How easy is it to let property in Turkey

[Frank-England]

Hello, this is my first post to this forum,
Has anybody heard of or got any views on a project called Apollonium in Bozbuk. near Didim. Due to be complete this year with the pools ect up and running for May 2009
I have bought a villa on this development and will need to rent it out, do any of the regular contributors have any idea on how easy/hard it will be to rent, hoping the builder will have a company doing this.


Regards Frank

 

[Aegean Emerald Properties]

Hi Frank,

"I have bought a villa on this development and will need to rent it out"

sorry to sound blunt, but seeing as you have admitted yourself that you 'need' to rent this property out, haven't you left it a bit late to be enquiring about rental potential?

Have you been to bozbuk? have you seen the area where you have bought, or is it entirely off plan?

Bozbuk is located just past Akbuk, and its main claim to fame is its fish farms! nice! these are supposed to be moved, but nothing has happend in the last two years on this score.

While i am sure the development itself is quite nice, at the end of the day, its a bit off the beaten track. Further than Akbuk, and very quiet. The nearest town for tourists would be Akbuk, but this is also a quiet town. for nightlife etc you have to go to altinkum which is a decent bus ride away, or a costly taxi ride, were you to do it everynight! your developers claim that it is 15 mins from didim town sounds a bit optimistic to me!


Now I know that not everyone wants nightlife and hustle and bustle, but when you are relying on a rental income on a property, you need to appeal to as wide an audience as possible - unfortunately for now, I would class Bozbuk as a niche market where rental is concerned.

your development co may employ a rental company for you - but this too has pitfalls. You cannot rely on this, as often this is a promise made as a sales tactic. I do not have personal experience of this developer, so I dont know how he will handle rental, if at all, but you need to be aware of the pros and cons of allowing the developer to look after this - i.e you will have to pay a commission for renting out the apt, plus costs such as cleaning etc - you may not end up with as much after all this as you would like.

all in all - my advice is that as far as rental potential goes, you have a limited market in the area you have bought it. Whilst not impossile to rent, you will need either a very good agent to get you renters, or you will need to be quite imaginitive regarding how you market the property! maybe as imaginitive as the developer has been when he said 15 mins from Didim town!

(BTW - tourists don't head for Didim town - they go to Altinkum, i.e the beach front area. Didim town is not an area for tourists, particularly at night, cos everything is closed! and there are no bars etc there, so if its the casper slide, or the kiss kiss dance they want to see they will be sadly disappointed! lol

 

[edaz]

about didim

Hi Frank,

It will not be that diffucult to rent your villa because that place is so turistic but you should work with an gent because in the last years there are a lot of houses there so yours will be one of the million...

I hope this will help you
bye...

 

[Aegean Emerald Properties]

Hi Frank,

It will not be that diffucult to rent your villa because that place is so turistic

edaz, franks property is not in the tourist area of Didim - it is in a smaller fishing village, not the main resort of Didim. So realistically it will not have the same mass appeal as the main resort.

Also
QUOTE=edaz;66540]
in the last years there are a lot of houses there so yours will be one of the million...
[/QUOTE]

doesn't this contradict the point about it not being difficult - in a market where there is an abundance of choice, you need to 'tick' as many boxes as possible to be sure of regular rental and good priced rental. otherwise, you become one of the people who find it difficult to rent, because you cannot offer any more than a hotel can! there are hotels advertising for as little as £45 per person, per week B&B. This is a nice hotel - family run, not very big, but it is a nice hotel in a good location with a pool. So unless your property can match this for value, then you could loose out.

unfortunately I think Frank may miss out on regular rental potential - but like I said if marketed correctly he could attract the niche market, in which case he will get a higher weekly rent, but it will not be as regular.

 

[Sunny Days]

Hi Aegean Emerald properties

When did you last come to Didim??? haha - many moons ago, I guess.
You say " tourists don't head for Didim town - they go to Altinkum, i.e the beach front area. Didim town is not an area for tourists, particularly at night, cos everything is closed! and there are no bars etc there, so if its the casper slide, or the kiss kiss dance they want to see they will be sadly disappointed! lol

Didim has been regenerated over the last few years and the work continues.
Property sales in Didim are higher than in the resort centre of Altinkum as people bore of seaside resort and want a bit of class. Didim is open 24 / 7 - and it is open 12 months of the year for tourism.
It is different to Altinkum. In Altinkum, as you rightly point out, there are lots of topless men in the "Oy! Oy" bars but Didim is has moved with the times. It is larger, classier than Altinkum and appeals to an international audience. It has the most popular bars, restaurants and even a couple of nightclubs now. It is a 'real town' and not a seaside resort.

