November 9, 2007
EU TURKEY REPORT “LACKS REALISM”
A European Union report lately called on Turkey to take responsibility for the alleged genocide of Armenians by the former Ottoman Empire during the First World War. The Turkish government is attacking the EU for this report.
The published report suggested recognition from Turkey for the genocide and other crimes against humanity committed during the fall of the Ottoman Empire. According to the report, the recognition is a condition of Turkey’s accession to the Union.
Posted on: Turkey
November 6, 2007
Buying Turkish property explained: Costs
Turkey’s immense coastline, Mediterranean weather and countless outdoor lifestyle options are drawing in property buyers from all over. Robert Nixon of Nirvana International believes although Turkey has yet to be a part of the European Union, many property buyers have seen a golden opportunity to purchase real estate now and “watch as the property boom moves from other popular European countries”.
Fortunately, the process of buying property in Turkey is a lot easier than in other European countries, confirms Nixon. He explains some of the cost procedures involved in purchasing properties in Turkey.
Posted on: Turkey
November 1, 2007
New Altinkum Turkish property development
For the longest time, Turkey has been British holiday makers’ favorite. Today, Turkey is a favorite among many overseas property investors. With about a million tourists from the UK visiting Turkey every year, there is news going around about a buy to let market establishing itself in the next few years, and buyers are already being drawn to the Turkish property market.
A new development in the renowned Altinkum area of Turkey looks promising for excellent capital potential, and buyers are urged to invest now. “There has never been a better opportunity to invest here especially with so many factors now favouring the investor,” avows.
Posted on: Turkey
October 30, 2007
Mixed news for Turkish property buyers
There is good news and bad news for those hoping to purchase a Turkish property in the not so distant future.
The good news comes in the form of a new mortgage service that has been introduced which will make the purchasing process of Turkish property easier. An agreement has been signed between the property agency, Turkish Homes, and UK overseas mortgage specialist, Conti Financial Services Ltd. The agreement will allow the company to assist buyers with obtaining mortgages for purchasing property in Turkey.
The amount of mortgage available to clients will be based on the buyer’s net earnings. Mortgages are available from 60-80 per cent of the value of the property. This depends on the location. The maximum term of the loan is up to 20 years. Interest rates begin at roughly 6.10 per cent for a Euro mortgage. This is assuming that potential buyers show up with a competitive offering.
Posted on: Turkey
October 18, 2007
Turkish Property: Reasons to be positive
Paul Beasley says that the Turkish lira may be experiencing some short-term turbulence, but property agents are talking up the mid-term prospects of Turkey’s property market. Moneycorp, a currency exchange specialist, says that a recent decrease in the value of the Turkish lira has helped to create new bargains for sterling buyers in recent months.
Posted on: Turkey
October 17, 2007
A Turkish investment
It was a holiday that first gave Sue and Sean Flynn the idea of buying a Turkish property. Having enjoyed visiting Kalkan, an upmarket village in Turkey’s Mediterranean coast, they gradually realized the investment potential of the area. According to Sue, Kalkan is renowned for its rooftop restaurants and great seafood. Its location is excellent for exploring nearby ancient sites and for visiting the Patara beach, which is often cited as one of the best beaches in the world.
What’s more: Kalkan is very easy to reach. Sue adds that a new tunnel opened recently, cutting travel time to the village by 20 minutes. She and husband Sean decided to look for a property that they could use as a holiday home but that would also serve as a good investment. Sue recalls that their search was not a long one. They bought their first apartment by October 2005; they came for a week’s visit and made a purchase at the end. The purchase was made directly from the builder, Aslan Uzun, who owned the Asfiya hotel, where the couple had stayed previously. They knew and trusted his expertise, thus they were confident that the building would be good.
Posted on: Turkey
How and where to buy property in Turkey
The overseas property market dictates that where holidaymakers go, property buyers follow. So when one considers close to one million British tourists a year have visited Turkey since 2001, it is no great surprise that the country is now garnering plenty of attention from British property buyers. Despite its eastern location, the country is split by two continents, Europe and Asia. The western, far more touristy half of Turkey would not look out of place in Western Europe, albeit with a few exotic eastern charms thrown in for good measure.
