Can anybody give me any info on the property buying process in Turkey?
- Thread starter Gary 23
- Start date
Re: Turkish property Questions
As an ex-pat whose been living here in Turkey for almost two years now, I'll just give you my own observations.
Not wanting to repeat what previous threads have said about investing overseas, care is required in Turkey like in any other potential destination.
Weigh up the pros and cons, such as ease of travelling to/from Turkey, price, location, future re-sale and profit potential. Most coastal resorts here are a summer only destination with the exception of Antalya and Alanya in the south. with direct charters ex Dublin working on the same basis. Getting to/from here in winter isn;t straightforward or cheap.
One thing that holds true here, is that there's two prices on almost everything, 1.the price a tourist is charged and 2, what a local is charged. This goes for property as well. Purpose built developments being sold just to foreigners carry a hefty price hike compared to what locals buy.
Ask yourself, if and when you want to sell, who will buy your property? Find another tourist who will buy it? So be careful.
Fluctuations in the Lira/Euro exchange rate needs to be factored aswell, last summer, it was 2 YTL (Lira) to a Euro, today it's about 1.82. Lots of English people have been buying here, they were getting almost 3 Lira to their pound sterling last summer. BUt they have the advanatage of direct flights from the UK all year round, which is not avaialable yet to Irish buyers.
Sheba12, I do hope your new home will be finished when you come here at the end of this month. I'm aware of Parador, who have recenly moved into the Turkish market but I don't know anything about them so I can;t comment on Big Rob's reply. You seem happy with them so far.
Right now, I'm looking to buy a coastal property, I'm concentrating on buying what the locals buy and sell and more importantly, where the better well off turks spend their summers (for future resale prospects) and not an overpriced tourist development. It's possible to buy a very nice site here, overlooking the sea for less than 20000 euro if you knwo where to look. If buying a site, be very careful the "owner" actually has the righ to sell it. The title deeds office will verify this before you part with any money. Be very careful. Title deeds is so important over here.
Hope this helps, happy to give any more advice if you want it,
As an ex-pat whose been living here in Turkey for almost two years now, I'll just give you my own observations.
Not wanting to repeat what previous threads have said about investing overseas, care is required in Turkey like in any other potential destination.
Weigh up the pros and cons, such as ease of travelling to/from Turkey, price, location, future re-sale and profit potential. Most coastal resorts here are a summer only destination with the exception of Antalya and Alanya in the south. with direct charters ex Dublin working on the same basis. Getting to/from here in winter isn;t straightforward or cheap.
One thing that holds true here, is that there's two prices on almost everything, 1.the price a tourist is charged and 2, what a local is charged. This goes for property as well. Purpose built developments being sold just to foreigners carry a hefty price hike compared to what locals buy.
Ask yourself, if and when you want to sell, who will buy your property? Find another tourist who will buy it? So be careful.
Fluctuations in the Lira/Euro exchange rate needs to be factored aswell, last summer, it was 2 YTL (Lira) to a Euro, today it's about 1.82. Lots of English people have been buying here, they were getting almost 3 Lira to their pound sterling last summer. BUt they have the advanatage of direct flights from the UK all year round, which is not avaialable yet to Irish buyers.
Sheba12, I do hope your new home will be finished when you come here at the end of this month. I'm aware of Parador, who have recenly moved into the Turkish market but I don't know anything about them so I can;t comment on Big Rob's reply. You seem happy with them so far.
Right now, I'm looking to buy a coastal property, I'm concentrating on buying what the locals buy and sell and more importantly, where the better well off turks spend their summers (for future resale prospects) and not an overpriced tourist development. It's possible to buy a very nice site here, overlooking the sea for less than 20000 euro if you knwo where to look. If buying a site, be very careful the "owner" actually has the righ to sell it. The title deeds office will verify this before you part with any money. Be very careful. Title deeds is so important over here.
Hope this helps, happy to give any more advice if you want it,