Buying a Holiday Home in Turkey

rumbaba

I have read with interest the thread on buying property abroad in Egypt and wondered if anyone knew anything about Turkey?

We were thinking of buying a holiday home out there as we heard property isn't selling so we should get a bargain, but someone told us they had read somewhere that Turkey is just as bad for dodgy dealings as Egypt is and they will try to rip you off. Even an Irish man stole millions off unsuspecting buyers in Altinkum, so it isn't just the Turks. Anyone heard of this story?

If we did buy a holiday home out there we would like to buy just at the right time. Are Turkish property prices dropping like they are here? I know they have dropped in Spain and Florida but not sure about Turkey?

Many thanks

Old_Git

I have seen properties in Turkey going to auction here .

If they have to go to auction here then they wont sell in Turkey .
I would be wary off buying anywhere at the moment.

epz_2

especially as the pound pound is swinging about in value wildly, imagine it jumped up in price 20% by the time you complete because the exchange rate has altered

pararct

Now is not the time to buy anywhere!!

Also consider how you will get back and forwards. As the recession deepens the low cost carriers will be cutting routes possibly never to reintroduce them.

Be in no doubt this downturn has only just started it will be getting much worse..

jacnorm

We have been going to turkey several times per year for years now and we have friends who moved there many years ago, and to honest I would not buy there now. We know a lot of people who did buy holiday homes there and they are having more problems than enough now and the prices are vastly inflated for tourists.
We could have purchased a three bed duplex apartment fully furnished for £9000 8yr ago now the same apartments are on the market at £60,000 and there are so many for sale now they will never sell them.

geoffky

if you want to gamble buy abroad but the odds are stacked against you..and all the other players know the rules a lot better than you.....

rumbaba

Well thank you everyone who replied to my post. I must say it has put me off somewhat.

We thought of Turkey as the euro is so strong now and we were hoping to get more for our money.

JacNorm, when you say there are so many properties available which cannot sell, is that because they are badly built or there is a glut of them? Are they overpriced would you say?

We have been looking at websites and have seen what appears to be some good bargains. Very competivively prices and look very nice indeed, but we do not know the areas some of the places are in and would need to travel out there first to get a feel for the place.

We don't want the egg and chip brigade ex pat type of places where they swig beer all day in the local bars - similar to parts of Spain. We were thinking of a more rural retreat. Would buying a rural place present the same amount of problems as buying in a purpose built holiday resort?

Many thanks again for your good advice.

pickledpink

Isn't Turkey on an eartquake line?:eek:

hethmar

It would be difficult to communicate if you lived in a rural area - unless you speak Turkish? Its really not the same as the coastal areas where a good percentage of the people can speak English. There could be problems with the legalities of the purchase. I seem to remember a program on recently about holiday homes that brought grief and it included a Turkish one which a couple bought, renovated and then a member of the deceased owners family claimed the house! Years of legal issues and would you want to have upset the locals. Blow that for a larf.

Jonbvn

pickledpink wrote: »

Isn't Turkey on an eartquake line?:eek:

Very much so. 14,000 peope died in 1999.

As an engineer, I worked on a project to upgrade hospitals to withstand earthquakes. The general quality of construction was shocking. I have read stories in the press regarding the complete lack of quality in new residential construction.

You decide!

pickledpink

Jonbvn wrote: »

Very much so. 14,000 peope died in 1999.

As an engineer, I worked on a project to upgrade hospitals to withstand earthquakes. The general quality of construction was shocking. I have read stories in the press regarding the complete lack of quality in new residential construction.

You decide!

That's very frightening, Jonbvn! It's shocking that they are allowed to build property that is dangerous. Do they build illegally - or do they not have the same building regulations that we have in the UK?