Altinkum Estate agents

Golf

2008-09-22T02:13:00.001-07:00

A representative of a Turkish-based company, Atlas, which has officially signed up to a 49-year lease to operate a golf course on land designated by the Ministry of Culture and Tourism.

The plans are centred on an area of land at Mercimek, which borders the Zonguldakllar estate and close to the Sultan Kent and Konya Kültür housing estates on the Akbük road.

The area covers 173 acres of land on which there will be allocated a clubhouse, an 18-hole golf course and a holiday village with a capacity of 420 beds.

Mr Kinaci, a map engineer based in Milas, confirmed the project would cost $40 million (approximately £20 million) – with the golf course costing close to $10 million.

He said: “I can confirm to Voices Newspaper that Atlas has signed a 49-year lease to operate a golf course and hotel project on the land at Mercimek.

“The project has been put to public consultation and there are no objections.”

He added: “As far as we are concerned, once all the legalities are complete, Atlas will build the first golf course in Didim. It will be a major boost to tourism to the whole area.”

Atlas is a company predominantly in the steel and shipbuilding industries in Turkey. This project is believed to be their first foray into the golf tourism business.

Mr Kinaci said: “We are moving ever closer to reality. We are being extremely cautious as we want to get everything right and ensure that the news we give is accurate, clear and concrete to the public.

“We would not want to raise people’s hopes unnecessarily, but things are beginning to happen.”

He declined to give any time schedule on developing the course or when Atlas hoped to open the golf course and hotel facilities.

Seda Türk, Didim council’s planning department manager, and Meltem Öz, Didim Council’s city planner, confirmed Atlas’ interest was more than just a ‘passing one’. And they confirmed that it would provide a big boost to the tourism of the area.

On a separate note, Mayor Mümın Kamaci said representatives of an unnamed Swedish company had visited Didim council offices this week to look at the potential of building a new golf course in the area.

He said that the company had been given a number of options and they had departed back to Sweden to ‘mull over’ the proposals.

Jet2Turkey

2008-09-04T00:30:00.001-07:00

Located on Turkey's southwestern Mediterranean coast in the Mugla Province, Dalaman is the ideal destination for tourists visiting the seaside resorts to the west and east of Dalaman such as Fethiye, Marmaris, Koycegiz, Oludeniz, Dalyan and Hisaronu. With culture, nightlife and wonderful beaches, holidays in Dalaman have something for everyone.

Flights will be from Leeds Bradford and Manchester and will start in Summer '09 so register your interest now and we will let you know before the seats go on sale so that you can plan ahead and get the best deals for your trip to Dalaman next year!

Didim

2008-08-21T10:23:00.000-07:00

Prospective investors in Turkey were delighted with the recent news that the government’s temporary ban on the issue of title deeds (Tapu) to foreigners has been lifted. Now that the Turkish government has had time to re-draft the relevant law, title deeds are being processed as usual. This is welcome news for foreign investors, especially now that mortgages are more readily available in Turkey - the essential elements for overseas property investors are firmly in place.

The government’s move will reassure prospective investors looking for a good short, medium or long-term investment. The changes to the law are not expected to make any significant difference to individual foreign property investors because they primarily affect foreign companies rather than the growing numbers of foreign investors who usually buy property in officially zoned areas around cities, town and holiday resorts.

Turkey remains a popular investment location, especially now that a number of lenders are offering mortgages to non-residents. Ken Thorkildsen, Director of Obelisk Private Finance, says that Turkey’s mortgage market is evolving, particularly since the passing of the country’s new mortgage law in 2007 which allows lenders more freedom in their lending practices. “Prior to the 2007 Mortgage Law, mortgages were only available to Turkish nationals, at high, double-figure, interest rates,” explains Ken, “now non-resident property owners can take advantage of multi-currency mortgages with low fixed rates. Mortgages are available to citizens of countries with whom Turkey has a reciprocal arrangement, such as the UK and Ireland. There are a handful of lenders offering mortgages to non-residents and that is set to grow as demand increases from foreign investors.”

Now that the Tapu ban has been lifted, Land Registry offices across Turkey have restarted processing applications for the transfer of title deeds to foreign nationals. This is cause for celebration amongst investors, particularly those interested in buy-to-let. Recent survey results published by the Daily Telegraph and undertaken by independent travel group, Cooperative Travel, show that Turkey has pushed Spain from its top position as favourite holiday location for Brits, partly because of the over-valued euro, but also because the cost of living is a fraction of what it is in the UK.

Turkey is a popular tourist and investment location for a variety of reasons, not least because it is now better served by low cost airlines, making access easier and more cost effective. Most importantly, property in Turkey is still significantly cheaper than other similar locations. Now that mortgages for non-residents are gradually becoming more available and the government has passed its new Tapu law, investment in Turkey has been given the green light.

