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EU crunch time: Your real estate escape routes

Ivan Radford — 26/10/2011 12:07:00

Photo credit: Eisenrah

The world is watching Brussels today, where EU leaders are meeting to discuss the eurozone debt crisis. Disagreements between country leaders have fuelled fears that the crisis will only continue. But as the 27 European Union leaders vote to finalise financial plans this afternoon, careful buyers can still make a sound investment in Europe. It's crunch time for the EU, so where are your real estate escape routes?

France

As countries such as Greece face an uncertain economic future, central eurozone markets (including the UK) remain a safe haven for many. French property, consistently the second most popular on TheMoveChannel.com, continues to attract investors, particularly in the high-end market, where Sotheby's have seen a jump of 38 per cent in luxury homes sold at auction, reports the Guardian. For UK buyers, taxes now apply to UK pension lump sums, but the country's cautious banks have helped France's economy to stay stable amid wider uncertainty.

Germany

Taking a similar approach to France, Germany's careful economy has made it an established market for house hunters with its high yields and low prices appealing to an increasing number of foreign buyers. While central locations, such as Berlin, are seeing house prices increase, real estate across the country has grown in popularity during the eurozone crisis, becoming one of TheMoveChannel.com's top 10 property destinations earlier this month.

Italy

Italy remains one of the main points of discussion in the EU talks. One of the key countries in the eurozone, other leaders are demanding that the country outline firm plans to reduce its large national deficit. While unconfirmed rumours suggest Prime Minister Silvio Berlusconi will resign at the beginning of next year, Italy's climate is still attracting new residents, although an awareness of seasonality is advised by experts. The property market is slow, but PropertyShowrooms.com suggests that this means lifestyle buyers can pick up houses "at bargain prices if they find someone who really needs to sell or move".

Spain

Spain remains the most popular destination on TheMoveChannel.com, and its low costs and sunny coasts have built up a significant expat community. 800,000 Brits are currently living in Spain, according to the Foreign and Commonwealth Office, and although exchange rates are less favourable than a few years ago and a wealth tax has just been introduced, property prices in more popular areas have reduced by up to 50 per cent, say recent reports. These bargain homes have seen foreigners invest €1.3 billion in Spanish real estate in the second quarter of this year, according to the Bank of Spain - an increase of 37 per cent compared to 2010. Buyers afraid of Greece or Italy can still rely on Spain for a second home.

Portugal

Portugal's economy has been badly hit by EU debt, but real estate activity was less negative in September than in August, say the latest figures. It helps that the market has not been crowded by an oversupply of property. Instead, "it is the demand side of the equation that is weighing down on prices in Portugal", according to the Royal Institution of Chartered Surveyors, a finding supported by the differences between regional markets. The Algarve, for example, is faring significantly better than Lisbon and Porto. Overall confidence In Portuguese real estate is low, but prices are too, kept down by the number of repossessed property banks are now putting up for sale.

Bulgaria

Bulgaria has been a surprisingly popular place for property buyers to browse in recent months. A boom in Balkan tourism has seen construction of holiday homes in Bulgarian resorts rise - there are 5.4 per cent more homes across the country now than in 2001 - and EU citizens, attracted by the non-eurozone market, currently account for 23 per cent of all foreign residents, according to a national survey published by BulgarianProperties.com. The latest data from the National Statistical Institute shows that apartment prices are falling in the country's regional cities, but like Portugal, this rate of decline is slowing, as signs of eventual market stability may be starting to show.

Turkey

Eastern Europe has delighted in Turkey, a country that has seen strong economic growth throughout the EU crisis. Investors have rushed to Istanbul for real estate and foreign buyers have poured over $1.3 billion into the country's property market over the years. Although lending growth has slowed since Turkey's phenomenal first quarter in 2011, a strong tourism industry continues to drive investment. "Mortgages represent just 5 per cent of GDP and there is a growing population that aspires to consume," one fund manager told Interactive Investor. Indeed, there is now a shortage of accommodation in Turkey, with a projected demand for 2.9 million houses by 2015. Turkey has been waiting to join the EU for a very long time, but as the leaders meet today to solve the major debt crisis, the EU's refusal to accept Turkey has only helped its property market thrive.

Where is your real estate escape route?

Avoid the EU debt crisis by browsing our listings of apartments, houses and other overseas property both inside and outside of the eurozone:

http://www.themovechannel.com/property/all/

Foreigners stuff billions into Turkey property

Ivan Radford — 11/10/2011 10:22:00

Photo credit: Victor Radziun

Over $1.3 billion were stuffed into Turkey's property market last year.

The figures, released by the Turkish government, show that foreign investors are still keen to own a share of the country's booming real estate industry, as Turkey becomes one of the biggest success stories of recent years.

Fuelled by a highly successful tourism industry, Turkey's economy has sky-rocketed, much to the delight of property investors. At present, Turkey ranks seventh in the most-visited global destinations list, according to the UN World Tourism Organization (UNWTO). Since 2000, Turkish tourism operators were able to record the first noteworthy increase in tourist numbers, resulting in an impressive 10.4 million visitors that year. From then on, Turkey has experienced consistent growth in its inbound tourists leading the country to reach an incredible 28.63 million visitors in 2010.

Today, the tourism sector continues to grow and is a primary contributor to Turkey's national income and success on the global stage. Indeed, increased tourist numbers over the years certainly contributed to the 11 per cent year on year economic growth seen in Q1 2011, with Istanbul seeing a 30.1 per cent increase in tourist revenue in 2011, helping Turkey's capital to become the 34th richest city by GDP in the world.

Recording better growth than any of the largest emerging markets in the first quarter of this year, Turkey's $735 billion economy grew 8.8 per cent in the second quarter, developing faster than India and more than four times the speed of the Eurozone's expansion. And, with the help of ever growing tourist numbers and credit growth prompting rising consumer demand, Turkey has been experiencing the best year for takeovers since 2008 with the value of transactions involving Turkish targets rising by 59% annually to $8.8 billion.

At present, there is a shortage of homes across the country, especially in urban areas such as Istanbul, which is currently on the receiving end of huge internal migration. With this in mind, the projected demand of 2.9 million houses by 2015 has led investors into the lucrative Buy-to-Let world where there is high demand for good quality rented housing in Istanbul and surrounding areas.

Ray Withers, Director of Turkish property investment experts Property Frontier, comments: "It seems everyone wants a piece of Turkey. Certainly, for investors, the Turkish government's plan to make the tourist industry reach 15 per cent of its GDP by the year 2020 will be a big attraction.

Currently, the Turkish property market is underpinned by a strong economy with a growing tourism sector, and savvy Buy-to-Let investors understand that this can be converted into solid rental yields. We at Property Frontiers have recognised the growing potential of Istanbul as a lucrative property investment hub presenting not only one of the best opportunities for property investment but cheaper property price tags than the rest of Europe."

Want a taste of Turkey?

Browse our listings of Turkish apartments, houses and buy-to-let properties:

http://turkey.themovechannel.com/property/all

Polish property popular as people pick outside Euro

admin — 03/10/2011 12:26:00

Poland property popular despite Euro debt crisis" />

Photo credit: Marcin Kowalski

property in Poland is proving popular as people avoid the Eurozone, new research has revealed.

The debt crisis continues to worry the continent, but property buyers are still investing in real estate abroad – particularly in Poland, where interest has risen significantly in recent months. According to Rightmove and Moneycorp, searches for property in Poland “soared by almost 60%” in August, as buyers turned away from more debt-affected property markets, such as Portugal.

Poland has been planning to adopt the Euro for several years, but in 2010 cooled its intentions to join the single currency, along with the Czech Republic, in response to Greece's growing deficit. Separate from the Euro, Poland’s economy grew 4.3 per cent from 2010 in the second quarter of 2011, keeping the country optimistic in its struggle to meet the EU’s deficit limit of 3 per cent within the next year.

Poland joins Turkey as a non-Euro economy experiencing positive growth, as Turkish tourism and buy-to-let investment led to Beylikduzu in Istanbul being recommended for investment by Global Property Guide last week.

But all is not lost for the Eurozone countries, with bargain prices in Spain seeing purchases double over the summer, according to data from World First. Interest also remains strong in homes in Germany and France, which Moneycorp suggests is because the two countries have “led the way in addressing the debt crisis”.

Indeed, cautious buyers are still snapping up property across the continent, with August seeing an overall increase in interest in property worldwide, adds the report. But with Poland heralded as the latest property hotspot for Brits, smart investors are proving that sometimes it pays to say “no” to the Euro.

Interested in property in Poland?

Browse our listings of houses, apartments and other overseas property:

http://poland.themovechannel.com/property/all

British buyers gobble up Turkey property

admin — 01/09/2011 10:44:00

Turkey property still popular with British buyers" />

Photo credit: Bryan_T

British buyers are the top real estate investors in Turkey, owning almost 25,000 properties across the country, according to the latest figures.

The Land Registry Directorate's Foreigner Affairs Unit has announced that British buyers now account for 22 per cent of all property purchases by foreigners in Turkey. Investors from 89 different countries have purchased approximately 111,200 estates across the country, but over 35,000 Brits own a total of 24,848 properties, putting the UK on a pedestal as one of the most popular buyers of Turkish property. It is followed by Germany and Greece who have also succumbed to the nation's hypnotic charm.

Further research suggests that foreigners have bought real estate in 76 of Turkey's 81 provinces with a total of 12,190 properties in the economic powerhouse of Istanbul being owned by foreign nationals.

In response to buyer demand and according to recent figures from the ReidIn Turkey Residential Property Price Index, the cost of buying property in Turkey is rising steadily with sale prices having increased by 0.83 per cent across the country with a 1.05 per cent rise in Istanbul alone in July this year.

The research also indicates that buyers are searching for new build properties, which have been growing in popularity among overseas and second home owners. From June to July, there was a 1.2 per cent increase in new build buyers - over 7 per cent higher than the same period last year.

Ray Withers, Director of Turkish investment experts Property Frontiers, comments, "Turkey is fast becoming an exceptionally popular property choice. At present it is an anchor of stability with a booming economy that is hoped to reach around $2 trillion by 2023, and with the predicted 2.9 million housing units required over the next four years to accommodate the ever growing population, we at Property Frontiers have recognised the flourishing potential of Turkey as a lucrative property investment hub."

Increasing rents combined with cheap prices and a stable economy explain why so many British buyers are investing in Turkish real estate.

Withers added: "Istanbul, the pulse of the nation and the western suburbs located around Ataturk International airport such as Beylikduzu, one of the fastest growing areas, presents not only one of the best opportunities for investment but cheaper property price tags than the rest of Europe, making the city even more attractive to potential buy to let investors, especially given the increase in rental prices highlighted by the data."

Interested in gobbling up Turkish property?

Browse our listings of houses, apartments and buy to let properties in Turkey:

http://turkey.themovechannel.com/property/all

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Turkey is world's fastest growing economy

Sarah Kendell — 28/07/2011 11:55:00

The Middle Eastern nation's latest GDP growth figures saw it surpass both Argentina and China to become the fastest growing economy in the world, according to the national statistics authority, Turkstat.

Turkey's Q1 GDP growth was recorded at a staggering 11%, the only country in the world to have achieved double digit growth, and higher than that of Argentina at 9.9% and China at 9.4%. At a diplomatic conference in Istanbul, US Secretary of State Hillary Clinton praised the results as indicative of the nation's status as an economic leader in both Europe and the Middle East.

"The 11 percent growth rate is phenomenal", said Clinton. "What I hope is that Turkey will become an engine for economic growth in the region."

The news has stoked international property buyers' interest in the country, which is already strong due to the country's location straddling Europe and the Middle East, and its scenic beaches and low cost of living. A recent survey by UK-based property investment firm World Property Group saw Turkey named the second most popular country in the world for international property investor interest. The capital of Istanbul is also currently the fastest growing tourist city in the world, with foreign visitor levels having increased 30% so far in 2011.

Interested in property in Turkey?
Browse our listings of apartments, houses and other properties for sale in Turkey here: http://turkey.themovechannel.com/property/all/

123,000 foreigners own immovable property in Turkey

admin — 18/11/2011 04:59:00

A total of 123,000 foreigners own 113,687 immovable properties in Turkey, the Anatolia news agency reported on Wednesday.

Most foreigners with immovable property prefer Turkey's resort cities, such as Antalya, Muğla and Aydın, besides the cities of İstanbul and Bursa, according to data obtained by the Land Registry Directorate General.

These immovable properties cover an area of 86.1 million square meters.

Antalya is the most popular city among foreigners who want to buy immovable property. A total of 41,184 foreigners have 32,057 immovable properties in Antalya.

Source: TodaysZaman.com

Turkey voted Frommers favourite for 2012

Ivan Radford — 08/11/2011 09:00:00

Amongst a list of 10 destinations compiled by Frommers, Turkey was announced as the reader's top destination to visit in 2012, despite being up against strong contenders such as Paris, Italy and Hawaii.

According to the leading guidebook publisher and travel website, 51 per cent of readers quizzed about their top destinations to visit in 2012 voted in favour of Turkey.

Described as a Frommers 'favourite' since the publication of Turkey on $5 a Day in 1971, the nation's economic powerhouse, Istanbul, has been marked as one of the world's most cosmopolitan cities as well as one ‘packed with a rich Byzantine history, divine architecture, fantastic street food and one-of-a-kind shopping'.

Ray Withers, Director of Turkish property investment experts Property Frontiers comments,

"With Turkey becoming one of the biggest success stories of late having emerged as a sound economic marketplace underpinned by an already thriving tourism industry, positive acclaim from a leading and trusted source such as Frommers will certainly help propel the nation even further, much to the delight of foreign property investors."

Further positive news arrives from the latest REIDIN.com index which has revealed that Turkey has experienced an increase in the value of residential property with average house prices rising by 0.73% in September 2011 compared to the previous month, while rental values jumped by 0.90% across the same period.

Meanwhile, the Turkish construction sector has grown by 13.2% in the second quarter of 2011 according to data released by the Association of Real Estate Investment Companies (GYODER) with property sales reaching 107,308 in the country in the second quarter of 2011, an increase of 17.8% over the first quarter.

With this in mind, the projected demand of 2.9 million houses by 2015 has led investors into the lucrative Buy-to-Let world where there is high demand for good quality rented housing in Istanbul and surrounding areas. Those looking to invest in a key asset class in the proven market of Istanbul can also look no further than the booming student accommodation sector.

With University Dormitories and Government Funded Dormitories accounting for only 12.7% of rising student housing demand, a shortfall of housing stock for around 254,000 students has emerged and the new student accommodation development HAN Florya, located in the booming western suburb of Küçükçekmece, will provide an optimum opportunity to capitalise on the growing demand for student housing.

"Dramatic" surge sees Colordarcy double Istanbul sales

admin — 31/10/2011 09:41:00

Overseas property investment consultancy Colordarcy is experiencing a “dramatic” surge in sales for Istanbul as the company more than doubles its turnover there, managing director Loxley McKenzie told OPP this week.

The company confirmed £1 million-worth of Istanbul home sales in the last quarter, compared with £400,000 during the same period last year.

“Sales in Istanbul are actually outselling our previous best-performing marketplaces by an average of 60%,” says McKenzie. The city is now doing better than “countries and regions such as Brazil, Egypt, Florida and Atlanta,” he adds.

Official figures show that demand for properties in Istanbul is outstripping supply by 70,000 units each year and such is the need locally for contemporary properties to cater for the ever-growing population that many development projects are not even released to international investors because the local domestic marketplace is so strong.

Source: OPP

Lack of house insurance undermines Turkish buildings

admin — 26/10/2011 07:01:00

Only 9 percent of houses in Van were insured against earthquake, officials say. Particularly the old houses not only in the earthquake-hit province, but the whole country are theathening lives of millions, experts warn.

Less than 10 percent of the houses in the quake-stricken eastern province of Van were insured, according to the top executive at Turkey’s main earthquake insurance authority.

“Only 7,318 out of the houses out of the total of 84,000 in the province were insured,” Selamet Yazıcı, the board chairman of the Turkish Catastrophe Insurance Pool (TCIP), told Anatolia news agency yesterday.

“This would mean only 9 percent of the houses are insured,” he said, noting that house insurance rates were lowest in the eastern region of the country.

Source: HurriyetDailyNews.com

New property deed system for Turks

admin — 20/10/2011 06:55:00

Turkey is to offer it citizens living abroad an easier way to apply for title deeds online.

With the new system, expected to start functioning in 2012, a Turkish citizen residing in Germany will be able to conduct purchase or sale transactions for real estate property in Turkey, just by applying to the Turkish Embassy.

Gökhan Kanal, the acting general manager of the Deeds and Land Registry Office, said they plan to request staff for foreign missions from the Foreign Ministry.

Kanal says the Recorder of Deeds Office plans to employ its own representatives at diplomatic missions, adding that transactions to be carried out by experts who will be recruited by Turkish embassies abroad will be entered into the online Deeds and Land Registry Information System (BİS).

Source: VoicesNewspaper.com

Istanbul student accommodation welcomed by investors

admin — 19/10/2011 11:25:00

Over the past year, two property sectors have upheld an exceptionally strong position seeing considerable growth in student accommodation and the Turkish property market. With this in mind, purpose built student accommodation in Istanbul is currently in high demand providing the perfect opportunity for savvy investors to own a key asset class in a proven market.

