Author Topic: Problems Buying in Turkey  (Read 2670 times)

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Offline Ian

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Problems Buying in Turkey
« on: March 14, 2010, 08:39:05 AM »
This is what I meant a couple of weeks ago when I said some other areas were like the wild west compared to Fethiye/Calis

See: http://www.todayszaman.com/tz-web/news-204274-law-needed-to-protect-expats-buying-property-in-turkey.html

Ian



Offline Scunner

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Problems Buying in Turkey
« Reply #1 on: March 14, 2010, 10:09:21 AM »
Yes there are places far worse than Calis/Fethiye but lack of research or just the bad luck of choosing the wrong agent/builder has meant problems in our area too. The biggest problem is builders selling apartments off plan, taking the stage payments but still getting into financial trouble and getting loans secured on the properties. When they can't pay the bank, the bank takes the property and it doesn't matter what your contract says, they don't know you and don't need to.

How many people do research on the financial position of the people building their property? Probably none? How many agents do? Well some do but most sell for whoever walks through the door with a cd of pictures and floor plans. I know of at least one builder who I can only see won't be here this time next year. If I am right, it won't stop them selling over the next 12 months and it won't stop them borrowing, securing the loans on the very apartments they sell to Brits. Will the Brits ever see the property they have more or less paid for? Probably not. Along the whole coast this will happen to a number of building companies. People will agree to buy, send huge sums of money, then look for places like CBF to say "We are buying a property from XXXX Developments, are they any good?". This is because research before buying is rare, research once you get home and out of the romantic sun and the enchanting English of the builder's salesmen is over is more common. This is the "Oh God, what have we done" moment.

Now to why it is a bigger problem elsewhere, like Didim/Altinkum. It's funny how things turn full circle if you give them long enough. It wasn't long ago that we were reading that property prices in Calis & Fethiye were overinflated. "They want 50k for a two bedroom apartment in Calis and we know you can get one for 20k in Altinkum". I remember reading "If they can build them for 20k in Altinkum they can in Calis".

Villas and apartments in Turkey are mainly concrete, blocks and reinforcing steel - prices are pretty much the same across Turkey. How can they build apartments for 20k in Altinkum? They can't, it is literally impossible - and now those who bought there and thought they could are waking up to it.

Offline Ian

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Problems Buying in Turkey
« Reply #2 on: March 14, 2010, 10:56:04 AM »
Keith - as I would expect - you fully understand what is happening and the part of your post below is something that I had seen, had wondered why - but now I realise why!

Ian

quote:
Originally posted by Scunner

Now to why it is a bigger problem elsewhere, like Didim/Altinkum. It's funny how things turn full circle if you give them long enough. It wasn't long ago that we were reading that property prices in Calis & Fethiye were overinflated. "They want 50k for a two bedroom apartment in Calis and we know you can get one for 20k in Altinkum". I remember reading "If they can build them for 20k in Altinkum they can in Calis".

Villas and apartments in Turkey are mainly concrete, blocks and reinforcing steel - prices are pretty much the same across Turkey. How can they build apartments for 20k in Altinkum? They can't, it is literally impossible - and now those who bought there and thought they could are waking up to it.


Offline Scunner

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Problems Buying in Turkey
« Reply #3 on: March 14, 2010, 12:17:09 PM »
People come to Turkey and some think they know it all - they have the purchasing power and you can't tell them anything. One guy wasted my time (and the time of several other people) for a day then made a ridiculous offer on an apartment. The builder replied in two words. The next day he was out viewing with another agent, a friend of ours. Same thing, at the end of the day made a derisory offer on an apartment. Same two words from that builder too I think.

Day 3 same again but at the end of this day he made an offer on an apartment (from memory something like a 58k apartment and he offered 34). This time the builder accepted! The agreed amount would have to be paid swiftly but a deal was done.

The moral of the story is that builders who accept ridiculous offers for apartments have not crumbled under your impressive negotiation skills. 58k apartments cannot be sold at 34k and cover even the build cost. A builder would only ever accept the offer (and take a loss on the apartment) because he is awake-all-night desperate for money.

The guy in my little story went home thinking the agents on day 1 and day 2 were useless, and sent his money through as per the agreement. As far as I know, the money has gone, the builder has gone and the apartment owner is a bank.

Offline ronzeus

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Problems Buying in Turkey
« Reply #4 on: March 14, 2010, 16:04:19 PM »
So Keith ,do you think the bank will take 34k for it now ? : :)




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