Disneyland

2008-08-09T02:06:00.001-07:00

Turkey is to build a Disneyland resort near the town of Oren, 35 kilometres south east of Milas, after reaching a deal with all parties concerned in just 3 days. Disneyland Turkey, which will rival Eurodisney Paris, is to be situated just 90 minutes from Didim.

The complex is expected to be constructed in under 2 years, planning was completed after officials visited Eurodisney Paris and Germany’s Heidi Park. It will be built over an area of 1.3m square metres and will employ a “cast” of almost 17,000 staff.

According to the news, reported in Turkey’s Hurriyet daily, all the permission from 74 authorities has been granted and construction will commence after the proposal is signed by the Council of Ministers.

Project manager, Tekin Erdogan said “The electricity station in Oren had a negative effect on tourism in the area. It was struggling to bring any tourism investment to the town. We decided a different angle was needed to attract both investors and holidaymakers. This will be bigger than the Disneyland resort in Paris.”

He also stated that there will be 5 hotels of up to 7 stars with a total capacity of 8,000; a marina is also being built close to the resort.

Animation shows with cartoons heroes, the entertainment facilities, Turkish-Ottoman and Selcuk architectural examples are projected to attract an estimated 12,000 visitors daily. People will be able to visit the Turkish Disneyland via the marina. There will also be scheduled ferry services from selected locations to the fun park.

Babakn Olcaysu who is the licence owner of the Oren Investment Concept said “The government has given its full support to the project. We got all the permissions in just 3 days. The project is expected to cost $3.2 billion. Babakn added:” This will attract tourists from all over the world, and will be of great benefit to all cities around it.”

tax

2008-07-30T01:43:00.001-07:00

If you propose to invest in property abroad or take a more permanent step and live abroad, tax planning is one of the most important considerations. Obtaining tax advice – and this should be from a professional tax adviser with knowledge of tax regulations both in your home country and the country where you plan to invest – before you make any investment decisions means that you can make the most of opportunities to reduce your tax liabilities.

Within the general tax considerations of owning assets abroad is the question of inheritance tax, an aspect that many property investors tend to overlook. However, this is one area that has wide implications for the future of your heirs. Careful inheritance tax planning can make the difference between your heirs continuing to enjoy your investments or losing them to pay a large inheritance tax bill.

While inherited assets in some countries attract no inheritance taxes, in other countries taxes can be higher than 80%, particularly if the beneficiary is not a close relative. It is therefore very important to bear this in mind when making investment plans. A further issue to consider is that regardless of the country you choose to invest in or move to, you may still be liable for inheritance tax in your home country. “Inheritance tax rules have important implications for investors,” comments Ken Thorkildsen, Director of Obelisk Private Finance. “If you do not plan your inheritance tax carefully, you may find that your heirs face high tax bills both in the country where you invested and in the UK.”

In general, resident heirs pay less inheritance tax than those who are non-resident and many countries also offer generous deductions or total exemptions for beneficiaries who are direct relatives, e.g. spouse, children or parents. This is the case in Andalucía, home to the Costa del Sol, where recent legislation means that direct heirs who have been resident in the region for 5 years, are exempt from inheritance tax on assets up to the value of €175,000. Ken welcomes this recent development which he believes “has hugely positive implications for the resident ex-pat population in one of Spain’s most popular investment destinations.”

Laws on inheritance tax are complicated and inheritance tax regulations vary in individual countries. For example, Spanish law rules that in the case of a married couple, 50% of the net assets are liable for inheritance tax on first death, whereas under UK law, a married couple may be liable for 100% of the assets minus allowances. Basic familiarity with a country’s tax regimes and its implications should be a high priority for the global property investor. This coupled with expert guidance from a tax expert, can make a substantial difference to the planning of an investor’s estate and by extension, to the beneficiaries. “An essential aspect of owning assets in more than one country is to draw up a will in each country,” advises Ken. “This helps speed up the inheritance process and makes things much easier for your heirs.”

Given the complexity of inheritance regulations and the fact that in many countries they are in a state of constant change, Ken offers the following advice: “No action should be taken without consultation with a professional tax adviser. While there are many ways of reducing inheritance tax liability, only an expert can offer guidance on the right ones for you and your particular situation.”

Mortgages

2008-07-26T04:26:00.000-07:00

Garanti Bank has begun to offer a new “non resident mortgage” to foreigners looking to purchase property in Turkey. With the new service the bank will enable foreigners to obtain lira or foreign exchange indexed loans with a maximum 240-month maturity. Foreigners will also be able to obtain loans of YTL 500,000 or the equivalent amount in foreign currency

Tapu

2008-07-19T02:08:00.001-07:00

A circular concerning the implementation of a bill regulating property sales to foreigners was issued Thursday. The circular restarted the process of property sales to foreigners, which had been suspended April 16 after the Constitutional Court's annulment of the existing legislation created a legal loophole.