Ray Withers Director of Turkish investment expert's Property Frontiers comments,

"Combining the proven key market fundamentals of Istanbul with an asset class deemed by Knight Frank to be a "critical component of a balanced investment portfolio", the two sectors combined together make absolute sense".

With the ongoing success of Turkey's economy and predictions that the nation will be the 9th largest economy in the world by 2050, Turkey affords 154 universities, four of which have secured a place in the prestigious Times Higher Education World University Rankings (2011-12). While Turkey has as a total student population of 3.78 million, Istanbul represents the educational hub of the nation boasting 36 universities and a student population of 298,000.

Currently, Turkish universities accommodate students from around 147 countries, including the UK, seeing a rise of 59% over the past 5 years and with the international increase in enrolment combined with an 8% annual student growth rate, enormous pressure has been placed on existing student accommodation stock.

Withers explains,

"Student accommodation traditionally supplied by University Dormitories and Government Funded Dormitories account for only 12.7% of demand and has resulted in a shortfall for around 254,000 students. Our new student accommodation development in Istanbul, HAN Florya, provides an optimum opportunity to capitalise on the growing demand for student housing."

With a huge undersupply of student accommodation mismatched with growing demand, students are transforming the rental market in Turkey offering excellent returns potential for investors.

Located in the booming western suburb of Küçükçekmece, home to some 600,000 people, HAN Florya occupies a prime location close by to three universities in Istanbul with a combined population of 19,000 students and less than 2 minutes' walk from the Metro bus station enabling easy and quick access to the city centre.

With only 38 student rooms available on a leasehold basis, HAN Florya has been explicitly designed to cater for the market requirement of separate male and female accommodation. Comprising two blocks (one for male, the other for female residents) this attractive student residence offers a secure high yielding low level investment starting at £14,965 with no buying, ongoing maintenance or management costs while investors can enjoy a guaranteed NET yield of 10% per annum.

For more information on investing in the key asset class of HAN Florya in Istanbul please contact the experts Property Frontiers today on +44 (0) 1865 202 700 or visit www.propertyfrontiers.com.

Beylikduzu recommended by experts as key place to buy

admin — 29/09/2011 11:27:00

Beylikduzu has been recommended by experts as a key place to invest in Istanbul.

A key city in one of the world's fastest growing economies, Istanbul, Turkey's economic powerhouse, has been enjoying soaring tourism along with vast internal migration and a youth orientated demography which has propelled the city forward and boosted its property market. The Global Property Guide, an authoritative source of information on buying overseas property, has produced an independent guide to buying property in Istanbul, highlighting the city's strong political situation and geographical beauty as factors that have attributed to Istanbul's surge in visitors and buy-to-let property investors.

Labelled Eurasia's rising Tiger by The Wall Street Journal, Turkey's economy grew 11% year on year in Q1 2011 seeing around $100 billion in foreign investment pour into the nation since Prime Minister Recep Tayyip Erdogan took the stand in 2003, while Turkey's 'city of desire', Istanbul, saw a 30.1% increase in tourist revenue in 2011, according to data from PriceWaterhouseCoopers, helping the nation become the 34th richest city by GDP in the world.

As tourism continues to accelerate faster than other European countries, the Global Property Guide also highlights that Istanbul has now become the third most visited city in Europe after Paris and London, with many property investors from around the world, including the UK, USA and Russia, attracted to the projected demand of 2.9 million houses by 2015.

Low unemployment and the undervaluation of the Turkish Lira also makes property in Istanbul relatively inexpensive compared to other European cities. Indeed, the growing middle classes and a flourishing international community have made Istanbul a prime buy-to-let market with outlaying suburbs, such as Beylikduzu, growing in popularity.

Ray Withers, Director of Property Frontiers, comments, "We at Property Frontiers have recognised the growing potential of Istanbul as a lucrative property investment hub. The western suburb of Beylikduzu is one of the fastest growing areas which present not only one of the best opportunities for investment but cheaper property price tags than the rest of Europe. Its location is perfect, located close to shopping centres and leisure facilities, the area affords three universities and plenty of green spaces as well as excellent transport options including trains and the Metro bus which runs through the suburb making it easily accessible from the city centre.

"Due to its popularity Beylikduzu is expanding rapidly with the population expected to increase fivefold to 1 million residents by 2016. At present there is an acute shortage of rental properties and it is exactly this lack of supply and growing demand which investors can capitalize on."

Interested in property in Turkey?

Browse our listings of houses, apartments, and buy-to-let investment opportunities:

http://turkey.themovechannel.com/property/all/

Turkey law change to spur $10 billion land market

admin — 29/09/2011 07:01:00

A proposed change in Turkish law to drop reciprocity conditions and allow more non-Turkish nationals to buy property in the country will create a $10 billion real- estate market spurred by sales to Arabs, Sabah reported.

Companies including Saudi Arabia’s Saudi Binladin Group and Kuwait’s Mena Real Estate have opened units in Turkey in recent weeks in anticipation of the change, the newspaper said.

Urban Planning Minister Erdogan Bayraktar is expected to introduce legislation to drop the reciprocity requirement in real-estate purchases in parliament in coming days, Sabah said.

Passage of the legislation is expected to spur purchases from buyers in Saudi Arabia, Syria, Dubai, Azerbaijan, Qatar and Iran, the newspaper said, citing Isik Gokkaya, chairman of the Turkish real estate trust association GYODER.

Source: Bloomberg.com

Real estate prices rise in Turkey

admin — 21/09/2011 07:00:00

The latest figures from the REIDIN.com real estate index for Turkey has revealed that, overall, property prices in the country increased during August, compared to the previous month.

On average, home values in Turkey rose by 0.55 per cent, with Ankara, Izmir and Kocaeli exhibiting the greatest increases of 0.95 per cent, 0.93 per cent and 0.85 per cent respectively.

Bursa was the only region to record a monthly fall in property prices, although this was marginal at 0.02 per cent.

Year-on-year, Istanbul has the strongest performing real estate sector, with housing values in the city up by 7.42 per cent compared to August 2010.

Source: PropertyShowrooms.com

Video: Turkey’s finance minister on how Eurozone could get growth

admin — 20/09/2011 05:47:00

As Turkey's tourism and property investment grows, Turkish finance minister Mehmet Simsek describes how Turkey managed to turn around their economy.

How can this could be applied to the wider Eurozone crisis? Watch the full video report at TheMoveChannel.tv:

http://www.themovechannel.tv/2011/09/turkeys-finance-minister-on-how-eurozone-could-get-growth/

Naomi Campbell builds island eco house in Turkey

admin — 19/09/2011 07:34:00

Every architect on the planet would probably love to have an assignment like this one, and Luis de Garrido from Spain, ostensibly free of budget or creative restrictions, ran with it.

The multi-level central dome is framed with steel and clad in glazed glass panels that permit sunlight all year round. Although the greenhouse effect promotes natural heating, certain measures – such as landscaping and tilted louvers – ensure that the heat is bearable during the summer time. Steps have also been taken to provide plenty of ventilation.

Combined with the photovoltaic panels that make up the property’s Eye of Horus shape, a state-of-the-art geothermal system provides all of the energy this 25 bedroom home (complete with five lounges) could possibly need. Rainwater is harvested, and an on-site biological system treats wastewater. Inside, the house is a landscaped terrace, from which it is possible to take in the incredible views.

Perhaps the only question remaining is this: how do we become best friends with Naomi so we can camp out on Cleopatra Island when the apocalypse comes?

Source: Inhabitat.com

Istanbul real estate market continues to boom

admin — 13/09/2011 07:42:00

Istanbul’s property market continues to accelerate ahead of the rest of the world according to new data from the city’s chamber of commerce.

Foreign direct investment into Istanbul increased by an impressive 27 per cent this year meaning Istanbul is now one of the most popular property hot-spots in the world.

Turkey’s thriving economy which outpaced China to become the world’s fastest growing economy earlier in the year has been focused around the countries successful banking and financial sectors as well as flourishing tourism industry.

While the tourism boom has directly affected property prices in coastal regions, Istanbul’s property market is benefiting from Turkey’s rapidly expanding economy. With a growing number of businesses moving to the city there is significant job creation taking place and a huge demand for commercial real estate.

Source: SelectProperty.com

Property prices in Turkey creeping up, latest index shows

admin — 18/08/2011 06:49:00

Residential real estate prices and sales in Turkey are increasing steadily with buyers looking for bigger properties, according to the latest figures to be published.

Sales prices increased 0.83% in Turkey overall, the ReidIn Turkey Residential Property Price Index shows. They were up 0.32% in Adana, 1.02% in Ankara, 0.64% in Antalya, 0.66% in Bursa, 1.05% in Istanbul, 0.84% in Izmir and 1.02% in Kocaeli during July 2011.

Rental prices are also on the up, increasing 0.36% in Turkey overall. Rents climbed 0.31% in Adana, 0.47% in Ankara, 0.76% in Antalya, 0.44% in Bursa, 0.28% in Istanbul, 0.81% in Izmir and 0.46% in Kocaeli during July 2011.

New homes, popular with both domestic and overseas buyers are also increasing. They were up 1.2% in July compared with the previous month and are now 7.29% higher than a year ago.

Source: PropertyWire.com

"Many reasons" to buy property in Turkey

admin — 15/08/2011 12:01:00

Turkey has become an increasingly popular option for those seeking a property abroad, one expert has noted.

Andy Bridge, managing director of A Place in the Sun, explained that there are many reasons to consider buying Turkish real estate.

"It's outside the eurozone - so sterling goes further, property is relatively affordable and it's a wonderful country for food, climate and culture," he stated.

This may particularly appeal to those who are looking for a base outside the UK where they can visit on holiday and which they can rent out for the remainder of the year.

Source: Property Showrooms

Istanbul tops list of world's fastest-growing airports

admin — 04/08/2011 05:52:00

Istanbul's Sabiha Gökçen Airport is the world's fastest growing airport, according to a new report released by Airports Council International (ACI) August 1.

The World Airport Traffic Report 2010, which analyzed the performance of over 1,300 airports in 157 countries around the world last year, suggests that traffic at Istanbul's Sabiha Gökçen Airport, completed in 2009, jumped by 75 percent last year.

That puts it considerably ahead of Campinas in Brazil, the world's second-fastest growing airport, and Rio de Janeiro, the third.

Charleroi in Belgium and Moscow's Sheremetyevo airport rounded off the top five list.

Source: Independent.co.uk

More interest in buying overseas properties

admin — 01/08/2011 13:42:00

Interest in buying property overseas has now tipped the balance versus that of property in the UK, with 67% of respondents saying it is a good time to make a foreign investment and 65% actually considering doing so, a new survey shows.

Countries which generated the most responses were the United States, Turkey and Portugal, the research from Oxfordshire based property investment company, the Worldwide Property Group, shows.

‘It’s hardly surprising that investors are looking beyond the UK for places to invest. Many overseas regions are providing very strong potential returns, the USA being a prime example,’ said Kevin Wilkes, managing director of the Worldwide Property Group.

‘The UK has always been a great place in which to invest in property, and will continue to be so. But with some incredible potential for property investment overseas mixed with increasing ease of purchasing a foreign property, people are finding they have much greater choice, and the UK now has some strong competition,’ he explained.

Source: Property Community

Turkish property is beginning to see an upswing

admin — 29/07/2011 10:45:00

For some time, there has been depreciation in the values of Turkish property due to many factors, including economic issues incurred during its attempt to accede to the European Union. These have held back property investors from buying in Turkey for fear of a further real estate valuation decline. Recently, this has shown signs of change as the factors which worked against the Turkish economy have started to be reversed.

The issues that Turkey has faced in attempting to join the European Union still exist.Yet with the problems that the EU itself is facing amongst its member states, Turkey, not being a part,has not been seen as such a draw-back. In fact, the issues that some of the member states face have forced investors who might previously invested in properties in Greece, Spain or Portugal to seek alternative opportunities. This is where Turkey is coming into its element as it has a tie of sorts to the EU, giving it credibility without being so tightly bound as the other sovereign debt crises.

The Turkish economy appears to be entering a growth period unlike many of the surrounding areas, which is great news for investors. This growth is being seen as partially being driven by new initiatives by the Turkish government to decrease reliance on imports, chief among which is the growing energy bill the country faces. By tackling this expensive problem head-on, the country’s leaders hope to decrease the country’s deficit and increase investor confidence. This will be augmented by the trade agreements that Turkey has already started to put into place.

As the economy stabilises and investor confidence in the country grows, this will trickle down into various areas of the country. Tourism is starting to see benefits with increased flights to the Middle East. property in Turkey is starting to show greater value and should show increased returns for investors in the long run.

Source: Buy Association

EU debt crisis encourages property investment in Turkey

admin — 26/07/2011 06:43:00

Historically, property investors watched prospective EU members with anticipation. Often targeting markets that were expected to gain full EU membership, savvy investors would benefit from the subsequent up lift in prices. Turkey has long been on the verge of membership to the EU however many would suggest it never really stood a chance of gaining full membership due to objections from the likes France and Germany.

Now the EU’s economy is caught in a deep sovereign debt crisis with two of its members, Greece and Ireland forced to accept huge bail-outs. Not only must both of these countries borrow more money to service their debts but they both face ongoing austerity measures. While the general appetite for property in Europe has reduced significantly, one such measure has directly affected Greece’s property market in particular. The country has placed new taxes on high-end property, causing owners to sell en-mass while new buyers remain few and far between. Portugal has been advised to implement similar taxes.

As a result, property investors have snubbed the debt ridden EU nations in search of better performing markets and greater value for money. While Turkey now stands in a position where it could gain membership much more easily, the tables seem to have turned as investors care less about EU membership and Turkey reaps the benefits of its exclusion.

While GDP growth improved in the EU during the first 6 months of 2011, it only reached 2.5% while Turkey impressively recorded 11% to become the fastest growing economy in the world. The Economist published that Turkey will soon surpass Germany as one of Europe’s top performing economies.

Source: SelectProperty.com

Istanbul is fastest growing tourist destination in the world

Sarah Kendell — 14/07/2011 12:03:00

Undoubtedly one of the world´s greatest cities, Istanbul has seen a 30.1% increase in tourist revenue, generating an estimated $10.2 billion in 2011, surpassing New York and Amsterdam in terms of the number of visitors according to a city index developed by MasterCard Worldwide.

Estimates from the city index suggest that Istanbul will receive a predicted 9.4 million visitors in 2011 proving more attractive than traditionally popular global cities such as Rome, Milan and New York.

Dubbed ‘one of the hippest cities in the world', it seems visitors are undoubtedly attracted to this impressive accolade. With a rich cultural background, abundance of amenities and rising economic wealth, Istanbul is propelling Turkey forward with the country's economy growing by 11% in the first quarter of 2011 according to figures published by the Turkish Statistical Institute, Turkstat.

As a whole, Turkey's income per capita has almost doubled since 2002 and as a result, has generated a boom in consumer spending, seeing a rise in the shopping mall culture, proliferating across the country almost as much as in the US as well as trendy restaurants, bars and clubs lining the streets becoming even more prevalent than the widespread Ottoman mosques.

Indeed, with more money to play with, consumers, in particular the middles classes have begun to travel a great deal more aided by the growth of national flag carrier, Turkish Airlines. However one of the biggest emergences to have come out of rising consumer wealth has been the increased demand for property with more people buying new homes.

Rising demand led to Turkey's construction sector displaying an impressive 17.1% growth in 2010 over the previous year. This sector has been driving economic growth in the economy over the past few years, seeing improved technology utilised and stronger financial structures helping construction companies to deliver property projects at a faster rate.

Back in May this year, PricewaterhouseCoopers Emerging Trends in European Real Estate report which surveyed worldwide investors found that Istanbul is currently considered along with Munich, to be the best city in Europe for investment opportunities in the areas of new developments and acquisitions, and second best for opportunities to increase returns on existing investments.

Ray Withers, Director of property investment experts, Property Frontiers, comments,

"The Turkish property industry is receiving considerable interest from foreign investors seeking to purchase property in popular cities like Istanbul due to the ongoing growth in the economy and rising tourist numbers, pushing up demand for property and generating vast opportunities in the already thriving rental market.

"Istanbul, considered to be the dominant powerhouse in Turkey is fast becoming a popular destination for Europe's glitterati as well as a thriving business hub with new residential developments emerging in up and coming areas on the desirable European side of Istanbul such as Bahcesehir and Beylikduzu as well as the city centre. Modern Istanbul properties offer exceptional facilities and a cheaper price tag than the rest of Europe, making the city even more attractive to potential buy to let investors."

Confirming the strength of demand, statistics from leading overseas property search portal The Move Channel show that at least 1 in 5 Turkey property searches are for Istanbul. Of these enquires, around 60% are for properties priced between £0 - £100,000 while 35% enquiries are priced between £100 - £200,000.

For more information about exciting new buy to let investment opportunities available in Istanbul contact the experts Property Frontiers today on +44 (0) 1865 202 700 or visit http://www.propertyfrontiers.com/.

