The ´Credit Crunch Bolt-hole´ in the sun

by Charlotte Ashton Turkey

 

Don’t put your dreams of buying an overseas property on hold. Described as the ‘Credit Crunch Bolt-hole’ by The Times*, Turkey has great value property in the coastal resorts from as little as £35,000 and proven capital appreciation rates of 15-20% per year in the best areas. Whether for investment or fantastic holidays in the sun, Turkish property offers a ray of light in these gloomy economic times.
“Thanks to a rapidly growing economy, increasing tourism and huge investment in the infrastructure of the coastal tourist areas, property in the Turkish resorts represents an excellent investment,” explains Dominic Whiting, editor of the Buying in Turkey guide. “However, like all market’s you need to do your research and choose the best areas.”
Below is a round up of the best value apartments and villas in the best areas on the Turkish coast this summer according to the Buying in Turkey guide.
 
Gokdere Apartments, Ozdere, from £36,500
Amazing value two-bedroom apartments just 5 minutes walk from a lovely beach in the resort of Ozdere, which is largely undiscovered by foreign buyers. A very high-quality build for the price.
Sun Complex, Altinkum from £40,000
Spacious and well-built apartments in a fantastic location near the beach in the popular resort of Altinkum. Ready for use in August.
Akkaya Gardens, Dalaman, from £46,200
Two-bedroom apartments with stunning views and excellent facilities in the beautiful Akkaya valley. A winner in the Best Turkish Development category of the CNBC Property Awards, these are a great buy for holiday use and investment.
The Melito Villas, Kusadasi, £67,500
These hugely popular four-bedroom villas are fantastic value for money. Walking distance to the beach and with a large pool, they are ideal for family holidays. Proven rental potential too.
 
Dominic Whiting tells us why is Turkey such a good buy:
·         Fantastic scenery, great beaches and friendly people
·         A rapidly developing economy with rising income levels and a growing domestic property market
·         A major tourist destination, with over 25 million visitors expected this year
·         Huge on-going investment in infrastructure and tourism projects, such as marinas, golf courses and airports
·         Low cost of living – about 60% lower than in the UK
·         Property values are well below the EU average, though rising fast
  • 15-20% price increases per year
 
A free copy of the best-selling Buying in Turkey guide, first published in 2005, can be downloaded at www.buyingin.co.uk
 

* Bricks & Mortar section, The Times newspaper, Friday July 4th

Turkish Property Secretsbuyingin.co.uk,

by Charlotte Ashton Turkey

 

Despite the economic gloom back home, 2008 looks like being a bumper year for the Turkish tourist industry with early arrivals up 18% and experts predicting over 27 million visitors by the end of the year. Record numbers of British property buyers are also being attracted by the country’s spectacular scenery, sandy beaches and excellent value for money. Official figures show over 20,000 British-owned properties concentrated largely in the established coastal resorts of Kusadasi, Altinkum, Bodrum and Fethiye. But it is also possible to find some great property in quieter areas, away from the package tourist crowds.
 
Hidden away in the unspoilt coastal mountains near Dalaman, Akkaya is a stunningly beautiful valley of olive groves and pine forests overlooking an emerald green lake. Despite the tranquility of the surroundings, Dalaman’s international airport, which is served by Easyjet and package flights from the UK, is only 15 minutes drive.
 
“Over 750,000 British tourists passed through the airport last year on their way to the main resorts but very few stayed in the area and even fewer know about Akkaya,” says Dominic Whiting, editor of the Buying in Turkey guide.  “Although Dalaman town itself isn’t particularly picturesque, it offers a slice of authentic Turkish life and the surrounding countryside is extremely beautiful and there is a lot to do.”
 
The long sandy beach at Sarigerme is a nesting site for sea turtles and a centre for water sports. There is also an 18-hole golf course due for completion in 2009/10. Nearby Dalyan has ancient ruins and boats run up and down the river to a beach, mud-baths and hot-springs. In Akkaya there is fishing on the lake and the area’s paths are ideal for walking and mountain biking. For adrenalin-junkies there is white water rafting on the Dalaman River.
 
