large sun terrace. The house has its own walled private garden between three properties . The property does need finishing internally and the costs do this would would be approx £8000 "

You are not suggesting he may be stretching the truth are you? Seriously though it is way beyond the shell stage in fact it is fully double glazed so he may not be too far off. Obtaining Earthquake insurance does worry me as do the sitesi fees amongst other things, so I'm cooling a bit even at 25k. They also have a 4 bed detatched on for a 47k asking price that just needs decorating but although its only 300m from the beach its in a crap area. I've also been looking at a huge very solid and well dressed 4 double bedroomed detatched house close to the beach with a seperate granny flat with a 700m walled garden and a huge private pool that would cost me £50k plus my own smaller place which he has generously valued at 100k - So there are some fantastic bargains in Turkey if you spend some time looking. I'm not an agent by the way and I wouldn't advise anybody to invest in property unless they are also hoping to use it themselves and thus get the added value of a second home, also buy in an area you like, not one thats cheap because if the market goes stale (e.g. a couple of terrorist attacks or an earthquake) you've always got a holiday pad.

Sorry I misunderstood....iI thought you were looking at a much older property. If that is the case, & the shell was built in the last 5 years, the builder should have had a seismic survey taken before the shell was built & you need to ensure that you have proof of that. You would need this to obtain earthquake insurance - & that is mandatory in Turkey....whether you buy a finished property or not. Site fees normally cover gardening & pool maintenance & sometimes security to give you an idea we currently pay £500 p.a. for this so I dont know how this compares You do need this unless you are going to be there a lot or you want to in wilderness!!. One thing I would say is that the finish can leave something to be desired. When you've decided what you are going for let me know where you are finding these properties from....i'd like to take a look myslef!!!

Okay its no secret, there are plenty of properties out there, and I'm starting to wonder whether to stick at one anyway. I don't know if you've been to Akbuk but the ones I have mentioned are in that area, if you have you'll know its 20 minutes and a million miles away from Altinkum, some of them are here http://www.akbukestate.com/ but I can't recommend them getting info from them is like drawing teeth, you could always drive up to the property if you are out there and recognise it from the pics they also usually have a phone number up outside if you get my drift. If you are interested in the bigger one take a look here http://www.crescenthomes.co.uk/
I pay £400 pa grounds maintenance for our complex, if it helps I think the 2 bed det was 100YTL a month (about £40 I think) The big one is not on a site so its nothing (but that big pool is costly to run, about £110 per month I was told)

I am not a buyer not a seller, just an investor, I bought 3 properties over two years ago in a small bay (Turunc) I have recently sold the last one and I have made a total profit of £150k.. There are definately deals around if you look hard enough, stay away from large resorts or invest in small villages or bay's close to large towns. Best time to invest is november or March-April and use a good agent, stay away from locals who are trying to sell their uncles house, they are all on comission so use the professional and go for small agents with a UK base, this way you will be able to contact them in the UK and they will be able to give you a close personal service rather than these cattle pushers like MRI or Parador..

I put a deposit down on a futher 4 properties last November have sold 1 already with a £20k profit. If your require any help or advice feel free.

Ho ho ho ho - spot the date on Happy's post!

Property in Turkey was in trouble already, with off-plan sales dropping and far more villas and apartments being built than there are buyers for. The coast has mile after depressing mile of badly built concrete horrors unsold and unsaleable (some have been on the market now for three years and more) Anybody trying to sell a second-hand home has no chance!

And now, just to add to the gloom, the economy has hit the skids, the ruling party looks like being outlawed, there has just been a one-day general strike because of proposals to slash pensions, the country is teetering on the edge of civil unrest (some newspapers are even talking of "civil war"), and Turkey's credit rating by S&P has just been revised downwards from "stable" to "negative".

Which "Place in the Sun" type magazine or programme will be first to gush about "opportunities for property purchasers in Turkey", I wonder...?

Turkish property sales to foreigners temporarily halted
Hurriyet English with wires, Wednesday, April 16, 2008 21:54

Turkish property sales to foreigners is to be temporarily halted from Wednesday, declared a Ministry of Public Works and Settlement inline with a Constitutional Court ruling three months ago. A new regulation was delivered to the Board of Ministers for approval. (UPDATED)



A new regulation regarding the sale of Turkish property to foreigners was delivered to the Board of Ministers for approval on Wednesday.

According to information obtained from ministry's officials, a circular letter on Tuesday was sent to all land registry offices indicating the end of the sale of real estate to foreigners.

The related verdict of the Constitutional Court will come into effect from Wednesday.

The law does not restrict foreigners who already own property in Turkey from selling it to Turkish Citizens.

A total of 63,085 properties have so far been sold to 73,103 foreigners, with German, British, and Greek citizens being the leading purchasers of Turkish property.