Istanbul Property Investment To Be Boosted By New Universities

admin — 13/07/2011 06:43:00

Property investors considering an investment in the Istanbul student property sector will be looking even more closely at the city in the next 12 months, as 9 new universities are opened. This will take the total to 166 universities.

This year some 895,000 students took the Transition to Higher Education Examination (YGS), but there are only 700,000 places available in undergraduate and postgraduate courses throughout the country. The 9 new universities will make it easier for all to find placement on courses.

Istanbul is currently being perceived as one of the hottest residential investment spots in the world, and student property investment is really taking off as well. This can only to increasing interest in that field, as well as hopefully increasing demand, increasing occupancy and of course, increasing yields.

Süleyman Şah University will add 300 places in the Kartal district, 60 with full scholarships. Süleyman Şah will have courses in the following psychology, sociology, Turkish language and literature, economy, business, political science and public administration.

Source: Novrealty.com

No debt crisis on Turkish Riviera

admin — 08/07/2011 06:39:00

Glossy white yachts line its glittery marina club and celebrities such as Catherine Zeta-Jones and Michael Douglas traipse the cobblestone sidewalks around downtown. You'd think it was Mykonos or St. Tropez -- but it's neither. With multimillion-dollar estates being snapped up right and left from Middle Eastern billionaires and Saudi royalty, Bodrum is the epicenter of a Turkish Riviera enjoying the perks of a booming economy a lot farther from Greece than the 20-minute hydrofoil ride would suggest.

More on Top 1% Chefs Go Beyond Basic BarbecueGlobal Pool Parties Are Big BusinessChefs Go Casual, Starting With Small Plates With a year-to-year GDP that's expanded 11% -- better than China and Argentina -- Turkey has a booming economy helping support bold investments in resort destinations such as Bodrum. The property market is benefiting from an influx of second-home buyers in addition to foreign investment and real estate developments such as a luxury shopping center that will bring retailers including Louis Vuitton to town, not to mention the five-star resorts opening this summer.

Source: TheStreet.com

Turkey: the world’s fastest growing economy

admin — 07/07/2011 06:37:00

Turkey notched up astounding 11% growth in the first 3 months of this year making it the fastest growing economy in the world. Turkey impressively surpassed the rapid growth of China by 1.1%; a significant margin in economic growth terms. Turkey now stands in a strong position predicted to surpass its 2008, pre-crisis GDP levels by the end of the year becoming one of the first major world economies to do so.

The fastest growing sectors were wholesale trade, tourism, energy, transportation, communication and most notably, construction, which grew by over 14% to keep up with real-estate demand in the country.

Timothy Ash, the chief economist at the Royal Bank of Scotland commented on Turkey’s growth strong growth in 2010 leading up to these most recent figures.

“Real GDP grew by 9.2 percent year on year in the fourth quarter, and by 8.9 percent for the full year in 2010,”

Source: SelectProperty.com

Hilton to launch budget hotel brand in Turkey

admin — 04/07/2011 11:37:00

Worldwide hotel giant Hilton has announced that it will be launching a new low-cost hotel brand in the Turkish market.

The firm said that it has signed contracts to begin operating four ‘Hampton by Hilton’ properties in Turkey next year. One property will be located in the Kayaşehir district of Istanbul, another in the Tekirdağ’s Çorlu neighbourhood, while others will be situated Rize province on the Black Sea as well as in Gaziantep in the southeastern part of the country.

Hilton Worldwide’s VP for development in Eastern Europe, Turkey and Russia, Michael Collini, said during a press conference on Thursday that the decision to launch the new brand was encouraged by Turkey’s current placing as a powerful and growing economy in the world.

The company also said it has six additional budget hotel properties in the works as part of a new strategy, which also includes expanding the company’s luxury and midrange brands in the region. Hilton is planning to introduce the luxury Waldorf Astoria Hotels & Resorts to Turkey, although Mr Collini said this was not part of the current short-term strategy.

Source: CompareCarHire.co.uk

Istanbul construction boom fails to quench demand

admin — 24/06/2011 08:31:00

Last month investors from around the world, as surveyed by PricewaterhouseCoopers in its Emerging Trends in European Real Estate report, said that Istanbul is currently the best city in Europe for investment opportunities in the fields of new developments and acquisitions, and second best for opportunities to increase returns on existing investments. However, in coming second Istanbul had the same score as first placed Munich at 6.08, so should really have been tied for first place.

One particularly significant trend that came from the responses was the consensus that although Istanbul is currently experiencing a construction boom, construction is not fast enough to bite into the widening shortage of housing. Commercial spaces are also in short supply in many areas and some segments. We have heard this from many developers and agents on the ground in Istanbul.

This is surely a double whammy of investment potential, because you have room for growth in the construction industry, which will generate more and more revenues into the economy, and this in turn will generate more demand for housing. Such self-perpetuating cycles come along very rarely in property investment, and when they do every investor should carefully look at the opportunity and possibly look at it with a view of "why wouldn't I invest here?".

That is if people haven't already decided that from the fact that Istanbul is constantly being named one of the hottest investment opportunities on the global market. Back to the PWC report; in first place for new property acquisitions Istanbul beat off London, Munich, Stockholm, Berlin and Warsaw, and for development opportunities it beat off London, Munich, Warsaw, Zurich and Stockholm.

Source: PropertyShowrooms.com

Aman Resorts unveils new Aegean coast destination

admin — 22/06/2011 08:06:00

In August this year, Amanresorts will launch its 24th property, Amanruya, in a quiet valley on the Bodrum Peninsula overlooking the Aegean Sea.

There are few places in the world which offer classical history and natural beauty in equal measure, and the Aegean region of Turkey is one such place. This fabled coastline is where Homer’s heroes were born, where the ancient Greeks consulted their oracles and the Romans built magnificent temples to honour their gods. The region tells a story spanning 5,000 years of Greek and Roman history, and everywhere you go are reminders of this glorious past, vying for attention with spectacular scenery. Olive groves and forests give way to sun-kissed beaches, littering the scalloped coastline like so many smiles. Towns with ancient names inhabit the bays and traditional Turkish gulets ply the turquoise waters between the Aegean’s many islands. It is into this setting that Amanruya will open, named for the Sanskrit word for peace, ‘aman’, and the Turkish word for dream.

Surrounded by a pine forest and olive groves, Amanruya is set on a peaceful hillside, offering breathtaking views of the sea and a winding pathway leading to a protected pebble beach. An access road weaves its way through the trees before revealing one’s first glimpse of the resort and its graceful setting. Inspired by the region’s traditional architecture, Amanruya ascends through a series of elevated levels. Courtyards and terraces create the intimate and organic ambience of a village, while still providing a sense of space and luxury, and local materials including stone, acajau wood and Turkish marble form a timeless natural palette.

Amanruya offers a total of 36 nearly identical Pool Terrace Cottages with varying courtyard and swimming pool designs to ensure a unique character prevails. Entry is via a small porch which leads to the interior living room, beyond which is a four-poster bed with a writing desk behind. Adjacent to the bedroom is a dressing room and a light-filled bathroom. Positioned at the end of the bathroom with garden views is a soaking tub. Double glass doors lead from the living room to an exterior terrace that features a swimming pool and a covered dining and lounging pergola. The swimming pools vary in shape from cottage to cottage, yet measure an average 35 square metres, and a number are heated. All cottages are fitted with outdoor showers, underfloor heating and a fireplace.

Source: LuxuryTravelMagazine.com

Why it's important to get a good Turkish property lawyer

admin — 20/06/2011 11:56:00

Turkey offers some excellent property investment opportunities and is one of the most popular overseas locations for Brits to buy houses. However, the buying process in Turkey is different from other countries and so it’s important that you understand how to buy property.

Many people end up withdrawing from property transactions in Turkey due to the complicated legal process. Property companies and developers are urging the government to change the rules, but until they do, it’s vital that you appoint a good overseas property lawyer when considering buying property in Turkey.

Buyers need permission to buy property in Turkey

Sales to foreign nationals have to be approved by the authorities in Turkey and this can often mean a significant hold up to the buying process. Many people simply get def up with the delays and back out of buying property in the country. Kürşat Tuncel, from Turkish construction company Ağaoğlu İnşaat told the Daily News, “For the sale of every unit, many signatures are required for the authorities. This does not correlate with Turkey’s aim of attracting more foreign investment.”

For example, Turkish Act 2565 states that any foreign national wanting to buy a property in Turkey must apply in writing to the Turkish authorities. This is to ensure that a property or a piece of land is not located on a military zone.

Source: Homesgofast.com

Foreign capital inflows into Turkey remain strong

admin — 17/06/2011 06:59:00

Despite record-low interest rates, international capital inflows to Turkey remain strong - a total of $684 million in foreign capital entered the country in April.

Net foreign capital inflows between January and April stood at $4.7 billion, corresponding to an annual rise of 12.6 percent, according to Treasury data released Tuesday.

The amount of foreign capital entering Turkey was at $470 million in January, $691 million in February and $2.8 billion in March, Anatolia news agency reported. Wealthy Gulf Arabs seeking a safe place to store their cash in March chose Turkey, according to various press reports in May, accounting for the month’s spike in capital inflow.

Property purchases account for around $300 million of the April figure, while the remaining $384 million went to other areas of the economy.

Source: HurriyetDailyNews.com

Hilton Opens Secluded Resort in Bodrum, Turkey

admin — 14/06/2011 06:39:00

Featuring 433 guestrooms, 53 suites, and eight detached villas, the Hilton Bodrum Turkbuku Resort & Spa has made its debut as Hilton's second resort in Turkey. The property, which overlooks the Aegean Sea, puts a big focus on the outdoors, with a private sandy beach, six pools, a beach club, and a mini water park geared toward children. The F&B lineup includes the signature Mediterranean restaurant Paparazzi; Seaport, a seafood concept; Italian venue Patio Olivia; Sultan Sofrasi, which serves Turkish cuisine; a day and evening buffet; and Central Café, offering light snacks. Guests also have access to the Sarnic Bar, Kicker's Pub, the A La Mer Bar, the lobby bar, and two poolside cocktail bars.

Other amenities at the resort include a luxury spa and health center, as well as the 13,000-square-foot Grand Phaselis Ballroom, which features an expansive terrace offering panoramic views over the bay.

Source: HDMag.com

Countless Turkey property investment opportunities

admin — 07/06/2011 07:49:00

The Turkish property sector continues to offer ever-greater opportunities for investors, according to property investment firm Colordarcy.

The company's Managing Director, Loxley McKenzie, says that Turkey, although relatively new to mainstream overseas property investors, has now become one of the 'European' property thoroughbreds', supported by a stable banking system and economy, along with increased transparency.

Mckenzie points to the fact that around 60 per cent of Turkey’s population is under the age of 34 and this ever growing figure is now well educated and hungry for economic success, which in turn is driving greater demand for new homes in Turkey to both rent and buy.

“Low taxes and incentives, a large domestic market and a customs union with the EU since 1996 have all added to the cause and helped in the long term with predictable inflation rates and consistent [Turkey property] prices.”

Source: APlaceintheSun.com

Developers see surge in demand for property in Istanbul

admin — 02/06/2011 07:59:00

Istanbul’s property market shows no sign of faltering in 2011 as the city’s population continues to soar with the rate of migration more than doubling during 2009/10 according to latest official figures.

Over 102,000 migrants made Turkey’s largest city their home during 2009/10, accounting for 7.7% of Istanbul’s total population compared to 39,500 during 2008/09, data from the Turkish Address Based Population Registration System (ADNKS) shows.

This means that buying a property to rent out in the city is becoming more attractive, said Alexander Tomlinson, director of Istanbul property specialists, Gem Invest, who has lived in the city for many years.

‘Istanbul always has held a magnetic draw. Many migrants from the less developed regions of Turkey, often the east and south, relocate to Istanbul for economic factors. Due to its strategic location at the crossroads of Europe and Asia the city has become the economic workhorse of Turkey and people are understandably keen to try and claim their share of this prosperity,’ he explained.

Source: PropertyCommunity.com

Turkey property prices increase by over 6% annually

admin — 01/06/2011 07:01:00

Turkey’s real estate sector has experienced considerable price increases this year marked by yet another strong month of growth. Turkey’s property prices have now reached an annual growth rate of over 6% for the first 4 months of 2011 according to The Association of Real Estate Investment Companies (GYODER).

GYODER’s most recent monthly index showed that prices have increased by 6.45% in the year ending April 2011. This data follows previous index’s that showed annual growth of 6.30% at the end of January, 6.18% in the year ending February and 6.17% in the 12 months leading up to the end of March.

It’s been widely reported that Turkey’s popularity has grown considerably in international markets; helping it ward off many of the economic problems faced by much of Europe. Holiday homes have seen the most dramatic price increases with a 40% surge in foreign ownership in 2010; a total $2.5 billion worth of real-estate sales in just one year!

The surge in holiday home ownership has tracked Turkey’s significant growth in tourism. Turkey’s ministry of tourism announced that the country welcomed 28.6 million tourists in 2010, an increase from 27 million in 2009, 26.3 million in 2008 and 23.3 million in 2007. Turkey is expecting another good year for tourism growth in 2011 with record numbers of holiday bookings already placed for this summer.

Source: Select Property

New Marina Set To Put Kas Property On The Map

admin — 19/05/2011 08:05:00

The pretty resort of Kas has been attracting the attention of those who wish to purchase property in ‘real Turkey’, especially the Scandinavians and British. It is near the already fashionable resort of Kalkan, which has been popular with the British for nearly 20 years. This has resulted in property prices increasing as many Brits have moved there to run businesses and build holiday homes.

The harbour and shopping bazaar in Kas hasn’t changed in 15 years, not least because the 2-hour journey from the airport preserves Kas for the more discerning tourist. However, a new marina, set to open this month will open Kas to increased accessibility from the sea, which will bring in more tourists and more property buyers as well.

At the moment the town has quite a bohemian feel to it, but it’s likely that once it attracts the yachting crowd things will change and prices will go up. The marina is expected to reach full capacity by 2013, and this is when property experts are predicting prices will begin to rise.

The marina is capable of taking large liners en route from Cyprus and Israel, and it will have 500 berths which will go a long way to addressing the current shortage in the Aegean and Mediterranean. The shortage is due to large numbers of European boat owners who want to keep their boats outside the Eurozone where it is cheaper.

Source: Novrealty.com

Turkey still promising business volume for property developers

admin — 19/05/2011 06:58:00

The improvement of the middle segment of the housing business in Turkey is discussed during a real estate summit in Istanbul. The country’s real estate stock is expected to double by 2020 from a total of $239 billion. Noting the growth potential of Istanbul, an expert from MIT highlights the balance between growth and sustainability The middle segment of the housing business in Turkey is still in a phase of development while the luxury houses and residence market is reflecting rather stable growth, according to a recent report discussed during the REState summit held in Istanbul.

The real estate stock in the country is expected to increase to a volume of $582 billion by 2020 from last year’s $239 billion, said the “Real Estate Sector in the Developing Countries and Turkey” report announced by Can Fuat Gürlesel, director and founding partner of the Economy and Strategy Consultancy Services, a local advisor, on Monday.

Along the middle segment residences market, the housing financing system is also developing, the report said.

The luxury houses and residence market across the country and office building in Istanbul are also posting steady growth, it said.

Source: HurriyetDailyNews.com

Property prices in Turkey up 9%

admin — 18/05/2011 06:36:00

Property prices in Turkey are being pushed up by interest from overseas buyers, it has been suggested.

Suleyman Albay, Oceanwide Properties managing director, told Overseas Property Professional (OPP) that prices have risen by at least nine per cent so far this year. This compares to an increase of around six per cent last year.

Meanwhile, the volume of inspection trips from buyers has more than doubled.

As a result of the rising level of interest, Mr Albay is set to increase the number of offices his estate agency has on Turkey's Mediterranean coast.

Source: PropertyShowrooms.com

UK Foreign Office expands £2bn global property empire

admin — 17/05/2011 07:58:00

The British flag is fluttering above more buildings around the world than ever before, despite the Foreign Office's struggle with a multimillion-pound cut in its annual budget and plans to shed hundreds of jobs from its workforce.

While the Government's spending cuts are stifling departments across Whitehall, figures seen by The Independent on Sunday reveal that the FCO is sitting on an expanding worldwide property empire that is worth more than £2bn.

The Foreign Secretary, William Hague, claimed last week that the case for a stronger diplomatic network across the world was "utterly compelling", as he signalled an increased British presence in places such as Brazil, Turkey, Mexico and Indonesia. The shake-up, confirmed after MPs complained that the department's performance had suffered due to a lack of resources, will be funded by £100m of "administrative savings" every year.

But Mr Hague did not disclose that the number of properties owned by the FCO across the globe has risen to more than 2,300 – at a time when all government departments have been under severe pressure to cut costs.

Source: The Independent

Global investors eye chances in Turkish firms

admin — 17/05/2011 07:19:00

Global investors’ interest in the country may boom due to a possible increase in the country’s investment rate after the general elections on June 12, according to Nurdan Toğuş, the chief economist at Ata Invest.

