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Istanbul's no Turkey
Times are changing in this fast-moving, exotic city - invest now to catch the best of expected boom, says Liz Rowlinson from Daily Mail 23 February 2007...
Straddling two continents, its sky-line studded with minarets and sky-scrapers, Istanbul is not for the first time, undergoing something of a renaissance.
The recent arrival of Harvey Nichols and Easy jet has helped turn to city into fashionable weekend destination.
And now, along with ancient bazaars and sleek new emporiums of Channel and Zara, estate agents are springing into life.
Although Turkey's overseas property market is established in the better known coastal resorts - there are already 13,000 British owners there - Istanbul will appeal to a different kind of buyer.
What's more, in two or three years there's going to be massive shortage of property. According to specialist Cameron Deggin, of Property Turkey for Sale, this will push up prices 'big time. Mortgages have been available to Turks only since May 2006, but there isn't the infrastructure to process them, he says.
There are just 170 surveyors in the country, so it's going to take 18 months before the large-scale take-up. But Turks can now afford to buy property and many are moving to Istanbul.
'We are getting a lot of customers who are worried about a property crash in Spain, who are selling up and looking at Turkey' says, Cameron Deggin
A Slice of Turkey
Daily Mail,Oversaes Property. Published on Friday, June 23, 2006
Forget the bustling seaside resorts - Turkey is growing up and offers chic, properties to match, says Liz Rowlinson. With Cyprus going off the boil and much less to gain in Spain, the foreign property market in Turkey is blazing. It started to warm up two years ago, but since last October, when Turkey officially started EU accession talkswithe the EU, demand has soard.
Cameron Deggin says '2 years ago you could have got a 3 bedroom villa with a pool for under £100,000 in Bodrum, but (now) you would struggle to find that, if you could it would be worth £130,000 by this time next year'. 'Younger investors are buying holiday homes to rent. Return yields of 8.5% are realistic. One customer's villa has not even been built yet but he has already got rentals lined up' says Deggin. 'These days many tourists want to rent villas rather than stay at hotels'
The spot for a little foreign nest-egg
Daily Mail, Property Mail - Turkey. Published on Friday, February 10, 2006
Anna Greedharee from Islington has just bought off-plan a two-bedroom penthouse apartment near Bodrum. Anna, a 37-year-old public sector worker, says: 'I couldn't afford to buy in London but wanted an investment. Spain was too expensive and less interesting. I think with the EU issue, people's perceptions of Turkey will change and prices will go up.'
Cameron Deggin agrees: 'In 2006 Investors should achieve capital growth of up to 30 per cent. I expect steep capital appreciation until 2010 before prices level off.'...
How to find a home in the sun at a snip
Daily Mail, Property Mail - Overseas. Published on Friday, October 28, 2005
Northern Cyprus is beautiful and unspoilt and has strong historic links to Britain. Property prices are among the lowest in the world for detached villas.
'Karsiyaka, Kyrenaika, Northern Cyprus, GBP 94,950. This new-build villa in the main tourist region of Northern Cyprus has three bedrooms. two bath rooms, a pool, terrace and garden...On the outskirts of Karsiyaka Village, 20 minutes from Kyrenia town centre and near the seaside, the property would make a good holiday home or permanent residence.
The price includes fitted kitchen with appliances, double glazing, ceramic or marble flooring, en-suite to master bedroom, built in wardropes and air-conditioning. You can access the pool area from the living room and a large roof terrace is the best place to enjoy views of the sea and Besparmak Mountains.' By Cameron Deggin.
PROS - Northern Cyprus is beautiful and un-spoilt and has historic links to Britain. Property prices are amongst the lowest in the world for detached villas.
CONS - The raging and sometimes violent debate over land rights. After Turkey invaded Cyprus in 1974, many Greek Cypriots fled South, only to return recently. Buy a house here and you may find tearful strangers at your doorstep demanding compensation - so scrutinise title deeds carefully. Dozens of rouges sell property in Northern Cyprus, which has a very loosely regulated market.