The regulation enables foreign companies, which had previously been granted rights equal to Turkish ones to purchase real estate on the basis of the Foreign Direct Investment Law-No. 4875, to own real estate by permission of the governor's office. The regulations, which will come into effect in three months, will determine the basic aspects of how to receive this permission. As a result, no land will be sold to the companies concerned until then.

Meanwhile, companies operating in foreign countries and foreign real persons will be able to own up to 10 percent of the land within a building scheme. In addition, the area that foreigners can own will be restricted to two and a half hectares and demands by foreigners that surpass these limits will be rejected, according to the new amendment.

Parliament passed the bill regulating property sales to foreigners on July 3 after it was revised taking into consideration the Constitutional Court's annulment of previous legislation.

FADESA

2008-07-17T07:37:00.000-07:00

One of Spain's major developers, Martinsa Fadesa, has filed for voluntary administration after failing to renegotiate a €150m (£119m) loan earlier this week. The company reportedly owes The debts of around €5bn (£3.98bn).
company said in a regulatory filing that it had lodged a petition for court administration, marking the start of Spain’s largest bankruptcy process since the introduction of new rules in 2004.

It follows the rescue in March of Immobiliaria Colonial by by creditor banks, which swapped debt for equity held by the controlling shareholders in Spain’s second-largest property company.

Martinsa Fadesa is the latest in a long line of Spanish property companies to run into difficulties, following the collapse of the Spanish housing market last year, after a decade or so of booming activity. Many small construction companies and property developers have either filed for protection or been absorbed by larger groups. The number of companies entering administration this year has more than doubled compared with 2007, according to lawyers.

“Filing for voluntary administration is the best way to avoid aggravating a crisis situation that could become irreversible and have serious repercussions on creditors and all shareholders' interests," said a spokesperson. "The company, along with its administrators, will from now on focus in revenue-generating, through the sale of assets and land management and restructuring the company so the project can be revived.”

Market

2008-07-10T04:45:00.001-07:00

News in the foreign press pertaining to Turkey's real estate sector experienced a surge in the aftermath of the approval of a bill by Parliament on July 5 that regulates property sales to foreigners. The attention paid to Turkey's real estate sector, which is characterized by low prices, has been increasing, wrote British newspaper The Times, adding that prices in the sector are expected to skyrocket if Turkey manages to join the European Union.

“It is possible to purchase a property on Turkish shores at a relatively low price of 35,000 sterling (pounds). Does this sound attractive to you?” wrote the paper. “A clever couple can buy a property with a little amount of deposit and with two credit cards. Credit-card companies provide the opportunity of zero interest rates for 15 months period for those with high credit rankings,” The Times wrote.

The paper emphasized that prices in the country's real estate sector are far lower than that of the EU average. “British customers have started to settle in Turkey's popular cities such as Istanbul and coastal areas such as Antalya and Bodrum in the aftermath of the opening of Turkey's real estate market to foreign customers in 2003. The investors expect an increase in the prices of the country's real estate market if Turkey becomes a member of the European Union,” wrote the paper.

Parador

2008-07-09T06:53:00.000-07:00

Parador Properties, which had a number of overseas operations, including Cyprus, has gone into voluntary administration.

The company was once considered to be one of Europe’s top estate agents. It used to fly prospective purchasers to their desired destinations and offered advice about specific areas and communities. Simon Lambert and managing director Jack Hamilton founded Parador in 1998.

Parador’s PR company, Quay West Communications, announced: “It is with regret that Parador Properties has announced that, due to the downturn in the overseas property market, it has gone into voluntary administration. This does not affect property purchases by any of its clients, as all contracts were made between the individual client and the builder; Parador Properties acted only as an introductory agent.”

Tapu

2008-07-03T03:46:00.002-07:00

A DRAFT bill seeking to expand the scope of the law regulating property sales to foreigners was today (THURS) endorsed by Parliament.

The bill, which was discussed in Parliament last week, has been taken back to the Justice Commission at the last minute.

Amendments for opening up properties in prohibited military zones and strategic regions (lands) to foreigners through permission from governor's offices were sent to the Justice Commission for ratification.

This was passed, and sent back to Parliament which duly gave the title deeds lawchanges the nod. They now await being rubber-stamped by President Abdullah Gul.

During previous meetings in Parliament, the ruling Justice and Development Party, or AKP, was forced to withdraw the regulation expanding the scope of property sales due to opposition pressure.

The regulation, which was taken back to the Committee at the last minute, enables private business enterprises in Turkey launched or contributed to by foreign investors to exercise the rights for immovable and limited property for conducting their operations enumerated in main contracts.

The same principal will be valid in case immovable properties are transferred to another company with foreign investment or in case an immovable owned company with national capital becomes foreign owned through share transfer.