Some major actors are eying investment opportunities in Turkish companies, which promise strong growth, Toğuş said at the Investment Conference organized by her company Monday.

The conference hosted some 30 large foreign investors, which had bilateral talks with Turkish companies.

“We expect Turkey’s rate to be increased to the investment level,” she told the Hürriyet Daily News on the sidelines of the conference. “Foreign investors here would like to know plans of Turkish companies for the next year.”

Source: HurriyetDailyNews.com

Foreign investors continue to buy more property in Turkey

admin — 16/05/2011 14:18:00

An increasing amount of foreign nationals are buying property in Turkey according to the most recent data. Industry experts have charted the significant annual increase property purchase by foreign nationals since 2006 and suggested that this is set to continue.

The data showed that between 2006 and 2008, foreign nationals spent a total of £1.8 billion on Turkey property increasing to £1.1billion in 2009 alone. The newest data now shows that this trend has continued into 2010 with a staggering total expenditure of 1.5 billion in just one year.

Interestingly, it was noted that British investors are buying the most property in Turkey. The increasing popularity of property in Turkey has been witnessed across the industry with agents and developers alike reporting increased sales.

It is thought that the increasing interest in property has been helped by Turkey’s ever improving economic forecasts that predict growth of 4.6% and 4.5% this year and next year respectively.

Source: Select Property

Istanbul earmarked as investment opportunity for new property acquisitions

admin — 12/05/2011 07:32:00

Istanbul has been named the top city in Europe for new property acquisitions and development in 2011 by a new report, as it is less likely to be affected by the economic problems affecting the rest of the continent.

For the second year in a row the annual Emerging Trends in Real Estate Report Europe from PwC and the Urban Land Institute puts Turkey’s largest city at the top of its chart for development prospects.

Istanbul is ranked above London, in second place, and Munich in third place. Istanbul is also placed second in the report’s existing property performance table, behind Munich but above London and Paris, in third and fourth place respectively.

The report says that currently, the biggest issue is to find attractive assets to invest in as well as good new investments, especially core assets in top locations with strong tenants.

Source: PropertyCommunity.com

The 10 best places to retire overseas

admin — 09/05/2011 11:51:00

There are parts of the world where riding out the economic storm in retirement is going to be a lot more enjoyable than in Britain. Savills estate agents’ latest Global Residential Review reveals that an increasing number of those in their more prosperous fifties and sixties are looking for a foreign retirement bolt-hole where the living is easier than in Britain.

Here are 10 hot spots for anyone looking to buy and retire overseas:

America

Florida, really. On average the climate’s a lot warmer than Britain’s, so you’re guaranteed sunshine. Property prices have fallen by 30-70 per cent over the past four years.

Barbados

Britons are the biggest expat community in Barbados. Celebrity owners include Sirs Cliff Richard and Andrew Lloyd Webber, as well as Cilla Black and Simon Cowell. Estate agents Cluttons (www.cluttons.com) report a 70 per cent increase in sales in 2010, compared to 2009.

Cyprus

It’s not just the sunshine that makes the Greek part of Cyprus a haven for Britons. Spend more than 183 days on the island, in one financial year, and you become a tax resident, liable for as little as five per cent income tax.

France

Brits tend to opt for coastal properties (39 per cent), rural (37 per cent) and mountainous (19 per cent), which means the likes of Aquitaine, the Dordogne and the Languedoc remain popular. But the prospect of spending a year (or longer) in Provence, à la Peter Mayle, is as attractive as ever. Overall, prices in France are eight per cent down on their 2007 peak.

Italy

You won’t find stacks of cheap, soulless, little modern apartments in Tuscany and Umbria. But you will find lots of rural residences with character.

Prices are between 5-20 per cent lower than September 2008, so for £150,000 you can buy a pretty, stone-built Town house in the village of Collodi Castello.

Mauritius

Picture postcard beaches, and an expat-friendly Integrated Resort Scheme, whereby you, your spouse and offspring enjoy not only residency status, but freedom from inheritance and capital gains tax. This is provided you buy a top-end property such as at the (288-villa) Valraiche development next to two golf courses (with another planned). Prices start from £500,000 for a two-bedroom villa (www.cluttons.com)

South Africa

Cape Town is where most Brits gravitate, with its equable climate and fine beaches. Prices can be 50 per cent less than the most expensive parts of Europe, too.

Spain

Murcia, in south-east Spain, was the original star of Spanish golfing properties. It now has more links-Side homes for sale, at below-par prices. Property sales in Majorca are also up (by 14.5 per cent in 2010), as is the number of Monarch Airlines flights from Britain. You can buy an (as yet unbuilt) two-bedroom beachside villa at Cala Anguilla for £180,900 (www.taylorwimpeyspain.com).

Switzerland

“Switzerland was generally unaffected by the recession and the property market remained buoyant,” reports Hannah Coppersmith, managing director of Pure International (www.pureintl.com). The company organises free seminars to help with the laws on purchase in the cantons.

Turkey

During 2010, property sales to foreigners rose by 40 per cent on the year before, totalling £2.5 billion. Not quite as good as the 3 billion of the boom years (2006-08), but enough to persuade accountants Price Waterhouse Coopers to name Istanbul the best European city for investing in property during 2011.

Source: Telegraph Online

European property stocks return 3.6% in April

admin — 03/05/2011 10:32:00

European listed real estate, as represented in the GPR 250 Europe Index, ended April 2.6% higher, with the strong performance being driven by UK stocks. On a country by country basis, the UK topped the ranking with an increase of 5.9% in April, while Norway came second returning 5.5% in the same period.

Switzerland, Italy and Turkey rose 5%, 4.2% and 4% respectively last month, while France, the Netherlands, Sweden, Austria, Germany and Belgium all remained in positive territory returning between 2.7% (France) and 1% (Belgium) in the past month.

Meanwhile Poland, Finland and Spain all posted a loss in April, with Spanish stocks shedding 3.7% of their value during the period.

The GPR Europe Index focuses on 56 listed property companies throughout Europe.

Source: Property EU

Capital gains tax on property sales

admin — 28/04/2011 03:44:00

Most people would declare a lower price in order to pay less in transfer tax. This practice is now a thing of the past because a new regulation has been introduced to stop tax losses from low purchase price declarations. According to the new regulation, the price to be declared cannot be less than the value of the property as assessed by the local municipality.

What is the impact of the regulation?

The impact of this regulation will really hit those who declared lower prices when buying their properties.

If I may give an example with figures it will provide a clearer picture: Mr. Investor purchased a property for TL 200,000 but declared the value as TL 25,000 at the time of purchase in order to pay less in transfer tax. Three years later Mr. Investor wants to sell His property, and it is now worth TL 450,000. Both the buyer and the seller agree on the sales price and also agree on to declare the sales price as TL 30,000. The seller and buyer meet at the land registry office, submit the sales agreement to the officer and the officer says, “Oops! The sales price appears incorrect to me.”

Source: Today's Zaman

Russians look to increase exposure to foreign property

admin — 21/04/2011 09:43:00

Demand for overseas property from Russian buyers is set to soar, as many wealthy investors look to diversify their portfolios with homes abroad.

Property magazine International Residence recently released new research which revealed that 40 per cent of the visitors to the Moscow International Investment Show were planning to spend an average of EUR 100,000 to EUR 250,000 on an overseas property.

A further 11 per cent were considering spending in excess of EUR 500,000 on a foreign real estate purchase.

The most popular destination for the Moscow buyers was Bulgaria, closely followed by Spain, with third place going to Turkey. However, the research noted that a number of emerging property markets were also attracting the attention of savvy Russian buyers.

Source: IPIN Global

Turkish property boom set to continue

admin — 14/04/2011 10:44:00

At a recent press conference, held by the Turkish Real Estate Investing Partners Association (GYODER), it was revealed that property sales in Turkey to foreigners in 2010 were up 40% reaching sales of $2.5 billion compared to the previous year.

Not quite eclipsing the pinnacle of Turkey's property performance, between the economic peak in 2006 to 2008 sales to foreigners approached $3 billion, the recent figures disclosed in their "The Real Estate Sector of Turkey and The World, Fourth Quarter 2010" report, clearly show that Turkey's popularity as a holiday home and investment destination, unlike some countries, is far from waning.

GYODER President, Isık Gökkaya commented: "Real estate sales to foreigners rose again in 2010 as a result of increasing confidence in Turkey".

These are sentiments shared by established Turkish property agents Spot Blue, who have been selling property to Brits, the Irish and international community since 2003. Julian Walker, Managing Director of Spot Blue further comments, "Turkey on the whole, has learned from other Mediterranean markets and has steadily increased its real estate offering to foreigners without over stretching resources or demand. Yes, there are pockets of high supply, however with 8300 kilometers of stunning Aegean and Mediterranean coastline buyers are spoiled for choice in terms of location, property type and homes to suit all budgets."

Source: Spot Blue

Overseas buyers drive Turkish demand

admin — 12/04/2011 06:50:00

An increase in the number of overseas buyers active in the Turkish property market has helped the sector to exceed growth expectations.

This is according to a recent report by the Association of Real Estate Investment Companies, which found that the market is returning to strength following the recent economic troubles, Hurriyet reports.

Indeed, between 2006 and 2008, property sales to foreign nationals stood at $3 billion (£1.8 billion). In 2009, the figure fell by $1.8 billion, but has now rebounded up once again to $2.5 billion.

"Real estate sales to foreign nationals rose by 40 per cent, reached $2.5 billion. Foreigners' interest in and appetite for Turkish property continues to increase. If the reciprocity problem is solved, we think the figure may double," Is?k Gokkaya, the chairman of organisation, said.

Source: PropertyShowrooms.com

2011 to be growth year, Turkish property developer says

admin — 08/04/2011 06:49:00

Turkey’s Torunlar Real Estate Investment Trust, or REIT, raised its sales 93 percent in 2010, making a total profit of 214 million Turkish Liras, according to its chairman.

The company was the second biggest REIT trading on the Istanbul Stock Exchange, or ISE, in terms of assets size and market value, Chairman Aziz Torun said at a Thursday press conference called to reveal the company’s 2010 performance.

The company started trading on the bourse’s top Index 100 on April 1 and ranked 49th on Thursday.

“We have added the 345 million liras from the initial public offering [IPO] to our company resources to be used in further investments,” Torun said.

He also said the 11.7 ratio of the company’s assets ratio to debts proves the strong financial structure of the company.

Source: Hurriyet Daily News

Foreign investment in Turkish property increases 40%

admin — 06/04/2011 12:14:00

A recent report conducted by the Association of Real Estate Investment Companies or GYODER found that Turkey’s real estate sector has exceeded all expectations, rapidly expanding last year. Not only did transactions increase significantly, but the construction sector expanded by 18%, with applications for construction permits increasing by 35% and overall property supply doubling in Q4 of 2010 compared with a year earlier.

The report highlighted the surge in foreign property investors as the major driver behind the growth, which has brought the country back to the levels experienced before the world wide economic crisis.

“As a whole, post-crisis normalization and growth went hand in hand in 2010,” GYODER stated in a announcement accompanying the report. “Growth has created very convenient conditions for the commercial real estate market, too”.

“Between 2006 and 2008, property sales to foreign nationals stood at $3 billion,” commented Işık Gökkaya, GYODER’s Chairman. “In 2009, the figure retreated by $1.8 billion. But in 2010, such sales rose to $2.5 billion."

Source: Select Property

Radisson to open fourth hotel in Istanbul

admin — 30/03/2011 12:06:00

The luxury hotel chain continues its expansion into the seemingly insatiable Istanbul tourist market, with its parent company Rezidor Hotel Group planning another development in the area of Sisli.

The Radisson Blu Istanbul Sisli will be the fourth hotel the group has opened under the Radisson Blu name in the Turkish capital, with properties already completed in the city centre and next to Ataturk Airport, and another in the works on the Asian side of the city.

Rezidor president and CEO Kurt Ritter said the opening was a further testament to the group's confidence in the booming Turkish tourist industry. "This business and leisure hotel is our fourth property in operation in greater Istanbul and brings our total number of rooms to almost 1,000", said Ritter. "This clearly underlines how strategically important the Istanbul market is for our company."

Buyers converge on London's Property Investor Show

admin — 23/03/2011 11:31:00

Property Investor Media today confirmed 2754 unique visitors attended last weekend’s spring renewal of the UK’s longest running property investment event –The Property Investor Show.

Reflecting on the event, Property Investor Media’s Managing Director Nick Clark commented, “This being the first time we have presented the show in a 2-day format we are delighted that the visitor attendance delivered in line with our pre-show expectations – confirming our belief that investor interest levels remain high. As pleasing, given the tough trading conditions, was the number of exhibitors and breadth of content at the event.

"Exhibitions reflect the state of their industry and Friday and Saturday highlighted several encouraging signs for the property investment sector. The start of Friday’s property auction (which saw £5million + of property sold in 2 hours) was delayed slightly by the volume of visitors trying to access the Auction area.

"Several seminars sold out their online allocations before opening day and it was interesting to note the high levels of attendance across the board with sessions discussing locations such as Germany, the USA and Turkey attracting healthy numbers.

"We also noted investor interest in Egypt which bodes well for future events. The Property Clinic featuring Which? Mortgage Advisers proved a popular new show feature which was kept busy on both days. "

Source: Property Investor Media

British tourist numbers grow rapidly in Turkey

admin — 17/03/2011 13:01:00

Turkey’s rapidly expanding tourism industry has been well documented as the nation has climbed tourism rankings to become one of the world’s leading holiday destinations.

New data has found that this industry growth has been heavily influenced by British tourists, with more visitors travelling there every year. Turkey played host to over 28.6 million visitors last year, 2.67 million of which were from the UK – an increase of 10% on the year before.

Senior Director from Turkey’s Culture and Tourism Office, Tolga Tuyluoglu said; “Turkey has gone from strength to strength in the UK market and has been one of the fastest-growing destinations for British visitors,” stating the reason for this is due to Turkey’s “excellent value for money”.

The findings have strengthened growing attitude amongst international investors given that property in Turkey can provide some of the best holiday rental returns in Europe. Furthermore the growing popularity of the country dictates that property values are likely to increase considerably over the next few years.

Source: Select Property

Market expert says Turkey, Poland ripe for investment

admin — 10/03/2011 12:45:00

Fed up with astronomic prices in London and Paris, property investors seeking higher yields are eyeing opportunities in emerging markets, according to the founder and president of U.S.-based researcher Real Capital Analytics, or RCA.

Instead of the famous BRIC countries – Brazil, Russia, India and China – the CBTPs, namely China, Brazil, Turkey and Poland, are an emerging force in the property sector, Robert M. White told the Hürriyet Daily News & Economic Review on Tuesday at the International Market for Property Professionals, or MIPIM, an annual property fair in Cannes, France.

"In property, we aren't talking about the BRICs," White said. "Russia has been very problematic regarding investments due to problems such as corruption. India is problematic due to its restrictions on foreign investments. Thus, it's really China, Brazil and Eastern Europe – Turkey and Poland in particular – that are shining."

Regarding Russia, White noted a recent survey among the members of the Association of Foreign Investors in Real Estate, or AFIRE, which did not even put Russian cities in its rankings.

Source: Turkish Weekly

Domestic demand declines in Turkish property market

admin — 03/03/2011 13:24:00

The Turkey-wide trend toward purchasing new homes decreased last year compared to 2009, according to ING Turkey's “mortgage barometer.”

According to ING Turkey research released Wednesday, the tendency among Turkish people to buy a house last year decreased 7 percent on an annual basis. Nearly 63 percent of respondents said they were not planning on purchasing a new house; the figure at the end of 2009 was 56 percent.

Likewise, the rate of Turkish people considering the purchase of a new house decreased from 38 to 33 percent in 2010. Experts, however, are hopeful about 2011, as they have interpreted signs of recovery in the year’s first two months.

“The amount of mortgage credit totals up to only 5 percent of gross domestic product as of 2010,” Cenk Tabakoğlu, deputy general manager of consumer banking at ING Turkey, told a press conference in Istanbul. “The ratio was only 4 percent in 2009,” he said, noting that the ratio of mortgage credit to GDP was over 90 percent in countries such as Britain, Ireland, Denmark and the Netherlands.

Source: Hurriyet Daily News

European commercial property set to grow

admin — 18/02/2011 13:19:00

As occupier demand for commercial property gained momentum across most European markets during the last quarter of 2010, rents are expected to improve in the coming months, says the latest RICS Global Commercial Property Survey, published today 17 February, 2011. Comments from respondents indicate that the recovery of the occupier market is broadening in the region, with a positive effect on rental expectations and progressively reducing the problem of property oversupply in most markets.

Russia and Ukraine experienced the strongest occupier market growth, followed closely by Germany, influenced by a strong economic climate, falling unemployment and rising consumer confidence. The situation is also improving in Central & Eastern European markets such as Czech Republic and Poland.

However, market conditions appear worse in European “peripheral economies” such as Greece, Spain, Ireland and Portugal, with tenant demand and rental expectations falling sharply in Q4 2010, as fiscal austerity stifles growth, sovereign debt concerns and high unemployment continue to plague these countries. On the other hand, only 13 countries, out of 24 covered by the survey, recorded a rise in investment activity compared to 17 in Q3, having inevitably impacted capital value expectations.

