Property in Turkey has experienced a boom in 2011, coming to the front as the first choice for overseas property buyers and overtaking previous property hot spots such as Spain and Italy as a favourite for investment potential. Wrist watch are available in all ranges from branded to cheap one.These watches are also attractive and stylist.It is good for those want to change their watches according to their clothes.Thanks for wonderful post.As Turkey develops and grows to become one of the strongest nations economically speaking in the world, investors are flocking to Turkey to purchase a property. Here we have our 2011 Turkey property market review with Turkey specialist Cameron Deggin – giving you all you need to know for the new year property sales in Turkey. What has been the big story in the Turkish property market in 2011? The biggest story/news in Turkish property market is the new bill debated in the Turkish parliament, expected to be law by early 2012 that will relinquish the reciprocity law in foreigners buying property in Turkey. Under current law, if a Turkish citizen cannot purchase real estate in a country, then the citizens of that said country cannot purchase in Turkey under the current law. This includes most Middle Eastern, some ex-Soviet, most African and far eastern citizens. Once the law changes, citizens of these countries will be able to purchase freehold property in Turkey. This is a significant development as there is very high level of interest in Turkish real estate from citizens of some of these countries particularly Middle East and Ex-Soviet Republics. This will most certainly increase purchases by foreign nationals in 2012 and beyond. We expect at least a 50% increase in 2012, mainly driven by Middle Eastern and Ex-Soviet citizens. Has there been any shift in buying trends? What is selling - in terms of value, style, type? Major and most notable shift in buying trends is the reduction in the volume of second home buyers – that is holiday home buyers (resort type properties from £50,000 - £200,000, what we term as ‘mid-level’ properties), who historically rely on equity release in their home countries. We have witnessed a sharp increase in individual investors and high-end property purchases. High-end buyers (seafront villas and those offering unique attributes, generally priced in excess of £500,000) are switching from Spain, France, Italy and other former hotspot countries to Turkey in line with Turkey’s growing economic strength and increasing appeal in general. Investors are more attracted to city properties, mainly Istanbul followed by Antalya city (price range anywhere from £60,000 for small apartments in Istanbul and Antalya to several million GBP for 10-20 bedroom boutique hotels in the heart of Istanbul and renovation projects of old historic buildings in Beyoglu and Taksim areas of Istanbul). They are tempted by strong rental yields and capital growth potential of prime location real estate in Turkey, tipped by financial think-tanks such as PWC and Deloitte Consulting as the most promising real estate investment market in Europe. There is a marked rush by investors in the know. The Euro zone being in crises also helps to increase Turkey’s appeal as a stable and upwardly mobile investment destination. What do you expect to happen to Turkish property prices next year? Any new projects, hot tips on things to look out for? I do not expect a major price change in the mid-level holiday home market. I do however, expect some price-offs to offload surplus stock in less attractive resorts such as Alanya, Altinkum and Didim, therefore I would not recommend areas with high build density relying purely on tourism. I anticipate moderate gains in the seafront homes sector, particularly in areas where there is limited availability, such as Kalkan, Kas, and some parts of Bodrum peninsula. For keen sailors, I strongly suggest checking out the route from Bodrum to Kas – It is not only idyllic but with plenty of opportunities for seafront homes with water access at only a fraction of what the same would cost in France and Spain. In my opinion, prime location property prices in Istanbul in particular, will carry on increasing next year despite the global economy still showing no signs of recovery. Prices of Prime location real estate in Istanbul, Bodrum and several other locations favoured by the Turkish elite, are not at all fuelled by foreign buyers. As a matter of fact foreign buyers represent only a very small fraction of the market turnover. It is the growing wealth amongst the middle classes of the Turkish society that gives a strong push toward prime locations. For foreign investors this represents a great opportunity to get in when prices are still appreciating and will do so in the foreseeable future, however, prime locations are not low-entry areas, this should be noted. Which is the best area for holiday rentals? Why? Best areas for holiday rentals are Kalkan, Konyaalti in Antalya and also Ovacik/Hisaronu areas in Fethiye. In terms of yields (rental gains as a proportion of property purchase costs), these areas rank the highest in Turkish coastline. Yields up to 7-8% are possible on new built homes, although a favourable average is about 6% (which is some 30% higher than London rental yield averages as comparison). In Kalkan property prices are higher compared to Fethiye and Antalya, however, absolute weekly rentals during the holiday season (May to October) are significantly higher amounting to £3,000 per week for seafront homes with modern design. In Fethiye, it is possible to achieve £800 - £1,000 per week; as a matter of fact we have several offers that come with £12,000 per annum guaranteed rentals on 3-4 bedroom detached villas in Fethiye area that cost around £150,000 - £170,000. In Kalkan, we manage and rent several high-end villas on behalf of clients who purchased through us and deliver rentals ranging from £17,000 to £35,000. For those looking for holiday homes with the added advantage of stable and strong rentals, I would highly recommend these areas. However, for investors after a buy-to-let strategy with a strong focus on appreciating areas for solid and rewarding exit strategies in say 5-10 years, I would heavily tip 2-3 bedroom apartments along the seaside stretch of Konyaalti, Antalya, where internal demand from Cheap Breitling Replica Turkish dwellers more than outweighs tourism revenues, hence generating long-term assured tenancies. We currently have several projects in this area offering up to 10 years guaranteed rental income at 6% net annual yields. This indeed is a viable investment strategy in a country, whose GDP growth in 2010 was in excess of 8%. Which is the best area for relocation? The best areas for relocation are Antalya (and neighbouring towns such as Side, Kemer), Fethiye and then Bodrum, benefit from having Antalya city, the hub of the south coast, at their doorsteps, hence year round life and perfect Mediterranean climate. Fethiye is a working town; tourism revenue is second if not third income generator for the area after agriculture and farming. Fethiye Town and Calis districts also have year round living as well as amenities for British ex-pats. Bodrum Town is rather sophisticated, has an English school and a quiet but stable life in the off-season. Any changes in law, buying Breitling Replica Watches process that buyers should know? If not, what can they expect - what are the typical buying costs? What is typical LTV for mortgages? The biggest change in the law and buying process of property in Turkey is the new bill expected to be made law by the Turkish government by 2012. This new law will take away the reciprocity law in foreigners buying property in Turkey – enabling nationals from almost every country in the IWC Replica Watches world to purchase a property in Turkey, once this new law is bought in we expect to see more and more foreign nationals purchasing property in Turkey. In addition, we expect military clearance process to be abolished before 2014, which will make purchasing in Turkey a much quicker process, as quick as ‘one-day’. Currently the military clearance takes up to 3 months, before which title deed cannot be obtained. Typical buying costs are plus/minus 8% on top of property price, mainly made up of stamp duty 3.3%, buyer’s fee 3% and legal fees around £1,000. These are one-off costs and ongoing costs of ownership are rather low compared to say Spain, France and Italy. Council taxes, insurances etc. should not exceed £400 per annum. Mortgages are available via several Turkish banks in Turkish Liras and also several European Banks in Euros. Euro mortgages are currently offered at rates of around 4.2%, however, criteria applied are very stringent, and Turkish Lira mortgages are at IWC Replica around 7%. Typical LTV is 30/70, however, surveyors’ valuations are carried out in a very conservative way, therefore if you are planning to take out a mortgage, please make sure you have at least 40% capital to put down as deposit and purchase costs.