Having just sold my property in Turkey, i think its wise people have a good read of this and beware the real pitfalls that await you in Turkey. I have just moved back after living there for 2 yrs and had an absolute nightmare with what went on.
If you are going to buy in Turkey, work out what sort of purchase its going to be.
1) Investment- If its long term then fine, this is possibly the best way of going about things but what the future holds for Turkey i could not say.
2) Rental- Well to say its none existant is wrong, it does exist but its not widely available, unlike the UK where every agent will have a letting dept, there are none in Turkey. Why? Well because its a numbers game and once its sold its your responsibilty. I have seen Emlaks (estate agents) say yes there is a good market and then do nothing once they have handed over the keys. They are just simply lying to you!! On top of this there will be hotels where you have brought your property and these will be all-inclusive, so why would someone pay you £500pw and then flights on top and food and drinks for a family of 4 when they can all inclusive for sooooo much cheaper? The figures do not stack up!
3) Re-sale - So you have decided to buy and the property after 1 years ownership has 'risen' by 20%, so you think i will sell and buy something bigger, but why would someone buy yours when they can buy a new property with all appliances and choice of finish for the same price? Its just not going to sell.
4) Location - All british buyers are looking Didim/Altinkum for investing and to a lesser extent Alanya on the south coast. Alanya is now in serious problems, a friend told me over there that there are now over 30,000 unsold apartments in Alanya. Didim/Altinkum has a huge stock of properties that just simply will not sell, but you would understand if you went there, its a s*** hole!
5) Cost of living- What really suprises me is that everyone talks about Turkey being cheaper than the UK. I can tell you its about the same, infact the UK is cheaper on things like meat, alcohol and believe it or not fuel! Turkey is the second most expensive place in the world for petrol.
6) Crime- Please do not belive the stories of there being no crime over there, Didim/Altinkum is the capital of robberies and burglaries in Turkey, there are many many pickpockets that operate in and around the markets and they are looking only for Brits to rob. Turkey also has a lot guns floating around so do be careful.
7)EU Membership- This is the best of all, Turkey is so far from EU entry that for some of you reading this , it will not happen in your lifetime but i would say IF it happens then at least another 20 years would be feasible but only with a lot of restrictions in place.
8)Money- The currency in Turkey has had a volatile 12 months and if you are investing in Turkey, there is no constructor that wants to be paid in Lira, they only want Sterling. That says a lot about what they think of their own currency.

The point i am trying to make is that if you are looking at a quick buck stick your money in the bank, if you are looking at long term then go for an EU member stae like Bulgaria or even Cyprus but steer clear of these 'amazing offers' as its all a load of rubbish and its just Turkish constructors trying to get money from your pocket. Be careful as theer are a lot of nasty elemnts that are at work in Turkey and they only want money.
I am more than happy to help anyone with any querries they may have as i was working in Real Estate in Turkey for 2 yrs and can give only impartial advice.

quote:

Originally posted by masseco:
H
I am more than happy to help anyone with any querries they may have as i was working in Real Estate in Turkey for 2 yrs and can give only impartial advice.

Turkey is overpriced. Altinkum is an incredibly ugly area.

I am sure in 5 years from now prices will be much lower everywhere. If Turkey is denied entrance in EU, the the crash will be to year 2000 prices.

That does sum it up, Turkey is way overpriced for what you actually get for your money. I mean for a country not in the EU and without the regulations in place to protect the citizens and visitors, it makes you think. Any EU country will always offer more stabilty for foregin purchasers unlike Turkey!

I totaly diagree about the cost of living

A sobering tale. The grass is always greener and that...

quote:

Originally posted by Mike99:
I totaly diagree about the cost of living

Thanks Mike, But i am curious how cheap do you think it is? Unless you live on chickpeas and rice, most normal people will eat as they do in the UK, if not better but everyone who i know who comes to Turkey spends a lot! Now maybe thats because they're on holiday but i actually lived there for 2 yrs and i know day to day living is not cheap at all. Its even more expensive on the south coast Alanya- Antalya this is one of the most expensive parts to visit and live in.
But i presume you agree with all the other points Mike?

quote:

Originally posted by masseco:

quote:

Originally posted by Mike99:
I totaly diagree about the cost of living

Thanks Mike, But i am curious how cheap do you think it is? Unless you live on chickpeas and rice, most normal people will eat as they do in the UK, if not better but everyone who i know who comes to Turkey spends a lot! Now maybe thats because they're on holiday but i actually lived there for 2 yrs and i know day to day living is not cheap at all. Its even more expensive on the south coast Alanya- Antalya this is one of the most expensive parts to visit and live in.
But i presume you agree with all the other points Mike?