Acquisitions of companies in strategic properties under Article No 28 of the Law on Prohibited Military Zones and Security Zones and in military zones, security zones and some strategic lands enumerated in the same law, will be subject to the permission of governor under whose jurisdiction the related property falls.

The demand for permission will be decided after an evaluation of the acquisition's conformity with the country's security and operation field, in the commission established with the participation of related representatives within the governor's office.

The draft bill handled by Parliament for property sales to foreigners, maintains foreign persons and institutions can possess immovable lands, 10 percent of the total land, within the frameworks of zoning implementation plan and piecemeal plan, while the regulation expands the scope of possessing properties.

Mortgages

2008-07-03T03:46:00.001-07:00

A Turkish bank has introduced a new product in housing credits, "Mortgage with Low Installments," to the market, reported daily Milliyet yesterday.

In Finansbank's new mortgage program, installments start at YTL 500, according to authorities at the bank. The installments are determined on the basis of triple combinations, such as, YTL 500, YTL 750 and YTL 1,000, and increase on a two-tiered basis, such as YTL 500 for the first two years, YTL 750 for the second two years and YTL 1,000 for the remaining period.

Consumers are provided with the opportunity to choose the appropriate amount of credits and the payment plan that best fits their incomes. "Finansbank's new product encompasses an installment plan that has not been implemented until now and, therefore, this new product is the first of its kind in housing credits," said Erkin Aydın, Finansbank Mortgage and Personal Loans group manager.

Didim

2008-06-30T01:50:00.001-07:00

Chairman of Didim Estate Agents Osman Coşkun stated that there were 680 registered estate agents in Didim. Coşkun said, “If we take the unregistered ones into account this figure comes over a thousand.”

Osman Coşkun warned the public of the unregistered estate agents and asked them not to work with those for their own good. Chairman of Didim Estate Agents called people to inform the Tax Office of the pirate estate agents.

Osman Coşkun also said that due to excess supply house prices had gone down in Didim and those investors who took advantage of the situation would profit in the future.

Coşkun said: “At present, it is possible to find a double bedroom apartment for 45 thousand YTL in Didim. Investors who put money in real estate will soon make profit because I believe the prices will rise once again when the marina is completed.”

Agents

2008-06-26T02:16:00.001-07:00

Slick, well-dressed, and widely loathed, real estate brokers prospered in Britain's galloping property market for much of the past decade.

But with prices dropping and sales volumes shrinking, the brokers, known here as estate agents, are having to work harder to cut their deals. Many have already lost their jobs.

Now that the global squeeze on credit has burst Britain's property bubble, many brokers find themselves facing hard times.

Brokers' incomes are falling, according to Trevor Kent, a former president of the National Association of Estate Agents and a well-known property pundit. Kent estimated that the average agent might have started off making 50,000 pounds ($100,000) a year in boom times - most of that on the 2 to 3 percent commission brokers make on sales.

"Suddenly they're down to 30,000 pounds ($60,000) or 25,000 pounds ($50,000)," he said. "Some agents have not made a sale in two months."

The Council of Mortgage Lenders said Tuesday that lending to first-time buyers and existing home owners in the first quarter dropped to the lowest level in 30 years, reflecting a sharp drop in the number of homes changing hands.

Altinkum

2008-06-24T06:49:00.001-07:00

Turkey face a crucial Euro 2008 Group A qualifier against Switzerland this evening. However, it's not just on the football pitch that Turkey is facing a critical period.
According to Today's Zaman, an English-language Turkish newspaper, a recent Constitutional Court decision to annul a popular amendment that would have expanded freedoms in Turkey has led to increased uncertainties surrounding the country's political system. This in turn, the paper reports, is having an impact on Turkey's economy.

The Economist magazine recently estimated that the growth rate of Turkey's gross domestic product will be 3.2 per cent by the end of this year, in contrast to previously made Organisation for Economic Cooperation and Development (OECD) predictions which projected Turkey's economic growth rate at closer to 4 per cent for the year.

One way in which the country has expanded its economy in recent years has been from increased property interest from overseas buyers - particularly Brits.

According to Turkish Statistical Institute figures, around 73,000 foreigners own a property in Turkey at present - and not just for investment purposes. The figures showed that 14 per cent of tourists who visited Turkey in the first quarter of this year stayed in their own property, although with property values across the country appreciating at between 20 and 25 per cent a year, there is plenty for the investor to get excited about as well.

Therefore, Turkey's future economic strength could rely largely on continued overseas property interest.

Unfortunately, though, some experts, including investment specialists Assetz, believe that current buying confidence in Turkey at the moment is not as high as it has been. "The Turkish government temporarily suspended the title deeds to foreign investors in April - not for the first time," stated the company's latest quarterly Investment Tracker. "The rental potential is not high enough to attract already wary European investors."