There are a selection of freehold villas and apartments available in Akkaya and a rustic restaurant beside a rushing mountain stream caters for residents. There is a complex of two bedroom apartments with a large communal swimming pool and fitness centre due for completion next summer. Prices start from £46,200- £64,050. For those wanting a villa there is a choice of three and four bedroom houses and a luxury bungalow, all with large gardens and a private, or the use of a large communal, swimming pool. Villa and bungalow prices range from £129,000-£157,000.
 
Sitting on an unspoilt stretch of coast between the better-known resorts of Cesme and Kusadasi, Ozdere is virtually undiscovered by foreign tourists and property buyers. A popular holiday destination for middle-class Turkish families, it is a small and friendly place with a permanent population of just 13,500. The area has over 24 miles of excellent sandy beaches backed by pine-forested mountains and citrus orchards.
 
“Ozdere is a secret the Turks have been keeping to themselves. The resort has fantastic beaches but is very laid-back and the people are incredibly friendly,” says Dominic Whiting. “Without the attention of foreign buyers prices in Ozdere are lower than nearby resorts like Altinkum and Kusadasi. It is possible to buy a really well-built apartment within 5 minutes walk of the beach for £36,500.”
 
The Gokdare Apartments have a communal swimming pool and an on-site caretaker and are under 5 minutes walk from the beach. Two bedroom apartments cost Euro 46,000-75,000 (£36,500-£59,000). Alternatively, the Mirande Apartments are in a quiet neighbourhood just minutes walk from the beach, shops and restaurants. They enjoy sweeping views of the sea and the Greek island of Samos from the first floor upwards. They have a large communal swimming pool and an on-site caretaker. Prices range from £47,000-£91,000 for the two-bedroom and £95,000-£111,000 for the three bedroom apartments, which includes a fully equipped kitchen and white goods.
 
There is strong and growing domestic demand for property in the area, which is popular with families from Izmir, a city of over 4 million people that is only 37 miles (60 km) away.
 
“Ozdere is an excellent investment opportunity with good potential for capital growth. The local rental market is buoyant with good quality apartments in demand for long lets by Turkish families during the summer,” says Dominic Whiting.
 
Izmir international airport, which is served by year-round British Airways flights from the UK, is only 30 miles (50 km) or 35 minutes drive. If you want to do the tourist thing, the ancient site of Efesus, one of the country’s most popular attractions, and the House of the Virgin Mary, held to be the resting place of Christ’s mother, are 15 miles (25 km) from the town. There are many other smaller, rarely visited ancient sites dotting the countryside.
 
Ozdere itself has plenty of shops on its bustling main street and three supermarkets. There is a good choice of convivial restaurants and tavernas serving excellent value seafood and mouth-watering Turkish dishes washed down with the local aniseed spirit, Raki, locally produced wine or lager. A dinner for two with drinks costs less than £20. For those in search of nocturnal fun there are bars and a few discos open in the summer, but the local nightlife is low-key and aimed at locals rather than tourists. The town has a public hospital and several private clinics catering for permanent residents and visitors.
 
For more information about buying property in Akkaya, Ozdere or elsewhere in Turkey contact Buying in Turkey, Tel 0845 351 3551, www.buyingin.co.uk.
 

Turkey’s Undiscovered Mediterranean Jewel

by Charlotte Ashton Turkey

 

Looking for a sunny place to escape the unreliable British summer? A friendly Mediterranean resort with sandy beaches that hasn’t been swamped by mass tourism? A place where you can buy a brand new seaside apartment for a recession beating £36,500? Well, the Turkish seaside town of Ozdere may be just what you are looking for.
 
Located on a beautiful, unspoilt stretch of coast between the better-known Turkish resorts of Cesme and Kusadasi. Ozdere is virtually undiscovered by foreign tourists and property buyers. A popular holiday destination for middle-class Turkish families, it is a small and friendly place with a permanent population of just 13,500. The town is backed by rugged pine-forested mountains and fringed by citrus orchards, but it is the excellent local beaches and hidden coves – there are over 24 miles (40 km) of sand to choose from in the area and several beaches have won the coveted Blue Flag award – that attract domestic holidaymakers in summer.
 
