Summertime

Golden Girls
Financial crises
Have been looking at apartment prices this summer, they have gone a lot up since last summer, how can that been explaned, when the prices on houses and apartment have fallen all over the world. I thoght I could buy a 2 bed apartment for cheaper price than last year. When nobody are asking for apartment the prices will fall, when everybody wants to buy the prices will be higher?
 

KKOB

Completely Chillaxed
Financial crises
It seems to be a Turkish thing. We've noticed it around the Fethiye area too.

Times are hard, there's a worldwide recession, so let's increase the prices of the apartments and villas we're struggling to sell. Mind you, I can see their logic. If they sell one property, they've made as much profit as they would have done selling 2 or 3.
 

carolk

R.I.P
Financial crises
I think we have all noticed this strange phenomenon - Ive never seen this any where else but here!!
 

PASH

Member
Financial crises
I also noticed that when the Euro was really high and the Pound low, they changed all their pricing in Yalikavak into Euros from pounds making another 20%
 

bobthenob

Non Active Member
Financial crises
l just cannot understand this mentality.lf the houses aren't moving as fast as they are building them,then the housing industry comes to a stop.
Surely the logical solution would be to lower the price by as mush as 30% to kick start the movement again.This will to get rid of the many hundreds of thousands of empty properties littering the landscape.And boost the economy.
To keep the prices as they are will only leave the properties to deteriorate,because they are not being occupied.
 

PASH

Member
Financial crises
Well Bob, if my developer was anything to go by, i do not think he had two brain cells to rub together, hence logic does not enter into it - just stupidity!
 

RIK

Member
Financial crises
Yep, as somebody has already said ' it's a Turkish thing ' Opposite me on our site is a villa that was for sale seven years ago.It has stood empty but goes up in price by 5 or 10 thousand Lira each year.Whoever owns it pays the maintainance charge every month and according to our security pays everything else as well.Can't believe it but it's true.

Ian
 

bobthenob

Non Active Member
Financial crises
Yep, as somebody has already said ' it's a Turkish thing ' Opposite me on our site is a villa that was for sale seven years ago.It has stood empty but goes up in price by 5 or 10 thousand Lira each year.Whoever owns it pays the maintainance charge every month and according to our security pays everything else as well.Can't believe it but it's true.

Ian
Can't they work this one work out.Surely it doesn't take many brain cells to think this one out.
The person that owns the empty property[which is most likely the builder] is burdened with these charges by having to pay these every year.Now if he only just thinks about it.lf he sells the property at a loss to make the property attractive to potentail buyers,then he will be in pocket and the burden of draining more money is gone from him, once it is sold.He has the money where he can invest it in the bank and make the money instead of losing the money.Or is he avoiding the payments hoping he will burden the buyer with a history of non payment of bills.

There is a property just 50yds from me,that has been left unsold for 4 years now.lt was built very badly with cracked walls and uneven foundations leaving the place to move.Yet this builder is still insisting of putting the price up.lt costs a lot more now then it did 4 years ago when it looked fairly decent to sell."Where's the logic".He had quite a few viewers and they just come and go,well he had the chance and he blew it,because he is not thinking what is reasonable.
 

panther

Member
Financial crises
Three years ago one could never sell a resale. It was all new apartments the agents were selling as everyone knows the 10% plus commission off builders.

If a resale sold it was not near the price of a new build.

Now the roles have reversed due to the many people who have become a victim of fraudulant builders, agents and solicitors.

Resales are keeping their price now and of course that paperwork and snags sorted out.
 

Summertime

Golden Girls
Financial crises
Three years ago one could never sell a resale. It was all new apartments the agents were selling as everyone knows the 10% plus commission off builders.

If a resale sold it was not near the price of a new build.

Now the roles have reversed due to the many people who have become a victim of fraudulant builders, agents and solicitors.

Resales are keeping their price now and of course that paperwork and snags sorted out.
Does it means I can sell my apartment for a high price, put the money in the bank and buy another one this winter?
 
