Inv Property Demirtas Turkey

I am thinking of purchasing a two bed apartment in Orange Hills, Demirtas, Alanya, Turkey for €45,000 from an Irish builder 'Costello Construction'

Has anyone any knowledge of this area, it is approx 18km from Alanya or had any dealings with this developer in the past ?

I have heard of this company and have purchased from them. If anyone else did please reply. Seems like a good investment assuming it is built.

You should be able to squeeze a bit more from them now that it is essentially a buyers' market there. The big rush of foreign buyers with no price sensitivity has ebbed now that the twin promises of EU membership and guaranteed rents have come to naught. Offer them a lot less if you really want to live there, and don't believe a word about rental potential!

Is it only me, or does the original post look like an attempt to push a flagging project? Just my suspicious mind maybe!

MOPRF said:

I have dealt with Costello Construction in the past and they are a good company. Saying this, always have your due diligence done.

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They said they have been approached by a UK property fund to purchase the entire Orange Hills Resort. Where does this leave everyone that bought off plans with the promise of an apartment. Also there have been delays in starting Orange Hills. One has to start getting suspisious.

ALanya is awkward to get to during the "off season", i.e. October to May. even during June to September, the charter airlines will gouge you for return tickets. Friend bought there two years ago at €46k for 2 bed firnished, so it seems you have reasonable value but you may be further away than she.

Slim

Ireland still does not have a double tax agreement with Turkey. So you pay tax in Turkey and in Ireland and cannot offset the tax paid in turkey against the tax due in Ireland

See also for some discussion on turkey on aam

was strongly looking at an earlier Costello development also in Alanya last year. just as mentioned above flights are not easy, even in summer. I was in Istanbul for a weekend last year and a good number of passengers were taking connecting flights to Izmir and Antalya. this adds to the expense and inconvenience. I wouldn't over worry about the double taxation agreement between Turkey and Ireland because a) you wont have any rental income to tax and b) Turkey has a zero cgt after 5 years ownership which means that after 5 years the only cgt is the Irish one at 20%. (If you sell before the 5 years you cannot offset the Turkish cgt against this 20% though) other Turkish taxes are pretty minimal by Spanish/Portugese/French rates. after a lot of mulling it over I decided it was too much hassle for me and am currently split between the Alpujarras and Fuerteventura . strictly for family/personal. Alpujarras sounds great, Fuerteventura has direct ryanair flights 3 times weekly. Turkey has a coastline that is absolutely beautiful. especially around Kas and Olu Deniz but its was just too much hassle getting there for me. especially if flights etc are going to be 'green taxed' in future years.

Do irish citizens have to declare cgt to the irish revenue if they sell a foreign property? I doubt if many would.
Alpujarras is nice....very hilly ...i`d imagine it would be great in summer but would it be hot enough in winter...personally i think if you want warm winter weather go to fuertaventura or maybe other canary islands.

Do irish citizens have to declare cgt to the irish revenue if they sell a foreign property?

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Yes they do. You also have to declare the purchase of a foreign investment to irish revenue and make annual rental income returns even if a loss is made.

I doubt if many would.

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As CGT is a self assessment tax it is up to each individual to make the necessary returns. If tax is due and no return is made then interest and penalties may be payable which could double your liability when revenue catch up with you. Better to pay the tax when it is due.