Why would one buy in Turkey when there are thousands of apartments to be rented for about
£100/week?

Also, the weather in Altinkum/Bodrum is quite cold for 4-5 months/year and in Antalya is extremely humid over the summer and not so warm during the winter.

Hi Taraca,
Thats a valid point about the price of rentals, in my experience i found that even £100 pw was off the mark, you would probably be looking at £200 pcm as a decent rental rate and then all of that is clustered in the months of July and August, the rest of the year its totaly dead. With respects to the weather yes the south coast is unbearable in summer and mosquitos drive you crazy!!! but the west coat and altinkum/didim is also a nasty place to be in the summer due to all the power cuts and water shortages its an absolute nightmare for people on holiday. Winter time in both places is very very breezy and wet and at nights its bitterly cold.
My advice would be to look at Cape Verde, South Africa, and Morocco is very good in particular Saida is booming. I also hear that Abu Dhabi is undertaking one of the largest ever development programmes that will over the next 2 years eclipse Dubai as the premier destination in the middle east.

quote:

Originally posted by masseco:
Hi Taraca,
Thats a valid point about the price of rentals, in my experience i found that even £100 pw was off the mark, you would probably be looking at £200 pcm as a decent rental rate and then all of that is clustered in the months of July and August, the rest of the year its totaly dead. With respects to the weather yes the south coast is unbearable in summer and mosquitos drive you crazy!!! but the west coat and altinkum/didim is also a nasty place to be in the summer due to all the power cuts and water shortages its an absolute nightmare for people on holiday. Winter time in both places is very very breezy and wet and at nights its bitterly cold.
My advice would be to look at Cape Verde, South Africa, and Morocco is very good in particular Saida is booming. I also hear that Abu Dhabi is undertaking one of the largest ever development programmes that will over the next 2 years eclipse Dubai as the premier destination in the middle east.

South Africa is in freefall, Cape Verde is filled with italian builders who have vary bad quality, Morocoo is getting quite expensive. Port Lixus is a nice development but they charge
135K Euros for a pre-release 1 bedroom apt. which I find too much.

Some interesting points but remember more people are traveling to Turkey than Spain on holiday now!! Rental is available if you market your property correctly you can’t expect to buy a property for rent and expect other people to rent it for you. I know of people who are successful renting property in Belek on the south coast. Sun in the summer and golf in the winter gives it a year round appeal. Hotels in this location are VERY expensive 6 and 7 Star hotels so an apartment is a good alternative. Tourists are arriving in the thousands.

I was sympathetic to your views until I read your comment about Bulgaria or even Cyprus being an investment for long term ARE YOU CRAZY.
27,000 new apartments are currently being built many bought by "investors expecting to sell for a profit. More development is planned as applications are still flooding in. Who will sell the resale for you and how when 27,000 may come onto the market all at the same time??
The official growth rate is 2% so don’t be fooled by the developers telling you what you want to hear. Check out the Sunday Times article on MRI go to the Sunday Times website and put MRI in the search.
Your argument for not buying in Turkey would be as relevant in Bulgaria and Cyprus.
Investors should look at buying in a market where there is an internal market and where visitor numbers are increasing. This way rental is likely to continue and when you sell you are not looking for the elusive investor but can sell to a local.
I can think of 2 examples Panama and Florida
Panama has more people retiring their than anywhere else in the world and there is a great need for good quality housings. Even the government is giving tax incentives to pump prime the market and ITS WORKING. I anticipate good returns here.
Florida is another area where you have growing visitor numbers 47 million this year and this is forecast to double in the next 15 years to over 90 million!!
Also 15,000 people a day are moving in. The dollar rate is almost $2 to the £1 you get a lot for your money. Now is a great time to buy in Florida as it is a buyers market at the moment but I don’t think this will last for much longer as developers are not releasing more developments until the re sale market has leveled out. With 15,000 people moving in a day it won't take to long.
I used Florida Countryside for independent advice and found them very honest. They appeared on ITV "I Want That House" at leased 15 times ask for Paul I found him very Helpful. Im not sure if I am allowed to post his number so wont risk it I am sure you can find it on Florida countryside .com web site.