Financial crises
Hi Ase,
you can advertise your property for whatever amount you want to and if someone agrees to buy at that price,then thats fine.
However,it depends how quickly you want to sell as the property market is very slow all over the world.
You have the advantage of having the Tapu and Iskan.
Good luck with selling and lets hope you find someone who wants exactly what you are selling......................by the way,it is a lovely apartment
 

mikehibb

Member
Financial crises
We actually bought our property the same week that the pound took a sudden crash, it then continued to fall.
Luckily we had already agreed to pay in GBP at the exchange rate of the day when we first viewed and fixed it there and then, it was not a resale but it was completed, one of the last few that the developer had on a fully completed site. Developer did not try to change price at all, and it was a couple of K difference over one week.

Just a few months later another of the last few sold at nearly full asking price.

The reasons I can see were mainly due to completely finished site, already occupied by some full timers and a few very regular visitors ( not the two week a year type, no disrespect just commenting on a fact) Makes the site look much better when you see people around, rather than totally empty.
Maturing gardens and plants, green grass, good gardening team.
Also the site has a range of nationalities, not so much of a Brit site.
The last sale was from some one from Euro land, do not forget people in Euroland never worried about the exchange rate, as many Brits do.
The last remaining property I just heard is being viewed with great interest by two families who are also from euro land, so looks like there will be no discount at all on the last one (and they put the price up 10% at the beginning of the season)

Sorry for harping on about euroland people, not complaining at all, we have great neighbours, Italian, Dutch, Belgian just to name the ones that I have met personally in addition to the Brits and Turkish neighbours. The point that I am trying to make is recession or not, there are always people with money to spend on a property at the right price.
Families that have been saving in Euro who have set their targets within their means are still buying. Same with Brits too if their budget can stand the recent devaluation.
On our site most owners use their apartments/villas for themselves, some rent out a few weeks of the year, but most did not buy with the idea of renting to suppliment the original costs/mortgage. (there are a few which are rented out, but they are mainly on long term rents owned by people who were looking for the long term investement, ie they are renting the property at the moment that they intend to retire too in a few years time)
It is all down to budgetting for what you can afford without having to rely on rent income.
Relying on what people tell you about how much rental you can not fail to get is just sales speak, NEVER include that in your calculations.

Maybe we were very lucky, but we did spend a lot of time searching for our property, viewed many many properties.
The biggest turn off was empty sites and gardens that were unkempt.
We tried to remember location locatio location too.
We wanted South/SouthWest facing, any other was not an option as we visit all year round, we also wanted uninterupted sea view with no possibility of future construction in front of us. Obvioulsy this does come at a premium, but it was what we budgetted for as this is the place that we will retire to.

We did not consider off plan, we could have saved a few quid if we had, we did not want to risk future out of our control problems that others on this forum have obvioulsy experienced, our choice was to go for a either (new) resale or completed property from the developer.

( must add that when I say compeleted, our villa was one of the last three on the site, held back for sale after site completion, the exterior was complete including garden landscaping etc, but interior fit out had not been done, this gave us the oportunity to spec out the interior to our tastes all included in the "Finished price")

We do know some people in our region that need to sell, this in my view is not purely due to global recession, my view is that it was down to unrealsitic budgetting in the first place, over reliance on projected rental income and perhaps falling in love with a dream without doing the sums first (never assume easy jet will fly you door to door all through the year, allow for having to fly on scheduled airlines in the winter months)

There are people that do need to sell up, for many unfortunate reasons, personal, health, redundancy/ecconomic etc.

On this forum I hear about many people selling up, and constantly having to drop the price, but this is mainly Brits.
Is this due to the mainly Brit membership of this forum and how recession has hit the GBP?
Are there any other forums, with a more european membership where they are talking about the great properties that they are buying?
I do not know just asking the question.
Or is this due to the people that are still buying going for newish resales on recently established sites with fully completed infrastructure and keeping to the old location location location rule, for example want s/sw view uninterupted sea view ( not "Distant sea viea" as some places now say) and they just scrub off the list anything that does not exactly meet those requirements.

Sorry for long post, and many thanks to anyone that has read it all, whether they agree or disagree with what I have said.
 

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