Investment markets in Poland and Turkey recorded the best results in the region. Across Europe the retail and office sectors improved the most. In the other world regions rental expectations for Q1 2011 are most positive in Latin (as well as Central) America and Asia.

Source: Property Magazine International

Turkey investors cash in on cheap living costs

admin — 16/02/2011 11:31:00

“Living in Turkey, is considerably cheaper than in the UK particularly now that the austerity measures are beginning to bite”, says Suleyman Akbay, Director at Oceanwide Properties. Suleyman should know; he has offices in central London, Hampshire and Turkey so is fully aux fait with the cost of living in both countries.

Continued Suleyman,” The average council tax in Turkey along the Mediterranean coast is between £40 and £150 per annum with an average water bill of around £12 - £25 and electricity bill per month during the winter months of £20 - £60 and in summer £40 to £100. In fact just comparing a few of the supermarket store prices is enough to ensure buyers of homes in Turkey along our Mediterranean coast that life is very much cheaper”.

PRICE CHECK

Chicken £1.56 per kilo (UK £2 per kilo)

Rice 2.5 KG £1.96 (UK £2.76)

Oranges 2kg 78p (UK £1.98)

Potatoes per kilo .58p (UK £1.55)

Fresh Milk 1 litre 46p (UK £1.55)

In addition, property prices are proving very good in terms of capital growth. Cleeve and Gwynne Gryce from Berkshire, bought an apartment off plan in March 2010 and already it is worth around £10,000 more than they paid for it.

"Property prices are rising about 15% per annum at present along the resort regions of the Mediterranean. This is proving very popular with the British whether for a holiday home, rental income or retirement”.

Source: Didim Today

Turkey's EU accession remains at standstill

admin — 11/02/2011 10:59:00

The Cyprus-Turkey deadlock, lack of dialogue among Turkish political parties and the undermining of press freedom and other basic rights in Turkey are the key factors slowing down its EU accession talks, members of the European Parliament’s foreign affairs committee said in a resolution adopted on February 10 2011, on the 2010 progress report on Turkey.

MEPs welcomed Turkey's adoption of constitutional amendments in 2010 as "a step in the right direction" but emphasised that this could not be the ultimate solution: "overall constitutional reform" is still needed to transform Turkey into a real democracy that ensures the protection of basic rights and freedoms, they said.

According to a media statement by the European Parliament, MEPs listed the remaining challenges as:

* The worrying deterioration of press freedom, which is leading to self-censorship of national media and internet sites, and criminal prosecution of journalists denouncing human rights violations,

* The situation of women and rising rates of honour killings and forced marriages. The government must ensure the application of the law which obliges municipalities of more than 50 000 inhabitants to provide shelters for women and minors in danger. Political parties must also find a solution to the headscarf ban in universities, "based on the respect for free choice of women", and

* The lack of protection of religious minorities.

Source: The Sofia Echo

Continuing tourist boom inflates Istanbul house prices

admin — 09/02/2011 11:16:00

A sharp rise in passenger numbers at Istanbul’s Sabiha Gokcen Airport, have once again put Istanbul at the forefront of investor's minds. According to the State Airport Authority, passenger numbers were up by 27.3% last month (January), while the city's other airport, Ataturk Airport, enjoyed an increase of 4.9% during the same period.

When you consider that Istanbul has one of the world's fastest growing economies, with GDP averaging 7.5% per annum over the past five years, it is fairly easy to see why people are making an Istanbul property investment. Turkey itself has emerged from the downturn as strong as any of the so-called BRIC nations, providing the perfect environment for its engine room, Istanbul, to shine.

As business and tourism flocks to Istanbul, the city that a PricewaterhouseCoopers (PwC) survey recently unveiled as the most popular location in Europe for real estate investors, one development that is attracting more and more attention is the Elite Parla Palace.

With its 200 suites of one, two and three-bedrooms, six luxury A+ restaurants and a Terrace Café in the courtyard, many investors are finding value in The Elite Parla Palace because it caters for both the tourist and also the growing number of corporate travelers.

Source: Easier Property

Lessons to be learned from Spanish property market

admin — 09/02/2011 11:03:00

The Housing Secretary in Spain has issued an all out appeal to Britons to return to the Spanish property sector - please! As we all know, the Spanish economy has been flailing, and one of the biggest causalities has been the construction industry. Buyers have been conspicuous by their absence – put off in part by stories about properties being illegally constructed and then demolished, as well as tales of corruption and nose-diving values of homes in Spain.

Now, in a bid to get Britons back in and buying in big numbers, Beatriz Corredor the Housing Secretary has issued a statement to reassure Britons who may feel that the Spanish property sector has got something of a crooked reputation. She wants Brits to feel confident in “the system” and “the transparency” now in place in Spain’s real estate industry, and to return and start investing again.

Well, if that’s the case then we think Northern Cyprus and Turkey could both learn some very important lessons from Spain if they want to protect their fragile property economies, and not alienate the one market of buyers that has, to date, remained loyal to each country in question. Spain all but ruined its property market because of greed – and if what we’ve been told by our readers is true, Northern Cyprus and Turkey are following in Spain’s unfortunate footsteps.

The property market in Spain boomed on the back of second home buyers from the likes of the UK. Britons bought in foreign sourced euros, injected them into the economy, and in theory got a lovely home on or near to the Mediterranean as a result. However, things then turned ugly for a number of reasons.

Source: Shelter Offshore

Turkish real estate market continues to grow

Sarah Kendell — 28/01/2011 11:46:00

Residential property prices in Turkey are creeping upwards with prices increasing in December in five major cities, according to the latest index to be published.

Prices were up 1.36% in Adana, 0.47% in Ankara, 0.55% in Istanbul, 0.09% in Izmir and 0.94% in Kocaeli and were down 1.5% in Antalya and 0.43% in Bursa, the REIDIN Turkey Residential Property Price Indices (TRPPI) shows.

It is designed to be a reliable and consistent benchmark of property prices in Turkey and looks at the real estate market in seven key cities. Rental prices were also up in five cities in December, increasing 0.30% in Adana, 0.26% in Antalya, 0.58% in Istanbul, 0.83% in Izmir and 0.23% in Kocaeli, and falling 0.47% in Ankara and 1.33% in Bursa.

The news comes as the economy in Turkey is predicted to do better than forecast. Jim O’Neill, the Goldman Sach’s economist, who first coined investment category term “BRIC” (Brazil, Russia, India and China) has forecasted that Turkey and Indonesia will grow beyond expectations.

British commercial star linked to housing scam

Sarah Kendell — 28/01/2011 11:30:00

The star of the Oxo British TV commercials, Linda Bellingham, has been linked to the Royal Resorts, Paradise Bay property scam in Akbuk, Turkey.

Bellingham, who starred as the Oxo mum in the advertisements for twenty-three years, has been connected to the scam through her husband, Michael Pattemore.

Bellingham met Pattemore in Spain in 1997, after he served a two-year jail sentence for investment fraud. Pattemore ran a real estate company in Calpe on the Costa Blanca in Spain along with the prime suspect in the Turkish scandal, New Zealander Lionel Andrews.

The Oxo mum has always dismissed her husband's criminal past with comments such as: "He was a small pawn in a financial scam. Michael has done his stint and it should be left to rest."

Condo values on the rise in Turkey

Sarah Kendell — 17/01/2011 12:54:00

The rise in the income level of Turkish consumers has led to an increase in the number of condominiums throughout İstanbul, experts have said.

Retürk Real Estate Agency director of the board Aşkın Çınar said Turkey's first shopping mall and condos at Akmerkez were constructed in İstanbul's Etiler neighborhood in 1993, a few years after Turkey's economic liberalization. "These condominiums reflect the change in people's needs. The cost of security, janitorial services and recreational facilities has come down with these places, and all those who see an advantage for themselves after doing a cost-benefit analysis choose to live here," he said.

As with all real estate, the price depends on the location, area and services provided to customers. For example, the still under construction Bebeköy project in İstanbul's Bebek neighborhood is expected to cost $18,000 per square meter, which brings the cost of a 400-square-meter residential unit to around $7 million.

Another example of luxury residences is the Kanyon shopping center, located in the city's Levent neighborhood. Top floor residences at this award-winning shopping center have been going for around $10,000 per square meter.

Turkey emerges as leading European destination for 2011

Sarah Kendell — 13/01/2011 11:57:00

Holiday Lettings recently published a chart showing that Turkey could well be the hottest holiday spot of 2011. The portal, which is one of the largest in the private property rentals sphere (arguably the Rightmove of rentals) totted up bookings made for 2011 in September and revealed that 60% of this bookings were for Turkey. Turkey beat Spain and Portugal both with 49%, Cyprus with 46%, Italy with 44%, France with 39% and Florida with 21%.

There does seem to be a groundswell of popularity building from 2009 when many people who would traditionally have holidayed in the Eurozone or somewhere else, were forced to try outside the Eurozone because of its strong currency, most of them going for Turkey.

According to experts this growth in popularity as a holiday destination is leading to a massive increase in sales of Turkey property to foreign buyers. An article by Klaus Jurgen in Today's Zaman tells of this happening in Didim:

"Mass tourism from the mid-1990s, and in particular ever-increasing numbers of British homebuyers, meant that within the last decade Didim's population has grown from 25,400 to over 44,000. Now the next generation of Turkish property owners has noticed Didim and its surroundings."

Turkish market starting to boom

Catherine Deshayes — 30/11/2010 19:58:00

The Turkey property market is going from strength-to-strength, thanks to the country's growing tourism sector and economy, according to overseas property agent Oceanwide Properties...

Turkey's economy is expected to become the 12th largest in the world, according to the Organisation of Economic Cooperation and Development (OECD), which anticipates economy growth of 8.2% in 2010.

A growing number of Brits having been holidaying and buying homes in Turkey in the recent years as an alternative to more expensive Eurozone destinations, due to the country's proximity to the UK, warm weather, cheaper property prices and property investment prospects.

The property market in the capital city of Istanbul, for example, proved more resilient compared to other major cities around the world, despite the global economic meltdown.

Long-term prospects for the city's residential property market continue to look positive, with residential demand continuing to outpace supply. It is projected that around 250,000 new homes are required annually in Istanbul over the next five years, and yet less than 200,000 new residential properties are currently being delivered each year.

"It is an exciting time to be marketing homes in Turkey", says Suleyman Akbay, managing director of Oceanwide Properties.

He adds: "These are heady days for Turkey and British investors may feel that now is the time to strike, particularly in the property sector, where properties are still remarkably low and rental returns good, when compared to many other property investment countries.

"The more tourists come, the greater the number of those who want to own a home here. Turkey has phenomenal summer weather, many Turks speak English and with prices an absolute bargain compared with many other resort locations around Europe, there has been a positive upsurge of buyers."

Source: www.aplaceinthesun.com

Turkish airport given green light

Catherine Deshayes — 19/11/2010 09:52:00

Buy-to-let investors in Turkey have been given a boost after it was revealed that the country's largest airport has been given the green light...

The Silivri district will be the location of Istanbul's third airport, which is set to boast a capacity several times greater than the existing Istanbul Ataturk Airport nearby.  Ataturk International is currently the main gateway to Istanbul with nearly 30 million arrivals in 2009 and a 13 per cent increase seen in the first four months of 2010.  

"Turkey's tourism levels ... in 2010 have been impressive with a 12 per cent increase in UK visitors recorded in the first nine months taking the total number of international visitors to 23 million so far this year, according to the Turkish Ministry of Culture and Tourism," said Steven Worboys, managing director of Experience International.  

The property expert explains that a large proportion of these visitors have arrived in Istanbul, placing increased pressure on the existing transportation systems and accommodation.

Source: www.propertyshowrooms.com

Turkey proving popular for investors year round

Catherine Deshayes — 22/10/2010 13:32:00

Turkey is increasingly becoming a popular choice among Brits who are looking to invest in property abroad...  

Low prices in the country combined with a strong economy and favourable conditions for buyers are helping to boost the destination's attractiveness to investors.  Indeed, recent figures from the Turkish General Directorate of Land Registry show that a total of 32,000 British buyers have already taken the plunge into the Turkish property market.  

And Suleyman Akbay, of Oceanwide Properties, described the number of investors as "remarkable" adding that it was an exciting time for individuals looking at real estate in the country.  

"There are many advantages to purchasing a property in Turkey, including the fact that there aren't any capital gains taxes to be paid, if the property is owned for over five years," the expert said. 

"Buyers looking for a holiday home or for investment should seriously consider Turkey as a safe investment country and with a promise of an even greater future."

Source: www.propertyshowrooms.com

Facilitating foreign investment in Turkey real estate

Steph Engall — 08/10/2010 14:35:00

New regulations put in place by the Ministry of Public Works and Settlement has meant that purchasing real estate in Turkey is now easier for foreign investors...

The new regulations, which were published in the Official Gazette on Wednesday, state that companies owned by individuals or that are partners with individuals who were natural-born Turkish citizens but later opted to renounce their nationality, as defined in Article 28 of the Turkish Citizenship Law, stated individuals' children or Turkish expatriates living outside of the country will be eligible to acquire real estate within Turkey under the same conditions as Turkish companies, unless the company has a foreign partner.

The regulation also provides a clear and well-defined explanation of the term "foreign investor." Accordingly, a foreign investor is a legal entity or an international institution founded in accordance with the laws of foreign countries, or a citizen of foreign nationality who has established a company or has a partnership with an existing Turkish company by acquiring shares outside of the stock market, obtaining at least 10 percent of its shares in the company through the stock market or by obtaining voting rights by owning at least 10 percent of the company through other means.

Companies will also no longer be asked to provide certain documents such as a company's financial statements, identity cards issued by company partners, their tax numbers or tax office registries. Additionally, the industry and commerce provincial directorates will no longer check to ensure that real estate acquisitions are in accordance with a company's areas of activity, which are stipulated in the company's establishment contracts.

Companies with foreign partners will be able to file their application with the provincial planning and coordination directorates in their regions. They should include the relevant application form, the deed registry information for the requested property, a letter of commitment that guarantees that the real estate acquisition is in compliance with the activity areas stated in the company's establishment contract along with the signature of companies' authorised managers and license documents that are evidence of permission for the company to possess real estate in Turkey. The information provided must be no older than a month.

Source: Today's Zaman

Help for Turkish property buyers

Steph Engall — 06/10/2010 13:50:00

Unfamiliarity with the property laws and processes in Turkey has resulted in nightmare situations for foreign owners...

Unlike the UK, title ownership in Turkey is unlikely to be State guaranteed. If a challenge to your ownership does arise, the time and expense involved in having to instruct a foreign lawyer is not an attractive proposition. Litigation is expensive and the outcome is always uncertain.

Typical risks covered by a policy from Intasure:

· Somebody else claims to have an interest in your home, or ownership of your home is threatened due to fraud or forgery of documentation by previous owner(s)

· Invalidity of documentation due to a false or invalid power of attorney

· The sellers or a predecessors lender claims there is an unpaid mortgage secured on your home

· You have no legal rights of access to and from any part of your home

• Someone builds a structure which encroaches onto your land

The European Home Protection Policy also allows you further options for additional cover:

· Cover for your Buyer

· Inheritance cover

• Inflation protection

Having a trustworthy policy will help to give you peace of mind over your overseas property.

Source: Fethiye Times

U.N. hopeful of Cyprus deal to heal

Steph Engall — 30/09/2010 12:49:00

The United Nations expressed hope that a deal on the divided island of Cyprus is to be negotiated by the end of the year...

Alexander Downer, a former Australian foreign minister who took over as Cyprus special envoy in 2008, said he was convinced leaders of the two rival Greek and Turkish Cypriot communities wanted a deal, but that compromise was required from both sides in order to heal a decades-old conflict threatening Turkey's bid to join the EU.

"It would be good to get the bulk of the work done by the end of the year," Downer told Reuters in an interview. "Just in terms of the negotiations they can do it, whether they will I don't know. But they can do it."

While saying Tuesday that he hoped most work would be concluded this year, he said the U.N. had never laid out a specific timetable for the conclusion of the talks.

Discussions on relinking Cyprus as a federation is a convoluted muddle involving questions of power-sharing, the re-mapping of boundaries and how many of Cyprus's thousands of internally displaced can return to their homes.

Downer said good progress had been made on governance and power-sharing. Discussions were now focused on property. The U.N. is planning to prepare a report offering a "frank assessment" of where negotiations stand next month.

Source: Reuters

Turkey Attracting Low to Mid Budget Buyers

Steph Engall — 27/09/2010 14:43:00

The Turkish property market is benefiting from a resurgence of buyers in the last couple of months, according to Aydin Cakir...

Turkey based real estate agent New home in Turkey has claims that while lifestyle buyers with slightly more to spend had kept much of the market alive in 2009, it is the resurgence among the low to mid budget sector that is driving the market in 2010...

Aydin Cakir, the firm's director said: "The Turkish property market, well the holiday home and foreign investor segments were not as badly affected as many around the world last year, because the middle of our price range was perfect for the mid-range lifestyle buyers who remained active during the crunch, and we benefited from the strong euro increasing the perception of high value for money on property in Turkey.