So, do yourself a favour and speak on what you know.... This may be Turkey but in some areas, things are changing very quickly. I am sure that if you visit, you'll be well impressed with Didim.

 

[Sunny Days]

It aint gonna be easy....

Hello, this is my first post to this forum,
Has anybody heard of or got any views on a project called Apollonium in Bozbuk. near Didim. Due to be complete this year with the pools ect up and running for May 2009
I have bought a villa on this development and will need to rent it out, do any of the regular contributors have any idea on how easy/hard it will be to rent, hoping the builder will have a company doing this.


Regards Frank

Hi Frank
Due to location, it isnt going to be easy. There isnt much in the area to appeal to the widest audience so you will be reliant on the developer to manage everything (lack of competition never a good thing). The development has some great facilities though and the accommodation is classy. The developer is a well connected and professional company so if they apply themselves to rentals they will do well for their landlords.

The area is to be connected to Didim (Altinkum) via a boat which will be a great gimmick to attract holiday makers to Bozbuk - ie best of both worlds - quiet times at Apollonium and plenty to do at night or for a change some days. Part of the marketing ploy here is that residents will be able to 'opt out' on the development OR come to Didim to hop a ferry to Greece, check out the marina and all its facilities, party at the 7 star hotels etc......ie appealing to monied people (not the typical Altinkum audience). Your likely clients will be Turkish and Central Europeans. Historically, rentals in this area were limited to Altinkum (as it used to be the only sign of life in these parts) but gone are those days and now more money is being ploughed into the wider area. Didim as a whole was made a Tourism development Region in February 2007 and Bozbuk comes under the boundary of Didim.

Due to financial situation in 2008 onwards in UK, USA and much of Europe, there will be more owners wanting to rent to earn a few pennies and 'experts' are predicting that fewer people will be able to afford to go on holiday in 2009. Having said all of this 2008 has been a bumper year for holiday rentals for my company - based in Didim. Also, a plus here is that Didim Council is spending a fortune promoting Didim as an international holiday resort......and from what I can see, it is working. Our renters this year have been about 50% British - the rest from all sorts of far flung places....and Im pleased to say that the non-British/ non-Turkish have more pennies to spend while they are here in Turkey, generally speaking.

In summary, you will be reliant upon the developer to do their best for your property when renting it out and you have bought in a niche area.....but there are a lot of support mechanisms around which will with time generate more business for developments like Apollonium.
Dont have high expectations about how much you'll earn the first year as the first year is always the slowest but within a year or so, the development should be generating the right bookings if external parties continue their good work in the area.

 

[Aegean Emerald Properties]

Hi Aegean Emerald properties

When did you last come to Didim??? haha - many moons ago, I guess.
.

Sunny Days - I live here and have done for several years. I don't know where in Didim town you visit at night, but please inform me what restaurants, bars, shops etc are open in DIDIM TOWN past 8 o'clock in the evening that would appeal to a tourist? The developer is marketing his development as being 15 mins from didim town - I still fail to understand what would generally be attractive to a tourist in the town itself?

Perhaps you are speaking of the wider area of Didim as a whole - in which case there are things to be found, but as you well know, most tourists head to the beachfront, have a stroll around, get an ice cream, watch the world go by. Even those not interested in half naked boys gyrating around, still head to the promenade.

Sorry to get your back up Sunny days, but it appears to me that you are one of those agents who only tell one side of the story.

The area is to be connected to Didim (Altinkum) via a boat which will be a great gimmick to attract holiday makers to Bozbuk - ie best of both worlds - quiet times at Apollonium and plenty to do at night or for a change some days. Part of the marketing ploy here is that residents will be able to 'opt out' on the development OR come to Didim to hop a ferry to Greece, check out the marina and all its facilities, party at the 7 star hotels etc......ie appealing to monied people (not the typical Altinkum audience). Your likely clients will be Turkish and Central Europeans. Historically, rentals in this area were limited to Altinkum (as it used to be the only sign of life in these parts) but gone are those days and now more money is being ploughed into the wider area. Didim as a whole was made a Tourism development Region in February 2007 and Bozbuk comes under the boundary of Didim..

