Property investment in Turkey — please advise?
My partner has been insisting to invest in international property in Turkey, Bodrum. We came across a stand at the home expo and since then she is very excited and has been raving about it every day. The property is a apartment in a resort project which is not even complete. And the fact is you dont own the apartment solely, as its not freehold or leasehold, but you are part of a company. The company rents out the apartment and gives a share of the rent to you. You allowed to stay in your apartment for only 3-4 weeks per year, rest of year it will be rented out to tourist. But thing is i am abit wary about this. Does anyone know whether this kind of investment in Turkey is a good idea.
One other thing.. she wants to get 2 other friends involved in the investment so it will be me, her and 2 of her friends… (4 people in total)
Any advice please as im really confused ?? thanks in advance
i wouldnt listern to the bad points you hear, remember every story has two sides. i believe its a great investment plan for you. property is rising in turkey every year, just last year alone it rose by 50% and in the next two to three years its ment to have risen by 100%. so just think of how much the value of your property will have risen by in 10 years. and if turkey does join the eu then you know the country will gain economical stableness. so i think the only thing you have to worry about investing in turkey is that once your in your property you will not want to return back home.
Filed under: property investment advice
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be careful my sisters mother in law married a turkish man who is a lot younger than her
everyone gets involved in your bussiness
there are some real rougues out there she ended up with a nervous break down and had to come home for a while
there is always someone waiting or a hand out
be careful
good luck
References :
Turkey is very unstable economically country. Therefore, there are many started projects to involve the capital into the country. It is better to buy something ready to use. Otherwise, you may wait for your new property for 10 and more years. And much better to buy nothing there and complete your purchase in Montenegro
References :
i wouldnt listern to the bad points you hear, remember every story has two sides. i believe its a great investment plan for you. property is rising in turkey every year, just last year alone it rose by 50% and in the next two to three years its ment to have risen by 100%. so just think of how much the value of your property will have risen by in 10 years. and if turkey does join the eu then you know the country will gain economical stableness. so i think the only thing you have to worry about investing in turkey is that once your in your property you will not want to return back home.
References :
Because you listed the house price in pounds sterling, I am assuming that you are based in the UK. For this reason I would be more inclined to go with a property investment based in the UK. You could put down two deposits for two £100k houses, (£20K each) and in ten years pull out £200k profit.
Even if you decided to sell up before then, their would still be a decent yield on your initial investment. I realise that this argument is not relevant if you were just looking for a holiday home, but I hope it helps a bit more.
References :
http://www.simplepropertyinvestments.com/propertyinvestmentprocess.php
http://www.bbc.co.uk/homes/property/