I have had experiance buying and selling properties around the world and would be happy to give independent advice. I AM NOT A DEVELOPER.

Hi Pal,
Fair point about Bulgaria and Cyprus even i have very big questions concerning the resell potential in these countries. Although the key thing here is being around 4-5 hrs flying time from the UK and as attractive and benificial Florida and Panama seem, they still are not a weekend destination, the flying time and transfers to and from airports are actually a big deciding factor in where most English people look at buying. If time was not a problem then i would probably look at Melbourne, Brisbane or Sydney as ideal holiday home locations, but thats just never going to be viable. So thats why Southern Cyprus/Morocco and even the Canary islands are looking a little better than they did 2 yrs ago!

Messeco you highlight waht Ive been saying about investing.

In Morocco Ive gone for the premier development, the Kings own baby for the very reasons you highlight.
Oversupply will affect all the one off smaller developments so really the investment case isnt valid.

By all means buy into emmerging markets but only buy the best and make sure over supply wont affect you (my Moroccan development has a 15 year royal ban on building once the initial stock of 300 properties have gone)

quote:

Originally posted by PAL:
Panama has more people retiring their than anywhere else in the world and there is a great need for good quality housings.

Why bother when Morocco is just 3 hours away?

Many Spannish, French and Belgians retiring there.
The Governments Plan Azure sites are out of this world.
Im buying on Saidia the premier Plan Azure site.
Rentals will be year round as 3 18 hole championship courses are ON SITE, it has its own 6km beach and immense facilities, even its own hospital and 8 independant British rental agents ON SITE.
No where else in the world comes close in terms of investment. I like you invest all over the place.

quote:

Originally posted by PAL:

Florida is another area where you have growing visitor numbers 47 million this year and this is forecast to double in the next 15 years to over 90 million!!
Also 15,000 people a day are moving in. The dollar rate is almost $2 to the £1 you get a lot for your money. Now is a great time to buy in Florida as it is a buyers market at the moment but I don’t think this will last for much longer as developers are not releasing more developments until the re sale market has leveled out. With 15,000 people moving in a day it won't take to long.

You got it all wrong.

More people leave Florida these days than colming. The house insurance can reach $1000 per month. There is a flooding of properties and
prices are falling like a rock.

So Florida is thw WORST place to "invest"money.

quote:

Originally posted by Thorr:

No where else in the world comes close in terms of investment. I like you invest all over the place.

These kind of statements take away any value from any of your statements. I wonder how come you are not bored of writing them over and over again...

Steady on Masseco i think you are being abit harsh on Turkey,my English husband and i have been living in Turkey for one and a half yrs now and i have never seen crime like ı have seen in England and the weather is sooo much better.I am not disagreeing with all of what you have to say,meat is expensive but then agaın i am healthier than i have ever been no more junk food.If you eat out every night and drink like it could be your last then yep! your going to run out of money(just like you would in the uk.Turkey will not join the EU for yrs i agree alot still needs to change but that does not effect my way of life here.Property is goıng up but i sure as hell could not afford a villa in the UK like i have here,you sold your property!!Please remember we have alot of con artists in England who are only to happy to rip you off.I can confirm that i have known brits to be ripped off out here but i am afraid most the time it has been there own stupidity,double check if you are not sure ask the prices before its your money dont just hand it over.I do miss some things about the UK...Gravy,custard powder and nice choc but if i thought it to be like the uk i would not of left,sorry it did not work out for you but spare a thought for all the people it has worked out for.As for Bulgaria i would say it is not a good investment as Pal pointed out.Best of luck back in the UK.

Well, Its good to see so many people have a veiw on where to invest, but the primary reason for the initial post was to be aware of the pitfalls of Turkey!!!! And i stand by what i said. Turkey has no rental market, there are no letting agencies in the main areas where the Brits buy. Crime does exist and if you live there every day you are less likely to be robbed but when you are only there for a maximum of 5 weeks p.a then you will get some issues occurring. I am sure you are happy there in Turkey, Cornish Turk but its a country which is cutting corners on everything and its only a matter of time before horror stories start about the quality of construction (i give it another 2 yrs max) and then you will see exactly what happens with Turkish construction, its very poor! I agree with Thorr Morocco has long been a good investment and has genuine returns in both equity and rental income unlike Turkey. Abu Dhabi has now the most ambitious project being undertaken by the Kingdom with Sir Norman Foster overseeing some of the designs and Laing construction having won the contract for the development of the marina and harbour.But do keep your thoughts coming in asd i am enjoying reading the thought provoking comments and laughing at the more narrow minded comments. So please do not stop!