However, according to Julian Walker of Spot Blue, Turkey may hold major appeal to Britain's newest demographic group, known as FREDs.

FREDs are over fifties who are 'facing retirement earnings doubts', and Walker believes that people within this demographic who are in a position to do so will increasingly view an overseas retirement where their pension and savings income will go that much further. And Turkey, he says, would fit this bill.

"Countries that are less likely to be considered now because of the gulf between the buying power of the weak Pound against the mighty Euro are Spain, France and Cyprus – traditionally hugely popular overseas retirement hotspots with British pensioners," says Walker. "Instead, FREDs are looking at where the pound buys them more and where their relatively limited funds will afford them an attractive and even affluent lifestyle in retirement and prevent them having to continue working past retirement age."

He continues: "One country that is proving popular is Turkey; since the nation began EU accession talks at the same time as a national drive was effected to promote the appeal of the country, the numbers of Britons choosing to relocate to the country has soared, and depending on which statistics you prefer to believe, between 12,000 and 30,000 Brits have now made Turkey their permanent home."

One Brit who has already made Turkey his home will be looking to assist with another, more immediate, problem facing the country in the Swiss Alps this evening. London-born Colin Kazim-Richards, who now plays for Istanbul-based Fenerbache having had stints at Bury, Brighton and Hove Albion and Sheffield United, qualifies to play for Turkey through his Turkish-Cypriot mother, and after a fairly impressive game in the 2-0 defeat against Portugal on Saturday, will be one of the men the Swiss will have to keep an eye on tonight.

Many challenges lie ahead for Turkey, on the football field, in its economy, and in its overseas property market. But for a country that has come so far in all these areas in recent years - its football team have qualified for four of the last six major international tournaments having only ever qualified for one prior to 1996 (the 1954 World Cup) - you can be sure it will be up to the challenge.

Golf

2008-06-16T01:26:00.001-07:00

FOUR investors have visited Didim this week to investigate the potential of kick-starting the much-vaunted golf course projects.

Two Swedish and two Turkish groups visited the area to look at land off the road on the way to Akbük which has been allocated by government ministers for golf tourism.

The visit on Wednesday (June 11) came two years after Spanish company FADESA investigated the potential of setting up a top quality golf course in Didim, but declined to follow up their interest.

The four investors visited Mayor Mümin Kamacı and the Didim Estate Agencies Association before the association’s deputy chairman Sevim Külekçi took them on a site visit. The investors left Didim the same day.

One investor Fuat Yücel, speaking to Voices Newspaper by phone, said they were pleased with the visit. He added: “We want to be involved in golf tourism with our foreign partners in the Aegean region and we see great potential in Didim.

“We have a planned budget of 20 million Euros for a project, but we still need to investigate other areas in Bodrum and Ayvalık before we make a firm decision.

“If we decide on Didim, we will open the golf course in three years.”

Altinkum

2008-06-14T01:09:00.000-07:00

Just as Turkey looks as if it is shaping up to become the next major holiday-home and investment destination, its government has stopped title deeds being issued to foreigners.

Safe as houses: Bodrum Castle overlooks the lively old town. The peninsula is popular with British and Turkish buyers alike
The country did it for six months in 2005, too, in an attempt to prevent large tracts of rural land being bought up. The latest ban - announced in April and awaiting ratification in parliament - has a similar purpose, limiting foreign ownership to 10 per cent of the land in any town.

Agents selling in Turkey expect the restriction to be lifted soon. "I don't see it as a problem, as you could never expect to receive your title deeds within three months anyway," says Julian Walker from Turkish property specialist Spot Blue. "For anyone buying now, the suspension will have ended by the time they reach completion."

Even 10 per cent foreign ownership of land is a high figure that is unlikely to ever be met, Walker points out. "Even in Spain, 95 per cent of sales are to the domestic market. In Turkey, there are 77,000 foreign property owners out of a population of 77 million, which is 0.1 per cent, so 10 per cent is light years away," he says.

"You have to remember Turkey is a poor country, 20 years behind the West in its property market, laws and business practice. And even though finance is available, it is also still typically a cash market."

advertisementApart from this blip, Turkey's property market is proving resilient, with prices expected to rise by 10-15 per cent this year, says Knight Frank.

The currency exchange company Moneycorp reports that British interest in Turkish property has trebled in the past year. A NatWest survey of mortgage lenders predicts that Turkey - where 22,650 Brits own property - will be the third most popular

destination for UK buyers in the next three years, with most sticking to the area between Kusadasi on the Aegean coast and Alanya on the Med.

In its attempts to double tourist numbers to 10 million by 2010, the Turkish government is investing in infrastructure and attractions, including new golf courses in Dalaman and Belek.