"None the less, the Turkish market was always very much geared towards the lower budget buyer (obviously with some regions being exceptions to this), with low property prices and low cost of living making it a favourite with this buyer group during the boom.

We saw a return of these buyers towards the end of 2009 and into the early part of this year, but it was fizzled out by the end of the stimulus, the EU debt crisis, the UK coalition government and other factors that dented confidence. Now there seems to be a sense that it is not going to be as bad as we thought, and buyers are returning."

Reports from New home in Turkey and other sources have also highlighted that Turkey is benefiting from the severe lack of any competition in the low to mid-range markets. With Greece, Italy, Spain and Portugal all tangled in the debt quagmire, the fiscal stability and rapid economic growth of Turkey are making it a favourite for 2010 and 2011.

According to the firm, the traditional favourites are all back up there with Antalya, Side and Alanya property all reigning supreme.

Greek & Turkish Cypriot Leaders in Property Plea
UN Secretary-General Ban Ki-moon has encouraged Greek Cypriot and Turkish Cypriot leaders to "redouble their efforts" to find agreement on the key issue of property...

The property ownership and repatriation question is one of the key sticking points in the United Nations-backed negotiations aimed at reunifying the island of Cyprus.

In a meeting with Dervis Eroglu, the Turkish Cypriot leader, on the margins of the annual general debate of the General Assembly, Mr. Ban discussed the current status of the negotiations.

The talks began in 2008 after the then-leaders of the two communities committed themselves to working towards a bi-communal, bi-zonal federation with political equality, as defined by relevant Security Council resolutions.

The property aspect of the talks tries to resolve numerous complex claims between the two sides on property seized decades ago. Mr. Ban today voiced his appreciation of the commitment of Mr. Eroglu and Greek Cypriot leader Demetris Christofias to work towards a mutually acceptable settlement of the Cyprus problem. He also commended the two men for their constructive approach to the property issue, encouraging them to redouble their efforts to find convergences on the issue, according to information released by a spokesperson for Mr. Ban.

A peacekeeping mission known as UNFICYP has been in place on Cyprus since 1964 since an outbreak of inter-communal violence that year.

Source: United Nation

Construction in Turkey on the up

Catherine Deshayes — 22/09/2010 11:53:00

Construction is leading the way to economic recovery in Turkey which in turn is set to boost real estate activity, according to experts...

The latest figures from the Turkish Statistics Institute shows that the Turkish economy saw GDP growth of 10.3% in the second quarter of the year, making it the world's third fastest growing economy for the April June quarter, behind Singapore and Taiwan.

Overall for the first half of the year growth has been reported at 11% which has outperformed economic forecasts and construction has led the way in the recovery.

The figures also show that the Turkish construction sector posted a 21.9% growth in the second quarter of 2010 followed by fisheries and manufacturing, 15.7% and 15.4% respectively.

These statistics back up the confidence in the Turkish property industry, according to leading real estate agents Spot Blue which is receiving a record number of enquiries this year from British investors looking to buy both holiday homes and properties for investment in order to benefit from the inevitable property price rises to come after economic recovery from the global finance crisis.

‘The opinions from those at the heart of the construction sector in Turkey are very positive and there is a great sense of self belief in Turkey and its economic outlook for the country post global downturn,' said David Walker, who is vice chairman (UK) of the Board for the Turkish British Chamber of Commerce and Industry and director of Spot Blue.

‘I have to say I personally believe this has always been the case. Optimism has remained high in Turkey and this, coupled with hard work and the steady decline in unemployment, has meant that this faith has translated internationally. We are seeing greater numbers of Europeans seeking to invest in Turkey's growing economy and property is one of the most popular means of doing so, offering twofold benefits for purchasers as an investment into a growth market and a tangible asset that buyers can enjoy personally too,' he explained.

Over 32,000 Brits are now reported to own property in Turkey according to the Turkish General Directorate of Land Registry. The coastal resorts of the Mediterranean and Aegean Seas have attracted a steady flow of interest, however, it is the largest city in Turkey and the European Capital of Cultural 2010, Istanbul, that is currently receiving an influx of investors.

‘Istanbul offers an excellent investment opportunity, attracting an increasing domestic market looking for property rentals as well as international visitors. These factors combined with the Turkish economic growth means that developers are struggling to meet demand from buyers,' said Julian Walker, managing director of Spot Blue.

‘Sales of properties are strong considering the global economic climate and more developments will be coming to the market to suit the cosmopolitan communities. Studio to four bedroom apartments are available, all with modern interiors and high specification finishes, and it tends to be the European side of the city that is favoured at present,' he added.

Prime attractions such as the Bosphorous Strait encompassing the natural harbour, the Golden Horn, are helping to propel Turkey into the sights of tourists as well as buyers and Istanbul boasts a rich cultural and social scene, he believes.

‘The International Film festival held here annually is one of the most important in Europe and on top of these high profile events, activities such as opera, ballet, pop concerts, art displays and museum exhibitions continue throughout the year,' said Walker.

Source: www.propertywire.com

Turkey investments boosted by Metrobus

Catherine Deshayes — 03/09/2010 12:41:00

Real estate in the already burgeoning suburb of Beylikdüzü on the western side of Istanbul is set to receive a further boost with the announcement of a new Metrobus connection to the city centre, it is claimed...

Due to open in 2011, the Metrobus line will operate between Söðütlüçesme, a neighbourhood on the Asian side, and Beylikdüzü, transporting over a million commuters each day according to the city's Mayor, boosting real estate demand and in turn prices due to the increased accessibility.

Istanbul Metropolitan Municipality has set a budget of TL 100 million (£50 million) for completion of the fourth phase of the Metrobus project with the line having 10 new stops, underground stations and the terminal at Beylikdüzü located in a large square which will becoming a focus of the district in its own right.

‘We are delighted to hear that the plans for the new Metrobus line are now in action. Work is to commence in the next few months and within a year it will now be even easier for the rapidly growing population of Beylikdüzü, currently at 186,000, to commute into the city centre,' said Steven Worboys, managing director of Istanbul property experts, Experience International.

Beylikdüzü is already one of the fastest growing suburbs of Istanbul with the population expected to reach a million in the next five years. Located within the Büyükçekmece county, Beylikdüzü is popular with middle income Istanbullians who are keen to benefit from living in a well serviced environment away from the overcrowded CBD.

The nearby seaside resort, only a 10 minute drive away, is one of the most popular day and weekend break locations for the local population and it is close to the two major motorway routes into central Istanbul. Ataturk International Airport is 20 minutes away and the new Silivri International Airport will be only a 10 minute drive.

Beylikduzu will also be home to the world's largest car showroom, Autopia Europia, complete with rooftop test drive track. In addition to the new Metrobus line, the metro train system is also due to be completed by 2011 with a number of stations in the Beylikdüzü area.

In response to sustained local demand, development of residential real estate is very much underway in Beylikdüzü with high quality projects such as the Istanbul apartments of No1 Knightsbridge currently under construction.

‘The western suburbs of Istanbul have become a hotspot for new residential developments. Property prices have been steadily increasing in Beylikdüzü and the news of the increased accessibility combined with the availability of finance has allowed ever more investors to capitalise on this rare of opportunity for significant capital gain as well as rental income,' added Worboys.

Source: www.propertycommunity.com

Record number of Brits buy in Turkey

Catherine Deshayes — 01/07/2010 11:25:00

A record 32,000 British people now own property in Turkey, the latest land registry figures show as the country's real estate market remains stable...

According to the Turkish General Directorate of Land Registry demand for property from foreign buyers is not showing any signs of slowing. The last couple of years have seen interest in second homes especially along the Aegean and Mediterranean coastlines swell with foreign investors purchasing twice as much property than they did in total over the past 79 years since the founding of the Republic

European buyers in particular have been attracted to Turkey due to the affordable property prices, low cost of living and direct access from the UK. Over 63 million square meters of property is owned by foreigners with Britons possessing the largest amount at six million square meters followed by the Germans at 3.5 million square meters and Greeks at three million square meters, the Turkish Land Registry figures show.

The province of Muğla, located in the south western corner on the Aegean coast, has proved a particularly sought after destination with almost 5.5 million square meters owned by foreign nationals, including about 14,000 British owners.

‘We have certainly seen the Turkish property market go from strength to strength. Overall, the number of foreign property buyers has increased by nearly 30%, from 73,000 in 2008 to 104,000 today with the British market accounting for the largest group of buyers,' said Steven Worboys, managing director of Turkish property experts Experience International.

One factor which has certainly positively affected the Turkish property market has been the increase in availability of finance. Up to 70% LTV mortgages are now commonly available throughout the country and this combined with Turkey's location outside the eurozone means there is zero currency exposure as many property prices are fixed in Sterling.

The latest price index for May shows prices are largely stable. Residential sales prices increased 0.26% in Adana, 0.50% in Antalya, 0.52% in Istanbul and 0.45% in Kocaeli. They fell slightly in other areas including falling 0.16% in Ankara, 0.11% in Bursa and 1.17% in Izmir during May 2010.

Property rental prices are also largely stable. Residential rent prices increased 0.15% in Adana, 0.23% in Antalya, 1.04% in Bursa, 0.22% in Istanbul and 0.24% in Izmir, but fell 0.04% in Ankara and 0.10% in Kocaeli, the figures from REIDIN show.

Source: www.propertywire.com

Turkey: high yields on BTL

Catherine Deshayes — 19/05/2010 12:19:00

Buy to let property in Turkey can produce rental returns of around 6% but many people are put off by the sheer logistics involved in renting and marketing, it is claimed...

With a tourist season that stretches from April to November and increasing numbers of visitors, Turkey is growing as a real estate investment destination, according to Cumberland Properties which build investment and holiday homes on and around the Bodrum peninsula.

The company says that Turkey is unique in being the only one of the world's top ten tourist destinations to record an increase in visitors last year with over 27 million people from around the world staying there during 2009, up 2.8% on 2008.

‘The one thing that the majority of these visitors have in common is that they all need somewhere to stay. It's no surprise then that so many potential investors are now waking up to the substantial profits that can be gained by investing in buy to let or fly to let properties in Turkey,' said Eric Kaya, director of Cumberland Properties.

‘Turkish property prices are still hugely undervalued so there's an opportunity to make really substantial returns on investments in areas such as the Bodrum peninsula. In the next two years, for a well chosen investment, this could be as high as 10%,' he explained.

‘However, it's important to realise that although prices are still far lower than in other countries, they will not remain like this forever, especially considering Turkey's imminent accession to Europe. Consequently 2010 genuinely offers investors the perfect window of opportunity to maximise returns on their investment,' he said.

‘Property investors can benefit from the high rental income that their properties are fetching in an area that has just about everything, from remnants of the ancient world and magnificent beaches through to world class water sports and a vibrant nightlife. Less than four hours from the UK, Bodrum is located just 25 minutes drive from the international airport,' he added.

The company also points out that property purchase costs and taxes are substantially lower than in popular holiday home destinations in Europe such as Spain and France. There is also no capital gains tax in Turkey.

Investors should not be put off by the time and effort needed to rent out a property, according to Kaya. The company offers a rental service that includes advertising on a variety of villa rental sites, booking management, cleaning services, emergency provision, airport transfers and welcome packs.

It claims that on its boutique three bedroom villas which cost £210,000 an owner can expect an annual rental income of around £12,500, or around 6% over the year. It also predicts capital growth of up to 20% over the next five years.

Source: www.propertywire.com

Turkey prices edging upwards

Catherine Deshayes — 29/04/2010 11:38:00

Residential property prices in Turkey are slowly edging upwards although some locations have not yet reached the bottom of the market, the latest real estate figures to be published show...

According to the latest monthly REIDIN Turkey Residential Property Price Index which is regarded as the most reliable and consistent benchmark of housing prices in Turkey, prices increased 0.26% in Adana, 0.36% in Ankara, 0.55% in Bursa, 0.53% in Istanbul and 0.06% in Kocaeli.

But the data, which covers seven major cities and their 71 districts, also showed that prices were down 0.12% in Antalya and 0.05% in Izmir during March 2010.

Residential rent prices increased 1.11% in Adana, 0.66% in Antalya, 0.30% in Istanbul, 0.42% in Izmir and 0.12% in Kocaeli but fell 0.68% in Bursa and remained constant in Ankara during March 2010.

When adjusted by inflation rate according to the Consumer Price Index, the residential real estate investments caused a loss to the investors in real terms in February 2010. Accordingly, the rate of loss in real terms is 0.90% in Adana, 0.94% in Ankara, 0.97% in Antalya, 0.95% in Bursa, 0.90% in Istanbul, 1.00% in Izmir and 0.93% in Kocaeli on monthly basis, the report also shows.

The figures come on the back of a positive economic outlook for the country. Turkey went from a recessionary economic situation in the first half of 2009 to recovery through the second half, according to a recent research report from companiesandmarkets.com.

‘The sharp improvement in the third quarter of 2009 has confirmed our long held view that Turkey would be among the best positioned economies in emerging Europe to recover quickly and that a protracted recession would be unlikely,' the report said.

‘Consumer confidence, business activity and property development started 2010 with signs of recovery and we expect real GDP growth forecast to rise back to 3.7% in 2010. A fundamentally stable banking system, low levels of private sector leverage, attractive demographic conditions and government-led market reforms, will ensure a robust recovery in Turkey, with relatively limited macroeconomic risks,' it continued.

‘With Turkey significantly outperforming other major economies in central and Eastern Europe in Q309, our view that the country was among the best positioned in the region to recover quickly has been reinforced,' the report concluded.

Source: www.propertywire.com

First nude hotel for Turkey

Catherine Deshayes — 28/04/2010 10:53:00

Nudist tourists will be able to work on their full-body tan on the sun-kissed Turkish coast from next week, when the mainly Muslim country opens its first naturist hotel, a report said yesterday...

Open exclusively to foreigners, the beachfront nudist-only hotel opens on May 1 near the major southwestern resort of Marmaris, a small revolution in Turkey's conservative society, Milliyet newspaper reported.

"Nudism is allowed inside the hotel premises, but not on the nearby public beaches," Ahmet Cosar, bookings manager at the Adaburnu-Golmar hotel, told the newspaper.

For guests who are determined to shun bathing suits, the hotel will provide a shuttle bus to and from a private naturist beach.

Source: AFP

New flights to Turkey take off

Catherine Deshayes — 27/04/2010 08:51:00

Turkey's leading low-cost carrier Pegasus Airlines is launching new direct flights from Manchester and London Gatwick to the Turkish holiday destinations of Antalya and Dalaman on May 2^nd 2010. All direct flights are available to book now on www.flypgs.com...

The popular holiday destinations of Antalya and Dalaman on the Turkish Riviera are easier to reach than ever with Pegasus' new direct flights from Manchester and London Gatwick airports, launching 2^nd May 2010. During the summer season there will be direct flights from Manchester to Antalya every Sunday and direct flights to Dalaman every Monday and Friday; and from London Gatwick, direct flights to Antalya every Sunday and to Dalaman every Monday and Friday. A long holiday season offering plenty of sunshine, countless activities, family-friendly beaches, hidden coves, delicious cuisine, warm Mediterranean hospitality and a huge range of accommodation options to suit every budget are just some of the attractions of both Antalya and Dalaman.

Sertac Haybat, General Manager of Pegasus Airlines, says: "We are delighted to be adding new direct flight routes to our summer timetable in response to ever-growing demand from our British customers. It is expected that more travellers than ever will visit Turkey from the UK in 2010 and we are proud to be part of this increase in Turkey's popularity." See below for further details of Pegasus' new Manchester summer flight schedule for 2010.

Andrew Harrison, Commercial Director for Manchester Airport, said: "Holidays in Turkey are proving to be incredibly popular in 2010 because it's outside the Euro-zone so the addition of services to Dalaman and Antalya will give our passengers further choice this year. Several airlines are expanding out of Manchester, which we're delighted to see, and I'm confident that passengers will be choosing Manchester over its competitors during the busy summer season."

Pegasus Airlines is the best way to see Turkey for less - Cheap and convenient direct flights from Manchester mean you can now sample the country's array of delights all summer long.

Istanbul: the ‘perfect recipe' for recovery

Catherine Deshayes — 18/03/2010 11:29:00

Ironically not yet a member of the European Union, Turkey's biggest city, Istanbul which strategically straddles the Bosphorus Strait, holds the perfect recipe for kick-starting the recovery of the European property market according to the experts at Experience International.

Drawing on the fundamentals of successful property investment, supply and demand, Istanbul trumps many other European cities with an ongoing influx of some 400,000 new inhabitants each year yet an annual housing shortage of 250,000 units. This combined with the availability of mortgage finance for both domestic and foreign investors, low interest rates and minimal exposure to international credit markets has created a very appealing global real estate environment.

As Steven Worboys, MD of Experience International, comments, "Investors seek markets which hold real confidence; those which deliver not just in the short term but also long term gains. Many are cautious about investing in Europe, especially in 'PIGS' (Portugal, Ireland, Greece and Spain), however Turkey's banking system being heralded as "one of the strongest and least-leveraged in Eastern Europe" by Standard & Poor, who also recently upgraded the nation's credit rating, provides welcome reassurance. Something which many other European nations can take heed from."

