Quest Turkey Property and Lifestyle Magazine

The talk of recession and financial meltdown is becoming depressing and in many respects the media is partly responsible for suppressing the property market; so much gloom and doom makes people hang on to their money just in case they are the next to be affected. In Turkey the mood is quite different and money still goes a long way, particularly with current exchange rates. If the climate and general negativity is eating away at your spirits, then book a flight to Turkey and take a look at some of our coastal properties. You could be dining al fresco nearly all year round, gazing over the crystal clear sea...

Property Prices

Property has dropped by 10 to 20% in price recently as sellers worry that many expat buyers will not be able to afford to buy and expats themselves sell to prop up their finances back home. This means that property in Turkey is now exceptionally cheap and many agents and sellers are open to negotiation – something that was unheard of during the building boom. Today you can get a two bedroom apartment in a top beach resort for as little as 28,000 euros with sea views and if you check out the resale market you will find that there are even better bargains to be had. Such apartments come in beautifully designed complexes with a wide range of facilities like pools, spas, fitness rooms and on-site shops and restaurants. There are plenty of cheap flights available too. Search the internet and get a feel for what is out there, but don’t commit yourself until you do a viewing trip.

A Permanent Home

Of course resorts like Antalya and Bodrum offer some great property but they are best suited to the second home market. Summer resorts can "shut down" in winter because attention turns elsewhere. If you fancy a new life abroad then you may be better off buying property in a city like Istanbul. City apartments start at around 54,000 euros for a one bedroom apartment.

For many making a permanent move, a house with a garden is what most people want. Renovation projects start at around 20,000 Euros for property in villages and by renovation we do not mean derelict! A turnkey villa in the country close to a city will cost anything from 68,000 euros for a two to three bed villa, but realistically if you can spare 80,000 or 100,000 euros the choice is amazing.

Financing your New Home

There are options to finance your home in Turkey despite what the media says about restrictions on credit – banks still need your money and are still offering mortgages for those who have 30% to put down. You can also still re-mortgage. If you are gainfully employed then a mortgage is indeed a good option allowing you to finance a little piece of heaven overlooking the sea. If you have been made redundant then, a permanent move is something to consider. You will be able to buy your home outright and live for a lot less than in the UK. In terms of earning a living there are many options – certainly you would probably have as many choices as you currently have in the UK and there is always the option of running you own business. Although bear in mind the lengthy and difficult process of obtaining necessary permits. Many expats have rented their UK property out, which either gives them income or pays the mortgage and then have bought outright over in Turkey later on.

John and Sarah

John and Sarah Hollingsworth from Berkshire moved to Bodrum on the coast last year. John was made redundant from his job and received a good redundancy payment, plus he will shortly be able to draw his pension. "We had been thinking of moving overseas for some time and had already decided the prices in Turkey were too good to miss, plus the climate is so good. So, we decided to use the redundancy payoff to buy a villa in Bodrum and move permanently. Although we've only been here about six months, it already feels like home. We did try and sell the house in the UK but it hasn't moved as yet so we've taken in long-term tenants. We're not worried about making money on the house but will wait until the market picks up before trying to sell again. Besides, if we change our minds about Turkey, then we've still got the place back there to go back to. John recommends to other Britons considering expat life to give it a try, "After all, the weather is so much better and cost of living incredibly cheap. We can eat out here two or three times a week, something which we've never been able to afford before."