Hi Dannyboy,
prices here in Turkey are not dropping as quickly or by as much as in Europe. However, you will be aware that some properties have been overpriced from day one, as they are aimed at overseas buyers and therefore are not priced according to the local market but according to the market in the UK/Ireland etc. Some developers have priced properties based upon how much they think the Irish/British/Germans can afford to pay, rather than how much it is worth, market value wise.
This is something you need to look into. The only way to know if you are paying over the odds is to shop around.
If you want to PM me the details of the properties I could give you a ball park price value.
If you are paying the fair market value, then prices won't drop too much more. Many big developers would rather wait and leave the properties empty and wait for the market to improve than to sell it below their development costs. If they are a big company they may be able to afford to wait.
If your property is priced at a fair market value, then now is as good a time to buy as any, the only real way to save is in regards to the exchange rate. At the mo its really good for Euro, factoring in the price reductions and currency rates you could make a substantial saving.
On the other hand, if you find a developer who is strapped for cash then you may be able to make a real bargain - but bear in mind if he is desperate for money he may not be able to complete the development, and you could end up being the only completed apartment in your complex. If you are looking for one of these bargains, make sure yours is the last apartment available, or better yet get a bonded receipt for the property.
Don't just trust what the EA/builder tells you regarding the market value - it is often over inflated.
We pride ourselves on valuing our properties within the market value - this is why we also manage to sell to Turks, as they know the prices are fair. We don't charge a premium to foreign buyers - but not all agencies work as we do so be careful.