It is also encouraging new air routes and airport expansion. EasyJet now flies to Dalaman and Istanbul, BA to Antalya. A new international airport at Edremit will open up areas around Ayvalik, north of Izmir - until now, despite good beaches, great windsurfing and attractive property, the preserve of Turkish buyers.

Beyond its appeal as a value-for-money location for holiday homes - outside pricier Istanbul or Bodrum, the average two-bedroom apartment costs £35,000-£90,000 - Turkey is also drawing investors to Istanbul, where new development is taking place on both sides of the Bosphorus.

Prices average about £700-£900 per square metre, with studios from £40,000 in developments such as Life Studio near Ataturk international airport (through The Right Move Abroad), or Astrum Towers, six miles from the airport, which agent Regnum predicts will see annual growth of 30 per cent.

So, this Christmas - or whenever the restrictions ease - why not vote for Turkey?

BODRUM FAR FROM HUMDRUM

Lively resorts, leisure facilities and low-priced newbuild properties make the Bodrum peninsula one of Turkey's best-known areas for British visitors, while quieter spots such as Yalikavak and Gumusluk appeal to wealthy Turkish property buyers wanting £1m-plus villas.

"Bodrum is one of the most popular coastal regions," says Jane Griffiths, managing director of Regnum, "and Turkey's appeal is widening to take in growing numbers of Eastern European holidaymakers as well as British. Small apartments can achieve rents of £300 a week."

source http://www.telegraph.co.uk/property/main.jhtml?xml=/property/2008/06/14/opturkey114.xml&page=2

Bodrum holiday homes

2008-06-03T01:27:00.001-07:00

Owning property in Muğla's Bodrum district, on the Turkish Riviera, not only offers a profitable means of investment but also assures an enjoyable holiday opportunity for local and foreign tourists alike.

Having the potential to attract many property investors from all over the world, Bodrum has been a popular tourist destination for years. One of the key factors prompting investors to choose Bodrum is the reasonably priced property, especially when compared to other Mediterranean countries such as Spain, France, Greece and Italy. Although domestic investors find the prices too high, they provide a good investment opportunity.

Prices expected to increase more

Prices will rise enough to compete with Spain's Mallorca and France's Saint Tropez regions soon, according to property experts. Property in the district is evaluated on the dollar and euro basis even today. The increase in property prices is expected to continue until it reached the level of rival countries.

Bodrum's specific architectural design defines the house characteristics of the district. The new housing projects are carried out without harming the historical structure of Bodrum that is famous for its whitewashed houses and special gardens. Construction firms that are gaining ground as a result of the increase in domestic demand can now undertake projects well enough to compete with their counterparts in Europe and the United States.

Summerhouses a new trend

Close attention to Bodrum's construction firms has drawn the attention of many large corporations that operate in such big cities such as Istanbul, Ankara and İzmir. However, the rising property prices as a result of the excessive demand led the firms to launch apartment housing projects rather than villas. With the comfort of villas, the apartments have gardens as well as swimming pools, and most of them are designed as duplex houses.

Property market in Turkey

2008-05-06T04:16:00.005-07:00

It is widely considered that the real estate sector is facing a credit crunch. Most of the companies in the construction sector, which is the locomotive of the economy, accept that the boom in land prices as well as the increase in the prices of iron, cement and steel have led them to experience tough times. The companies claim that there will be a drastic rise in house prices soon.

Prices in the secondhand house market have dropped by 30 percent, which means that an apartment that was worth YTL 200,000 ($326,744) can be purchased for less than YTL 150,000 ($122,529) in cash. “One of our customers who bought an apartment for $185,000 in 2005, awaits to sell the same flat for $170,000 today,” said a real estate agent.

“The real estate sector will pick up in September as usual even though it is in stagnation at present,” said Nabi Cücük, chairman of Reha Medin Real Estate Agency.

The sale of more luxurious apartments, which are called A and A Plus, did not experience a negative trend in the last two years. There are apartments for each income group. Prices start from $50,000-60,000 and go beyond millions of dollars.

Esate agent closures

2008-05-06T04:16:00.004-07:00

Real estate agents have been badly affected by the widespread crunch in the construction sector. Many real estate agents, who enjoyed a golden time in 2005 and 2006, are about to go bankrupt.

“For weeks, there have been 39 keys sitting in my office, either for rent or sale. Real estate agents have never experienced such trouble before,” said Mesut Güleroğlu, head of the İzmir Real Estate Agents Society (İZEKO). He also noted that the number of keys at his office for properties waiting to be sold usually do not exceed three or five, and most of them would be gone in 10 days at the most.

There has also been financial contraction in the second-hand housing sector, as the boom in housing loans as well as stagnation in the market has led consumers to act cautiously, which has, in turn, caused the business of real estate agents to stagnate. “In student districts like Bornova and Buca, houses which were worth YTL 700 ($559.85) last year cannot be let out to tenants even for YTL 500 ($399.89) this year. Meanwhile, second-hand apartments cannot be sold even at half price,” said Güleroğlu.

Land valuations in Turkey

2008-05-06T04:16:00.003-07:00

WASHINGTON, May 1, 2008 – The World Bank today approved a loan equivalent to US$203 million to the Government of Turkey for the Land Registry and Cadastre Modernization Project. The Project will improve the effectiveness and efficiency of the land registry and cadastre services.

"The Project constitutes a next generation of Bank operations in the area of land management and cadastre, where the country already has a well functioning property rights regime, but is striving to take the land registry and cadastre data use to the next level by spreading its benefits to people, businesses and multiple sectors, and facilitating better access to real estate information through the e-government platform,” said Wael Zakout, Sector Manager and Task Team Leader for the Project. “This project will also help improve customer service by reducing the time taken to register a property transaction to a few hours, and develop property appraisal function in line with international standards.”

The project will (i) renovate and update cadastre maps to support digital cadastre and land registry information; (ii) make the digital land registry and cadastre information available to public and private entities (iii) improve customer services in land registry and cadastre offices; (iv) improve human resources in the Turkish Land Registry and Cadastre Agency (TKGM); and (v) develop policies and capacity to introduce best international practices in property valuation in Turkey.

While the Turkish Cadastre and Registration system is considered one of the most effective in the region and registration of property transactions is done within one day in many offices, there are still many shortcomings to be addressed to ensure that the system modernizes to reach the same service level as in the European countries. Many of the Cadastre and Land Registry offices rely on manual systems, with old documents, some of them dating back to the Ottoman times. In addition, the TAKBIS system (Turkey’s computerized Cadastre and Land Registry Software) runs in only 140 out of the 1000 offices.

The most challenging aspect is that cadastral maps continue to be in a paper format, vary in accuracy and consistency, and are not linked to the national network. This makes it difficult to support E-government applications as cadastre maps serve as a base mapping for many government applications. Furthermore, in many localities maps are out of date and do not correspond with the ground locations and areas, differing sometimes by up to 10 meters.

The project will be funded by an IBRD flexible variable spread loan. It will have a maturity of 23.5 years including a 5 year grace period.

Property in Altinkum

2008-05-06T04:16:00.002-07:00

Construction firms in Aydın's Didim district on the Turkish Riviera reacted strongly against the Mass Housing Administration's (TOKİ) initiative to build homes and holiday villages in coastal cities and sell them to foreigners.

“This case will cause unfair competition. TOKİ should go on with its actual job, which is building homes for low-income groups”, said Mustafa Bekar, owner of the construction firm Karya Grup. TOKİ opposes many contractors who undertake luxury construction projects for foreigners, said Bekar. “It would be a big mistake that the state entered harsh competition with us. As a social association, TOKİ was founded with the aim of maintaining social balance and helping low-income groups own homes.”

We see that TOKİ has deviated from its actual job. The construction works undertaken by TOKİ with low costs lead the prices to drop further. The state should find ways to increase property prices for foreigners, not to decrease them, Bekar said. He said it is not right for TOKİ to construct houses in coastal cities. "It is beneficial for neither the state nor us to create competition by the hand of the state and to cause prices to drop; only foreigners take advantage of this," said Bekar.

Military clearance in Turkey

2008-05-06T04:16:00.001-07:00

Firstly, although the new law has been signed by all members of the council of ministers, there is still a little way to go before the law is brought into effect.

As it stands now, the proposed law is waiting to go to the Grand Assembly for Parliament to vote on, once through that stage, a paper is issued to give effect to the new law, this paves the way for the next step. Only after this has happened can the circular order be issued by the General Manager of the Land Registry. It is at this time, the law becomes practically effective. As far as estimating a time period before this actually happens, we could be talking about maybe 4-6 weeks, for all the correct procedures to be completed, perhaps by the middle of June.

The new law brings in 2 very important changes that will greatly improve the whole process of applying for and obtaining a Tapu.

The first, and for me the most crucial, is that as a result of this change, all information regarding sensitive land areas, whether it be military, ecological, cultural, environmental or for energy purposes, will be held by the Land Registry office, thereby possibly removing the requirement for the sometimes lengthy delay waiting for a Military check, and of course the cost that goes with it, usually around 700 YTL.

There is a very real possibility that, should you be a cash buyer with money ready to pay for your purchase on the day, you could now realistically expect your Tapu on the SAME DAY.

Secondly, the area of land that foreigners can own within a city was 5/1000 of the total city area, including but not limited to, forests, parks and areas of outstanding natural beauty, now determining the area as a percentage, but now not including forests, parks and areas of outstanding natural beauty, the limits will only apply to certified and agreed construction suitable land. This limit has now been increased to 10% of suitable land within the city boundaries.

