Holiday home in Turkey

[eagletower]

Have wanted a place in the sun for a while. Me and the wife have set our eyes on Belek in Turkey.

Direct flights
loads of golf courses,
30 mins from airport
5 mins from beach

Does anyone here own a holiday home in Turkey? Can they recommend an agent? I am not interested in off plan as have heard too many stories of developers going bust.

Any pitfalls to owning in Turkey etc?

thanks

[Andrzej]

We have a place in Bitez/Bodrum. Originally in 2005 by the beach, sold that in 2010 and bought the current one a mile back in the village. Bear in mind Turkish inflation, I sent money out in 2010/2011 at 2.12, and the rate is now 12,though the rise in property in our area means we are still in profit. We love it cos of the friends we have made there, and I spend about 10/12 weeks a year there, my wife spends 14/15. Though in the last 18 months that has been 3 weeks in September last year.
I would not buy now because of both the political and economic situation in Turkey, but would instead look for a long term let. Having said which, we are keeping our place, though we have friends willing to buy ours off us if we want to sell.
Send a PM if you want to discuss in detail.

[wileeeeeey]

My in-laws have a place in Bodrum down the road from Andrzej. Works really well. I think a lot of stuff there is priced in/benchmarked against dollars/euros as their currency is fragile to say the least.

Some concerns with Erdogan and the economy overall.

Do not buy off-plan in Turkey ever. That's the #1 piece of advice.

Have you been to Belek much and know the area well or has the golf swayed you?

[eagletower]

Thanks for your replies guys.

I’m planning to pop over to Belek and rent a villa for a week hopefully when things relax in a few weeks.

@wileey I am really swayed by the golf courses. I’ve also got two young children so the theme park nearby and beach really look attractive .

Plus the fact it’s only 30 mins from the airport . Are there other areas to consider?

Have heard horror stories about off plan so will only consider built properties .



@andrez will drop you a PM once I’ve done a bit more research - thank you!

Ps would either of you happen to know what the management companies of the new estates are like?

[noTAGlove]

I have heard plenty of recommendations that buying a second home abroad too early in your life is a mistake. No matter how tempting in may be.

[Stonewood]

I went to oludeniz years ago which is lovely. Not from fethiye.


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[Justin Case]

Nice enough destination but I wouldn’t invest any serious money in such a volatile country.

[JP28]

I have heard plenty of recommendations that buying a second home abroad too early in your life is a mistake. No matter how tempting in may be.

Yes, I leant that one…
It’s a lot of capital to tie up and then it is a real millstone as regards looking after, feeling you have to go there any free time you have etc.
Lease/rent when you need it where you want it for that particular year.

[Andrzej]

@andrez will drop you a PM once I’ve done a bit more research - thank you!

Ps would either of you happen to know what the management companies of the new estates are like?

Complexes in Bitez keep having their electricity and water turned off through the management companies not making payments. The same for pool and garden maintenance. The "yabancilar" (foreigners) are often the worst culprits.
We do not have a problem as there are only 6 properties, so too small to need a management company, and each take it in turns - well except us, as all the others are Turks.

By the way, both our properties were bought off plan, and we got our "Tapu" (documents of title) without any issues.

[robert75]

Lived there for several years it really does depend on what you want to buy and where. There may be risk but greater reward buying outside of the "Norm" in regards to area. In regards to the political situation there during my time living there the situation was considerably worse the effect it has on foreigners is minimal. Send me a PM if you want to discuss more.

[eagletower]

As a holiday home the purpose built complexes appeal to me. Some have private pools with larger communal, shops, tennis courts, and security.

However the downside is as pointed out above youre at the mercy of the management companies.

As the property will be left empty for month in between I really want the security of a complex.

Does anyone know if the holiday complexes are notorious with late night parties etc ?

[ingenioren]

As a holiday home the purpose built complexes appeal to me. Some have private pools with larger communal, shops, tennis courts, and security.

However the downside is as pointed out above youre at the mercy of the management companies.

As the property will be left empty for month in between I really want the security of a complex.

Does anyone know if the holiday complexes are notorious with late night parties etc ?

Sent you some details of a friend's 2 places there, a 3 bed plus his penthouse, by the Belek golf courses and the new airport Gazipasa (25km)
These are both largely unused (purchased in 2007) - did much research....


Let's know,
Cheers, Peter

[noms2000]

This may be a silly question, but does buying in Turkey require it to be a cash purchase?
I'm guessing they won't loan to non-nationals?

[wileeeeeey]

This may be a silly question, but does buying in Turkey require it to be a cash purchase?
I'm guessing they won't loan to non-nationals?

99% sure any loan (if needed) would come via remortgage on something in the UK - family home or BTL.

An Italian friend has her flat in London bought with an Italian mortgage but it took months and wasn't easy, just she didn't have any credit in the UK. Not sure how many UK banks would do that (if any).

[Andrzej]

This may be a silly question, but does buying in Turkey require it to be a cash purchase?
I'm guessing they won't loan to non-nationals?

You will need a Turkish Tax number, and a Turkish Bank account. I do not actually know anyone who has been anything but a cash purchaser there, though they may have borrowed money towards it in the UK.

[hogthrob]

I assume you're keeping an eye on the current wildfires? https://inews.co.uk/news/world/turke...ations-1133468

[Middo]

As a above Turkish account needed, also all sales must be in Lira. Small fry but the is the visa fee now too.

[noms2000]

How easy is it to open a Turkish Bank account? Similar to the UK, just walk in with ID? Do you need a Turkish address?

[Andrzej]

How easy is it to open a Turkish Bank account? Similar to the UK, just walk in with ID? Do you need a Turkish address?

We bought both properties through the same agent. He ran us up to the tax office,and then introduced us to his bank (Garanti) so all went very easily and smoothly. I think they get something like 7% from BOTH the buyer AND the seller, so they make it easy for you.

[Raffe]

This may be a silly question, but does buying in Turkey require it to be a cash purchase?
I'm guessing they won't loan to non-nationals?

Fancy paying 15% p.a. for a Lira mortgage?

As far as I know, foreigners can have mortgages in Turkey, some banks even offer Sterling or Dollar loans. But beware of bureaucracy, might take a while until it's through, including a house valuation by the bank.

[deepdivedaz]

North Cyprus. Turkish Side.
Worth a consideration.


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[raptor]

North Cyprus. Turkish Side.
Worth a consideration.


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Buyer beaware

https://www.refworld.org/pdfid/405eacda4.pdf

[Scepticalist]

Not sure I'd be throwing large sums into property in Turkey given the political situation.

[deepdivedaz]

Why. I live in North Cyprus.

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[deepdivedaz]

Buyer beaware

https://www.refworld.org/pdfid/405eacda4.pdf

Why I live in North Cyprus and work in the south. I enjoy Cyprus as a whole island with differing cultures. Both sides of the island have benefits. The quote was for consideration. Nothing more.

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