Turkish delight

Friday, October 3, 2008

With British house price falls accelerating according to data from the Land Registry and three major UK lenders raising mortgage rates this week amid further volatility in the banking sector, property buyers are increasingly looking overseas for productive investments...

New research from Cater Allen Private Bank, part of Banco Santander, found that over three million Brits are likely to buy a property overseas within the next two years as economic conditions in the UK deteriorate.

"The weakening pound has made the Euro-zone comparatively expensive for British investors; while falling prices, over-development and poor economic growth prospects in key European countries are encouraging investors to look further afield to emerging markets such as Turkey," explains Dominic Whiting, editor of the Buying in Turkey Guide.

Property sales in Turkey to foreigners approved

Saturday, July 5, 2008
ANKARA

Parliament passed a bill late Thursday regulating property sales to foreigners after it was re-arranged bearing in mind the Constitutional Court's annulment of previous legislation.

Foreigners and foreign foundations will be able to own up to 10 percent of land within a building scheme, according to the new amendment. In case of liquidation of foreign companies in Turkey, the legislation will apply certain limitations which will enable foreigners to buy land in strategic and important areas only through special permission.

The Council of Ministers will be authorized to determine the sales of land in areas of importance to water, mining and energy supplies or in religious and historical sites.

While foreign ownership of real estate in military-restricted areas will be possible only by permission from command headquarters that are authorized by the General Staff, real estate in security areas will be purchasable by foreigners only through a special permission of the related governor's office, the legislation states.


British investor enters property market in Turkey

Monday, June 9, 2008
LONDON - Anatolian News Agency

The Turkey's property business is preparing to welcome a leading British real estate investment company the next season.

As an initial investment, the company plans to devote 400 million euros to Turkey in the hope of reaping 25 percent net profits from the market.

The international credit crunch has an adverse impact on the property business in developed countries, while developing countries, including Turkey, are on the verge of recovery, said the property investment director of the company.

The annual demand for housing is likely to increase in the coming years, as half of Turkey's population is aged below 30 and the annual population growth rate is above 1 percent, according to the director.

Meanwhile, most property investment analysts say the future is bright for the property business in Turkey, because the Istanbul Stock Exchange (IMKB) has lost 27 percent in value since the beginning of the year and the lira was downgraded 5 percent against the U.S. dollar.


Over 30m Brits head abroad in 2008

Overseas Property Professional
07 January 2009

The Foreign & Commonwealth Office and the Association of British Travel Agents (ABTA) have released their research into the travel patterns of British holidaymakers in 2008 and its predictions for 2009.

The study found that over 30 million Brits travelled overseas in 2008, with Spain  the most popular destination, followed by France, Italy, the USA, Greece, Portugal, Ireland, Turkey, the Netherlands, Belgium and Southern Cyprus.

However, the report said that as the Pound continues to drop against the Euro, which fell below the single currency for the first time since its inception, more Brits would choose destinations outside the eurozone.

"Over the past few years we have seen travellers becoming more adventurous and travelling further afield and this will continue in 2009 as non-eurozone countries will offer very good value for money - often at very high standards," said Frances Tuke from ABTA.

The shift has already been noticed in advance bookings for 2009. According to the Leisure Travel Monitor produced by Ascent-MI, which analyses data from travel agents across the UK, interest in the USA, Turkey, the Caribbean, Egypt and Mexico is dominating traveler interest.

Out of these markets, Turkey appears to gain the most from the UK, with the FCO and ABTA predicting that visitor numbers will double to two million by the end of 2009.

Several airlines have increased their capacity to the country in anticipation for summer this year.
"We have noticed an increase in property companies and airlines wishing to reach our target audience," said Hatti Suvari, editor of new launch magazine Property and Living in Turkey. "Many are realising that Turkey is going to be popular this year and are acting accordingly."


Turkish Delight

U.K. Travel magazines
Spring 2009

They say that fortune favours the brave and those that take the foreign property plunge in the current economic market might be considered foolish. But are they?
Buying a house in the UK is stressful enough so imagine what it must be like in the current market, and in a country that you have never visited. That’s just what Solicitor Duncan Pickering and his wife Lorraine from Lincolnshire did.
 
