Posted on 13 November 2009
The interview we did with Hurriyet daily news, when they dropped by the office 2 weeks ago, has been published in the newspaper today.
We have decided to blog about it — okay partly for a bit of free-Friday shameless promotion and back-pattery — because the article raises some very important points about both the Turkish property market and how to buy in it from a foreign perspective.
In the article, our director David Walker told Hurriyet, in no uncertain terms, why people can end up losing out financially when buying a property in Turkey.
“For many buyers, the process is this: they get on a plane, have a holiday in Turkey, see the house, talk to the real estate developer, the developer insists, the customers pay and the developer disappear. Or the customers give the money to a real estate dealer, who is never to be seen again.”
Spot Blue always recommends that buyers speak to a lawyer beforehand, and we give contact details of UK based specialists in Turkish law.
David, and Ömer Yetgin, chairman of the Bodrum Real Estate Dealers Association, gave the same advice to potential buyers about researching the property status, the land ownership, and mking sure the dealer is credible and registered.
The official statement on Consulate General for Turkey in London website reads:
"Foreign nationals who wish to buy real estate in Turkey are also advised “not to sign legally binding sales contracts or make any payments before obtaining information at the correct Land Title Registry Office about the immovable involved” and “not to initiate procedures before investigating the sales persons or agencies involved, and to refrain from conducting business with persons or agencies who are not able to provide sufficient proof of their credibility.”
Spot Blue recently made available to the public the details of our due-diligence reports into every developer we work with, how long they have been operating, how many completed developments, etc etc, find out more here: