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Old 11th June 2010, 08:46   #1 (permalink)
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Property Prices

I have been thinking about this for sometime now and wondered about the prices on the properties being bought up from the foreigners are entirely a different price to what the Turkish people would pay for.
What got me thinking is of all the insulting comments l had from an estate agent l have dealt with and also how other Turkish people l have associated with have said the prices the foreigners pay are a lot more then what the Turkish will pay.

Look on the tapu and you will see the price.l was told this is the real price of the property.But the excuse l was given by the property sellers was for tax reasons only to avoid paying more taxes.This doesn’t make sense to me since this will be registered as how much the property was bought for and then has a different price on the tapu.Surely this must be a scam straight away.

I also spoke to quite a few buyers and ask them how much they payed for their property.As usual they have payed way over the odds of what the real value of that property should’ve gone for.l do think there is a 2 tier price system in the system.One for the foreigners and one for the Turkish.This is discrimination straight away.

The many properties that have been seized last year from the foreign buyers,because of corrupt scandals,were priced at more half of what the foreigners payed for the properties and were sold to the Turkish.A property went for 20,000Pd's,even though it was bought for 45,000Pd's.Another property was valued at 20,000Pd's,even though this property bought on a complex was bought by a foreigner for 65,000Pd's approx.

What l want to know is.Why are the properties being sold to the foreigners are far more expensive then what the Turkish would pay for.And also why do l get comments from the sellers in the property industry saying,you will never get a property at that price.But the Turkish always do.

Also l want to know why do estate agents tell you the property you buy is an investment that goes up every year about 10% approx.And when it comes to selling the property in a few years is a lot less then what has been payed for.Why is it not 40% more if it values at 10% increase every year.
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Last edited by bobthenob; 11th June 2010 at 09:07..
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Old 11th June 2010, 08:57   #2 (permalink)
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Re: Property Prices

Hi, this is not my experience. Recently sold one of my properties to a Turkish buyer at exactly the same price a foreign buyer would have had to pay for it. He also insisted on having a lower price on the tapu to keep the transfer tax to a minimum. Most Turkish people don't mind what value is stated on the tapu, as they know it is just a means to avoid paying tax rather than the real value of the property. The only thing is that you do have to increase the price stated on the tapu a bit with every sale.
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Old 11th June 2010, 08:57   #3 (permalink)
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Re: Property Prices

In the case of turks buying property, I would say that the real price definitely doesn't go on the Tapu as they're so used to showing a lesser figure.

www.sahibinden.com is a fanastic site to see the real asking price of properties as it's aimed at the local population...not the foreigners. It has an "english" option for those who can't read turkish.
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Old 11th June 2010, 09:01   #4 (permalink)
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Re: Property Prices

My Turkish neighbour paid 15,000 more for his villa than i did,i bought mine in December when there was nobody buying and builder was desperate i knocked him down 20,000, but he told me then that he would make it up on the next property that my neighbour bought,and he did when he sold it in the summer .
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Old 11th June 2010, 09:03   #5 (permalink)
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Re: Property Prices

Quote:
What l want to know is.Why are the properties being sold to the foreigners are far more expensive then what the Turkish would pay for
Because the Brits pay more they think because it is cheaper than the UK it must be a bargain.

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And also why do l get comments from the sellers in the property industry saying,you will never get a property at that price
If you believe them then you wont.

The Turks wont buy until the price is right for them, the Brits will buy in case they lose the `house of their dreams`
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Old 11th June 2010, 09:17   #6 (permalink)
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Re: Property Prices

"OK",the comments l got here are the Turkish do sometimes pay the same as well as at times pay more for a property.

lf that's the case then why generally speaking l hear from others how they had their properties valued at a lot less and even sold more then half of what the Foreigner's payed.

l had quite a few Turkish people around interested in my house,but when they tell me they want to buy it at such and such price l had to say that is far to low and tell them l am not interested in that price.But over 4 years ago,l have payed a lot more for this house then what the Turkish people are asking for.l have a load of extras on this house as well,which came up to 15,000Pd's,this is also excluding the full furniture inside and out.

l was even insulted by one guy saying you charge to much.l said "excuse me",if you didn't sell it at European price,then l would not sell it at European price.
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Old 11th June 2010, 10:52   #7 (permalink)
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Re: Property Prices

Juco's post (no. 5) sums it up. When it comes to buying and selling anything, most Turks leave us standing.

One of the houses on our site was listed on Sahibinden last year at a price of €85k - obviously looking for a European buyer. This year the asking price for the same house is about TL 130k. I notice that, depending on the "extras", the Turks have added between TL 15k and TL 30k to the actual sale price of the last house sold on our site.

Incidentally, Bob, another thing I have learned is that what we consider to be improvements or extras might not be a big selling factor to the Turks.

Last edited by Guz1; 11th June 2010 at 10:56..
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Old 11th June 2010, 11:03   #8 (permalink)
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Re: Property Prices

How do we judge a cheap property. Maybe the part of the country we come from.

Up here in Northumberland in the sticks properties are relatively cheap. When I see some mad prices of well over a hundred thousand pounds in Turkey. I think its madness.

Maybe some people in parts of Britain where property is expensive would think these prices are cheap.
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Old 11th June 2010, 17:15   #9 (permalink)
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Re: Property Prices

Please don't take this offensively Bobthenob but I do think it's a naive way of looking at it.
When I bought my house I thought 'wow, for what I'm getting that's really cheap' (how naive/daft was I???!!!)
It wasn't long before I realized that there is definitely a two-tier system. After learning a few words of Turkish, especially numbers, and realized what I was buying in the markets for 2/3 liras the Turks were buying at half the price I cottoned on to the fact that that is across the board for everything including property, 2nd hand cars etc. etc..
If you bought a property at a reasonable price and can sell it to a foreigner you may get a good price but the Turks know the prices that SHOULD be paid in this country and won't pay more.
They are superb at pricing, bargaining and arguing, hats off to them. We aren't because we still think we're getting are bargain (which we aren't, of course!)
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Old 11th June 2010, 19:09   #10 (permalink)
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Re: Property Prices

You are so right Bob, we pay way to much for our property, the man on the dublex, same building as me, paid about 80.000 Lira for a big dublex, I paid 104.000 Lira for a 3-bed ground floor. The Turks laugh at me when I am telling it, and says, well you came from England, ( I do not) and the property in England cost that and that) No relevans at all. And not to forget my furniture shopping with my emlak, 50% overpriced, people, be award. On my tapy it says 56.000 Lira. And that my be the correct value at my apartment. The start cost, the solicitor, water and elc. connections. etc. etc. All the cost of the tapu 3% and not 1.5% as it should be. The list is long, way to long. But this time they are not selling at all. Only to Turk, and they dont pay what we used to pay. The Turks does not even pay the start cost, only us, wake up.
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