bebek

Member
Looking for a 2 bed apartment
Hi all. Pretty much as the title says hoping to purchase a 2 bed, but they are goingblike hotcakes. Some we have seen are gone in days. We cant travel to Kusadasi for another week or so. Any of you selling or know someone who is.
TIA.
 

Rua

Member
Looking for a 2 bed apartment
@bebek sorry I can't help you but I would advise holding off on buying a property in Kusadasi or Turkey for that matter.Turkey is in hyperinflation at the moment so chances are you will be paying well over the odds.Just my twopence worth.

 

bebek

Member
Looking for a 2 bed apartment
@bebek sorry I can't help you but I would advise holding off on buying a property in Kusadasi or Turkey for that matter.Turkey is in hyperinflation at the moment so chances are you will be paying well over the odds.Just my twopence worth.

Youre not wrong but my fear is that it will soon be beyond my reach. It is nuts right now. Do you think prices will fall.?
 

enoch

Member
Looking for a 2 bed apartment
Youre not wrong but my fear is that it will soon be beyond my reach. It is nuts right now. Do you think prices will fall.?
No, building material is to expensive and the locals are buying rather than putting their money in the bank.
 

Rua

Member
Looking for a 2 bed apartment
@bebek well I don't have a crystal ball but just look at the fundamentals. JP Morgan have said inflation will be 55% this year.Foreign debt is off the charts so I don't see how this is sustainable.
We had a property in Kusadasi and when we were looking there were properties that had been on the market for years.I think supply far exceeds demand in Kusadasi(I'm not a fan of the place)
 

Rua

Member
Looking for a 2 bed apartment
@enoch yes it says the locals are putting their money in bricks and mortar but foreigners don't need to do that.There are also articles talking up the number of foreigners buying property.If $250 k is spent you are eligible for a Turkish passport (36th in the world).That's attractive to Iraqis, Iranians and Afghanis.Plus every month it is record number of foreigners bla,bla,bla
 

enoch

Member
Looking for a 2 bed apartment
@enoch yes it says the locals are putting their money in bricks and mortar but foreigners don't need to do that.There are also articles talking up the number of foreigners buying property.If $250 k is spent you are eligible for a Turkish passport (36th in the world).That's attractive to Iraqis, Iranians and Afghanis.Plus every month it is record number of foreigners bla,bla,bla
Don't forget the Russian's they are coming to alanya in droves. All the new complexes are clattering for the Russian's, the advertising is all in Russian.
 

Rua

Member
Looking for a 2 bed apartment
Don't forget the Russian's they are coming to alanya in droves. All the new complexes are clattering for the Russian's, the advertising is all in Russian.
The Russian passport is 46th in the world.
Are the Russians buying?The Russian.-Turkish status quo can change at any time.
 

bebek

Member
Looking for a 2 bed apartment
Some interesting thoughts here folks. I remember the crash of 2008. Some properties fell 70% in Ireland. But house prices have been rising here for years....with no sign of crashing yet. It is insane.
 

Rua

Member
Looking for a 2 bed apartment
I take it you are in Iteland.It reminds me here of peak 2007 in Ireland when there was so much Schilling going on by the Irish government and developers to buy.Cheap property loans were given out in Turkey in May 2020 to keep the property market ticking over. I think there will be a lot of defaulting on loans.
Post a question in general rather than the Kusadasi section and see if you get some other perspectives .
 

esb1841

Member
Looking for a 2 bed apartment
Some interesting thoughts here folks. I remember the crash of 2008. Some properties fell 70% in Ireland. But house prices have been rising here for years....with no sign of crashing yet. It is insane.
Here is a house that sold in Ireland for €26m in 2006 and back on the market for €2.8m in 2015

Its easy to predict that property prices will increase next year but how much of the increase will be down to inflation
I can recall in 2005 people were rushing over to Turkey getting off the plane and 1st stop was to emlak and view properties even before booking in at their hotels.
Some people were paying quadruple the price that a local would pay just to secure their dream property
A number of people had to take a huge hit when it came to reselling those properties in both price and inflation

Claire Sweeney's flogging her house on TWITTER: Star inundated with offers to buy her Turkish holiday home
"I bought it for €250,000 about eight years ago and I’d sell it half-price just to offload it. If anyone’s interested, contact me on Twitter if you want to buy me out.”

There are some people still unable to sell their properties in Turkey as they have been adding the yearly inflation figures to the quadruple price that they already paid and no-one is biting

 
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Tenpin

The Yorkshireman
Looking for a 2 bed apartment
Prices in Kuşadası seem to have jumped significantly in the last few month.

We are around 15km outside of Kuşadası.

People on our sitesi who were advertising their property for 800,000tl in November are now asking 1,250,000 to 1,350,000...and seems they are not willing to take low offers.
 

enoch

Member
Looking for a 2 bed apartment
Prices in Kuşadası seem to have jumped significantly in the last few month.

We are around 15km outside of Kuşadası.

People on our sitesi who were advertising their property for 800,000tl in November are now asking 1,250,000 to 1,350,000...and seems they are not willing to take low offers.
I hope they are not in for a quick sale.
 

esb1841

Member
Looking for a 2 bed apartment
Prices in Kuşadası seem to have jumped significantly in the last few month.

We are around 15km outside of Kuşadası.

People on our sitesi who were advertising their property for 800,000tl in November are now asking 1,250,000 to 1,350,000...and seems they are not willing to take low offers.
Its Understandable
If a person valued their property in Sterling on October 16 2021 at £62,500 exchange rate = 797,500 TL
If someone had purchased the same property of December 20 2021 they would only need £36,250 to =800,762 TL
For today to buy a 800,000 TL property you require £43,500 = 804,750 TL
If someone still wants the Sterling equivalent of their October 16 2021 valuation current GBP to TL rates would indicate a TL price of 1,156,250 TL
Botton line seller values property October 16 2021 with a Sterling value of £62,500 or 797,500 TL
But December 20th buyer only needs £36,250 to buy Seller loses £26,250 of their 16th October 2021 valuation
If buyer buys today buyer only needs £43,500 Seller loses £19,000 of their 16th October 2021 valuation
if they keep the TL property price of 800,000 TL
 
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Kanga

Member
Looking for a 2 bed apartment
You always have a problem if you are dealing across currencies. The only way to deal with it is to agree an exchange rate at the time of the deal, and put it in writing, which can cause other difficulties.
 

esb1841

Member
Looking for a 2 bed apartment
If the op is correct it seems that the current market is in favour of the sellers ie More buyers looking for properties than sellers
I Have seen other posts on other threads where TLF members have suggested an open offer of between 15-20% of asking price
so that would indicate if a seller is looking for cash in the bank of £62,500 they will need to advertise their property for 1,440,000 which has a built in discount of between 15-20% of that asking price which seems to tie in with @Tenpin figures
 

enoch

Member
Looking for a 2 bed apartment
The only time the turkish want their own currency is when they have to part with their money, but you find now if its your money euros will be better.
 

esb1841

Member
Looking for a 2 bed apartment
The only time the turkish want their own currency is when they have to part with their money, but you find now if its your money euros will be better.
I think you will find the same with any nationality not just Turkish
If your selling property
option 1 accept a currency that on a monthly basis is losing its value
option 2 accept a currency that is either maintaining its value or increasing its value especially against the option 1 currency
 

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