Foreign investors' annual real estate purchases amounted to $3 billion for the past three years, accounting for about 8.5% of the current account deficit. "We believe that the government will take this issue seriously and is likely to pass the necesssary legislation through the parliament. However, the timing remains uncertain and the impact on the financing of the current account deficit should be negative in the near term," Raymond James Financial said in a research report on Wednesday.


Commentary:
There is plenty of good investment property in Germany with a predictable legal framework!

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This has happened before a couple of years ago sales to foreigners were halted for several months whilst new legislation was brought in. As I understand it, this was due to large scale purchase of land along politically sensitve borders by foreigners.
This time the objective seems to be to limit overdevelopment of coastal land - to date i am hearing that "temporary" means a couple of months but no definitive confirmation to date.

Do wish you would have clarified that in your post - without the context, this could be viewed as unecessarily alarmist & meant simply to ramp german investment.

As indicated this is a clip from a Turkish newspaper calling the measure temporary at the beginning. I am sorry - but I do find it quite alarming, especially when it has happened before as you indicated. What if you want of need to sell your property and are in one of those temporary uncertainties of undefined length where you can only sell to Turkish citizens who will definitely know about your situation?

Declaring it as a measure of land development policy is a bit lopsided, why should it only apply to foreigners - good luck for EU membership.

Of course I could have have said buy in Spain instead of Germany but we all know that this is currently a tricky market as well, so I recommended the market I know best and know is one of the best bets for property investment at the moment with a stable legal situation - Germany. I am not alone with this opinion: According to the report, from the Urban Land Institute (ULI) and PricewaterhouseCoopers four German cities - Hamburg, Munich, Berlin and Frankfurt - are amongst the top 10 in Europe with Istanbul ranking at No.2. The latter might change now. More details at Property Investment in Germany.

"Temporary" in Turkey could mean anything, especially with the country currently in such a state of crisis.

The sheer scale of recent (last 5 years) land sales to foreigners has caused something of a scandal, since the extent of it was revealed recently by one of the opposition parties.
And since the last thing the AKP, (currently the governing party) needs is yet another scandal just when it is trying to quash the current attempt by the courts to outlaw its very existence, then this measure will quite probably continue at least until the court case is finished, which could take 6 months or more.

It will not stop foreigners who currently own property from continuing to do so, nor will it stop them selling their property.
But it does mean they will not be able to sell to other foreigners, only to Turks.

Who will not, of course, be daft enough to pay the grotesquely inflated prices which many people have paid on the coast.

But then again, most sellers have been finding for the past year or two that even the most unaware of foreigners has woken up to the ludicrous and unsustainable level of prices being asked in many areas, with the result that sales of housing have dropped some 40% over the last year, and people trying to sell property just can't get it away.

Total Rubbish Turkey is a great palce to buy a place.

Owned one for 4 years... never seen a sniff of terrorism.

Plus of course they stop people building on the coast during the summer so it doesn't ruin it for people.

(And they do enforce it I got checked out for reparing my roof while on holiday).

Property is cheap, Running costs are low.

Turkish Government are paranoid about letting what happen to the costa's happen there.

They even sent peopel to research spanish villa market to try and see where they went wrong.

To be fair I think they are right to stop it. Has really been getting a little out of hand.

They are proabably worried about having holiday ghost towns...

Course my Villa is in an all turkish development out fo teh main tourism area so I don't really care.

:-)

A little out of hand??? Turkish government paranoid about letting happen in Turkey what happened in Spain???

Property cheap, running costs low???

Hang about mate, I don't think you've EVER been to Turkey!

There has been HUGE amounts of overdevelopment on the south coast of Turkey this past five years - it's not a little out of hand, it's hopelessly out of control. They have exactly duplicated all of Spain's mistakes, resulting in dreary mile after ugly mile of hideous jerry-built concrete monstrosities flung up for the British market, the majority of which as I have previously commented, are now up for sale and not selling. But because most of the purchasers bought during the great but short-lived "Turkey boom", and paid way way over the odds, prices are very high. It's only now dawning on people that an asking price is just that - doesn't mean you'll get it!

Running costs are anything but low - it has the most expensive petrol in Europe, by quite a way, electricity is on a par with the UK, food costs for most staples are higher than the UK, luxury foods are well above the prices of the UK, alcohol is more expensive than the UK, medical treatment is expensive, (unless you go to one of the government hospitals, which is not to be recommended) - in fact, I can't think of anything that's cheaper than the UK (except possibly cigarettes)

And now, because the true upside of living in Turkey is that there's always something new on the horizon, this week's novelty is that foreigners can't get title to property any more - so any foreigner who has bought can only sell to a Turk! Never gets boring, does it?

What do you think that is going to happen about this?

Let's say they extend this ban for 1 year or so.

Are all the estate agents who sell to foreigners going to be bankrupt?

