Posted on 08 March 2008
Turkish property specialist Spot Blue says property buyers in Turkey who snap up bargains without even going to the country are putting their cash at risk. The property expert, who has had 100 per cent sales following all of its inspection trips in 2008, says the craze for coastal property is exactly how Spain’s property boom started on the Costa del Sol.
Spot Blue director Julian Walker says: “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.
“If buyers insist on doing this we tell them to first find an independent lawyer so Spot Blue can organise for their reservation deposit to be placed in their lawyer’s secure escrow account. Then we give our clients tips to stay safe in the Turkish property market.”
Recently, one of Spot Blue’s property developments in Side, on the Mediterranean coast, sold out before the plans were even released – but the agent still managed to secure the first level of prices for its clients.
“After the first batch were sold, the price went up by £5,000, and when the second batch sold out a few days later the price went up by a further £8,000,” says Walker, who adds: “It is still possible to make a good investment without visiting Turkey but buyers should follow Spot Blue’s 12 golden rules to stay safe.” These are:
1. Find a lawyer who acts independently to the agent or developer
2. Find a reliable estate agent who belongs to trade bodies such as the AIPP, NAEA, FIABCI or the Turkish British Chamber of Commerce (TBCCI)
3. Thoroughly research areas, prices and rental potential on informative websites like turkisheconomy.org.uk and tbcci.co.uk or spotblue.com
4. Make sure you understand your contract and what you are signing.
5. It should be written in both English and Turkish, while all changes are agreed, signed and notarised.
6. Pay monies into lawyers’ or agents’ client accounts or escrow accounts.
7. Search for a comprehensive range of property in the region in the relevant price range and have a choice of property to choose from.
8. Set a budget and stick to it, or at least set your maximum budget.
9. Use an agent with offices in both Turkey and the UK.
10. Use a well-established agent who specialises only in Turkey.
11. Deal with English-speaking people.
12. Make sure you retain some part of the payment till you take delivery of your title deed (or TAPU).
Walker continues: “Spot Blue is a member of six trade organisations in both the UK and Turkey which is why our clients see us as one of the most reliable and trustworthy agents selling property in Turkey.
“So far in 2008, we’ve bucked the market trend that claims 77 per cent of sales are made after an inspection trip and achieved 100 per cent sales after all our client visits in 2008. But if buyers can’t travel to Turkey for whatever reason then they should follow our golden rules to stay safe.”