Turkey

RonanPJ

What do people think of Turkey to invest in??

Not Kusadasi, along the turkish riviera??

jdivision

Very high capital gains tax, limited demand for second hand homes

medsea

Hi,

Have you visited the Belek are for investments. Belek is the new face of Turkey. The Turkish government are spending millions on the area and intend to promote it as an upmarket family / Golf resort. Plot prices in Belek are having a sharp increase, especially ones located near tourism projects.

A Random Walk

medsea wrote: »

Have you visited the Belek are for investments. Belek is the new face of Turkey. The Turkish government are spending millions on the area and intend to promote it as an upmarket family / Golf resort. Plot prices in Belek are having a sharp increase, especially ones located near tourism projects.

Yeah don't forget the new Disneyland being built there and the International airport and the 42 Championship golf courses.

What do I know about Turkey, it's property ownership law, the language and the value of an investment there? Nothing, as I suspect is common amongst most Irish investors there.

Carpenter

Is there a reason why you are not into kusadasi

Caoimhín

Alanya, Beautiful..
was there last year, its on the southern coast, on the med accross from cyprus. Big irish community and near the Antalanya airport, 30 mins or so.
really, check it out im thinking of buying there myself..:D

jdivision

medsea wrote: »

Hi,

Have you visited the Belek are for investments. Belek is the new face of Turkey. The Turkish government are spending millions on the area and intend to promote it as an upmarket family / Golf resort. Plot prices in Belek are having a sharp increase, especially ones located near tourism projects.

You wouldn't be an agent by any chance with your username?
http://www.medseaproperty.com/

Glenbhoy

RonanPJ wrote: »

What do people think of Turkey to invest in??

Really bad idea, dunno if it's worse than Bulgaria, Romania or Hungary, but not better.

medsea

jdivision
we are indeed medsea real estate... and this is not the place for link advertisement. tell us what are you asking and we will try to help you

medsea

jdivision wrote: »

Very high capital gains tax, limited demand for second hand homes

can you source out this information to reflect numbers, so we can see what exactly you mean. thanks

Pa ElGrande

Oh look, Its the beginning of the property selling year and several people with low post counts are all excited about property in Turkey.

There are no double-tax agreement between Ireland and Turkey.
There are currency exchange risks.
Don't forget earthquake insurance.
Turkey is not joining the EU anyday soon.
Ryanair is not flying there.
The Olympics are not being held there.

Property tax in Turkey

Property sales and fraud

Resort fears of 500 Irish investors

Limits set for property sales to foreigners

I'm sure its a nice place to visit, but as far as buying property its just another of those overbuilt tourist destinations.

jdivision

medsea wrote: »

jdivision
we are indeed medsea real estate... and this is not the place for link advertisement. tell us what are you asking and we will try to help you

You should have pointed out you have a conflict of interest when giving advice.
Capital gains tax in Turkey is between 20 and 40 per cent between years one and five, you'll also have to pay Irish capital gains tax on top of that and the 20 per cent CGT in Ireland after year five.
The second hand thing is anecdotal
The economy has drastically improved but a lot of Turkish people still move their money abroad in order to protect its value because of the hyperinflation that charaterised the economy there for ages
There's also a rising extremist Islamic influence there which could destabilise the political situation

Pa_ElGrande, good post. i had forgotten the scamming with deeds that went on. A lot of people got burnt last year in one development. Deeds for their investments had already been sold to somebody else.

connundrum

And...

Yes sir, to save you money on tax we will put down the value of your property as 60% of what you paid for it. This way you will avoid purchase tax. This is good for you sir.

And...

This area is designated to have only 20 houses built on it sir. 100% guarantee. There will be no other building around this area - so your house will be exclusive and will have exclusive view.

Victor

connundrum wrote: »

Yes sir, to save you money on tax we will put down the value of your property as 60% of what you paid for it. This way you will avoid purchase tax. This is good for you sir.

This way, when you sell, you get to pay double the capital gains tax.

This area is designated to have only 20 houses built on it sir. 100% guarantee. There will be no other building around this area - so your house will be exclusive and will have exclusive view.

Of the service yard?

connundrum

Victor wrote: »

This way, when you sell, you get to pay double the capital gains tax.

Of the service yard?

Bingo!

dermotcw

Did any one see the Irish Times on Sat and the difficulties people were having with the company MRI. Any difficulties with this company in Turkey?

Pa ElGrande

dermotcw wrote: »

Did any one see the Irish Times on Sat and the difficulties people were having with the company MRI. Any difficulties with this company in Turkey?

MacAnthony Realty International (MRI) are very good at what they do (sell property), but its not the first time questions have been asked about their sales tactics.

http://www.boards.ie/vbulletin/showthread.php?p=54212973#post54212973

See what Brendan over at AAM has to say.....

http://www.askaboutmoney.com/showthread.php?p=554190