What effect do you see on prices?

People knew that is risky to buy in Turkey but I guess nobody knew that is that risky...

Oh please, GET A GRIP!!! If the temporary period extends out I shall expect to see a turkish style solution , use of intermediaries etc i.e. just like last time.

Sorry, I have no idea what happened last time.

Oh yes Esmerelda, that worked really well, not just the last time, but the other times too that Turkey didn't allow foreigners to own title to land.

Lots of people did rather well from it - Catara, what happened was that as a foreigner not allowed to hold title, in order to get round the law you just got a Turk to put the title in his name (Esmeralda's "intermediary")

The obvious flaw in this (which didn't seem to occur to lots of foreigners who went with it, and doesn't seem to have occurred to Esmerelda now) is that whoever has his name on the title of a property legally owns the property.

And of course after a few months or so, that person can turn round and say to the foreigner (or sucker, as they are often known) "sorry, I no longer can allow you to stay in my house, please leave".
And if the said foreigner goes to court, the chap in whose name the title is simply shows the Deed to the judge, who has no choice but to rule that the person whose name is on the Title Deed is the owner of the property. (which is after all the purpose of a Title Deed, if you think about it).

There are many, many who are sadder, poorer and wiser after being caught in that one!
However, no doubt Esmeralda is correct, and yet another raft of punters will think they are so terribly clever and street-wise that can get round the laws of a foreign country which they don't understand, and they too will stand witness to "caveat emptor"!

When was that period? How long did it last?

I guess if I had a Turkish brother I might trust him with putting his name on the title, otherwise the percentage of being conned
is close to 100%...

Why wouldn't people wait till the ban is removed? I do not think people are soooo desperate to purchase in Turkey, are they?

There have been several times Catara - up till a very few years ago, non-Turks could only own title to property with the area controlled by a local council or municipality (belediye), which you'd think would be enough for people, but some thought they could buy more cheaply outwith these areas (they were right, you could, because foreign speculators hadn't pushed up the prices). Presumably they also thought they could buy cheap then, and sell dear later on, believing that Turkey's laws would change, and the prospect of a quick buck blinded them to the risks.

So lots got caught over the years, till the current government lifted this restriction, but that lifting only lasted a very short time, after which the first "temporary ban" came in, which got removed around, if my memory serves me well, Sept 2005, but then the law changed again in 2006. This time a ban was imposed on sales of property or land in rural areas to foreigners, unless they formed a Turkish company.
This latest "temporary ban" has stopped all sales to foreigners, whether rural or within council-controlled areas, and whether to companies or individuals.

And like you, yes, maybe if I had a Turkish sibling or perhaps a spouse, maybe, maybe then....

Back to today's reality
from "Today's Zaman":

Property prices fall with cancellation of law on property sales to foreigners
A recent Constitutional Court decision to cancel a law governing the sale of property to foreigners has forced real estate agents to significantly drop prices and to shift their target market to Turkish customers.

Fethiye Realtors Association President Nevzat Tilkici stated the residences they can no longer sell to foreigners can be sold to local Turkish people, noting that a house with a price range of 100,000 to 150,000 pounds in a foreign sale could be sold to a Turkish citizen for between YTL 80,000 and 120,000. "The Constitutional Court's decision has sharply brought down sales, which had already plummeted by 30 percent. There are many houses constructed particularly for sale to foreigners. Now the real property sector is discussing potential ways to unload these houses. The leaders of the sector want to make the newly constructed homes available for purchase by Turkish citizens in an effort to combat the slowdown in the sector. The legal decision will facilitate local people's efforts to buy their own property," he said.

Tilkici added that the court's decision also played into the hands of their rival countries in the real estate sector.

"The foreigners in our country had already started gravitating toward Cyprus, Greece, Bulgaria, Romania and Croatia owing to the uncertainty in the political arena. Now it will be really difficult to convince them to believe that a new law will be passed or a new regulation will be made [regarding property sales to foreigners]," said Tilkici.

Ziya Ercan, the deputy president of the Federation of All Real Property Consultants and the president of the Muğla Real Property Consultants Association, stressed that the cancellation of the government regulation by the Constitutional Court caused property prices to drop by about 15 percent.

Villa prices in the center of Fethiye and the Çalış, Üzümlü and Hisarönü districts range between 40,000 and 120,000 pounds. In an example of the decline in prices, a villa up for sale in Çalış at 50,000 pounds is now being sold at 40,000 pounds, which amounts to a 20 percent drop in price.

Commentary:
If it is not a so called life style investment I would highly recommend dafe investment environment with stable legal system being between 6 and 9 o'clock on the price cycle. I am sorry, but I have to say it:
Germany is one of the best places to invest in property right now. Believe me I would not have said that 5 years ago even though living and working there. You should have a look www.properties-in-germany.de