“Only a few foreign buyers have discovered the area, which is one of the hidden jewels of the Turkish coast. The resort has fantastic beaches but is very laid-back even in the height of summer and never gets too busy,” says Dominic Whiting, editor of the Buying in Turkey guide. “Property prices are some of the lowest on the entire Turkish coast. It is still possible to buy a well built new apartment with good facilities within 5 minutes walk of the beach for as little as £36,500.”
 
Without the attention of foreign buyers property prices have risen more slowly, and are currently 15-20% lower, than nearby resorts like Altinkum and Kusadasi. However, there is strong and growing domestic demand for property in the area, which is popular with families from Izmir, a city of over 4 million people which is Turkey’s third largest, located only 37 miles (60 km) away.
 
“Ozdere is an excellent investment opportunity with good potential for capital growth. The local rental market is buoyant with good quality apartments in demand for long lets by Turkish families during the summer,” says Dominic Whiting, editor of the Buying in Turkey guide.
 
Ozdere has plenty of shops on its bustling main street and three supermarkets. There is a good choice of convivial restaurants and tavernas serving excellent value seafood and mouth-watering Turkish dishes washed down with the local aniseed spirit, Raki, locally produced wine or lager. A dinner for two with drinks costs less than £15. For those in search of nocturnal fun there are bars and a few discos open in the summer, but the local nightlife is low-key compared to larger Turkish resorts. The town has a public hospital and several private clinics catering for permanent residents and visitors.
 
Izmir international airport, which is served by year-round British Airways flights from the UK, is only 30 miles (50 km) or 35 minutes drive from the town. The tourist attractions of Efesus, an ancient city and Turkey’s most extensive archaeological site, and the House of the Virgin Mary are 15 miles (25 km) from the town. There are many other fascinating ancient sites dotting the countryside around Ozdere.
 
 
Why Ozdere?
 
·         Great beaches & unspoilt scenery
·         Friendly, laid back atmosphere
·         Authentic Turkish seaside town
·         Excellent value property, apartments from £36,500
·         Good prospects for capital growth
·         Easily accessible from the UK
 
 
Ozdere Property Highlights
 
Gokdere Apartments
 
The Gokdere Apartments are located in the friendly seaside town of Ozdere, just 5 minutes walk from the beach. The two bedroom apartments enjoy sweeping views of the sea and the Greek island of Samos or the unspoilt mountains behind the resort. The complex is built to a very high standard using top quality materials and has a communal swimming pool and an on-site caretaker.
 
Price: Euro 46,000-75,000 (£36,500-£59,000)
 
Contact Buying in Turkey for more details:
Tel 0845 3513551
 
 
Miranda Apartments
 
The Miranda Apartments are located near the centre of the seaside resort of Ozdere, just minutes walk from the beach, shops and restaurants. The apartments enjoy unobstructed views of the sea and the Greek island of Samos from the first floor upwards. They are excellent value for money and represent a fantastic investment opportunity in a central location with good potential for lettings.  The complex of 2 bedroom apartments and 3 bedroom penthouses has a large communal swimming pool and an on-site caretaker.
 
The two bedroom apartments cost Euro 60,000-115,000 (£47,000-£91,000). The 3 bedroom apartments and penthouses cost Euro 120,000-140,000 (£95,000-£111,000). Apartments come with a fully equipped kitchen with a hob, oven & extractor fan, fridge-freezer, dish washer & washing machine included in the price. Bathrooms have a shower and Jacuzzi bath.
 
Contact Buying in Turkey for more details:
Tel 0845 3513551
 
 
For advice on property in Turkey contact Buying in Turkey, Tel 0845 351 3551, www.buyingin.co.uk
 
A free copy of the best-selling Buying in Turkey guide, first published in 2005, can be downloaded at www.buyingin.co.uk

Renting your Turkish property

by Charlotte Ashton Turkey

 

Many people buying in Turkey want to rent their property out for part of the year. The promise of rental returns on top of strong capital growth has attracted investors; while those buying primarily for their own use often decide that a few weeks rental can cover the cost of maintaining their property. The Turkish holiday rental market has huge potential with the country expecting 24 million foreign tourists – of whom well over 1 million will be British – this year.
 
