Not UK now it is Turkey now

[mitchell]

Hi guys,
long time reader, first time poster here. I've got 40K burning a hole in my sky rocket from selling up in August. I?m now renting and waiting for the UK drop before I buy here again, so was thinking of investing my dosh in one of the ascension Euro states where it seems are the only areas left where you can make some capital appreciation on property these days.
I was thinking of Turkey what with them desperate to join the EU and all, and Europe wanting them in as a bridge to the Muslim world. I?ve seen brand new apartments in the Bodrum area (which I?ve visited before) for a mere 40K.
Thank you
Mitchell

 

[moises]

Hi Mitchell,
I very nearly bought a lovely 3 bed detached house in Bodrum last August, for about £95k. I pulled out at the very last minute, my reasoning being:

1. Even the agent warned me I wouldn't be able to rent it out easily, due to the very large numbers of properties now available
2. I would need to see 10% pa capital growth just to cover my loss of bank interest, site fees, inspection fees etc. etc.
3. I reckon the expectation of joining the EU is already in the price - there's only downside if they don't.
4. It wasn't worth the headache of worrying about an unattended property so far away.
5. There's an absolute glut of properties for sale
6. Just because it's a lovely place doesn't mean I can't just rent someone else's for a holiday! I was also worried that I'd feel obliged to spend every holiday there.
7. It's an earthquake zone!
I feel vindicated in my decision not to buy as I notice that the property (and many others that we saw) are still up for sale at August's prices.
Cheers
Moises

 

[TH4S]

Yes i agree.7. Turkey is a earthquake zone!

However thousands of British visitors still come to buy in turkey each year.!Earthquake insurance is approxmatly £40 per year.

ps.
A 3 bedroom in bodrum for £95.000 was far to much.

 

[aquila]

Always Issues

Hi

I just joined and this is the first thread I have looked at so my first comment is in agreement with the last post- if you want to look for issues in buying property abroad there will always be some, be it Turkey, the US, anywhere. It is always a bigger risk than in your own home town. All you can do is cover all the bases. Owning abroad is never easy (is anything) but it does have great rewards if you get it right.

Brian

 

[TH4S]

Brian
Hi and welcome.please continue to read contribute and enjoy

TH4S

 

[Lysos]

Mitchell.
It doesn't matter where you, short term holiday rentals will never make you a profit, and as moises points out there is a glut of properties in Bodrum (and most Turkish resorts). Even when times were good there was an oversupply; in today's market that problem is magnified many times over. £40k ?. Buy a terraced house in the NW of England for £30k, refurb for £5k, let for £400 per month.