Calis Beach and Fethiye Turkey Discussion Forum
Calis Beach Forum => Expat & Property Owners Q and A Forum => Topic started by: DANKY on April 14, 2014, 11:18:31 AM
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Just a thought that usually by now i am reading about people being excited & asking questions about furnishing there new homes, is it me or does it seem quieter on people buying this year?
We have had our Villa about 6 years now looking to have bought it as long term investment (how long is long term going to be thou ) and will it turn out to be a good investment after all ?
how many People are now thinking that there investment is not going to be so lucrative after all?
How many people have purchased homes in the Calis area in the last 12 months is the question because if people are not buying house prices will stay static or even drop?
Danky
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Three have changed hands on our site (12 apartments) in the past 12 months - 2 to English buyers las- t Summer - both had been on the market for a couple of years and went at about 10% below original selling price - purchased in 2006.
The third one has gone this weekend - to a Turkish buyer from Ankara - after being on the market for 4 years and again has gone at about 15% less than original selling price in 2006.
To me it would appear there are many more Turkish buyers about - and looking for a bargain - which you can't blame them - but they are willing to negotiate to a "sensible bargain" - as opposed to the chancers who will always be around.
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Well, even though I do still own a small apt in Turkey, perhaps there is a lull in buying there, and possibly
from western buyers in general, due to (can we say!) a more political view.
Constant changes with visa and residency laws/rules etc and SGK, and as what we have come to expect,
nothing appears to be clear cut, some changes being rushed in and then put on hold again, these factors combined with certain areas of unrest etc etc and a certain man believing he can do as he want.
On a personal level, I would question if many people who had been considering purchasing property in Turkey,
have simply been put off.
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We bought because we loved the area and wanted a holiday home which we hoped would stay in our family. We did not buy for an investment, we also do not rent out.
I think we could have found much better investment opportunities in the U.K. if that is what we had wanted.
I would say we have loved every minute of the time we spend in our place in Calis and Inshallah hope to spend more time there very soon. ;D
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I'm a recent purchaser (signed over and got the keys in January this year).
We bought as a family - me and my husband and our three adult children. We didn't buy as an investment in terms of making a rental income from the house but as a potentially permanent home for me and my husband and a holiday/second home for the kids. And our other family members too.
Talking to the agent who sold us the house and another I viewed with, both in the last week, the market is apparently reasonably buoyant. Plenty of Turkish buyers from the bigger cities wanting holiday homes. The Russian market seems to have dropped off I was told. However, there are other nationalities searching the area for properties - Azerbaijanis, Afghanis, Dutch and Kazakhstanis.
Perhaps a quieter British market has more to do with how things are economically in the UK than Turkish politics. Have also been told that there seems to be an increase in people looking to long term rent than buy, at least initially.
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Russian market dropped off ?? Much busier nowadays ...
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I'd like to think that they will call a halt to new builds whist there still seem to be a lot of unsold properties out there. In the less than 3 years since I've had my place there has been masses of new building around me and I dread Octobers and the potential for something springing up in front of my villa!
Coming out soon and wait to see what the new complex behind looks like!
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Wendy - hi - a neighbour of ours "who owns 3 villas - lives in one rents 2 for holiday lets to Turkish people) - runs his business from under a gazebo in the garden - even though his business (and he and his wife, mother and children) are from Istanbul where he is a travel agent.
This man is no fool and he reckons that anywhere in Mugla - is now almost worth 50% more than it was last year. He says that the government have put additional taxes onto land for builders in order to stop / slow down development in Mugla province and we are beginning to see a slowdown around here now. The extra tax ploy is the ruling party's way of stopping building without legislating to stop it!
He says the price of the land combined with the additional taxes means it is uneconomical to build new builds in the Mugla coastal regions. He told us he bought the 2 villas behind him for £75,000 4 years ago and he has just turned down an offer of £150,000 - so he said we should all be smiling!!
We will see but the logic is right and the slowdown has started incidentally he said when he moved here 4 years ago from Istanbul the population of Fethiye was 80,000 he says it is now fast approaching 130,000 - because all over Turkey people know how beautiful it is here in Fethiye - so there is light at the end of the tunnel :)
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Thanks for this, Ian - sounds promising! I wasn't expecting to make money on my property, just enjoy it, but, hopefully not lose on it! A lot of further building - especially in front of me will undoubtedly not help, either in re-selling it (whenever that is!) or realising a sensible price! I'm sure this is the same for many.
Do you know when the extra tax was applied from? When can we all feel a little 'safer'?!
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I did read in one of the Local Fethiye papers posted on line, that were moves afoot to bring in a yearly tax on the increased value of your property, not just when you sell it. I don't see how this could possibly work, but maybe it is a ploy to stop this increase in house prices
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They have similar systems in other countries (Spain, America) a bit like council tax banding and it is not intended to stop property prices increasing - it is just another way of raising taxes ;)
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'This man is no fool and he reckons that anywhere in Mugla - is now almost worth 50% more than it was last year. He says that the government have put additional taxes onto land for builders in order to stop / slow down development in Mugla province and we are beginning to see a slowdown around here now. The extra tax ploy is the ruling party's way of stopping building without legislating to stop it!