“The start of low-cost flights into the Turkish resorts, with Easyjet now flying Gatwick-Dalaman four times a week, will be a huge boost to the fledgling holiday lettings market,” explains Dominic Whiting, editor of the Buying in Turkey guide. “However, at present, it is much less developed than in countries like France or Spain and property buyers should have lower expectations.”
 
Property buyers should also bear in mind that rapid development has created a large pool of rental accommodation, with an over-supply in some of the Turkish resorts.
 
“This doesn’t mean it isn’t possible to earn a good income from rental – easily enough to cover maintenance costs and bills. But it makes it very important to choose the right kind of property in a good location, if rental is a primary concern,” says Dominic Whiting, editor of the Buying in Turkey guide. “It is also unwise to rely on rental income to finance your purchase, no matter what the estate agent promises!”
 
The rental season in the coastal resorts is May-October, with July and August the busiest months. In resorts such as Alanya, Altinkum and Kusadasi, which are popular with families, apartments and small villas on complexes are the easiest type of property to rent. While in the more upmarket resorts, such as Kalkan and Kas, which are popular with independent travellers, large villas with pools offer the best rental returns. The Aegean resort of Cesme, which is very popular with Turkish holidaymakers from the major cities, has a buoyant rental market in summer with gross yields of 5-6% possible. However, serious buy-to-let investors should look to the main Turkish cities where the rental market is year-round and solid yields can be achieved.
 
Many Turkish developers provide management services, including cleaning, gardening, maintenance and welcome baskets, for a set annual fee or a commission of 15-20% of the rental income. Good management is essential, particularly if you are not around yourself. Marketing your property is also important. Some specialist travel companies offer contracts for suitable properties in areas like Kalkan and Bodrum. But most owners choose to advertise in the local press or on the internet, while others rely on friends and family to spread the word.
 
 
Guaranteed rental schemes
 
Rental guarantees are sometimes offered by estate agents or developers in Turkey. Simply put, these guarantees are a commitment to return a percentage of the purchase cost of a property to the buyer each year for a fixed term. Ostensibly, the developer recoups this money by renting out the property. This sounds an attractive proposition, but rental guarantees should be examined closely.
 
Firstly, unscrupulous companies may simply be inflating the sale price of the property in order to cover the rental. Buyers should shop around carefully to see the cost of comparable properties in the same area. Find out whether the developer has an agreement in place with a travel company or lettings agent. If not, then how do they plan to find tenants and ultimately pay the guarantee? Examine the fine print of your contract to see who is actually guaranteeing you the money.
 
´Rental guarantees are marketed with alarming regularity,” says Paul Owen, CEO of the Association of International Property Professionals. “The simple rule is: if it is not in the contract, it´s not guaranteed. Potential rental incomes are often re-classified by salesmen as ´guaranteed´, though this is never in writing. Check the contract and recognise that no mention means no guarantee. Even rental guarantees in the contract should be scrutinised by an expert. Make sure you hire a lawyer to check them before you sign anything.”
 
For more information about Turkish property download a free copy of the Buying in Turkey guide at www.buyingin.co.uk or call a property adviser on 0845 351 3551.
 
 
Buying in Turkey: A Complete Property Buyer’s Guide to Turkey
2007/8 edition
Edited by Dominic Whiting
Edition 3, 140 Pages, RRP £9.95
Published 15 July, 2007
ISBN: 978-0-9550890-5-3

Back to business as the temporary freeze on foreign buyers is lifted

by Charlotte Ashton Turkey

 

The Turkish government has announced the end of a temporary suspension on the issuing of title deeds to foreign buyers. Brought into force on 15th April by order of the country’s Constitutional Court while parts of the legislation relating to foreign buyers were re-drafted, a parliamentary commission has passed the changes and the freeze will end in the next 2-3 weeks.
 
