House prices to fall?

TimothyCadman


Joined: 13/12/2007
Posts: 1040

Message Posted:
22/02/2008 12:32

I see from the Cyprus Observer that there is a glut of new homes available in Turkey and as such the prices have collapsed by upto 40%. They blame lack of investors and Tourists; especially the Brits.



Could be that we may well have to follow suite?

steelman550


Joined: 06/01/2008
Posts: 41

Message Posted:
22/02/2008 13:15

Timothy,

Visited Turkey last year looking at properties and could see that they were building complexies everywhere. I'am not surprised to hear that the prices have collapsed, as i thought that they were over priced in the first place.

Will N.Cyprus follow, i don't think it will happen as i think we have better value for money , don't know what would happen thou if they started to increase their prices.

The question regarding tourists, maybe if the Turkish airports weren't as extortionate, with there rip off prices, they would have more British tourists passing through.



Sam

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
22/02/2008 13:32

hi tim

i would not personally take too much on board to what the papers say especially the cyprus observer!!!

it is true that the housing market did suffer a bit last year, but i would say it levelled out because over the last few years especially in marmaris which is considered to be the most expensive place of all the resorts to buy, there had been a big surge in development and prices i.e 2-3 bedroom flats selling for 100k and they were still selling no problem, last year tourisim did suffer a bit so this would defo have a knock on effect, but also developers are starting to see they cant get over a 100k for a apartment where people are going to use it for a holiday home, brits have already remortgaged themselves up to the tilt and if interest rates rise more they will have no equity in their homes,

too say 40% is a bit of a wrong figure i would say 10-15% is more of a accurate figure, but this will increase again when people have ventured to other countries like bulgaria, romania etc to look for holiday homes and found nothing

so belive you me turkey and north cyprus has nothing to fear like i said we might have a year or so of cheap house prices but that is not such a bad thing because this will bring back the buyer and it will defo be a buyers market in turn this will promote more sales and within a year or two prices will once again increase maybe turkey joining the e.u and the cyprus problem hopefully being resolved

so my final comments we have nothing to fear because developers are still building if not to sell right now but for the forseable future and like what i have always said the best investment if you dont owe a lot of money is always in bricks and mortar

warm regards

ukturk

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
22/02/2008 13:59

hi steelman

i live in turkey for most of the year, and agree with you airport prices are a rip off i.e macdonalds and kfc in dalaman airport (there has been big discussions with tour companies and the government concerning this) but its not just the airport prices, it is a few factors like the cheaper tour companies tend to fly late at night becuase its cheaper than prime time so all the tourists come in late then they got a hour and a half bus journey to get to their resorts, then because some resturants and bars have not been doing to well in the season they hike up the prices where turkey has been well known for the cheapness of their food and drinks, and last year this had a really bad knock on effect because turkey and the tourisim companies lowered their prices and so did hotels and resturants and this was quite bad because it encouraged the lower class of tourists (not trying to be a snob)

just to ask where was you looking on buying in turkey and if you are not put off i can help because i have many contacts in the developing sector

regards

ukturk

dobbo



Joined: 13/06/2007
Posts: 72

Message Posted:
22/02/2008 14:23

I have read some where that there is an area in Turkey where you can take a cable car from a beach resort up to a ski resort. Has anybody else heard about this and if so which town is it in, also what are the ski resorts like in Turkey.



With Regards



John

Tiggy


Joined: 25/07/2007
Posts: 1994

Message Posted:
22/02/2008 14:26

Uturk, or Erkan!



You are spot on about the blip in the market. We left Lanzarote in May with the slow down just starting, also with the EEC bank raising rates.



Believe me what we had in Lanzarote was a two bed flat with balcony which was sold and we invested around the same amount in NC. We will be getting a 4 bed luxury home with pool and a lovely big garden, off street parking and sea views with lovely Cypriot people surrounding us. NC is pound for pound the best investment around.

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
22/02/2008 14:48

hi john

you are talking about antalya in a resort called saklikent, on one side of the mountain their is snow and the other side is the sea, but you have to time it right to get the best of the both, i would say begin of april where there is enuf powder but on the other side its warm enuf to catch some rays link below

http://www.saklikent.com.tr/en/index.htm

ski resorts are second to none most of these resorts are situated between istanbul and ankara like bursa - uludağ - kartepe - kartalkaya ive provided a link to most of the popular resorts

http://www.snow-forecast.com/countries/40/resorts

hope this helps

regards

ukturk

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
22/02/2008 15:27

hi tiggy

i bet you are glad you got out of lanzarote, was really nice years ago but has lost its appeal with all the bars like linakers and all the club 18-30's, i used to love that resturant at the top of the volcano forgotten the name

but like you said turkey and north cyprus are pound for pound the best investment places in the whole of europe which will yield a strong return not just in the short term but in the long term and many more years to come

regards

ukturk or erkan

steelman550


Joined: 06/01/2008
Posts: 41

Message Posted:
22/02/2008 16:45

Hi UKTurk,



Thanks for your offer of help, we were looking around the Bodrum peninsular with a company called Dream Homes. We did see a few places that we liked one of which was Turquiose by Artec ( i think that was what they were called )

and we very nearly signed. We felt however that we had not given ourselves enough choice, so then we went to North Cyprus. And the rest as they say, is history.

Thanks again

Sam & Fiona

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
22/02/2008 16:58

hi sam & fiona

yes i have heard of dream homes they advertise a lot at the airports and a lot thru magazines, and i have seen the development to, nice but a bit costly in my view and i do prefer the marmaris region (i would say that i am biast),

its very hard to choose between turkey and north cyprus thats why im in between the two places my homeland (cyprus) and my motherland (turkey) some would say best of both worlds!!!! lol but not forgetting being raised in the u.k

warm regards

ukturk

steelman550


Joined: 06/01/2008
Posts: 41

Message Posted:
22/02/2008 18:22

Hi UK Turk,



Bit of a nomad eh! lol, bit like us, we are both Scottish living in Wales with a holiday home in North Cyprus. The world is getting smaller all the time and more accessible.

Maybe bump into you one day when your in you homeland, effes on us for being so helpful and informative.



Cheers

Sam & Fiona

dobbo



Joined: 13/06/2007
Posts: 72

Message Posted:
22/02/2008 23:39

hello ukturk



Thanks for information!



With Regards

John