The latest statistics released paint a promising picture for both for Istanbul and Turkey as a whole. Regular monthly index Redin.com reported a 0.49% property price increase in Istanbul in January 2010 and 116,000 homes sales were made nationally in Q4 2009, a substantial 25% increase compared to Q4 2008.

Investors can also smile as even more dramatic price increases, up to 40% according to experts, are forecast for Istanbul due to the city's status as European Capital of Culture 2010. Just as 76% house price increases were witnessed (Halifax Estate Agents, 2008) in Liverpool, Capital of Culture back in 2008, the positive impact of this accolade is highly anticipated by domestic and foreign property owners alike.

" Due to its strategic location we expect to see a positive knock-on effect for Turkey's European neighbours but the key to future success will rely heavily on the availability of finance. The recent support for Turkey becoming a "trusted European Partner" by Prime Minister Gordon Brown (16th March 2010) provides further encouragement that nation's EU membership is on track, another positive indicator for investor confidence" concludes Steven Worboys.

Source: www.istanbul-property.com

Turkey ‘bluffing' about property?

Catherine Deshayes — 16/03/2010 09:17:00

Turkey is bluffing about giving compensation to Greek Cypriot property owners, said top human rights lawyer Achilleas Demetriades yesterday.

He argued that one way of calling their bluff was for Famagusta refugees to apply en masse to the property commission in the north.

Demetriades called for some "lateral thinking" on how to call Turkey's bluff following last week's European Court of Human Rights (ECHR) decision which approved the Immoveable Property Commission (IPC) in the north as an effective remedy for Greek Cypriot property owners. The decision of the Strasbourg court effectively makes it mandatory for Greek Cypriot property owners who wish to take Turkey to the ECHR for occupying their lands, to pass through the IPC and the "High Administrative Court" in the north first.

As the dust begins to settle on the legal tornado caused by the ruling, a number of questions are surfacing. What happens to the 1,400-odd cases already at the ECHR? Do they now apply to the IPC for restitution of their property rights? Are they more likely to receive compensation than the return of their property, which in turn will reinforce the ethnic divide on the island? If they do a ‘land swap' with Turkish Cypriot properties in the south, how can they get that registered at the Land Registry?

Restitution

Following the decision, Constantis Candounas, the lawyer who represented Meletis Apostolides in the Orams case, called on every Greek Cypriot refugee to apply to the IPC to seek restitution of their property rights.

Demetriades, who won a breakthrough case at the ECHR for refugee Titina Loizidou, argues that people must decide what they want to do. "If people want to apply to the commission to reach Strasbourg then they should go to the IPC. It doesn't mean they have to apply. A lot won't want to for emotional, political or moral reasons.

"If yes, however, then there should be a methodology in how people apply. Before deciding on an individual level, there is a need for some lateral thinking because I think Turkey is bluffing and cannot afford to pay the compensation for loss of use or effect restitution. Is it serious about giving a really effective remedy?"

He argued that one way of calling that bluff is to plan a first wave of applications for refugees from Varosha, the fenced-off part of Famagusta.

"We flood the commission with 10,000 applications. They will have to award compensation for loss of use from 1974 to 2010 plus interest," he said, noting that the rate of compensation has already been set by the ECHR judgement on the Arestis case. "The indicator is there in the Arestis judgement."

No discretion?

However, applicants will ask for restitution first and compensation for loss of use later. "They want to go home. What is the public interest of Turkey in not allowing restitution to the legal inhabitants of Famagusta? None. They cannot justify it," said Demetriades.

Former Attorney-general Alecos Markides disagreed, saying that Turkey could surprise everyone by allowing people to return to the fenced-off part of Famagusta which remains solely under the control of the Turkish occupation forces.

"I do not agree that the so-called committee has no discretion to order the reinstatement of the properties, especially in cases where the properties are not occupied, as happens with the enclosed part of Famagusta.

"Turkey has proved to be able to follow an elastic policy and one should wonder what would happen if the committee ordered the reinstatement of properties. Would owners be prepared to go and live under the control of the Turkish army?" asked Markides.

No other solution

Asked to comment on the possibility of returning to Famagusta under the control of the Turkish army, Demetriades said: "Yes of course, what else can one expect?"

"The best case scenario of the ECHR is award for loss of use and restitution under Turkish occupation. Strasbourg cannot offer more than that. This is the fallacy people have been labouring under.

"People have been saying go to the ECHR and they will throw the Turkish army in the water. The system cannot deliver this. This is its maximum. If you are looking for legal answers, these are our options. Legally, there is no other solution," he said.

Asked to comment on the decision, President Demetris Christofias yesterday said he planned to chair a meeting with experts early next week to have an in-depth discussion about the whole subject.

"We shouldn't paint everything black...The issue will be dealt with thoroughly with the solution of the Cyprus problem and solving the property issue through that solution," he said.

Source: www.cyprus-mail.com

Turkey: Signs of recovery?

Catherine Deshayes — 15/03/2010 13:08:00

Turkey's economy and real estate sector have held up well compared to others in Europe thanks in part to strong local demand and low exposure to international credit markets, it has been claimed.

The country's solid economic performance was confirmed by a recent upgrade of its credit rating by Standard & Poor, with an analyst from the global ratings company commenting: "Turkey's banking system is one of the strongest and least-leveraged in Eastern Europe."

Official figures indicate the start of a recovery in the real estate sector with home sales up 25% in 2009 compared to a year earlier.

"This is promising news particularly as the property market in the coastal resorts will be kick-started by what is expected to be a record-breaking tourist season, with over 30 million visitors attracted by the country's beautiful coastline and excellent value-for-money," comments Dominic Whiting, editor of the Buying in Turkey guide, www.buyingin.co.uk

New air-routes from across the UK, a rapidly improving infrastructure and its position outside the Eurozone, will further promote Turkey as a top destination for British property buyers this summer.

Dominic Whiting continues: "Location and quality remain of key importance. Buyers should be looking for property in the best areas, which represents a solid investment as the market bounces back. It will remain a buyers' market for the time being, with some excellent deals to be found, though I expect this to change as the slack is taken out of the market over the next 12-18 months."

Source: www.buyingin.co.uk

New research from the Foreign Office divulges that more than four in ten Brits nearing retirement age are considering doing it abroad, and once again crime and weather are to blame for the record number of over 55s wanting to leave the UK.

Each year around 200,000 Brits leave for foreign shores. Official Foreign Office figures reveal that a third choose Australia or New Zealand whilst more than a quarter went to Spain or France. Weather is the main driver, particularly this year after a snow-strained winter, one of the worst in decades.

Chris Mercer, Director of the eponymous southern Spanish real estate company, Mercers, comments, "At a time when many fear Britain is losing its national identity, the irony is that pockets of Spain display the real essence of Britishness".

Where Britain has gradually lost its community spirit, destinations like Camposol Golf Resort has it in spades. Chris continues, "It can be like turning the clock back to the UK 50 years ago. Each pattern of streets at Camposol feels like a real neighbourhood and old-fashioned values which have been lost in much of the UK thrive here. Near-strangers pass the time of day perhaps inviting each other round for a glass of wine by the pool and keeping a watchful eye on each others' houses if unoccupied for a few weeks.

"It's a wonderful half-way house between ‘real Spain' with its laid-back lifestyle and ‘back home' which suits the British temperament perfectly. There's also the added value of being able to receive a UK pension in a Spanish bank account."

Source: www.spanishproperty.co.uk.

Turkey: Investors ‘unconcerned' over IMF

Catherine Deshayes — 11/03/2010 09:29:00

The possibility that Turkey will not sign a standby deal with the International Monetary Fund will not affect the markets in the short term, an investors' association spokeswoman has said.

"In the short term, there will not be any significant effect," said Piraye Antika of the International Investors Association, or YASED.

Speaking Wednesday at a press conference in Istanbul, she said the reason for the non-deal was that markets had already priced the prospect into their budgets. However, she said that in the long term, Turkey had lost its main support. "In case of market volatility, there will be no support. We have to create our own support, particularly in financial markets. We need [fiscal] discipline," she said. "If we have such discipline and regulation, those would substitute for an IMF agreement."

Revealing the latest Barometer survey results, Antika said political instability is the main concern of investors. The survey showed that the top potential problem for foreign investors for the next six months is "political instability," followed by "global economic fluctuations," "local economic fluctuation" and the "probability of an early election."

Nearly 57 percent of those surveyed said issues over legal framework and the enforcement of laws is the main barrier in front of foreign investment, followed by the unregistered economy at 46 percent and by issues over taxes and incentives at 45 percent. These top three concerns were followed by worries over political instability, economic instability, red tape, intellectual property rights and corruption.

Meanwhile, the YASED Investors Expectation Index, or IIEI, stood at 70.01 as of the first quarter of the year. The index started during the first quarter of 2002 at 100.

Source: Hurriyet.com

TURKEY: Real estate ‘bouncing back'

Catherine Deshayes — 08/03/2010 11:43:00

According to one influential source, the Turkish real-estate market has had a good couple of months, which could be good news for potential property investors.

Some 116,000 homes were sold during the final quarter of last year in Turkey, reported Ekonomist, an Istanbul-based weekly economy magazine.

Home sales in the final quarter experienced a 25.2 percent increase compared to same period a year earlier. The sales increase compared to a quarter earlier was 3.9 percent.

Home sales had declined significantly in the final quarter of 2008. During the period only 93,000 homes were sold. That is part of the reason why the sales increase this year seem so high, said Ekonomist, adding that another reason for the increase is likely interest rate cuts.

Due to the tax cut implementation, property registration of some homes, which had already been sold, was done in the final quarter of last year, Ekonomist added.

The total number of homes sold last year was at 532,000, while this figure added up to only 427,000 a year earlier. Therefore, the increase in home sales last year is calculated to be 24.5 percent. The jump in the second quarter of last year played an important role in that in this total increase. The sales reached an extraordinary level during that period, climbing to 195,000 homes.

Source: www.hurriyetdailynews.com

Istanbul ‘full of opportunities'

Catherine Deshayes — 04/03/2010 13:20:00

Turkey is an increasingly attractive option for holidaymakers and second home buyers, experts have claimed.

Savvy investors are turning their attentions to rapidly growing cities such as Istanbul, the economic powerhouse of the country, which has a significant housing deficit.

"The success of Istanbul's property market is a simple matter of supply and demand," says Steven Worboys, MD of Experience International.

David Richardson, of Property Sun Turkey, added: "Property prices are undervalued so there's an opportunity to make good money in Istanbul - up to 40 per cent profit - in the next two years for a well-chosen off-plan investment. But for most foreigners, I'd recommend a medium-term, five-year investment strategy as capital gains tax is nil after that period."

Earlier this year, Channel 4's A Place in Sun predicted Turkey would be one of the top five locations for property investments in 2010.

Source: www.belfasttelegraph.co.uk

Airlines Bank on Bodrum

Catherine Deshayes — 02/03/2010 02:14:00

Bodrum Airport officials are in for a busy 2010 as three major low-cost airlines have all targeted the Turkish resort for boosted direct services.

Operating from airports across the UK, EasyJet, Monarch and Turkish airline, Pegasus, will all be capitalizing on the Bodrum boom. With a floundering pound, the eurozone is off-limits for many holidaymakers and overseas home hunters, so Turkey is taking a huge slice of the market with its balmy Mediterranean climate, value-for-money Lira and under four hour flying time. ABTA reported a huge 25% increase in bookings to Turkey made through its members in 2009 and the airlines have been quick to respond.

Turkish low-cost carrier Pegasus Airlines was the first to pin its colours to the mast adding a substantial 17 new direct flights per week from the UK to Turkey, including services to Bodrum from Manchester and London Stansted. EasyJet has added Liverpool, Bristol and London Stansted to its current London Gatwick service to Bodrum. Although summer only, this service could extend year-round dependent on interest. Meanwhile Monarch is preparing to head east from May with the introduction of new London Luton flights to Bodrum which will operate alongside existing, but increased, services from London Gatwick and Manchester.

Daniel Dias for Horizon Sky, comments, "Over 2.4 million Brits visited Turkey in 2009 and you just know that figure is going to be left in the shade when the 2010 statistics are in. Turkey has exploded as a destination of choice over recent years but the rub has always been direct, low-cost air access. This deluge of new flights is welcome, although not entirely unexpected, and property buyers will quickly see value added to their investment."

Source: www.signatureinternational.co.uk

Direct flights to Turkey taking off

Catherine Deshayes — 22/02/2010 10:13:00

Australia has signed an air services agreement with Turkey that ensures direct commercial flights between the two nations...

Until now Australians wishing to visit Turkey needed to travel via a third country such as Singapore.

Under the agreement finalised ahead of this year's Anzac Day events at Gallipoli, airlines from both nations can operate up to five direct flights each week.

Carriers from both countries can also enter into code-sharing arrangements with the airlines of a third country to provide services between the two nations via a third destination.

"The new agreement marks further progress towards the government's objective, as outlined in our aviation white paper, of an open and competitive international aviation market," a statement from Transport Minister Anthony Albanese said.

During 2009, of the more than 60,000 people to travel between Australia and Turkey, 80 per cent of those were Australians.

Source: AAP

Practical pleasures in the Med

Catherine Deshayes — 22/02/2010 10:05:00

Cruising is usually associated with the pursuit of pleasure, not knowledge, but a new British company is unashamedly pursuing the academically-minded. Launching in May, Voyages to Antiquity plans a series of historical cruises around the Mediterranean...

The British historian, John Julius Norwich, a partner in the business, says: "Voyages to Antiquity itineraries have been planned to reveal as much as possible of the literally inexhaustible wealth that the Mediterranean lands have to offer and to explain it to people who are genuinely eager to see and to understand.

"We are not interested in mere cruises in the sun; our only ship, Aegean Odyssey, has no casinos, no discos, no black tie. On the other hand, we recognise that our fellow travellers are on holiday - they deserve comfortable cabins and the best food that we can provide.

"And we also know that there are few pleasures like getting together in the evening over a drink or two to discuss the wonders that we have seen during the day."

Voyages to Antiquity is offering a free flight from Australia for two of its cruises - Athens to Rome on May 15 and Rome to Venice on May 30. The Athens to Rome cruise is $5295 and the Rome to Venice cruise is $5575. Bookings must be made by March 8.

Phone (07) 5575 8094, see http://www.voyagestoantiquity.com.au/.

Turkey becoming key player

Catherine Deshayes — 10/02/2010 12:30:00

The real estate market in Turkey has enjoyed significant growth over the past couple of years and is now a permanent fixture on the international property scene, some may say at the expense of other more traditional destinations such as Spain, it is claimed...

The non eurozone country has capitalised on its attractive climate, Aegean and Mediterranean coastlines, low cost of living and ease of access to the UK with 73,000 overseas nationals moving there, figures from the Turkish Statistical Institute show.

But it is not only demand for holiday homes which is fuelling Turkey's property boom, according to Turkey experts Experience Internationals. Real estate investors are looking at o rapidly growing cities such as Istanbul where the significant housing deficit presents opportunity.

‘The success of Istanbul's property market is a simple matter of supply and demand. Due to the rapid growth of the city, some 400,000 new inhabitants arrive each year to work or study, the existing housing stock has reached capacity,' explained Managing Director of Experience International, Steven Worboys.

It is estimated that 250,000 new homes per annum are required until 2015 to meet the demand generated by foreign as well as domestic investment,' according to the Real Estate Investment Trust Association.

‘Due to elevated market prices and limited availability of land within the central business districts, developers are now turning their attentions to the thriving suburbs of Istanbul constructing modern, western style residences aimed to meet the demands of the burgeoning middle classes,' added Worboys.

An example is Beylikduzu on the European side of the Bosphorus where the new Crystal Heights apartments and duplexes will be constructed. Crystal Heights affords a strategic location close to the two major motorway routes into central Istanbul, 20 minutes from Ataturk International Airport and awaiting a new metro-bus link and metro system connection yet only 10 minutes from one of the most popular seaside resorts of the city.

‘Beylikduzu has one of the strongest growth scenarios due to its proximity to the city centre combined with the benefits of living in a well serviced environment away from the over-crowding. The population of this suburb is expected to grow three fold within the next five years to over a million inhabitants further strengthening the perfect investment environment for growth and excellent rental returns,' said Worboys.

The contemporary styled residences of Crystal Heights are set to offer all modern conveniences with first class on-site amenities including rooftop swimming pool, fitness centre and underground parking.

Worboys also points out that as with other areas of Turkey, purchasing in Istanbul is straightforward with no restrictions on foreign ownership of property and up to 70% mortgage finance available.

Prices remain affordable with apartments in Crystal Heights available from £45,000 and capital growth is currently estimated at 15% and rental yields of up to 10% per annum expected.

Source: www.propertywire.com

Turkey: planning crackdown

Catherine Deshayes — 27/01/2010 11:09:00

Disturbing reports are emerging that a town council in Turkey has started to demolish property that it claims has been built illegally in a planning crackdown...

Didim Council has drawn up a list of almost 700 properties that is wants demolished or partly demolished as they violate planning laws. Bulldozers have already started to take down the outer garden wall of a well known hotel.