“The changes will have no effect on most foreign buyers and relate to the amount of land foreigners are entitled to buy,” explains Dominic Whiting, editor of the Buying in Turkey guide, www.buyingin.co.uk.
 
“Previously, non-nationals could buy up to 0.5% of the land in a province; this is now limited to 10% of any town, city or resort, which is still a huge area.”
 
Turkey is growing in popularity with British property buyers due to its excellent value for money, great scenery and beaches and the low cost of living – approximately 1/3 of the UK’s. Apartments are still available on the coast from as little as £35,000, with villas from £75,000.
 
There are over 73,000 foreign-owned properties in the country, mainly in Istanbul and the coastal resorts, and £1.5 billion was invested in the Turkish real estate market by foreigners in 2005.
 
Access from the UK is improving with new routes and the arrival of low-cost carrier, Easyjet, who operate several weekly flights from Gatwick to Istanbul and Dalaman. Government-led investment is also transforming the coastal tourist areas with new airports, roads, marinas and golf courses in resorts such as Dalaman, Bodrum, Altinkum and Alanya.
 
 
What foreigners can buy
 
  • Property and land within an officially zoned planning area which includes all the country’s towns, cities and resort areas
 
What foreigners can’t buy
 
  • Property and land in rural areas (un-zoned)
 
  • More than 10% of a planning area
 
 
Buying in Turkey property advisers are on hand to offer help and advice to potential buyers (Tel: 0845 351 3551 / www.buyingin.co.uk). They can discuss property requirements; advise on the best places to buy and give plenty of information about the properties available and finance options including UK and Turkish mortgages.
 
 

The UK’s leading Turkish property guide now free to download

by Charlotte Ashton Turkey

 

The UK’s best-selling guide to buying and owning property in Turkey, Buying In Turkey, is now available free online as a PDF download. First published in 2005 and updated annually, the 138-page guide is packed with useful information and advice, including a look at the Turkish economy and property market; legal advice from a Turkish property lawyer and a step-by-step guide to the buying process and purchase costs. The guide also takes an in-depth look at 17 of the most popular areas to buy with a run-down of local attractions and facilities, property prices and an assessment of the rental potential in each.
 
The recently launched Buying In Turkey Collection features a carefully chosen selection of Turkish property in the best locations, with prices from just £29,000 for a budget apartment to £159,000 for a luxury villa with swimming pool and wonderful views.
 
According to official figures there are over 22,650 British-owned properties in Turkey, with the country’s excellent climate, beautiful scenery and the Turkish government’s ambitious tourism development plans attracting a growing number of holiday-home hunters and investors. A NatWest survey of mortgage lenders published in March this year, predicted that Turkey would be the third most popular destination for British buyers in the next three years. Shrugging off worries about global recession, the Turkish property market is expected to perform well this year, with average price increases in the resorts of at least 15%.
 
To download a free copy of the Buying In Turkey 2007/08 guide visit www.buyingin.co.uk/about-us or call Tel:0845 351 3551
 
For more advice about purchasing in Turkey or for information about the Buying in Turkey Collection call 0845 351 3551 or visit www.buyingin.co.uk.  

Changes To Turkish Property Law Are No Cause For Concern

by Charlotte Ashton Turkey

The issuing of title deeds to foreign buyers has been temporarily suspended in Turkey while two controversial clauses in the country’s property law, which relate to property sales to foreigners, are amended. The Turkish Constitutional Court ordered the halt from 16th April to allow the re-drafting of legislation to address concerns that foreign-owned companies are buying up huge tracts of agricultural land, particularly in the east of the country. Foreign nationals are already restricted from buying land and property in rural areas, but under the proposed amendments, the same ban will apply to foreign-owned companies.

“This freeze is an inconvenience for anyone ready to complete on a property now, as they will have to wait until the new law is passed by July 16th, but the changes in legislation will have no affect unless you were planning to buy rural land with a Turkish company,” explains Dominic Whiting, editor of the Buying in Turkey guide, www.buyingin.co.uk.  
 
“The amendments will have absolutely no impact on the vast majority of British buyers – who are purchasing property or land in officially zoned areas in and around Turkish cities, towns and resorts.”
 
