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Translation
This from Today's Zaman :
‘Turkey: Europe’s most attractive real
estate market’
The London-based Global
Property Guide (GPG), a respected consultancy group preparing analyses
and research on global property markets, determined recently that Turkey
has one of the most attractive property markets in Europe.
Buying Property Abroad. Residential courses run by Karyn
and Phil who've been there and done it and want to help you
avoid the pitfalls.
The GPG published its research in June to
assess the property markets across the European continent. Topping the
list was Slovakia, followed by Turkey, Bulgaria, Romania and Hungary.
The recent reforms in Turkey have revitalized its economy with the
property sector in particular performing well enough to demonstrate
astonishing potential. The study noted that interest rates for home
loans have started to decrease recently as a consequence of the mortgage
law.The report added that it seems likely Turkey’s position near the
head of the list will be strengthened in the coming years. The report
expressed that İstanbul and coastal areas in southern Anatolia are
especially in demand by foreign investors. The last two years witnessed
a considerable flow of money into these places, it said.
According to the report, features making Turkey
one of the most alluring markets were its stunning gross national
product (GNP) growth rates over the past five years, a reformist
government and impressive housing market dynamics. Despite no capital
gains tax, prices are a little high in İstanbul and the law is mildly
pro-tenant, the report said. “However, coastal areas probably deserve a
better rating than İstanbul,” it said.
Full article here
Now is the time to buy! The currency exchange rate
is currently extremely favourable to the foreign buyer
whereby you can save £thousands, literally on the cost of a
dream home in the sun if converting sterling or Euros to
lira. We don't expect this situation to be long term, so if
you've been pondering.....do it now!
The YTL just keeps getting stronger to the pound, good for
investment but unless you act, property priced in YTL will
cost quite a lot more. An example, a couple of weeks ago
a 350,000 YTL villa would have cost £125,500, this
week the same villa will cost £142,250, a whopping
£16,000+ difference. Although a lot of property on
the web is priced in sterling I suspect you will see increases
because owners won't take losses to currency movement.
At the time we bought our first property the exchange
rate was 2.2 TL to the £, that meant at the time that we
could buy a villa priced at 110,000 TL. Today the rate is a
more favourable 2.7, so for the same £50,000 we'd have
135,000 YTL. The good agents who quote in sterling make the
reductions when there are swings in the currency in your
favour.
For UK Mortgages and advice click this logo
This from OPP and also reported in Turkish national
newspapers :
With Istanbul recently named as one of the
most expensive metropolitan areas in Europe, Turkey’s real
estate prices are still rising.
Istanbul is more expensive than Madrid, Stockholm and Rome,
according to an annual report prepared by the Urban Land
Institute (ULI) and PricewaterhouseCoopers (PwC). Based on
input from 400 real estate specialists, Istanbul ranked the
highest for city development prospects. One respondent
observed that “the market still needs many developers rather
than pure investors... real estate sectors are now in a
learning curve,” while another said: “ Istanbul will be the
star of the next decade.”
However, while Istanbul is catching up with Europe’s real
estate prices, it has some way to go. London currently holds
the lead with €13,000 per square meter, followed by Paris
and Milan with €8,500 and €6,500, respectively.
Many of the UAE’s largest developers, including Emaar, are
developing major urbanization projects in the city and large
agents like Parador Properties started selling in Turkey
last year. A new mortgage law is also expected to open the
market to more foreign buyers (who have had to release
equity in their homes to buy or use savings), which may push
up prices.
Refurbishment of existing homes as part of big urban
redevelopment initiatives will also raise the cost of real
estate. A major urban transformation project was recently
announced in the north of the TEM Highway by the Housing
Development Administration of Turkey (TOKİ), the Istanbul
Metropolitan Municipality, and the Küçükçekmece Municipality
of Istanbul. Between 2,000 to 5,000 model homes are due to
be built in the Bezirganbahçe district to transform the
1,800 shanty houses situated in the vicinities of Tepeüstü
and Ayazma. Küçükçekmece Mayor Aziz Yeniay was quoted by the
Turkish Daily News as saying that real estate prices could
increase ‘5-6 fold in the region’.
The first phase of 150,000 planned houses in Kayabaşı will
start this year as part of a plan to create a new 'city' of
750,000 people, according to TDN. Yeniay said this region
was a backup area for housing in Istanbul due to the risk of
earthquakes.
Don't lose out to exchange rates
Figures show that the average amount spent on an overseas
property by UK buyers is £98,000 and 150,000 buyers will
each have wasted between £4,000 and £5,000 on their overseas
property purchase in 2006 as a result of poor exchange
rates. That equals between £600 million and £750 million in
wasted money in one year alone. Using a currency exchange
service means saving yourself that money rather than handing
it over to banks. HIFX is there to do precisely that, simply
click the link and ask for details.
We have produced some graphs based on actual figures for
people looking to buy in Turkey, year 2003 can be seen here,
simply click on the graph to be taken to the info pages.
Many thanks to Graham, aka Desert Dweller for going the
graphs.
Rental incomes and Capital Gains
You must be aware of tax liabilities when investing in
Turkey. Here is a link to relevant information
http://www.turkisheconomy.org.uk/buyingproperty/property_taxes.htm
and updates can be found in the forums.
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