With these in mind, one may ask why is it only now that Turkey is starting to turn the heads of property buyers? There are two main reasons. One is a change to the purchasing process in 2003 which made it easier for foreign nationals to buy a home in Turkey, especially in more rural areas; while the other is that since 1999, it has been rumoured that EU entry for the country may not be too far away. This is still an ongoing debate and one which is far from being resolved.
Posted on: Turkey
October 12, 2007
Turkish property: Reasons to be positive
The Turkish lira may be experiencing some short-term turbulence, but property agents are talking up the mid-term prospects of Turkey’s property market.
According to currency exchange specialist Moneycorp, a recent decrease in the value of the Turkish lira – part of an economic blip – has helped create unprecedented bargains for sterling buyers in recent months. At the Turkish currency’s lowest point in recent months (23rd June 2006), £100,000 – or the cost of the typical two-bedroom apartment in a popular Turkish resort – would have bought 320,000 lira.
Yet barely six months previous to this, £100,000 was worth around 240,000 lira – a difference of £28,000 on the market low and clearly a useful sum for any Brits keen to buy a second home or investment property in one of the country’s many popular resorts.
Moneycorp’s David Kerns replied, “It does depend on how one views risk. As with any volatile economy there are bound to be more ups and downs, as evidenced by the Turkish lira’s yo-yo performance over these past six months”.
One should bear in mind though that many Turkish property agents and developers will accept payment in sterling and euros, hence exchanging pounds to lira may not be essential in every case.
Although the Turkish economy may indeed be experiencing some short-term upheaval, Turkish property agents and developers have pointed to several factors that should ensure the country offers solid investment potential on a mid- to long-term basis.
Firstly, although Turkey is perhaps eight-to-ten years from joining the European Union, it appears to be ready to adopt an ‘open skies’ policy in the near future, which often quickly leads to the arrival of low-cost flights. Indeed, with Easyjet flying into Istanbul three times a week from 1st August 2006, many industry commentators believe that low-cost flights to Turkey’s Aegean and Mediterranean coastlines are just a matter of time.
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Posted on: Turkey
October 4, 2007
Turkey Launches Thermal Tourism Plan
The government of Turkey has launched a new plan, thermal tourism, to increase its revenues and encourage more visitors. Thermal tourism will promote tours to the country’s numerous thermal sites. These sites are reputed for a millennia to have therapeutic properties. The Turkish Culture and Tourism Ministry claims that the country has the greatest thermal resources in Europe. In fact, Turkey is among the top seven nations in the world in terms of its thermal assets.
The Thermal Tourism Cities Project of Turkey has selected three regions to be given the highest priority in terms of funding and promotion. These regions are the southern Aegean, southern Marmara and central Anatolia. The Turkish government believes that the country’s 1,300 sites of thermal interest can eventually attract as many as 30 million tourists every year. This means more revenues as they will be bringing in an extra £8 billion into the economy annually. Presently, Turkey is only receiving around 10,000 visitors.
Posted on: Turkey
September 13, 2007
Property NewsMortgages could see Turkey property prices soar
It is expected that Turkey real estate prices will soon increase after news that mortgages will now be available for the first time.
In the past, property buyers in Turkey could use only cash or bank loans with high interest rates. Recent developments will now allow investors and home buyers to finance their purchase using a fixed interest rate mortgage. Rates can be fixed for either one, two or five years with present interest rates fluctuating between 5.5 to 6.5 per cent. Mortgages in Turkey are based on affordability. A buyer can borrow between the minimum amount of 40,000 to the maximum amount of 200,000 euros. Maximum repayment period for the mortgage is 20 years.
This is good news for those hoping to get a foot in the Turkish property market. “With the introduction of mortgages we can expect to see many first time buyers, both for new and resale property, enter the market,” says Michael Johns of The Right Move Abroad. However, it is also feared that the introduction of mortgages will trigger the prices to go high as an unprecedented number of buyers from abroad and Turkish nationals will now have more chances of buying a home in Turkey. Prices can possibly increase more in already popular second home destinations such as Bodrum, Dalaman, Fethiye and Istanbul.
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Posted on: Turkey
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