Turkey holiday home/investment

B

Bronte

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With all the doom and gloom on here I'd like to discuss a mad dream. Has anyone bought in Turkey, where can one get a good return, which company and location and with a good climate in the winter. With everybody back to work and some back from sunny Spain/ Portugal thoughts of sunnier climes in this depressing winter spring to mind. Also I like the food in Turkey and assume it's warmer in the winter than Spain/Portugal plus it's not too far away and a relatively stable country and it's cheap.
 

I have a sister who bought in Turkey a few years ago. I would say her investment has lost about 40% in value but she is happy to hold on to it (I bought here and my investment has lost a simlar amount so not so smug). Leaving that aside, I am keen watcher of the Turkish situation. There are lots of horror stories on the net concerning ripoffs by unscrupulous conmen in Turkey, perhaps no more than in Spain though. The Turkish market is cheap to buy into at the moment and service, costs can be low. To purchase property can be a lenghty process, military clearance required. Don't expect a return from rental, the Turkish market is a package destination. The Russians etc are buying in droves over there. The weather can be quite wet and cool in winter, no better than Spain I believe. Access to Turkey is intermittent from ireland. Direct flights can vary. All year round access is more likely to the Kusadasi end of the country. With the extended range new Boeings, perhaps Ryanair will give it a crack. That would help the market. A useful source of information is [broken link removed], a largely British expat forum which provides a good insight into the ups and downs and general issues aroumd owning property there. There are great looking bargains to be had over there if you don't mind the distance, security issue setc. The food is quite cheap if you dine out selectively. western type bars and restaurants are much dearer than local ones, which can be amazingly cheap and for very good food.

Overall, I enjoyed it as a holiday but would be hesitant to buy there. I can't recommend a particular company because I have not bought there but I would lurk on the above forum to get an idea of what's good and what to avoid. Do not buy off plan and there are great bargains in resales.
 
Hi Bronte,

Why conflate investment and a good (multi-year) holiday destination?

aj
 
Hi Bronte,
I tend to agree with ajapale. If you really like a particular holiday destination then why buy there UNLESS you are going to live there for long periods each year
Why not keep your money in the bank and rent a really nice villa / apt. there for the exact dates you need it. You would probably end up staying in a nicer place than you could afford to buy and would also spend much less money annually.

I have two foreign properties (in Spain) and they are managed for me by a family friend who I know and trust 100%. I bought them both as investments and have managed to rent them out more or less continously since I bought them as a result I make a pretty okay return on them (around 8%). Despite this "perfect" scenario I still have a fair bit of stress with them and don't think I would buy them, if I had my time again.

Overall, having been thru the experience I would always recommend to people to rent overseas rather than buy.
What motivates you to consider this?
 
ajapale said:
Hi Bronte,

Why conflate investment and a good (multi-year) holiday destination?

aj
Click to expand...

I'm in a depression with the winter and thinking of where I could live in the winter months and live the summer (April to Oct) in the Sunny south East of Ireland which one of these fine days of ever increasing affordability I can now afford. I'd actually like Florida but it's too far away. Don't like Spain particularly and thought Turkey might be hotter in the winter but apparently not according to Slim. Also like the food in Turkey, and didn't like Morocco and food made us sick. Never again to there.

I'd prefer that it was managed, and taken care of by an good agency and not really looking to make money on it.
 

Yes but why do you consider this to be an investment decision when you dont want to make money from it and only want a pleasant place to semi retire/hibernate!
 
Bronte said:
I'm in a depression with the winter and thinking of where I could live in the winter months and live the summer
Click to expand...

Hmm, perhaps not the best frame of mind to start from when thinking of ways to spend large amounts of money, but I guess that's difficult to control. Put it this way - where ever you buy, if it's in another country, then a holiday there in rented accommodation beforehand to scope out the market would be a good idea. It will give you something to do with your money until your perspective improves!

Bronte said:
I'd prefer that it was managed, and taken care of by an good agency and not really looking to make money on it.
Click to expand...

I think you might need to state what all your objectives are. You mightn't want to make money, but remember, without some decent rental return, it could start to cost you money, and that leads inexorably to taking a big hit when you go to sell, and someone who *does* wants to make money does the sums on the property.
 
Bronte -hallo again(i'm in a posting mood today)

I worked a year in Turkey -plus spent ten years in neighbouring Greece .My mother was from Smos,opposite Kusadasi.
Absolutely one can be very chilly for many months in Winter, though less so on the south coast than in ,say, Cesme or Kusadasi.

Despite my Greek blood I can say that the Turks are generally friendly,kind,generous and honest people BUT....