Bozbuk is known for being the location of Fish farms - generally not a big tourist attraction. Talk of boats to Altinkum being what will attract a tourist? really, isn't that a bit optimisitic - you said yourself it is a gimmick? and do you have exact information of when it will run, how often, what time it will finish each night, etc etc etc? We were waiting almost 3 years for the Kos ferry!!!! As for 7 star hotels, again I think you are being overly optimistic - the 5 star hotels can barely meet the standard. They are 5 star by Turkish standards, not by the standards of most major cities - in reality they are probably a very nice quality 3 star.

Yes the new marina etc will attract a new standard of visitor - but do you know anything about those who holiday on a yacht? generally, they tend to stay on their yachts, and they expect the marina to be equiped with everything they need - a supermarket, a decent restaurant, maybe a bar. They do wander into the main resort area for a look around, but they dont stay there, and they don't tend to be in need of knock off D&G sunglasses so shopping is limited to decent leather and jewellery. Take Kusadasi as a good example - most of the yacht owners stay on board, and shopping is done in the more upmarket shops. It is doubtful that they will then leave Didim marina and stop off only half an hour away to spend another night? why would they go to Bozbuk?

Please, can some estate agents not sell and be honest at the same time? It is possible to sell a property, on its merits, without telling fairy stories. Be realistic about the area you are selling, and the type of tourist that goes there.

Turkey is a great place to own a holiday home - the people are warm and friendly, the weather is great, the beaches are clean and the water chyrstal. The main attraction of Didim is its price and its accessibility. If someone wants to buy off the beaten track and enjoy a quiet relaxing holiday in a small fishing village then Bozbuk may well meet the bill, but it is not somewhere to buy if you are buying-to-let, as Frank admits he is.

A good agent would have steered him away from such a development as it is as clear as the nose on your face that this development is not one for those who need to rent regularly to help fund the property. It is aimed at a niche market - maybe in 20 years time Bozbuk will have expanded and be a known tourist area - I wouldn't be surprised, but that is a different issue - it would suit those who want to buy for investment with a return many years down the line.

Finally, despite all the great 'amenties' on this development - its just window dressing - the developmet would have to have all these things, cos its in the middle of nowhere, touristically speaking.

Anyway, IMO its is WAY overpriced with prices for 2 bedroom apartments starting at £68,457, and 3 bedroom villas starting at £96,761. If you really wanted to live in Bozbuk you could buy land and build a stunning sea front villa with 5 or so bedrooms, private pool, landscaped garden etc for less than £96k

 

[Lysos]

Sounds as if Frank fell for the agent's hype; wouldn't be surprised if he bought off-plan without visiting the area. The developer may have 'hinted' at a rental facility to aid sales, but after he's sold the properties he has no incentive to take on the hassle of finding tenants. Also, agents generally are only interested in selling new property as this pays the highest commission; you don't see many agents actively marketing resales.

I like Turkey, been many times (admittedly not Didim) and there is an oversupply of property to rent or buy, plus very good value hotels.

Frank's best bet is to market the property himself on a site such as Owners Direct, but he'll need someone in situ to take care of cleaning etc. & handovers. Bottom line - bad investment at this time.

 

[Aegean Emerald Properties]

Sounds as if Frank fell for the agent's hype; wouldn't be surprised if he bought off-plan without visiting the area. The developer may have 'hinted' at a rental facility to aid sales, but after he's sold the properties he has no incentive to take on the hassle of finding tenants.

Frank's best bet is to market the property himself on a site such as Owners Direct,

I agree Lysos. As an agent myself I hate this type of sales tactic - as I said earlier, a good property at a fair price doesn't need fairy stories to sell it.

Also, agents generally are only interested in selling new property as this pays the highest commission; you don't see many agents actively marketing resales.

While I agree to a point Lysos - we are not all like that! Our sales are about 35% resales, so not all agents are just after the quick buck! however we are realistic with customers who want to resale and expect an unrealistic sales price!

 

[Sunny Days]

Quote Aegean Emerald properties:

Sorry to get your back up Sunny days, but it appears to me that you are one of those agents who only tell one side of the story.

Again you are talking about what you dont know.
You shouldnt assume...it makes an ASS-U-ME

I'm sure that you have your merits as an agent but spouting off and opinionating are not good ones.

 

[Aegean Emerald Properties]

Again you are talking about what you dont know.

based on your posts which only have the positive side of what IMO is an ill advised investment on Franks part, I maintain my opinion that you promote the positives of this particular investment, without seeing the clear negatives.

