Buying Property in Turkey

[letstalkturkey]

I noticed in one of the threads that you wanted some info on buying proeprty abroad. I hope that the personal and professional insight that I supply about buying in Turkey (I'm sure that it also applies to other countries) here might be of some use to others. You can extract more from an article I placed on www .lets-talk-turkey .eu

Much of the building work going on in Turkey is fuelled by the huge hike in land prices - selling to the relatively rich brits and western Europeans is incredibly lucrative and as a result, prime land has increased exponentially in value. The problem is, that simply too much of the coastline is now being developed resulting in 1000's of empty properties looking for purchasers. While this is an opportunity for some, for the average purchaser over-development means difficulty in both selling re-sales properties, and, in renting out apartments and villas where there are many to choose from.

Add to this that the average investor / holiday home owner has no inherent property marketing skills - managing property is a business after all - and you soon realise that the opportunity for extra income is often much more difficult to achieve than first imagined.

So, how should investors approach the problem? Here are some tips!

• just because you can afford it doesn't necessarily make it a good investment
• there's no such thing as a free lunch - if it looks too good to be true it probably is
• beware of high returns - in Turkey expect 4 - 5% net returns on a good investment - any more and it probably won't happen
• check the developer carefully - what else have they built - go and see these properties
• remember the old saying - location, location, location!
• Do your research - target towns / regions where cash is being pumped in by the local authority
• Marinas and golf are usually good investments but tread carefully
• target your market i.e. is it for families, older people or youngsters
• talk it through with friends, family etc - what you and they want is probably what other families want
• Ask the question - would you stay there, would your mother / father, would your children
• people want things to do - make sure your property has lots of amenities
• never rely on the complex to provide everything your clients need - being close to major towns and good transportation links is a must
• if mortgaging, remember, mortgages in Turkey are few and far between and in general, they won't take into account rental income - they will be secured status
• factor in your costs of marketing your property if renting and choose a rental business that automates the process of handling reservations / payments and who provides good on-line exposure
• make sure that there is a good property manager / caretaker avialble locally to help with cleaning, security, airport transfers, local problems etc
• look at lots of properties / developments before making a final decision
• don't rely on others to do your marketing - build or have a good website built for you and make sure it is search engine friendly

There is no such thing as a "sure fire" investment, especially in a rapidly developing market like Turkey where over-development is rife. Buy in the wrong place, at the wrong time, or the wrong type of property and you could end up regretting your decision for a long time to come. Get it right, and you will have a fantastic holiday home that could net you a nice little income.

[darren]

Hi, just wondering if anyone can help, me & 6 friends payed £38.000 each for apartments in anlanya turkey, in oct 2005, up until now we still dont have them, we purchased them through a british estate agent TEAM OULSNAM based in redditch, but apparently the builders gone bust and it looks like were going to lose our money, we have spoke to team oulsnam and they say theres nought they can do.
Any advice would be most gratefully accepted.

[tommyinturkey]

Any advice would be most gratefully accepted.

Darren,
Do you have a contract with this company,?

If you have,theres something you can do,its called breach of contract,

You say you purchased through a british estate agent, SUE THEM,?

[tommyinturkey]

From my own experience after living in kusadasi Turkey,for over ten years,

Kusadasi the four areas

1. Town / Centre
2. Ladies Beach
3. Long Beach
4. Davutlar Guzelcamla

Kusadasi Town
If you are looking for a house to stay 12 months a year town is the place to look for one. Although very crowded during summer, town is busy 12 months a year. You do not need a car for this region. Most of the town is walking distance and you may also use the regular minibus (dolmus) service within town which runs on regularly between 7:00 AM 11:30 PM. The negative side of town is that you need to take a dolmus (minibus) to reach beach or you may walk to the public beach in downtown. Shopping is easy as almost all the shops are open 12 months a year. Restaurants, cafes and bars are also open throughout the year. In summary those who are thinking about staying during for winter should look for a house or apartment in town

Ladies Beach Region
In summer, Ladies Beach area, one of the most preferred area in kusadasi located 2 kms south of town.The down side of having a house in Ladies Beach is that the region is dead between November 1 and May 1. If you are planning to stay during summer ladies Beach can be the right location for you. The sandy beach is 1 km long and is usually very crowded during July and August. Houses in this region are usually dublexes with small gardens. There are also many sites (group of houses) in Ladies Beach. There is regular minibus (dolmus) service between town and Ladies Beach. It is a 5 minute dolmus (minibus) ride and a 15 minute walk to town The shops are open between May 1 and November 1, some market shops are open 12 months a year. It is very quite in winter and therefore should be considered as a spot for summer season.

Long Beach Region:
Long Beach is located 10 kms south of and like Ladies Beach it is lively in summer and completed deserted in winter months. A 10 km long sandy beach. Summer houses and a couple of hotels are scattered parallel to the beach. You would be lucky to find a house right on the beach. Most of the available ones are in the second, third or fourth lane and are 100 to 200 meters away from the beach. The are convenient store that are open between May 1 and November 1 in this area. However, for major shopping you need to go to kusadasi There is also one of the major aqua park of Turkey, Long Beach Aqualand in this area. If you are looking for a quite location, Long Beach area can be the right place for you. There is regular minibus (dolmus) service between long Beach and kusadasi town running between 7:30 AM 11:30 PM. In winter this service is not regular.The last minibus (dolmus) leaves kusadasi at 7 pm.

Davutlar Guzelcamla
Davutlar and Guzelcamlik are two small towns located 20 kms south of towards the end ofkusadasi Bay. The famous National Park (Kalamaki) is near this region. You may do your grocery and other fundamental shopping in the bazaar of Davutlar or Guzelcamlik. National Park (Kalamaki) is 1 km away from Guzelcamlik and is a preserved paradise for visitors. Pine Tree Forest reaches the shores of Aegean Sea. The crystal clear sea of National Park makes it a perfect beach location. Most of the houses in this region are duplexes with small gardens. The water front houses are rare to find and expensive compared to those situated behind. This region is quite deserted in wintertime. There is regular minibus (dolmus) service between these two towns and kusadasi running between 7:30 AM 11:30 PM during summer and more rare service continues during winter The prices of houses are significantly lower in this region. If you are planning to stay during summer only this region along with Long Beach is a choice you should consider.

A final word of warning, This is from personnel experience,

Long Beach+ Davutlar Guzelcamla can become very isolated in the winter months. If you miss the last minibus (dolmus) The only other form of transport is a taxi. This can prove to be very expensive if you want to visıt kusadasi often for nights out. There is a big problem in the winter month's in Long Beach+ Davutlar and Guzelcamla with dogs that have been abandoned.They can be be very threatening to some,

My views and thoughts after living in and around kusadasi for over ten years.
I am sure there will be other's that disagree with them,

Please if any one wants to copy and paste this feel free.But give me some credit for it,

Regard's

Tommy.

Note, if your going to buy property in Turkey,ask how long the agent as been operating in there area.dont buy from bars and and restraunts,And please use a solictor,

Get it right, and you will have a fantastic home/holiday home,

My Testimonials can be viewed on my website, its in my profile,

[brian]

Great comments - many thanks for the in-depth covering, tommyinturkey.