Buying Real Estate in Turkey

Buying Real Estate in Turkey

This excerpt is part of a longer article on buying property in Turkey, originally published at the end of 2012. I have been advising people to steer clear of this country for the past thirty years.

I am re-publishing this here for the simple reason that I do seem to have a continuing clientele visiting this site, but the main articles are now available from this website:

http://www.property.org.uk/unique/blogs/unique-property-blog.html

 

Two of you have asked about interesting properties for sale in Turkey. Unfortunately I cant find much. There obviously are interesting properties around but I suspect they are all in places none of you would be keen to move to.

One of the big problems with Turkey is that it’s borders are rather problematical.  If you look at a map you will note that although one of Turkey’s borders, it’s smallest, abuts the EU (or at least it does at the moment, maybe next year half that border will be with Greece). The rest, however, are dodgy areas.

The western half of the country abuts the Mediterranean, Greece, and the Black Sea, with a small border with Bulgaria. However, have a look at the borders to the eastern part of the country. Georgia (nasty trouble spot), Armenia (nasty trouble spot), Iran (potential third world war country), Iraq (already in civil war), Syria (already in civil war). I mean, guys, hold on, is this really a place you seriously want to invest in?

This is not for me, however, you’re asking the questions, so here we go.

First, I cant find many unusual properties in Turkey, which is odd because there are some very interesting cave homes in Cappadocia. They are well inland, to the eastern side of Turkey, so may not be of interest to those who dont speak Turkish. We are looking at an area well away from tourist spots, in a rural mountainous zone, not that far from the border with Iran, with a Kurdish hot-spot not far to the south. Are you still interested? ………

If you wish to read on, go here

3 thoughts on “Buying Real Estate in Turkey

  1. Thanks for the useful info! Currently I’m thinking of buying new house near the sea in Turkey. I’ve already found one reliable company with the main office in London. Their broker helped me to find cheap accommodation in turkey antalya for sale. I’m going to commit a purchase in a few weeks.

    • Not sure how you define a reliable company. The key is that it is in London, the house is in Turkey.

      The questions you have to answer are:
      1- What’s the risk of war, riot, religious intolerance? The answer to that is ‘Very high on all’.
      2- What can you do when things go wrong? Can you cope with the local legal system/speak the language/understand the religion?
      3- Are you happy about investing in a seriously unstable currency?
      4- What’s the resale market like? And is it likely to improve? The answer here is that the resale market is almost non-existent, and is like to deteriorate. Turkey is on a political fault line where Russia meets the West. There is sporadic civil war, and there is religious insurgence leading to racial problems. You should not buy in a tourist area. Sales are slowest. The only sensible place to buy in Turkey for re-sale is in Istanbul.

      I would look at the country as if it were a company. Do you understand it? Do you think it is well run? Are you confident in the directors/political system? How do you sell if things don’t turn out well? (Actually, that is a pointless question. The answer is ‘You won’t be able to sell’.)

      There are many places to invest. Turkey is NOT one of them.
      John

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