Buying up in Turkey
Güncelleme Tarihi:
Hürriyet Daily News
Oluşturulma Tarihi: Aralık 30, 2008 00:00
ISTANBUL - Financial Times is recommending its readers buy residential or holiday homes next year, selecting the 10 top locations, it has included Turkey’s Belek, Altınkum and Bodrum’s coasts, with an emphasis on the ’substantial and beautiful coastline’
Turkey has been rated among the 10 top locations by the Financial Times, or FT, of places people can safely buy residential or holiday homes next year.
In an article, "New year, new investment?" by Liam Bailey and Nicholas Barnes, London, Paris and New York came first on FT’s 10 selected locations, in addition to a mix of city centers and resort areas. Turkey came in ninth place with "its substantial and beautiful coastline and rapidly emerging second-home market."
The article published Dec. 27 said it was a strange time to be recommending places to buy a house. "But, as we move into 2009, with prices falling and more distressed sales coming onto the market, it could just about make sense. Those with money are starting to scavenge for bargains."
Turkey has a rapidly emerging second-home market and while most development has so far been aimed at mass and mid markets, higher-quality projects are beginning to appear, according to the FT.
However the FT said: "There are limits on foreign buyers, they cannot buy land of strategic, religious or cultural importance, but the country is mainly open, so long as Turks can buy in the foreigner’s country too."
Prices in prime coastal areas typically range from 1,200 to 2,600 pounds per square meter. Locations worthy of investigation include Belek, Altınkum and the less developed areas around Bodrum, said the FT article.
The situation now is very different situation to a year ago, according to the FT. In 2007 we were at the height of a boom and the question was when it would turn into a crash. Now we are in the crash and whether prices fall 30 percent or 50 percent, at some point in 2009 the market is likely to hit bottom or close to it. This is the time to prepare to buy before the herd moves in.
That is not to say a random selection of investments through auction house repossession catalogs will do. Wise house hunters will concentrate on areas poised to perform well over the medium to long term. Prices will take a long time to fully recover so think carefully about the outlook for a particular location, its infrastructure, accessibility, amenities and prospects for economic growth. The quality of the building in older homes or in new developments is important, as is an established secondary sales market and a transparent legal framework. Only after examining these factors should you look at the prices.
London: Prices are already 20 percent lower than its peak and those buying with other currencies can add further discounts due to the fall of the pound. Rather than focus on completely established and still expensive areas, the place to look is Bayswater to Fitzrovia.
Paris: It is virtually impossible to find sites to develop in prime locations in the French capital, which means there is an under supply of quality new stock.
New York: The New York real estate market has suffered along with Wall Street, with year-on-year sales volumes for single family homes down 15 percent in the 12 months to September. med better than others.
Montenegro: Montenegro appeared relatively recent on the second-home buyer radar only since its split from Serbia in June 2006.
In an article, "New year, new investment?" by Liam Bailey and Nicholas Barnes, London, Paris and New York came first on FT’s 10 selected locations, in addition to a mix of city centers and resort areas. Turkey came in ninth place with "its substantial and beautiful coastline and rapidly emerging second-home market."
The article published Dec. 27 said it was a strange time to be recommending places to buy a house. "But, as we move into 2009, with prices falling and more distressed sales coming onto the market, it could just about make sense. Those with money are starting to scavenge for bargains."
Turkey has a rapidly emerging second-home market and while most development has so far been aimed at mass and mid markets, higher-quality projects are beginning to appear, according to the FT.
However the FT said: "There are limits on foreign buyers, they cannot buy land of strategic, religious or cultural importance, but the country is mainly open, so long as Turks can buy in the foreigner’s country too."
Prices in prime coastal areas typically range from 1,200 to 2,600 pounds per square meter. Locations worthy of investigation include Belek, Altınkum and the less developed areas around Bodrum, said the FT article.
The situation now is very different situation to a year ago, according to the FT. In 2007 we were at the height of a boom and the question was when it would turn into a crash. Now we are in the crash and whether prices fall 30 percent or 50 percent, at some point in 2009 the market is likely to hit bottom or close to it. This is the time to prepare to buy before the herd moves in.
That is not to say a random selection of investments through auction house repossession catalogs will do. Wise house hunters will concentrate on areas poised to perform well over the medium to long term. Prices will take a long time to fully recover so think carefully about the outlook for a particular location, its infrastructure, accessibility, amenities and prospects for economic growth. The quality of the building in older homes or in new developments is important, as is an established secondary sales market and a transparent legal framework. Only after examining these factors should you look at the prices.
London: Prices are already 20 percent lower than its peak and those buying with other currencies can add further discounts due to the fall of the pound. Rather than focus on completely established and still expensive areas, the place to look is Bayswater to Fitzrovia.
Paris: It is virtually impossible to find sites to develop in prime locations in the French capital, which means there is an under supply of quality new stock.
New York: The New York real estate market has suffered along with Wall Street, with year-on-year sales volumes for single family homes down 15 percent in the 12 months to September. med better than others.
Montenegro: Montenegro appeared relatively recent on the second-home buyer radar only since its split from Serbia in June 2006.