Ho Ho Ho and merry christmas!!!!

Absolutley right mate! that was my post but that was my job back then selling property to unsuspecting Brits. I used this site as many agents still do. I was made to do that and i certainley feel embarressed by it. But that still changes nothing about what i said in this initial post, because when clients lost money and when clients were getting robbed while they were still in the property it certainly makes you think. I am pleased you have settled so well in Turkey but not everyone who buys in Turkey lives there full time like a small percentage of Brits. When a person comes to sell it starts to get very very difficult, i should know as its taken me 14 months to sell and i mjust about made back the money i paid for it, so i speak from personal experience. Most Brits look at equity and rental income if neither of these are viable then tell me what is? In essence if you had 50k and wanted to get at least 30% on top after 18 months and sell and just take the profits, its simply not going to happen! It would be better invested in a high intrest account in the UK, Thats the point i am making now without any company or Turkish director speaking through me on a forum.

west ham 1 - man utd 0 Long live the hammers!!!

This has been about people being aware of issues and problems in buying property in Turkey and more importantly about eventually selling the property. I am sure you have a great time in Turkey but this is not about me trying to knock your choice of country to live in. This is about the dangers and the problems concerning Brits in Turkey ( remember Turkey is huge!) I have lived in all the main coastal resorts where Brits buy and its the same where ever i went lots of people losing money and eventually people going back to the uk or settling in back into areas like Spain and Portugal. In my line of work back then i simply heard too many horror stories and i have seen the way things are built there (i used to go onto construction sites all the time) and its poor quality! so once again do not take things soo personally as this is not trying to be personal at all but simply informative. We all require advice at all times and i have learnt some very sharp and harsh lessons with regards to investing in Turkey and in fact abroad, my experiences within real estate and as a property owner in Turkey gives me a wealth of experience which i will use wisely in my next venture.

Massecco

I have read your writings with increasing amazement. You have managed very sucessfully to discredit yourself, however I will answer a few of your points just to balance things up a bit.

Firstly you say, you were in Turkey for 2 years, then you say you lived in all the main coastal resorts where Brits buy, so that did not really give you very long anywhere did it?!

quote:

Rental- Well to say its none existant is wrong, it does exist but its not widely available, unlike the UK where every agent will have a letting dept, there are none in Turkey. Why? Well because its a numbers game and once its sold its your responsibilty. I have seen Emlaks (estate agents) say yes there is a good market and then do nothing once they have handed over the keys. They are just simply lying to you!! On top of this there will be hotels where you have brought your property and these will be all-inclusive, so why would someone pay you £500pw and then flights on top and food and drinks for a family of 4 when they can all inclusive for sooooo much cheaper? The figures do not stack up!

Rentals are more difficult in Turkey than South of France say, but property is so much cheaper accordingly, I let my place for 14 weeks last year, but certainly not at £500 per week, however the 14 weeks meant I was easily in profit this year. Hotels are cheap, so you have to price accordingly, if you stuck out for £500 no wonder you did not get rentals. There are agents that do lettings in Turkey, you should make sure your facts are accurate. .

quote:

Re-sale - So you have decided to buy and the property after 1 years ownership has 'risen' by 20%, so you think i will sell and buy something bigger, but why would someone buy yours when they can buy a new property with all appliances and choice of finish for the same price? Its just not going to sell.

Strange reasoning, seeing as you have just SOLD yours. I know of plenty of resales being sold, although it is true that agents prefer to sell new builds because commissions are higher, so for those keen to sell, offer high commission to the agent and price just under the comparative new builds. You always pay a premium for new builds.

quote:

4) Location - All british buyers are looking Didim/Altinkum for investing and to a lesser extent Alanya on the south coast. Alanya is now in serious problems, a friend told me over there that there are now over 30,000 unsold apartments in Alanya. Didim/Altinkum has a huge stock of properties that just simply will not sell, but you would understand if you went there, its a s*** hole!

