A representative of a Turkish-based company, Atlas, which has officially signed up to a 49-year lease to operate a golf course on land designated by the Ministry of Culture and Tourism.
The plans are centred on an area of land at Mercimek, which borders the Zonguldakllar estate and close to the Sultan Kent and Konya Kültür housing estates on the Akbük road.
The area covers 173 acres of land on which there will be allocated a clubhouse, an 18-hole golf course and a holiday village with a capacity of 420 beds.
Mr Kinaci, a map engineer based in Milas, confirmed the project would cost $40 million (approximately £20 million) – with the golf course costing close to $10 million.
He said: “I can confirm to Voices Newspaper that Atlas has signed a 49-year lease to operate a golf course and hotel project on the land at Mercimek.
“The project has been put to public consultation and there are no objections.”
He added: “As far as we are concerned, once all the legalities are complete, Atlas will build the first golf course in Didim. It will be a major boost to tourism to the whole area.”
Atlas is a company predominantly in the steel and shipbuilding industries in Turkey. This project is believed to be their first foray into the golf tourism business.
Mr Kinaci said: “We are moving ever closer to reality. We are being extremely cautious as we want to get everything right and ensure that the news we give is accurate, clear and concrete to the public.
“We would not want to raise people’s hopes unnecessarily, but things are beginning to happen.”
He declined to give any time schedule on developing the course or when Atlas hoped to open the golf course and hotel facilities.
Seda Türk, Didim council’s planning department manager, and Meltem Öz, Didim Council’s city planner, confirmed Atlas’ interest was more than just a ‘passing one’. And they confirmed that it would provide a big boost to the tourism of the area.
On a separate note, Mayor Mümın Kamaci said representatives of an unnamed Swedish company had visited Didim council offices this week to look at the potential of building a new golf course in the area.
He said that the company had been given a number of options and they had departed back to Sweden to ‘mull over’ the proposals.
Monday, September 22, 2008
Thursday, September 4, 2008
Jet2Turkey
Located on Turkey's southwestern Mediterranean coast in the Mugla Province, Dalaman is the ideal destination for tourists visiting the seaside resorts to the west and east of Dalaman such as Fethiye, Marmaris, Koycegiz, Oludeniz, Dalyan and Hisaronu. With culture, nightlife and wonderful beaches, holidays in Dalaman have something for everyone.
Flights will be from Leeds Bradford and Manchester and will start in Summer '09 so register your interest now and we will let you know before the seats go on sale so that you can plan ahead and get the best deals for your trip to Dalaman next year!
Flights will be from Leeds Bradford and Manchester and will start in Summer '09 so register your interest now and we will let you know before the seats go on sale so that you can plan ahead and get the best deals for your trip to Dalaman next year!
Thursday, August 21, 2008
Didim
Prospective investors in Turkey were delighted with the recent news that the government’s temporary ban on the issue of title deeds (Tapu) to foreigners has been lifted. Now that the Turkish government has had time to re-draft the relevant law, title deeds are being processed as usual. This is welcome news for foreign investors, especially now that mortgages are more readily available in Turkey - the essential elements for overseas property investors are firmly in place.
The government’s move will reassure prospective investors looking for a good short, medium or long-term investment. The changes to the law are not expected to make any significant difference to individual foreign property investors because they primarily affect foreign companies rather than the growing numbers of foreign investors who usually buy property in officially zoned areas around cities, town and holiday resorts.
Turkey remains a popular investment location, especially now that a number of lenders are offering mortgages to non-residents. Ken Thorkildsen, Director of Obelisk Private Finance, says that Turkey’s mortgage market is evolving, particularly since the passing of the country’s new mortgage law in 2007 which allows lenders more freedom in their lending practices. “Prior to the 2007 Mortgage Law, mortgages were only available to Turkish nationals, at high, double-figure, interest rates,” explains Ken, “now non-resident property owners can take advantage of multi-currency mortgages with low fixed rates. Mortgages are available to citizens of countries with whom Turkey has a reciprocal arrangement, such as the UK and Ireland. There are a handful of lenders offering mortgages to non-residents and that is set to grow as demand increases from foreign investors.”
