Property in Turkey no longer a good investment.

Just got back from Side in Turkey, good weather, friendly locals, interesting history and some attractive scenery.

But unfortunately the investment opportunities for holiday property have now just about gone.

In recent years the Turkish holiday property builds have boomed, but the rental demand has not materialized resulting in massive over supply. I also found a complete lack of regard to native building traditions and culture in the rush to build, resulting in unsympathetic developments, urban sprawl, and in the later projects, cramped developments to maximise profit for the developer.

I also found unrealistic property prices quoted to foreign visitors, compared to the Turkish domestic market.

All the above, together with the current uncertainties in the economic climate makes Turkey a poor investment opportunity.

www.telegraph.co.uk

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Buyers beware of Florida Countryside
(aka Countryside International).

Side in Turkey - a quick break or somewhere to buy?

Turkish Property Developers named & shamed

Ersa Homes in Side, Turkey, who have very close links to Countryside International (aka Florida Countryside) have been named and shamed, for the failure to honour their contracts

Side in Turkey - Ersa Homes named and shamed

Named and Shamed by http://www.sideproperty.com

Brits in Turkey Threatened with Guns

All is not well in Anatalia in Southern Turkey. On a new housing estate development (a koop) in Side, Brits who have been promised completion on their villas are kicking up a fuss some 2 years on and in retaliation by the Turkish Developer have been threatened with guns to keep them quiet.

Alison and David from Sidcup bought their villa from an Agent in Turkey in September 2004. They were promised that the complex would be completed in May 2005. They did not immediately receive their title deeds when they completed.

In October 2005 when they retired to their overseas property in beautiful Side on the Med they found the complex still unfinished and full of rubbish. It was a nightmare scenario. It was actually more like a slum land shanty town. There was no electricity and it took 6 months to install it even though they were promised it everyday. It is still an emergency supply and paid for monthly in cash!

The water supply is intermittent depending on the demand from the local tourist Hotels. Today the complex is a complete mess and is more like a building site with unfinished villas lying empty as Brits default due to the broken promises from the Developer Alkakus.

Roadways and pavements are half built, landscaping is non-existent, swimming pools have not been installed properly, and villas are poorly finished. It is all part of a Turkish real-Estate co-operative (ko-op) and eventually the complex should belong to the Residents but the Developer has been using funds gained from the complex for other projects and refuses to complete on his promises.

Things are now so bad that when Alison recently complained and threatened to expose the story to the UK Press she received a visit from known associates of the Developer with guns in hand. The advise was simple,”Shut up or else”.

Other residents have been similarly threatened and told the complex will never be signed off unless they keep quiet. A settlement license is required when they do complete and allegedly this will be in the form of a bribe to the local authorities where of course the Developer has many friends.

The residents are hopeful that the Turkish Government may take an interest in their plight but to date there has been no contact made despite many calls and emails to various Departments. In true Brit style they are still incredibly optimistic about living happily here on their complex and want to see it finished so that they can all get on with the pleasant retirement they were always promised...

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