Turkey: Absentee buyers ‘at risk’

Published 12th Mar 2008

Buyers who snap up bargains in Turkey without visiting the country are risk their cash, says Turkish property specialist Spot Blue…

Spot Blue director Julian Walker says: “The craze for coastal property is exactly how Spain’s property boom started on the Costa del Sol. It’s surprising how many people are simply phoning us with their property order without visiting the country first. Property buyers in Turkey are mirroring British investors of 30 years ago, who bought off-plan properties on the cheap by the dozen before they even stepped foot on a plane.

“It is still possible to make a good investment without visiting Turkey but buyers should heed the following 12 golden rules to stay safe”.

12 Golden Rules
• Find a lawyer who acts independently to the agent or developer.
• Find a reliable estate agent who belongs to trade bodies such as the AIPP, NAEA, FIABCI or the Turkish British Chamber of Commerce (TBCCI).
• Thoroughly research areas, prices and rental potential on informative websites like turkisheconomy.org.uk.
• Make sure you understand your contract and what you are signing.
• It should be written in both English and Turkish, while all changes are agreed, signed and notarised.
• Pay monies into lawyers’ or agents’ client accounts or escrow accounts.
• Search for a comprehensive range of property in the region in the relevant price range and have a choice to choose from.
• Set a budget and stick to it, or at least set your maximum budget.
• Use an agent with offices in both Turkey and the UK.
• Use a well-established agent who specialises only in Turkey.
• Deal with English-speaking people.
• Make sure you retain some part of the payment till you take delivery of your title deed (or TAPU).

Source: ' Move Channel Ltd '

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