August 3, 2007
Buyers in Turkish North could fall foul of new Cypriot Law
Developers are positive about the northern Cypriot market, but buyers may be discouraged from investing due to the new law which can sentence them to seven years in jail.
Passed last October 20, 2006, the law applies to anyone caught selling, renting or building on disputed land without the owner’s consent. Several prospective investors have cancelled purchasing agreements for fear of prosecution. According to Kibris, the Turkish Cypriot daily, these investors are Turks, Britons and Israelis.
The new law passed was brought to the world’s attention in November after the highly publicized case of a Russian national named Ekena Merkushova. The accused was arrested as she entered Southern Cyprus, charged with illegally purchasing Greek Cypriot property in the north. Merkushova is presently facing a sentence of seven years in prison if found guilty. She denies the charges, claiming that she was deceived by agents who did not disclose the real owners of the property.
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Posted on: Turkey
Turkish Real Estate Prices Rising to EU Levels
Istanbul was recently named one of the most expensive metropolitan areas in Europe. As a result, Turkey’s property prices are consistently increasing.
According to an annual report by PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI), the Turkish city is more expensive than Madrid, Stockholm and Rome. An input from 400 real estate specialists claims that the most populous city of Turkey is ranked the highest for city development prospects. “The market still needs many developers rather than pure investors… real estate sectors are now in a learning curve,” claims a respondent. Another comment says that Istanbul will be the star of the next decade.
Although Istanbul is keeping up with Europe’s property prices, it has a long way to go. Taking the lead is London with €13,000 per square meter, followed by Paris and Milan with €8,500 and €6,500, respectively.
Posted on: Turkey
August 2, 2007
FLORIDA PREPARES FOR EMINENT DOMAIN RESTRICTIONS
Voters in Florida are gearing up for a ballot on November 7 that should strengthen the property rights of individuals against local and state authorities using eminent domain (compulsory purchase) legislation. The bill – which would become the Eighth Amendment to the state’s constitution if passed – would require the use of eminent domain for the transfer of property to private developers which will be approved in each individual case by three-fifths of each house of the Florida State Legislature.
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Posted on: Florida
Could Turkey be the new Spain?
Turkey is not one’s average property investor destination. Not only are there established and new resorts but the country overall is a tantalizing mixture of western treats and eastern exotic charms.
While Turkey has been a package holiday destination for European tourists for a couple of decades, World of Property discovered that property market interest only tookoff in 1999 when it became clear that the country may be considered a member in the European Union.
In 2003, the Turkish government made it possible for private overseas property buyers to invest in a second home in Turkey. The legislation only received formal approval in the last few weeks and brought with it the prospect of Turkish mortgages for foreigners. In 2006, Turkey was also granted a “market economy” status, which is a key factor towards gaining full EU membership. This decision is expected to boost confidence inTurkey’s economy among domestic and foreign investors. According to Adam Godwin of Dream Homes Worldwide, the Turkish economy is on the increase at an incredible rate of 7.2 percent per annum; five percent higher than the EU average.
Posted on: Turkey
August 1, 2007
Istanbul’s European credentials
Although Turkey is not yet a member of the European Union, Istanbul, Turkey’s most populous city, has emerged as a front-runner for the Academy of Urbanism’s European City fpr 2007.
When the competition for this year’s European City of the Year 2007 award was launched at the MIPIM International Property Fair in Cannes last week, Istanbul came out on the lead with Rome, Barcelona and Paris closely following. These early front-runners are followed by Budapest, Stockholm, Athens, Berlin, Madrid, Prague, Munich, Amsterdam, St Petersburg, Valencia and Riga.
The European City of the Year category alternates annually between Great Britain and Ireland one year and mainland Europe in the following year. This 2007, the competition is open to cities in mainland Europe only. “The first four in the breakaway group were getting twice as many votes as the rest of the peleton,” states John Thompson, chairman of the Academy of Urbanism. Thompson launched the competition in Cannes: “The canvas of Europe that’s being laid out before us for potential assessment brings together a fascinating collection of places and we’re looking forward to engaging with the three finalists.”
Posted on: Turkey
TURKISH ISLAND GOES ON SALE
The 800,000-square-metre Rabbit Island in Turkey’s Maarmara region has gone on sale. The island boasts of historic ruins dating back over a thousand years and offers spectacular diving opportunities, including numerous sunken wrecks and ruins and crystal-clear water. It is being offered for $10 million (£5.1 million) by its current owner, who wishes to remain anonymous.
Posted on: Turkey
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