Posted on 26 November 2010
Overseas property buyers are advised to conduct research before buying in Turkey. Julian Walker, director of agent Spot Blue said that while things are improving the market is still very unregulated compared to those in the west.
“In comparison to the UK the Turkish market is still very under regulated, but unregulated or not, this is a property we are buying and even 25 thousand pounds is a lot of money by anyone’s standards. When people buy a house in the UK they drive round the area, they hire solicitors and generally try to do as much due diligence as possible, yet all the time we see people saying they are ready to buy when they haven’t even laid their own eyes on the property,” he said.
Walker said that property in Turkey should be researched even more thoroughly than that of the UK, even though the financial outlay is smaller, he said
“To our knowledge, we are the only agent in Britain that carries out extensive checks on the developers we work with including vetting through the chambers of commerce in both countries. But we still recommend that people do their own research, perhaps even research more thoroughly than they have or would for a purchase in the UK.
“For example, we recently spotted on a forum, potential buyers complaining that they had seen UK based Turkish agents advertising the same property at massively different prices, but it turned out that one of the properties was more expensive because it was being sold furnished, and had been lived in as oppose to rented out. People believe that a web page and a few pictures can tell them all they need to know to make decisions on a property, it cannot.”