At a meeting last week, held behind closed doors, council members agreed to implement zoning land planning laws more strictly in order to prevent unlicensed construction and to make Didim a better looking place.

As long ago as October it announced a list of 472 buildings it claimed were in breach of laws and this has now grown to 690. Those on the list include cafés, jetties, the Garden of Sun Hotel's roof, garden and pool and a number of properties owned by foreigners.

When Property Wire tried to find out more a council spokesman refused to issue a definitive list. But according to local newspaper reports a number of well known sites are affected including a building owned by the chairman of Didim Chamber of Commerce Ufuk Döver. Many are commercial properties but the council would not say if any private residences are involved.

The owners can undertake the demolition work or the council will do it, the Garden of Sun Hotel faced an order to demolish the gardens and pools as they were built illegally on Agricultural scrubland.

Owners, the Karakaş family, said they were stunned. They had hoped for retrospective planning permission and said the council had indicated it would consider altering the status of the land. But bulldozers have now started tearing at the garden wall.

The council has also given the hotel 85 days in which to remove all equipment from storage areas under the pool and gardens in readiness for the demolition work to continue. ‘If they want to carry on with this they will have to knock most of Didim as the council should not have allowed them to be built in the first place,' said owner Nurettin Karakaş. ‘I am not saying we have done the correct thing. We made mistakes but our hotel is among of the best in the Aegean region and we are trying to sort these issues with the ministries at the moment,' he told local newspaper Voices.

Source: www.propertywire.com

New direct flights to Turkey

Catherine Deshayes — 18/01/2010 11:07:00

Turkey's leading low-cost carrier, Pegasus Airlines, is launching new direct flights to Antalya, Bodrum and Dalaman for the summer season, available to book from today on www.flypgs.com...

In response to growing demand, Pegasus Airlines is launching new direct flights from the UK to the Turkish holiday destinations of Antalya, Bodrum and Dalaman, flying variously from London Gatwick, London Stansted, Manchester and Birmingham.

All direct flights are available to book from today on www.flypgs.com and to celebrate the new flights Pegasus is releasing 4,999 seats priced at £49.99 one-way, including taxes and charges.

The holiday destinations of Bodrum on Turkey's Aegean coastline and Dalaman and Antalya on the Turkish Riviera are more accessible than ever than with Pegasus' new direct flights from London Gatwick and Stansted, Birmingham and Manchester airports. During the summer season there will be direct flights to Dalaman every Monday and Friday from London (Gatwick) and Manchester airports and every Sunday from London (Gatwick). There will also be direct flights to Antalya every Sunday from Birmingham and Manchester airports; as well as a weekly direct flight to Bodrum from London Stansted on Sundays.

Pegasus Airlines is the perfect way to see more of Turkey for less. Not only can you now fly direct to Antalya, Bodrum, Dalaman and Istanbul, but you can also connect easily to a further 18 destinations across Turkey via Istanbul - and, being outside the Euro-zone, Turkey also offers fantastic value and variety for holidaymakers.

Interest-free Turkey

Catherine Deshayes — 03/12/2009 11:34:00

People looking to buy a property in Turkey can now secure a home in Bodrum with the advantage of a 20-year non-status interest-free payment plan from just £208 per month - the affordable deal is being offered by UK property developer Signature International on its Horizon Sky new home build scheme. The special payment plan has been introduced in response to the lack of mortgage funding available to foreigners seeking to buy a home in Turkey...

Daniel Dias of Signature International comments: "Despite gradual progress, mortgages are still very difficult to obtain in Turkey. Interest rates are high, terms restrictive, arrangement fees around 1.5% to 2% and some lenders even charge hundreds of pounds in upfront fees before they've approved your loan. This has left many buyers of Turkish property with no option but to take equity out of their main residence in the UK or risk losing their deposit. Our non-status interest-free payment plan immediately eliminates any worries the client may have over buying at Horizon Sky."

Dias says that that Signature International feels comfortable offering this new payment plan because they have faith in the "long-term investment" of the project.

"As a developer we are solvent and stable and are not only willing to stand by Horizon Sky for the few years of construction but also for the long-term," Dias adds.

Horizon Sky has several payment plans on offer. The most popular is the 20-year interest-free plan which can be accessed after a £1,000 reservation fee and a 35% deposit in staggered payments over the build period - around 18 months.

Prices start from £76,800.

Source: www.homesoverseas.co.uk/news

Spot Blue: developer checks

Catherine Deshayes — 25/10/2009 21:31:00

Spot Blue have become one of the first UK based Turkish property agents to run due-diligence checks on all the developers they work with in Turkey, and to have detailed reports drawn up into the developers history and potential for trustworthiness...

Director of the company Julian Walker said, "Many people in the UK wouldn't buy a shirt without knowing it was froma trusted brand. Yet many people have paid many thousands of pounds in deposits and stage payments for Turkish properties without having a clue who they are paying that money to.

"Spot Blue has built up a good reputation since we started trading in Turkish property in 2003, we have now moved to secure that reputation by commissioning reports into all the developers histories and reputations, as well as a opinion on how good a company they are and whether they can be trusted with our client's money."

Julian told me that the reports will tell people whether the company is legally registered, when it was registered, past and present directors and senior staff, development history and completion status, annual profits, and an opinion on their status.

This isn't Spot Blue saying that people shouldn't do their own research before buying a property in Turkey. It is simply a process to make it a little easier by doing the due-diligence on the client's behalf.

"The old saying goes there's a first time for everything, so a solid development history doesn't mean a developer can't make a mistake. So we still recommend that people make property inspection trips to Turkey to meet the builders," said Julian, adding:

"These checks that we have performed will simply take all of the work out of checking into a developer, because it is all there in black and white and from independent sources. Of course, after seeing these reports we would have removed any bad ones. However, our strong Turkish connections and knowledge meant we didn't have any anyway."

To contact Spot Blue, call 020 8339 6036 or go online atwww.spotblue.co.uk

New guide for Turkey

Catherine Deshayes — 23/10/2009 10:59:00

Homes Overseas online has expanded its series of country-specific buying guides with a brand new focus on Turkey - responding to the country's growing status as a tourism and investment destination. It can be viewed at: www.homesoverseas.co.uk/buying-property-in-Turkey ...

Property buyers and holiday makers alike are continuing to seek options outside the eurozone following the substantial weakening of the pound, with Turkey proving the natural choice thanks to it convenient location, established infrastructure and overall value-for-money.

The Homes Overseas buying guides are designed to assist both buyers and investors looking for overseas property, offering comprehensive information and advice to maximise the opportunities available - from rental potential and property hotspots, to local taxes and off-plan considerations.

Marc Da-Silva, editor of Homes Overseas online, comments:

"Turkey is currently offering one of the strongest prospects for property investment overseas. With prices still relatively cheap, and the continued weak pound, it is likely to remain in high demand among Brits - whether they are serious investors or lifestyle purchasers.

"The Homes Overseas buying guides are an invaluable port of call for anyone looking to purchase property abroad. Alongside a range of available property in their chosen location, consumers can access all the information they require to guide them through the planning process.

"From details of Turkey's property taxes and local fees to an up-to-date market overview, the new Buying Guide at Homes Overseas online tells you everything you need to know."

Turkey ahead in the Med

Catherine Deshayes — 21/09/2009 10:22:00

With its 5,000-mile coastline, hot summers and mild winters, affordable standard of living and fascinating history, Turkey has all the necessary ingredients of a perfect second home location...

One downside, however, has been the quality of the building and too much unattractive low-end development in resorts. Now there are signs that some developers are becoming more discriminating and estate agents are looking beyond the standard fare to broaden the appeal to a more discerning - and adventurous - British buyer.

With Turkish asking prices still considerably less than the inflated and overdeveloped Euro-zone coastline - and with less exposure to bad loans because of an immature mortgage market - there is room for Turkey to become more ambitious, says Cameron Deggin of Place Overseas, which markets properties all over the country.

‘There is an increased number of higher end properties being brought by British buyers and they tend to be buying as much for lifestyle reasons as investment,' says Deggin.

‘We probably sell around 200 units a year in Turkey. Before the middle of 2008 there wouldn't have been more than two or three properties over £200,000. This year we must have sold eight or nine for more than £400,000.

‘People are coming to get a waterfront, infinity views and large plots, and prices less than half those of elsewhere in Europe.'

The Hill development, just outside Alanya, being sold in the UK by Chesterton Humberts, is a good example of the new breed of development.

It is being built by Koray, a company with a good reputation in Turkey, and international property investment company DPI. ‘They hope to raise the perception of what Turkey has to offer in terms of build quality,' says Andrew Hawkins of Chesterton Humberts.

It is a gated development of 44 apartments from studios to three-bedroom penthouses, with air conditioning, marble floors and a communal pool. Every apartment has views of the beach about 500 metres away.

A key aspect for buyer confidence is that irrespective of off-plan sales, The Hill will be finished over the next year. Alanya is 90 minutes' drive from Antalya airport, but Gazipasa airport - 20 minutes away - is due to be upgraded for international traffic by the end of this year. The area is also popular with Turkish buyers who want second homes, according to Hawkins.

The British have traditionally pioneered second-home areas around Europe, and Kas (pronounced ‘Cash') is a lesser-known area with great British appeal, says Deggin.

On a peninsula in the southwest, it is around two hours from Dalaman airport and attracts those wanting peaceful, family friendly locations and beautiful views. ‘It is very bohemian, with lots of artists and musicians - a community who want to be away from the crowds.'

A new marina is under way and is expected to be completed in a few years. ‘It will attract a high calibre of visitor, but I don't think it will spoil the area,' says Deggin.

‘Kas will never be mass market. There is not a lot of land for large-scale development - go back from the sea and you hit the mountains.'

Place Overseas has apartments in the area from £80,000 and three to four-bedroom villas from around £300,000. It is marketing an off-plan development of four stone-built villas with private pools and large gardens.

‘There'll be no more than 30 villas in total over a large area,' says Deggin.

Prices start at £200,000 for a three-bedroom home. Financial adviser Lester Harvey, 44, sold His apartment near Marbella four years ago and opted for a self-build on the peninsula for his wife, Jo, and two small daughters.

‘I wanted something bigger, and I couldn't afford that in Marbella. I came to Turkey, did the well-known areas like Bodrum, but Kas was really special. The surrounding area is absolutely beautiful.'

With the help of Deggin, he found a plot and took a year to build a three-bedroom, two-bathroom villa - complete with infinity pool - for £300,000. Rental income is around £1,500 a month between April and October ‘which more than covers the expenses. And life down here is very cheap. We love it.'

Check out Turkish properties for sale at turkey.themovechannel.com

Source: www.dailymail.co.uk

Fanatics head for Turkey

Catherine Deshayes — 02/09/2009 10:03:00

Golf fanatics are flocking to Turkey as the country provides some of the newest and most exciting courses, many being championship level and most within easy reach of each other.

Golfers have realised the tremendous benefit of 300 days of sunshine a year with the average temperature - even in December - of 16 degrees centigrade.

Turkey was recently awarded "Best Golf Destination in Europe 2008" by the International Association of Golf Tour Operators (IAGTO) putting Turkey ahead of other European golf hotspots including Spain and Scotland.

"This is largely due to Belek, the home of championship golf in Turkey", says Robert Nixon, Executive Director, Nirvana International. "This is a beautiful region enhanced with beautifully maintained, top quality golf courses, making it a golfer's paradise".

Belek: An ideal location

Mr. Dixon continued: "Taking Belek as a prime example of golf courses available there is the Tat Golf Club, The Gloria Golf Resort, The Robinson Club, Nobilis, Cornelia Nick Faldo course and Papillon Golf course which is a new Colin Montgomerie Golf Course. In addition, there is Kayak Eagles Golf club and Lykia Links Golf and of course the National Golf Course.

"If as a golfer you are already salivating at the thought of so many courses to play, and all easily accessible, then perhaps you should consider owning a property there. You could buy as a syndicate or for personal use and of course, such a property in a prime location is ideal for renting when not in personal use.

"Belek is an ideal spot for relaxation and is famed for its pine trees which fill the air with a glorious scent with plenty to do including yachting, windsurfing, scuba diving, walking, bird watching and exploring the area's rich history. The mountains too are easily reached and there is even the opportunity to go skiing 120km away at Saklikent Ski Resort. There are also some superb beaches dotted along this coastline".

It's Turkey time!

Catherine Deshayes — 01/09/2009 11:37:00

Greece and Turkey have experienced a massive influx of tourists and business travelers over the last year.

New figures from the National Statistical Institute have revealed that the number of Bulgarians entering Greece increased by 63% in July 2009 (year-on-year). Tourist visits to Turkey also increased by 14%.

The figures also revealed that Bulgarians are travelling abroad more this year, with an increase of 14.2% recorded in July alone.

There was a decrease in visitors to the US, Canada and Israel, while the biggest fall is in the visits of Bulgarians to Japan, with only eleven Bulgarian citizens visiting the land of the Rising Sun in July 2009, a decrease of 76.1% (year-on-year).

It seems then that Greece is definitely the preferred holiday destination for Bulgarians at the moment, which could be good news for investors with property in the country.

Source: Novinite

Euro-free Turkey is top

Catherine Deshayes — 15/06/2009 10:25:00

The overseas mortgage specialist Conti describes the country as "one of the top investment destinations in 2009″...

The firm saw a 65 per cent increase in mortgage applications for Turkish properties during the first five months of this year, compared to the same period at the end of 2008.

April and May saw a marked surge, with applications up 143 per cent year-on-year.

According to Conti, demand is being fuelled by "great property prices and all the benefits of its Mediterranean location, minus the effects of the strong euro".

As a result, Turkey is now benefitting from a decline in interest in more traditional investment locations, such as Spain.

The country's tourist industry continues to show strong growth, with just under 30 million visitors expected in 2009.

Quality rental properties in popular tourist areas are therefore in demand and rental yields can be highly lucrative, with some developers offering guaranteed rentals.

Conti's operations director, Clare Nessling, says: "These factors, combined with low interest rates and the fact that Turkey is out of the eurozone has made it increasingly attractive, as well as more affordable, for UK buyers."

The company names Bodrum as a particular hotspot where British investors are snapping up small coastal apartments.

For those considering one of the more expensive villas, Fethiye is recommended by Conti.

Looking to the longer-term, Turkish property values could rise sharply once it becomes an EEC member.

However, the country's application for membership has been under consideration for decades and entry into the EEC could yet be some years off, as the struggle to maintain Turkey's secular constitution continues.

Source: www.homemove.co.uk

First franchise in Turkey

Catherine Deshayes — 08/05/2009 09:56:00

The Turkish property market has its first franchised real estate operation with the international company hoping to open 50 offices in its first year...

International Realty Plus real estate franchising is also considering expanding further in the region with opportunities in Azerbaijan, Russia and Libya being examined. It currently operates in six countries, most notably the US where its annual turnover totalled £33 million last year.

In Turkey it has teamed up with Liman Holding to launch its venture. Huseyin Altas, Chief Executive of IRP Turkey, said Liman Holding decided to import IRP franchising brand to Turkey in order to make use of existing opportunities in Turkey's growing real estate market.

'At present 95 per cent of real estate transactions take place through individual real estate agencies that do no work under any franchising brand. Also the low mortgage to gross national product ratio shows the potential in Turkey,' Altas said.

Mortgage to gross national product ratio in Turkey is 3.3 per cent compared with an average in the European Union of 41 per cent.

IRP Turkey will largely focus on marketing its activities for international investors. 'Turkey has become an attractive country for international property investors in recent years. So far sales have largely focused on the southern parts of the country, such as Kas, Kalkan, Bodrum and Didim. But, in fact, we have reached the point where even selling units in Batman for British investors is possible,' Altas claimed.

Expansion beyond Turkey in 2010 is under consideration. 'We are evaluating opportunities in Azerbaijan and Russia. In Libya we are gathering data on the firms that could execute our projects. Our goal is to become active in these countries by 2010,' added Atlas.

In its first year IRP Turkey aims to reach a business volume of £462 million and open 50 franchise offices. 'There is a notable demand for new residential units in Turkey, meaning serious potential in the sector. This is the reason we invested in this sector and brought IRP to Turkey,' Atlas explained.

Although real estate sales volume in Turkey dropped from £23 billion to £13 billion over 2008 due to the global crisis, the value of residential units in the market is gradually increasing, Altas added.

Source: www.propertywire.com

Brits tempted by Turkey

Catherine Deshayes — 15/04/2009 08:31:00

The Turkish investment property market could be in for a boost as British buyers head to the country seeking lower priced property and exchange rates...

The Institute for Public Policy Research says one in eight British people over 55 will be living abroad by 2010. Development hubs like Bodrum in Turkey look likely to attract Turkish Investment and retirement home buyers.

Cumberland's director Eric Kaya was quoted by the Daily Mail newspaper as saying, "There's no building work in summer because this is where rich and influential Turks have their holiday homes, so it's protected."

Turkish developers have recently shown a new approach to investors, providing flexible payment options and various property investment offers. Gaining particular attention for its off-plan investment property is Beycik and Bodrum, as well as other coastal areas.

Source: www.selectproperty.co.uk