esmerelda Posted November 2, 2007 Share Posted November 2, 2007 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!!! Quote Link to comment Share on other sites More sharing options...
coach Posted November 2, 2007 Share Posted November 2, 2007 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) Quote Link to comment Share on other sites More sharing options...
HappyintheSun Posted April 1, 2008 Share Posted April 1, 2008 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. Quote Link to comment Share on other sites More sharing options...
babylonian Posted April 4, 2008 Share Posted April 4, 2008 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...? Quote Link to comment Share on other sites More sharing options...
Berlin Expert Posted April 17, 2008 Share Posted April 17, 2008 (edited) 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! Add to del.icio.us • Digg This! • Stumble It! • Subscribe to this feed • Email this Edited April 17, 2008 by Berlin Expert Quote Link to comment Share on other sites More sharing options...
esmerelda Posted April 19, 2008 Share Posted April 19, 2008 Turkish property sales to foreigners temporarily haltedHurriyet English with wires, Wednesday, April 16, 2008 21:54 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. Quote Link to comment Share on other sites More sharing options...
Berlin Expert Posted April 20, 2008 Share Posted April 20, 2008 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. Quote Link to comment Share on other sites More sharing options...
babylonian Posted April 20, 2008 Share Posted April 20, 2008 "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. Quote Link to comment Share on other sites More sharing options...
ukdaasfan Posted April 23, 2008 Share Posted April 23, 2008 Your joking right? Turkey is in my opinion the worst place to buy a house, even worse than Morocco. There is a reason it is cheap. Tourism Down. Terrorism Up. Currency all over the place. EU membership never happening due to a Massive number of human right infringements. Place full of conmen trying to sell property to naive Brits....come to think of it reading your post....are you one of them? 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. Quote Link to comment Share on other sites More sharing options...
ukdaasfan Posted April 23, 2008 Share Posted April 23, 2008 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. 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. :-) Quote Link to comment Share on other sites More sharing options...
babylonian Posted April 23, 2008 Share Posted April 23, 2008 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? Quote Link to comment Share on other sites More sharing options...
catara Posted April 23, 2008 Share Posted April 23, 2008 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... Quote Link to comment Share on other sites More sharing options...
esmerelda Posted April 24, 2008 Share Posted April 24, 2008 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. Quote Link to comment Share on other sites More sharing options...
catara Posted April 24, 2008 Share Posted April 24, 2008 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. Quote Link to comment Share on other sites More sharing options...
babylonian Posted April 24, 2008 Share Posted April 24, 2008 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. 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"! Quote Link to comment Share on other sites More sharing options...
catara Posted April 24, 2008 Share Posted April 24, 2008 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") 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? Quote Link to comment Share on other sites More sharing options...
babylonian Posted April 24, 2008 Share Posted April 24, 2008 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.... Quote Link to comment Share on other sites More sharing options...
Berlin Expert Posted May 1, 2008 Share Posted May 1, 2008 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.... 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 Quote Link to comment Share on other sites More sharing options...
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