.. but I am concerned with the increasing Islamisation (if thats a word) of the whole area,including Turkey. I know the ruling AK party is supposed to be a moderate Islamic party but recent events unnerve me.
 
Hi Bronte,

These are my opinions that are important while considering buying a holiday home:

Proximity of house to airport.
Will the neighbouring houses be occupied in winter or will it be a ghost town.
Climate in winter -has to be moderate mild sunny weather.
Is it easy to get from airport to house.
Taxes, insurance, management fees, water, electricity to be paid during the year - how much are they.
What are neighbours like, are they party animals, will there be dogs barking at all hours of the night.

Having owned a holiday home for 7 years these are what I would look for. I researched before buying with what things there are to do in the area and knew a lot before landing there. Personally at the moment with the Euro I would be nervous buying anywhere in Europe - for fear that the country in which you buy may revert back to their own currency those reducing your investment in price. This is a worry I have for my own property and I am sure there are thousands like me. You can rent long term over the winter months which is what I would advise you to do if you wish to escape the cold dull winters here.

Angela59
 
Hello Bronte,

Just came across this thread so sorry for late reply. We bought an apartment in Alanya in Turkey a few years ago and I highly recommend it as a place to buy. Alanya itself is a lovely city, fab harbour area, castle, restaurants etc. Very different to Kusadasi and the like, weather is great too. We have earned a good rental income from it through the Owners Direct UK website for the past couple of years. Our apartment is in the Goldcity Complex (5* on top of a mountain). Fantastic set up, tonnes of facilities - lots of second bookings this year from people who stayed last year. The resort is open all year round and I know there are people living there full time. Huge Irish presence as it was a few Irish guys who set it up with the Turks.
We are lucky in that we cleared the mortgage on it when we sold our home (have been renting for nearly 2 years now). However we are now on the look out for a new home for us and our three children so wouldn't mind selling to free up some cash if you're interested

Would recommend Alanya though as a place to buy. Only bummer is its 1 hour 45 mins drive from the closest airport (Antalya) - New airport in Gazipasa due to open to International Flights sometime soon and that's less than 20 mins away.
Very cheap flights to be had flying direct from Belfast with Thomas Cook.

Its a lovely country, very friendly people and I really like the food too!
 

My sister's place is not far from there. In fact you can see Gold City from her apartment balcony. We went up there for a meal at the Irish pub. Spectacular views and the manager called for us and left us home for no extra cost. Food was excellent too. The place was more or less deserted, this was in mid June last year. I don't know if Gazipasa airport will really attract many international flights, there is one from Holland weekly during season.
 
Hi Slim,

Is your sister in Mahmutlar somewhere? That's mad that the resort was half empty in June. I know it was fully booked for most of July and August of last year. We were there during Easter last year and it was very busy - 2 football teams included! (they have a big sports complex / training ground). Its a very big resort though so never seems packed - also lots of private villas and apartments like ours with nice balconies so the hotel restaurants are rarely heaving. You may have been in Folans Irish Bar below the hotel?

Supposedly Easyjet are considering flying to Gazipasa - and there were murmers of flights direct from Derry. Will be great for us when that happens! I have heard the delay so far with that airport is a) the red tape and b) the runway isn't long enough to take the landing of larger aircraft and they have to extend out into the sea!

Would you agree Alanya is a nice spot for a holiday home though?
 

Hi

Yes, she's in Mahmutlar. I think the schools were about to finish when we came home so it would get busier after that. Folans it was, indeed. excellent spot. The man who drove us said that it was very quiet for the time of year and I got that impression from the bar/restaurant staff/clients.

If the runway at Gazipasa is short, you will feel at home if you use Derry occasionally! It would be great if Easyjet came in there but I don't believe that expansion into that area will be on their agenda now.

On balance, I would not feel Mahmutlar was a great spot for a holiday home for reasons of access, poor beach. Alanya, by all accounts, is lovely and the beaches are better towards Alanya/Antalya. There is much better choice/value/access to be had at the Western end of the country, in my opinion.
 
Hi Slim,

No I wouldn't buy in Mahmutlar either - Goldcity a bit different because it has a lovely private beach (free shuttle bus to it and Alanya regularly every day). It also has a nice breeze in the summer being on top of a mountain and all!

At the same time we would sell it if we could - just to give us some hard bargaining cash when we attempt to buy our family home in the next few months.

One low-cost airline flying into Gazipasa and we'll be sorted - I know the head guys in Goldcity are constantly lobbying for it and they are a pretty powerful bunch - on the board of tourism etc.
 
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