Duncan picks up the story.
 
“We’ve always loved holidays. For some people holidays are about being waited on in a hotel. For us it was always about sun and relaxation.  We love hotels but even 5* hotels can fail to deliver and your expectations are shattered and dreams dashed. Sometimes we just want the flexibility of being able to do things when we want without the formal constraints of a hotel.
 
Let’s face it; a home in the sun must be on most people’s wish lists if they can afford it. With 6 children I knew we were unable to afford what we needed in Spain so we had to look further a field. And of course you need a bit of luck in this game.
 
I’d always dreamt about owning a place abroad but never ever considered Turkey. I’d never been to Turkey. Turkey is what we have at Christmas! We were on a plane to Spain in February 2008 and saw a photograph of an idyllic villa with pool in Turkey. There was something about the photo that I fell in love with, and it wasn’t just the price - which was from £57,500!
 
While in Spain I emailed the developer, Mecitoglu Homes; exchanged emails with Sarah, the salesgirl, and learnt that although they didn’t build 4 bedroom apartments they were about the start on some 4 bedroom villas at a place called Side (pronounced ‘See day’) on the Mediterranean Coast. I could put down a fully refundable £2000 deposit, take an inspection trip and when we’d been to have a look if we didn’t want to proceed they would give me my money back. We went out last Easter at the developer’s expense and signed up there and then. No high pressure sales, just really nice people. On the way back to the airport I was slightly apprehensive. A bit like the time you take your first baby home from the hospital, or when you pass your driving test and have to drive the car on your own for the first time. It was a big step - and in a foreign country.
 
Side in the Antalya region is a sleepy ancient coastal port, 45 minutes from Antalya airport and 25 minutes from the golfer’s paradise at Belek. Side is on a peninsula and its roman ruins and amphitheatre ooze a sense of tranquility and calm.
 
Buying off plan we got a hefty discount. We have Mecitoglu to thank for the build quality, which is superb.  Our 4 bedroom villa in Turkey is bigger than my 5 bed house in the UK. The weakness of the pound and the fact I was buying in pounds have really helped. There must be some horror stories about builders out there. Find yourself a respected developer with a proven track record with property you like and good testimonials.
 
The Association of British Travel agents say Turkey was the No 1 destination for UK holiday makers in 2008 and this looks set to continue in 2009.  We have considered rentals but the ongoing costs are less than £1500 per year and therefore we won’t be forced to rent it out to cover these costs. I’ve managed rental properties in Spain and the Caribbean and was keen not to have to rely on rental income. It’s one thing renting to family and friends who will look after it, but some of those who rent expect to be able to treat it as they wish. I don’t want to have to redecorate each time someone drags a suitcase up the stairs. We intend to use it as a second home rather than a holiday home.”
 
Lorraine says “I liked the idea of being on a complex with others. On our last visit we traveled back to the airport in the developer’s courtesy bus with another family who are going to be our neighbours 5 doors along. Most of the purchasers are English. As well as our own private pool there are two communal pools, an indoor pool, tennis court, gym and café/bar. There is plenty for the children to do. The Turkish people are great. I can get everything in the supermarket that I can get at home and I’m not threatened or worried about security. I’ve even started to learn a few words in Turkish!”
 
Just before it is completed in September this year the Pickerings will be taken to some furniture outlets to chose furniture blinds curtains etc. These outlets have the sizes of all the rooms so can advise of what will fit etc and what the costs will be. They then deliver unpack and fit everything for you.
 
Duncan continues, “Have we had any problems? No, none at all. We took the kids there in August last year and thought it might be too hot but it was fine. They loved it and can’t wait to go back. Any regrets? None whatsoever! With interest rates the way they are I am not getting a return on savings in the UK so my money is working harder abroad, giving me unlimited holidays in the sun in the process.
 
World we recommend people to Turkey? Absolutely!”
 
Duncan and Lorraine Pickering bought through Mecitoglu Homes.