I can not comment on Alanya, but your disparaging remarks aimed at Altinkum and Didim are unfair and uncalled for. Didim is a typical bustling, vibrant Turkish town and Altinkum, although not to my taste (too commercialised) is certainly no s***hole, that is just a stupid thing to say and with the new marina being built, it will get better and better. There are also stunning quieter places to live around this area like Akbuk and Yesilkent.

quote:

5) Cost of living- What really suprises me is that everyone talks about Turkey being cheaper than the UK. I can tell you its about the same, infact the UK is cheaper on things like meat, alcohol and believe it or not fuel! Turkey is the second most expensive place in the world for petrol.

Try buying a lovely meal out for a fiver and a town centre app for 25k in the UK then!

quote:

6) Crime- Please do not belive the stories of there being no crime over there, Didim/Altinkum is the capital of robberies and burglaries in Turkey, there are many many pickpockets that operate in and around the markets and they are looking only for Brits to rob. Turkey also has a lot guns floating around so do be careful

You must have some agenda against Altinkum, because this is just untrue, there are many who have lived in both UK and Turkey who will tell you, they feel safer in Turkey – I know I do.

quote:

7)EU Membership- This is the best of all, Turkey is so far from EU entry that for some of you reading this , it will not happen in your lifetime but i would say IF it happens then at least another 20 years would be feasible but only with a lot of restrictions in place.

Very difficult to second-guess politics. USA and UK are leading and powerful advocates for Turkey's inclusion in the EU, as Turkey remains the bridge between the West and the Middle East. It may be convenient and beneficial for both parties if Turkey does join in 2015. However, Turkey has already benefited in it's preparation to join and that will continue whatever the future holds politically.

quote:

8)Money- The currency in Turkey has had a volatile 12 months and if you are investing in Turkey, there is no constructor that wants to be paid in Lira, they only want Sterling. That says a lot about what they think of their own currency

Sterling , us dollars and euros are all used in Turkey and all seen as more stable that the lira. Turkey's finances have made a miraculous recovery from a few years ago, but UK like stability in it's currency may be some time away, however that gives opportunity to the savvy investor, particularly in purchasing resales and is not necessarily a wholly negative thing

quote:

The point i am trying to make is that if you are looking at a quick buck stick your money in the bank, if you are looking at long term then go for an EU member stae like Bulgaria or even Cyprus but steer clear of these 'amazing offers' as its all a load of rubbish and its just Turkish constructors trying to get money from your pocket. Be careful as theer are a lot of nasty elemnts that are at work in Turkey and they only want money.
I am more than happy to help anyone with any querries they may have as i was working in Real Estate in Turkey for 2 yrs and can give only impartial advice.

This is where you made yourself look COMPLETELY stupid. No one makes a fast buck by sticking their money in the bank! Impartial advice!! very funny

Constructors all over the world are greedy – FACT. What nasty elements do you mean???!!! Despite many agents being unlicensed, I hear of very, very few dodgy cases in Turkish property sales and seems to be a lot less problematic that TRNC and even Spain

quote:

its a country which is cutting corners on everything and its only a matter of time before horror stories start about the quality of construction (i give it another 2 yrs max) and then you will see exactly what happens with Turkish construction, its very poor!

Since 1999 standards have risen and regular checks are made during construction. My anecdotal evidence suggests that recent standards are very high and comparable to Spain. I have a property that is 15 years old and that is still standing!, but I wait with bated breath for all the horror stories!

quote:

but the west coat and altinkum/didim is also a nasty place to be in the summer due to all the power cuts and water shortages its an absolute nightmare for people on holiday. Winter time in both places is very very breezy and wet and at nights its bitterly cold.

Another strange piece of misinformation. Never come across any water shortage and only about 2 power cuts once when I rented an app in May, near where building work was going on. As you should know building work is stopped from June to October.
Climate is fantastic imo, when I was last out in December it was 22 degrees, bright and sunny.

You may have genuinely not liked Turkey and done badly there investment wise, but I know of so many who bag great investments and love the country like I do that you surprise me, but may be investment in property is not for you...........

Mr BC, I stand fully behind my comments and i am just as suprised by your comments about Turkey and life in didim. The thing is that this is not about all the old folk who want to retire somewhere warm, i think you could not pick a better country than Turkey to retire in. Although most of the people buying in Turkey are 35- 55 yrs age group and some will want to sell just as much as they want to rent.

You mention apartments in didim centre for £25k i can assure anyone reading this they are rubbish, maybe your