I do not believe I am not talking about what I do not know - I am giving an opinion based upon the information you gave - this is not an assumption, it is an observation coupled with my opinion, which has been formed by reading your post.

you were the only one making assumptions when you 'assumed' that I must not live in Didim. Would still be interested in answers to the questions I posed to you in that regard.

If Frank is still around, I would still in interested to know how he came to buy on this complex - was it without a trip to Bozbuk? and did he seek out any advice on the area prior to making his purchase?

Frank if you are still around, perhaps you could let us know. I know it is discouraging to hear some negatives about your purchase, but if you give us some info, we may also be able to give you some advice on future action, such as some inventive marketing strategies to entice the niche market you need to aim at? You may get some help on turning what could be a potential negative into a postive.

 

[TH4S]

Aegean Emerald Properties
Please, can some estate agents not sell and be honest at the same time? It is possible to sell a property, on its merits, without telling fairy stories. Be realistic about the area you are selling, and the type of tourist that goes there.

Emerald what a great statement,

SS..Do you really have to use 'bad words'.?it's not nice, and it dont look good, there could be future clients looking in,

 

[Frank-England]

Hello Guys
Thank you very much for making the effort to reply to my post,
I have got a apartment in Calis, which I am very happy with, but at one time it did not look like I was going to get the correct Tapu, as it is built on TTA land. It was during this time that I went on a trip to Didim area, and have now paid 40% of the purchase price for a 3 bed linked villa.
I did not originally intend to get 2 properties in Turkey, but as had put money down on both I decided to go for it, as I believed the hype from the agent.
Now with money getting harder, and more expensive to loan, I wish I only had the one, as I would then be in my comfort zone, but now with the downturn in the market worldwide, including Turkey. I am worried that I may end up paying for a Mortgage for a property and getting very little out of it.
I am considering pulling out and would then most likely lose the money I have paid, which would hurt a lot.
Do you guys think that things will improve in Didim/ Bozuk area in the next couple of years ??
I believe the builders have used Lotus Holidays to let their developments, does anyone have any experience of this company ?
With the property in Calis, I let this out thro Holidays lettings, I have only 2 customers for this year, but I am happy with that as also use it myself for 5 weeks, but as I have to work for a living like most people, I would not be able to make enough use of 2 places.
Love turkey and its people, think in time it will be and should be very popular.

Regards Frank

 

[Lysos]

Stayed in Calis Beach last year. Nothing special about the beach, no charm, lots of unfinished new builds, even more across the bay around Fethiye, Heronnisos etc.. I think you were lucky to get two customers. Local agent admitted he'd only sold one property in 6 months. Eventually the market will become more positive, but all that means is the locals will start more speculative building and you'll be back where you started. Take the pain & pull out of this other purchase. If you really owant a propery in that area, wait a while and buy a distressed resale (from someone just like yourself who believed the agents' hype).

 

[kinggoey]

Hi frank
i have also purchased in appollonium and thinking of pulling out
i have been reading your enteries into your blog with interest

i do agree that the appollonium site is off the beaten track, personally i dont think the rental will be that great
i didnt secure the euro and now has fallen on its backside i am in difficulty

also have you ever been on a website called eye on worldwide
you can register which is free and then go onto appollonium in turkey and read about some other owners
what is more important is too click on the lakeside link which is also being built by artev, the comments on there are in the whole disappointing
as you clearly mention lotus is the company that will own the rentals for lakeside but they are charging 50% of the rental income
other concerns are about the parador
did you purchase through this agent in the uk?
well the uk arm has gone into administration but the turkish based parador are ok! apparently
i have a friend who purchased in lakeside and is now pulling out
she is having major hassles with artev claiming her money back and they keep changing the contract

things are not looking good and i intend to pul our shortly at a loss of 5k
kinggoey

 

[Frank-England]

Hi Kinggoey


Yes I was Parador I bought from, I have put down a lot more than £5k so have decided not to pull out.
Do you know what rent there are asking for Hillside ?
I will check out the web site you recommended soon.
I hope Parador are still OK in Turkey as part of my deal is a furniture pack from them.

Wish you luck.

 

[kinggoey]

hi frank
i have just been on the website i recommended in my previous email and the news is now worse
parador turkey has also gone bust on 31/7 and i guess along with them goes our free furniture package
i am not sure of the rental charges but if you look at the other website, you may find out these details
i am gonna pull out and hopefully artev wont go pop as well
kinggoey