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Old 15th June 2008, 16:56   #1 (permalink)
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Property in Turkey: Turkey hesitates on brink of its big boom

From yesterday's Daily telegraph - thoughts please?


http://www.telegraph.co.uk/property/...pturkey114.xml
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Old 15th June 2008, 17:02   #2 (permalink)
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Re: Property in Turkey: Turkey hesitates on brink of its big boom

Hmmm - a tad optimistic, I'd say! It also seems to be one big advert for various agencies.
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Old 15th June 2008, 17:18   #3 (permalink)
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Re: Property in Turkey: Turkey hesitates on brink of its big boom

I work for a company that arrange mortgages, applications for non -turks are still not being accepted by the Turkish banks as the new law has not been finalised yet.
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Old 15th June 2008, 17:31   #4 (permalink)
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Re: Property in Turkey: Turkey hesitates on brink of its big boom

Quote:
Originally Posted by kaplumba
Hmmm - a tad optimistic, I'd say! It also seems to be one big advert for various agencies.
Well i love hearing news like this. I would agree it was a little like an advert but i prefer optimism to doom and gloom.

Not pointing the finger at you Kaplumba but some people are not happy unless the news is bad. Threads like this stay on the front page of TLF for a matter of hours where a report from the daily gossip about some unsubstantiated bad news will be viewed 5000 times and stay on the front page all week.
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Old 15th June 2008, 18:34   #5 (permalink)
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Re: Property in Turkey: Turkey hesitates on brink of its big boom

Oh I'm a very optimistic, glass is half full kinda girl but where investment is concerned i try to remain realistic. We all know many properties have been for sale for ages and at the moment it's not moving all that fast. Two Turkish neighbours beautiful houses have been for sale over 2 years and no takers, probably because they are asking too much. I know a fair few Turks who have seized the opportunity and have bought a few flats BUT they are expecting rock bottom prices. I think the increases stated in that article are as I said a tad optimistic. Friends selling at the moment have had to reduce prices in order to sell. Yes they have made a profit on the price they paid 3 years ago but not as much as that article is claiming. I'm confident it's just a lull and things will perk up again. I've owned lots of properties over many years- I started when I was 18 and taken all sorts of gambles. Over a long period of time they always go up with peaks and troughs along the way, I started off with a 7K flat. However I think that article is very optimistic and so obviously an advertisement for various agents, they are trying to sell houses and when that is the reason behind an article you can't always believe it.

Last edited by kaplumba; 15th June 2008 at 18:37..
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Old 15th June 2008, 19:49   #6 (permalink)
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Re: Property in Turkey: Turkey hesitates on brink of its big boom

Quote "Apart from this blip, Turkey's property market is proving resilient, with prices expected to rise by 10-15 per cent this year, says Knight Frank."

Well that is complete bo**ocks in the Alanya area. Prices here have fallen here in the last 2 years. There are thousands of new builds to chose from. Villas which in 2005 were marketed at Euro 250K can now be had for 100K. The developers are bust and vanished. The bank wants it's money back...

Emlaks (estate agents) are ALWAYS optimistic. They are on a % of the deal. So as long as deals are done they make money.

There is a very wide selection of apartments to rent in Alanya. On the outskirts rents average Euro 250 per month (500 TRL) for a 2 bedroom flat. Using a 10% return this gives a capital value of Euro 30,000. Remember these figures when an emlak is smoozing you into paying 50,000+ You can get better than 10% return from a bank deposit with zero transaction costs. When you buy and sell property there are transaction costs about 7% each way. So you buy for 100,000 you must sell for 115,000 just to get your money back. Oh and if you sell within 5 years any capital gain is subject to tax...

Does this make us pessimists? No. We love living in Turkey but buy property to enjoy. You won't make your fortune but in a few years you will probably get your money back.
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Old 15th June 2008, 20:24   #7 (permalink)
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Re: Property in Turkey: Turkey hesitates on brink of its big boom

We're all going to die...!
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Old 15th June 2008, 20:46   #8 (permalink)
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Re: Property in Turkey: Turkey hesitates on brink of its big boom

At the risk of repeated predictions - quick profit in Turkey - NO

Mid to long term investment with profit -YES

Location and quality of build - Essential.

Nothing more to add.
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