Oceanwide Properties, agents for property in Turkey, offer an overview of the property market this week. ‘Back in 2005, quality resale property in Turkey was in short supply. The spurt of low-cost, new-builds coupled with eased zoning rules, which allowed for more land to be developed and sold to overseas buyers, meant we entered at a time of a sellers’ market.’
‘The global credit crunch saw new-build construction slow and the tables turn to a buyers’ market. However, having seen through their own financial crash in 2001, Turkey was already on a firm policy route to safeguard growth. This has helped keep markets moving to today and, for many European buyers, for example, we have been able to present a long-standing sunnier option for hard-earned cash and a promising escape from failing banks and pensions – something which more traditionally favoured Euro-spots like Spain and Portugal have not.’
‘As a long-standing agency, we have seen coastal Turkish property in the Mediterranean region work its way through the ups and downs of global and local market cycles. Turkey’s economy is adding an emergent home market of affluent Turkish property buyers to the mix. These buyers are fast capitalising on mortgages that have seen interest rates cut hugely. This has accelerated local sales volumes. Overseas buyers that bought wisely in the early days and who now wish to sell on or move up the Turkish property ladder are currently finding they can do so quickly. Demand is pushing us back to a sellers’ market.’ We are currently looking at properties in Fethiye; let us know if this interests you.
We’re currently looking at a ‘down under’ service and, as part of that, have been reading a wide range of materials. A recent article by Mark Armstrong offers some key points of universal interest. It starts, ‘Local buyers should beware the hype caused by foreign investment in the Australian property market.’
It goes on, ‘There is no doubt that a heap of overseas investors buying new property in Australia is great for our economy. International investors are largely uneducated to the ways and value of the Australian property market. They rely heavily on the advice from sales people who use slick marketing techniques to sell their wares. Overseas buyers can and often do pay too much for property because they do not fully understand the market they are entering.’ Too true – do your due diligence. More to come on this – it’s worthy of a report.
According to Fernando Jimenez, Secretary of State for Economic & Business Support in Spain, the price point for Spain’s new ‘Golden Visa’ scheme is about to be announced. Members will recall that, late last year, the government proposed that buyers who bought property at a certain price point upwards would qualify for a visa giving them automatic residency for the duration of their ownership.
Many pundits suggested this would be of specific interest to buyers from China and Russia and would cause some upward price movement at the appropriate price point. It’s said that the price point will only be revealed as and when the bill is fully approved. Members who read us regularly will recall a recent piece from Spanish property expert, lawyer Peter Esders, which states a price point.