Kusadasi, Turkey Apartment Investment.

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kceire

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anybody have any thoughts on buying a two bed apartment in Kusadasi in Turkey?

my parents have a place over there and we have been there many a times over the last couple of years and really like the place.

looking at two bedroom apartment circa 70 sq. m in small development of only 8 apartments with private pool in the region of 70k euro. (room for deal with cash). the apartments are built over 4 blocks of 2 in each so its a relatively small private development with private gardens and is in a nice area of ladies beach area imo.

apartments are a 3 minute walk to ladies beach and a short 5 min drive to the centrum, easily walkable too.

all advice welcome.
 
BigRog said:
What is your reason for buying ?.
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i suppose my main reason to buy is to have somewhere abroad to enjoy for the future. im not too sure weather i want to rent it out yet but i suppose that option would be nice too to help with payments etc.

we would have half the money in cash savings and would get a personal loan for the rest.
 
I remember hearing that it's tricky to get to Kusadasi because the only way to fly there is to be booked on a holiday.

I'm open to correction!!!

We were there recently and loved it so I imagine if I'm incorrect you woudl get a certain amount of interest, the locals there seemed to love the irish!

addob
 
addob said:
I remember hearing that it's tricky to get to Kusadasi because the only way to fly there is to be booked on a holiday.

I'm open to correction!!!

We were there recently and loved it so I imagine if I'm incorrect you woudl get a certain amount of interest, the locals there seemed to love the irish!

addob
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you can now fly direct on a flight only basis, omni travel in santry take flight only bookings and so to donabate travel. i also hear that a few other airlines are going to introduce more flights in and out of izmir or bodrum in the near future, but with the global economy gods knows if it will happen or not.

if i were to try rent it out, does anybody know what is the main websites i can advertise on?
 
Try to get yourself a local ( kusadasi ) estate agent and perhaps use any contacts you parents might have. I have just bought out there ( feel free to PM me if you want to discuss further ).
 
kceire said:
i suppose my main reason to buy is to have somewhere abroad to enjoy for the future. im not too sure weather i want to rent it out yet but i suppose that option would be nice too to help with payments etc.

we would have half the money in cash savings and would get a personal loan for the rest.
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So, bottom line you haven't really thouhgt this through at all. If you like Kusadasi (which I do - love Ephesus) go on holiday; no need to buy a place. You will not cover your costs. If in the future you wish to settle there do more research - and end up buying a bargain from someone who didn't do their research !.
 
spent 7 weeks in bitez/bodrum for summer. plenty of rentals there. paid 250 for beach view apt 2 bed. there is so much to choose from in Turkey everyone you talk to has property for sale/rent go out and see. remember season is not year round so flights in winter are through uk or stay over in istanbul.
 
I am currently exploring the possibility of selling my 3 bed apartment in Kusadasi five minute walk from ladies beach and which currently has rental income. I bought through an agent(an Irish person that has an estate agent business in Kusadasi). I have just started investigating the possibility of selling this property. Reply back if you need any more information.
 
JohnIreland said:
I am currently exploring the possibility of selling my 3 bed apartment in Kusadasi five minute walk from ladies beach and which currently has rental income. I bought through an agent(an Irish person that has an estate agent business in Kusadasi). I have just started investigating the possibility of selling this property. Reply back if you need any more information.
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You and a lot of others! In the mad days of the overseas boom, Kusadasi was one of the places that the Irish buyers bought at prices that made no sense. Some people who got in early did ok, as far as you can do ok in Turkey, but most of the rest bought unsellable rubbish.
The best thing the OP could do is to resist the urge to buy in Turkey. It's not a good idea, long or short term
 
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Sorry for the delay in getting back to. Given the Quality of the apartment and the location I would expect in the region of €97k. Obviously If you had to see the apartment I will also cover expenses to a limit.
 
If someone really felt that buying in Kusadasi was a smart thing to do, then they could at least cut their losses buy buying at local market prices. This sounds very much like a foreigner price; stuff like this was going locally for 25 to 30K just a couple of years ago in Kusadasi, and that was before the current slump.
 
By the way, before someone jumps on me and says that I'm being unfair to JohnIreland, check out any of the Turkish websites for the ASKING PRICES. Actual prices are a lot lower right now. Here's a couple of examples:

[broken link removed]

[broken link removed]

By the way, I have absolutley no connection with the company concerned, just give these as examples. In my view, this stuff is dear at any price.
 
No such thing as a free lunch, or a free inspection trip either -- you're paying for it either way.
I only showed this website link as an example of the asking prices in Kusadasi. My view still is that this stuff is too dear at any price. This thread after all is about property investment, not about throwing money away.
Best advice for anyone thinking of investing in Kusadasi -- forget it, doesn't make any kind of sense.
 
Hi kceire,
Just wondering how you got on after? Did you buy an apartment, are you still looking or have you changed your mind? Reason I ask is that I have an apartment for sale that meets your specification, if you're interested.
 
Turkey's economy is looking shaky indeed. Not the worst economy but certainly not in good enough shape for me to invest there. If its a holiday home only then fine but dont confuse with being a good 'investment'.
 
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