Buying Property in Turkey - Page 13 - EX-Pats and Owners Abroad, Holiday Forums

Buying Property in Turkey

Karyn UK

2007-09-17 08:02:38

When I first came here, my husband and I spent 11 weeks travelling all over the place looking for the right place for us. We had slightly weird criteria in that we absolutely didnt want to be on a complex, we didnt want huge land to care for because we're getting older, we wanted something with character and we had to have privacy. We also need to be an hour or so from a truly international airport and close to the sea and we needed somewhere with high speed internet (yeah!).

We had loved Yalikavak but it died at the end of September, we loathed Altinkum and didnt like Akbuk (which has also been closed on the two occasions I have been there!), we liked the hills around Dalaman but the land issue was a nightmare there and looks like it still is.

We ended up in a little Turkish village outside Kusadasi, 12km from the hectic life, 45 minutes from Izmir with year round direct flights and in a house with as much character and authenticity as we could build in. We feel we have the right mix here, if we want a chinese takeaway or a decent steak its 15 minutes into town and if we want to avoid the tourist hoardes and the nightmare parking for the six weeks of the summer holidays its easy enough to stay in our valley and lie in the pool.

We now renovate and build stone houses - just one a year and we have a great life. We employ people, bring something to the community, relax a lot, learn a lot and generally enjoy what we do. I actually cook here and I can make things grow in my garden something I could never do at home!

If you want to buy here the key thing is to research and take your time. Don't be hassled into putting a deposit on anything, don't believe anything you cannot get verified by a second or third independent source and if you are going to buy on a complex buy on the smallest complex you can find.

Buy a property because you love it and buy unique/interesting if you want to rent out and be prepared to work at it because it is a business. Also buy unique if you plan to sell it on and make a profit. The market is flooded with blah stuff.

Karyn

Edited by Karyn UK 2007-09-18 05:34:39

doldrums

2007-09-17 08:30:14

What a lovely

informative reply, thank you Karyn,and what a lovely life you have made for yourself there, it sounds fabulous.

Hubby and I are looking forward to coming out for a few days, and yes we are looking at a complex apartment for now, he doesn't retire for another 2 and a half years so we will use this place as a base for looking for the future.
We are playing safe at the moment as friends of ours have already bought a place there and things wenty smoothly for them we are hoping for the same. Cowards that we are :oops:

We may be a bit braver later on in our journey.

Thanks again for your reply

chelsea boy

2007-09-18 05:03:42

Doldrums, why buy something you don't want in 2 years. Resales in Turkey are difficult. Why not buy something that you like. Why not have it built yourself? If you retire here community life can be a nightmare. Some owners will rent to Turks, some will holiday rent and some will just leave empty and untended. If you buy detached then your life is your own and decisions are not made for you. This is really important if you live here.
Good hunting

doldrums

2007-09-19 07:12:55

Good morning .....

...Chelsea Boy and thanks for your reply.
I can see your point, it makes very good sense and I would love to do exactly that.
It is a matter of juggling finances with a possible 2-4 year wait before Hubby retires so we are in no particular hurry at the moment but would like a holiday place and a base just for now. We will consider all options a little later,meanwhile hopefully we will have a lovey place to go to sit and ponder.

Yesterday you said you were off to the beach, did you go, or did you have to work, or in fact do you work?

Sorry for being nosey, it just comes naturally. :wink:

chelsea boy

2007-09-19 20:10:38

i went here. http://www.marmarisyellowpages.com/aura.asp
i don't need to work, but do a little to keep active.
Maybe you can rent for a while... and stick your dosh in a turkish bank at 18%...

Jordy

2007-09-20 06:02:13

Hi CB, 18% is an excellent return but just wondered how secure are the Turkish Banks?

I'm not trying to be rude, it's just that a week ago I wouldn't have thought to question the UK Banking system and then one of them almost went under.

If they are reliable mt Father-In-Law has just sold his business and is looking for a good investment,

Would appreciate any advice

Cheers
Jordy

ellie_meg

2007-09-20 07:16:06

ive just opened up a hsbc account in turkey and im getting 18.25% with the interest being paid into another account every 3 mths and the balance left in high interest a/c that was my choice you can get this done monthly up to yearly, this other account then gives out 13%. a few things to be warned about firstly you need to get a tax number from the turkish tax office and then the money has to be exchanged into turkish lira and if the amount is under £50,000 you pay tax at 3%, so ive been told. my first 3 mths is up next month so will see how it goes, as its an internet account i can keep tracks on it too. i know there is a few slight risk of the currency fluctuating and you could lose out that way but im prepared to take the risk and so are many others who live in turkey on the interest

chelsea boy

2007-09-20 07:22:09

the euro banks are asking Turkey for loans!!!! the same banks that turned their back on turkey in 2001..... the turks are however loaning them the cash... several turkish banks are being bought by euro banks because of the upbeat financial climate here.
The turk banks aren't into sub prime mortgages so are relatively unaffected by the squeeze.
I am in a monthly high interest that compounds monthly...1.38% per month!!!! I can get my dosh out or changed into pounds with just a phone call so I keep an eye on the finances here daily.
Interestingly, the pound is slipping against the lira as Turkey reports more foreign investment here!

doldrums

2007-09-29 12:47:50

Done it

We got back to the UK at 3.00am this morning after a visit to Altinkum,where we have bought an apartment, ( off plan) and we are so excited. Dont know how we are going to get through the next couple of years, we will have to keep popping over for holiday's. hahahahaha
So I have to invest in a phrase book at least.
Anyone else out there at the beginning of their adventure?

Karyn UK

2007-09-30 06:17:19

Turkish banks are probably about as safe as any banks, no bank guarantees an infinite amount of money and in Turkey I believe the guarantee limit is 50,000ytl per account.

What it is worth noting is that whilst interest rates are currently high they Turkish government wants them lower, they are aiming for around the 12% mark. God knows when they will get there but get there they will in the end and by then the big gross rates of 18 and 19% will be long gone.

Short term bunging your cash in a Turkish savings account is a good idea but don't bank (haha) on a long term stable rate.

Moving currencies is interesting though and with the ytl getting stronger there were interesting potential gains for people with large ytl deposits. If you bought ytl to deposit when the exchange rate was, say, 2.80 to sterling and you change it back to £ when the rate gets to 2.30 you would have made over £2000 for every £10000 you invested. If that makes sense :-)

If you are coming to Turkey and thinking of living off your savings - which many do - consider the long term effects of currency and interest rates and spread your investment options. I hear long term government bonds are currently offering the best fixed long term rates.

K

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Edited to remove unauthorised signature - Admin

Olya

2007-10-10 18:25:29

Hi

We bought a really nice house in Gumusluk on the Bodrum Peninsular.

Like I mentioned on about the first page or so, you need to do some research when looking for a house.

On our complex at Gumsan there are at least two Brits who have purchased, and the Emlak who sold them the house did not do the PROPER homework ! !

Both houses did not pay the Complex charges for a few years, and so this debt goes with the house ! ! !

Now they have a nice house, and a bill they did not forsee ! ! !

Homework is the key ! !

Not sure if this is allowed on here, but we bought another house on a complex close to Gumsan, it is Yeni Villa Kent.
We have renovated it, (Almost) !
We have unfortunately now ran out of cash !! And so we have to sell it.
All it needs is the Pagoda and Kitchen and it will make someone a really nice house. The views are outstanding !
Anyone interested the web site is:-
http://www.geocities.com/turkey_villa/villa-kent.html

Best Wishes
Olya

medstay

2007-12-01 19:15:41

Turkish banks are probably about as safe as any banks

EX-Pats and Owners Abroad

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