He says the price of the land combined with the additional taxes means it is uneconomical to build new builds in the Mugla coastal regions. He told us he bought the 2 villas behind him for £75,000 4 years ago and he has just turned down an offer of £150,000 - so he said we should all be smiling!!'
I have to say I have this 'argument' expressed so many times over the years. However, as I understand the housing market in, Turkey prices have not gone up since 2008 - since the global crises hit. In-fact for many they have gone down!
Would love to know what others think?
Regards, Pete
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'This man is no fool and he reckons that anywhere in Mugla - is now almost worth 50% more than it was last year. He says that the government have put additional taxes onto land for builders in order to stop / slow down development in Mugla province and we are beginning to see a slowdown around here now. The extra tax ploy is the ruling party's way of stopping building without legislating to stop it!
He says the price of the land combined with the additional taxes means it is uneconomical to build new builds in the Mugla coastal regions. He told us he bought the 2 villas behind him for £75,000 4 years ago and he has just turned down an offer of £150,000 - so he said we should all be smiling!!'
I have to say I have heard this 'argument' expressed so many times over the years. However, as I understand the housing market in, Turkey prices have not gone up since 2008 - since the global crises hit. In-fact for many they have gone down!
Would love to know what others think?
Regards, Pete
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'This man is no fool and he reckons that anywhere in Mugla - is now almost worth 50% more than it was last year. He says that the government have put additional taxes onto land for builders in order to stop / slow down development in Mugla province and we are beginning to see a slowdown around here now. The extra tax ploy is the ruling party's way of stopping building without legislating to stop it!
He says the price of the land combined with the additional taxes means it is uneconomical to build new builds in the Mugla coastal regions. He told us he bought the 2 villas behind him for £75,000 4 years ago and he has just turned down an offer of £150,000 - so he said we should all be smiling!!'
I have to say I have heard this 'argument' expressed so many times over the years. However, as I understand the housing market in, Turkey prices have not gone up since 2008 - since the global crises hit. In-fact for many they have gone down!
Would love to know what others think?
Regards, Pete
I have to say I have heard this 'argument' expressed so many times over the years. However, as I understand the housing market in, Turkey prices have not gone up since 2008 - since the global crises hit. In-fact for many they have gone down!
Would love to know what others think?
Regards, Pete
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I think his point was "last year" - i.e the prices were at their lowest point.
I know someone who paid £89k for a property in 2006/7 in Calis and sold it for £60k in 2012/13 after having it up for sale at higher prices for 2 years - so if that same property that was sold for £60k last year was now valued at £80k then it would be a 33% increase for the "new" owner but still worth 10% less than it was originally purchased for.
So that would indicate that the curve is turning upward :)
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As a owner of property in Ovacik I wish I could share your friends optimism Ian. However, in my opinion, the last few years have generally seen prices remain static at best. Most of the owners I know who have had there property on the market in recent times, still have, or have ended up with 'stressed' sales resulting in the ultimate sale price being much lower than the asking price. I was an estate agent for 15 years in the UK and during my time (80-90's) there were some difficult times when sales activity was slow, if land was for sale, the the land owner would ultimately have to accept a price lower than anticipated. If tax is increased on the purchase of land in Turkey, then I believe in time the sale (because a vendor wants/needs to sell) price is almost certainly going to have to reflect this. The key to future property being built (and the value of our own properties!) is wether there is land available that has the appropriate building permission, and as I see it, there are still many pockets (large and small) still to be built on. Property transactions and there price are dictated by supply and demand, and until there is little or no further new build opportunity (which some incidentally I feel continue to improve on in both design and quality) I believe price increases of second hand sales will sadly continue to be relatively hard to come by.
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I don't think anyone bought in Turkey for an investment.
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No, most of us didn't but it would be nice, if, when we decide to sell up we haven't made a loss.
An owner on our complex sold up last year for £13k less than she paid.
I'm sure holidays over the same number of years would not have cost as much
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We sold for a profit last year
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Well done! As a matter of interest, how long had you had the property for?
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We bought in 2005 and sold (in 10 days) in 2012 for a small profit (15% after deducting expenses) and believe we bought again at the right price in 2012 - but we are blissfully happy where we are and have not bought to make a profit when we eventually decide to sell - but I'd like to bet we will :)
Clearly LOCATION is important and with all the improvements in Fethiye and Calis - the location is looking good ;)
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Well done! As a matter of interest, how long had you had the property for?
Just under 5 years. Mind you we weren't looking to sell, someone just knocked on our door and offered to buy!
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We bought 10 years ago, not for investment purposes, we have loved our home from home, and do allow friends to rent off us periodically, maybe 1 per year if that. We intend to semi retire there in the future, but I don't think we could sell it for a profit today, but it's irrelevant because we don't intend selling.
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Mind you we weren't looking to sell, someone just knocked on our door and offered to buy!
Lucky you! Bet there's more then a few in the Fethiye/Calis/Olu/Hissy/Dalaman areas who wish someone would do that to them...
JF
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LRD please don't be offended but I think you sold at the right time and the location was good - Marine Homes opposite Boğazici Restaurant. Don't know that it would be so desirable now that the new Esnaf if right behind it with traffic day and night. If we owned there I think we would be pretty sick, the hospital is very close to the complex.
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I sold a property 4 years ago at a profit and then got a good deal on a Manzara property and yes I did get a Tapu