It should be added that foreign companies are also still able to buy land and property in Turkey as a result of these changes, but that the same rules apply to companies as they do to individuals.

It has to be stated though that even though the new law will be introduced, there will still be some small delays while the whole process is brought up to speed.

It should also be noted that any applications already waiting for their military check may be brought back to the city offices, where a decision may be made locally following the successful introduction of the new process.
source http://www.thedidymian.com/news/128/ARTICLE/1468/2008-05-03.html

Retire in Turkey

2008-05-06T04:16:00.000-07:00

Turkey is proving to be the ideal place to buy land and build your own villa. Europeans, especially the British, typically spend half of the year in their Turkish homes, while their friends and families come to visit or move into nearby villas too

ISTANBUL – Turkish Daily News

For foreigners settling down and living a quiet, warm and safe life, Turkey's southern regions are popular spots and look set to become even more so.

Brits carry the banner where expatriates living in Turkey are concerned. A press release on the Web site www.homesgofast.com mentions that British pensioners seeking to save money are heading to Turkey to benefit from the low cost of living and cheap property prices. On several occasions foreigners build their own houses themselves, proven to be a good way to save even more money.

The southern parts of Turkey in particular have been host to many foreign construction companies building houses for British people or Scandinavians. Turkey is seen as a perfect place to live for retired people because it is an ideal place to invest in land and build villas.

Increasing number

Julian Walker, head of UK-based Turkish property firm Spot Blue, indicates that trends point to an increasing number of people interested in building abroad. For many, Turkish properties offer the best value for money. “According to recent figures, there are over 2 million people in the UK and Ireland who own property overseas – that's one in 30 people,” said Walker, adding, “Many of those are looking to relocate permanently.”

“Analysts say that as many as 85 per cent of overseas property buyers are happy with their investment, compared to just 50 per cent who live on UK pensions,” said Walker. “It's not hard to see why buyers are choosing Turkey – it gives investors great value for their property, a lower cost of living, a warm, Mediterranean climate and really friendly people.”

Former BBC engineer David Nigbur and his wife Rosemary say their cost of living has fallen dramatically after organizing the construction of their three-bedroom villa in Üzümlü. This small town is just outside Fethiye, in the southwest of Turkey near the Mediterranean Coast and is only a 45-minute drive from Dalaman International airport. The value of their completed property has already increased by 30 per cent. The land and the house cost 113,000 pounds but just two weeks later it was valued at 140,000 pounds. The couple said that they are very happy with the villa and the location despite initially thinking that it would be hard to live in another country.

The southern part of Turkey has not only been developed in terms of new homes – it also hosts many new hospitals, parks and cafes. Most of the foreigners who come to settle are primarily concerned about the medical care in the region.

Many foreigners consider the vast size of Turkey and the opportunities for exploration this offers. They often ask their friends to come and settle in nearby villas. And once foreigners settle in the country their children and grandchildren come for frequent visits to Turkey.

Settling in Turkey

Rosemary told Homesgofast.com, part of Marr International Ltd, that she has plans to open a gallery soon because she is an art lover. She said, “Turkey is a stunning place to live and very affordable. We were originally going to Greece but when it joined the EU prices shot up. We are so glad that we ended up in Turkey as the people and climate here are fantastic.”

The fact that many foreigners are interested in buying properties in Turkey is expected to draw an increasing number of foreign investors to the land.

Borum ferries to Samos

2008-04-26T04:19:00.002-07:00

BODRUM- Turkish Daily News

Ferry round trips will be launched in early May between Muğla's Bodrum district and the Greek island of Samos, with the aim of promoting commerce and strengthening friendship between the two sides of the Aegean Sea.

A meeting was held midweek in the Bodrum Chamber of Commerce Conference Hall relating to the issue. Turkish Travel Agencies Association (TÜRSAB) Bodrum Executive Committee Vice President Tülay Çevik, managers of travel agencies, ferry operators and tourism business owners participated in the meeting chaired by Bodrum Chamber of Commerce President Mahmut Kocadon.

Speaking at the meeting Kocadon said that annually about 350,000 tourists arrive from Rhodes, İstanköy (Kos) and Kilimli (Kalymnos) islands but the amount of commercial income loss was high due to a lack of organization. In three years, at least 600,000 tourists are expected to visit Bodrum from neighboring islands.

Kocadon said they were making mutual efforts to ease the visa procedure along with Greek İzmir Consul General Hara Skolarikou. Bodrum Express Ferryboat A.Ş. Administrative Board Member Bülent Güven said the 40-mile trip between Bodrum and Samos will take about 75 minutes and a round trip will cost 35 euros.

Stating that they came to an agreement with Reina Travel Agency to increase and contribute to tourist circulation between Bodrum and the Greek Islands, Güven said, “we will help build a bridge of friendship and commerce between Bodrum and Samos with the tours we will organize.”