According to official figures there are over 73,000 foreign-owned properties in Turkey, mainly in Istanbul and the coastal resorts, with £1.5 billion invested in the country’s real estate market by foreigners since 2005 alone. The country is growing in popularity with British property buyers and retirees on account of its excellent value for money, great scenery and beaches and the low-cost of living – approximately 1/3 of the UK’s. Government-led investment is transforming the coastal tourist areas with new airports, roads, marinas and golf courses in areas such as Bodrum, Dalaman, Altinkum and Alanya.
 
“The Turkish government is channeling huge investment into tourist areas with the aim of becoming one of the world’s top five tourist destinations within 15 years – officials are expecting 25 million visitors this year,” says Dominic Whiting, editor of the Buying in Turkey guide, www.buyingin.co.uk.
 
“This has a hugely beneficial affect on the property market, increasing the desirability of Turkish property and values. I predict price rises of at least 15% per annum, considerably higher in some areas, over the next few years, with more and more people choosing to buy in Turkey for holidays, investment and retirement.”
 
What foreigners can buy
 
  • Property and land within an officially zoned area
 
What foreigners can’t buy
 
  • Property and land in rural areas (un-zoned)
  • Over 2.5 hectares of land
 
The new amendments will also prohibit foreign-owned companies from:
 
  • Buying land in rural areas
  • Owning more than 0.5% of the land in any of the country’s provinces
 
 
Buying in Turkey property advisers are on hand to offer help and advice to potential buyers (Tel: 0845 351 3551 / www.buyingin.co.uk). They can discuss property requirements; advise on the best places to buy and give plenty of information about the properties available and finance options including UK and Turkish mortgages.
 

Emerging Emirates: Tune in to Ras Al Khaimah and Ajman

by Kate Dubai

Often blinded by the leading light of Dubai and more and more overshadowed by the growing property market of Abu Dhabi, Ras Al Khaimah and Ajman can sometimes be thought of as the forgotten Emirates of the UAE. Things are, however, changing. Ras Al Khaimah (RAK) – the northern-most Emirate and one traditionally known for mining and industry – and Ajman – the smallest Emirate known for fishing and its port – are following in the footsteps of Dubai’s success and growing their economies in a new direction. In both of these United Arab Emirates, property is becoming the new arena of expansion and one that is proving big business for many.

This Sunday 4th May 2008 is set to see an insight into these interesting Emirates and their growing property markets with the ‘Next Big Thing Ras Al Khaimah and Ajman’ programme showing on Real Estate TV, the UK’s leading dedicated property channel, available on Sky channels 273 and 274 and on demand on Virgin TV and at www.realestatetv.tv. ‘Next Big Thing Ras Al Khaimah and Ajman’, is part of the Next Big Thing series showing Sunday nights on the channel, a series designed to shed light on the areas that are up-and-coming and on target to show good property investment returns in coming years.
 
Through the programme, viewers are given the chance to find out more about these lesser-known Emirates: their location, history, infrastructure development and plans for the future. Interest in both of these countries has dramatically increased in recent times and this positive growth is set to continue. Currently, however, excellent property bargains are to be found, with RAK, for example, boasting property prices that are averaging 50% lower than in neighbouring Dubai.
 
The comparisons with Dubai are interesting and something that is considered in the ‘Next Big Thing’ programme. Both of these Emirates are looking to Dubai’s terrific success and learning from it, and also seeing how to do things differently so as to avoid making the mistakes that may have been previously made by this powerful neighbour. Comparisons are clear, RAK is building Al Marjan, a man-made island off the coast, drawing comparisons with Dubai’s Palm, and Ajman is building ambitious tower blocks that are changing the skyline. As the programme reveals, however, there is more to these Emirates, with interesting desert and mountain developments also taking place that set them apart and make them interesting markets to find out more about.
 
Tune in Sunday 4th May at 10pm to Real Estate TV to watch ‘The Next Big Thing Ras Al Khaimah and Ajman’ and the following week to find out more about the booming market of Dubai.