Now that the Tapu ban has been lifted, Land Registry offices across Turkey have restarted processing applications for the transfer of title deeds to foreign nationals. This is cause for celebration amongst investors, particularly those interested in buy-to-let. Recent survey results published by the Daily Telegraph and undertaken by independent travel group, Cooperative Travel, show that Turkey has pushed Spain from its top position as favourite holiday location for Brits, partly because of the over-valued euro, but also because the cost of living is a fraction of what it is in the UK.
Turkey is a popular tourist and investment location for a variety of reasons, not least because it is now better served by low cost airlines, making access easier and more cost effective. Most importantly, property in Turkey is still significantly cheaper than other similar locations. Now that mortgages for non-residents are gradually becoming more available and the government has passed its new Tapu law, investment in Turkey has been given the green light.
The government’s move will reassure prospective investors looking for a good short, medium or long-term investment. The changes to the law are not expected to make any significant difference to individual foreign property investors because they primarily affect foreign companies rather than the growing numbers of foreign investors who usually buy property in officially zoned areas around cities, town and holiday resorts.
Turkey remains a popular investment location, especially now that a number of lenders are offering mortgages to non-residents. Ken Thorkildsen, Director of Obelisk Private Finance, says that Turkey’s mortgage market is evolving, particularly since the passing of the country’s new mortgage law in 2007 which allows lenders more freedom in their lending practices. “Prior to the 2007 Mortgage Law, mortgages were only available to Turkish nationals, at high, double-figure, interest rates,” explains Ken, “now non-resident property owners can take advantage of multi-currency mortgages with low fixed rates. Mortgages are available to citizens of countries with whom Turkey has a reciprocal arrangement, such as the UK and Ireland. There are a handful of lenders offering mortgages to non-residents and that is set to grow as demand increases from foreign investors.”
Now that the Tapu ban has been lifted, Land Registry offices across Turkey have restarted processing applications for the transfer of title deeds to foreign nationals. This is cause for celebration amongst investors, particularly those interested in buy-to-let. Recent survey results published by the Daily Telegraph and undertaken by independent travel group, Cooperative Travel, show that Turkey has pushed Spain from its top position as favourite holiday location for Brits, partly because of the over-valued euro, but also because the cost of living is a fraction of what it is in the UK.
Turkey is a popular tourist and investment location for a variety of reasons, not least because it is now better served by low cost airlines, making access easier and more cost effective. Most importantly, property in Turkey is still significantly cheaper than other similar locations. Now that mortgages for non-residents are gradually becoming more available and the government has passed its new Tapu law, investment in Turkey has been given the green light.
Saturday, August 9, 2008
Disneyland
Turkey is to build a Disneyland resort near the town of Oren, 35 kilometres south east of Milas, after reaching a deal with all parties concerned in just 3 days. Disneyland Turkey, which will rival Eurodisney Paris, is to be situated just 90 minutes from Didim.
The complex is expected to be constructed in under 2 years, planning was completed after officials visited Eurodisney Paris and Germany’s Heidi Park. It will be built over an area of 1.3m square metres and will employ a “cast” of almost 17,000 staff.
According to the news, reported in Turkey’s Hurriyet daily, all the permission from 74 authorities has been granted and construction will commence after the proposal is signed by the Council of Ministers.
Project manager, Tekin Erdogan said “The electricity station in Oren had a negative effect on tourism in the area. It was struggling to bring any tourism investment to the town. We decided a different angle was needed to attract both investors and holidaymakers. This will be bigger than the Disneyland resort in Paris.”
He also stated that there will be 5 hotels of up to 7 stars with a total capacity of 8,000; a marina is also being built close to the resort.
Animation shows with cartoons heroes, the entertainment facilities, Turkish-Ottoman and Selcuk architectural examples are projected to attract an estimated 12,000 visitors daily. People will be able to visit the Turkish Disneyland via the marina. There will also be scheduled ferry services from selected locations to the fun park.
Babakn Olcaysu who is the licence owner of the Oren Investment Concept said “The government has given its full support to the project. We got all the permissions in just 3 days. The project is expected to cost $3.2 billion. Babakn added:” This will attract tourists from all over the world, and will be of great benefit to all cities around it.”
The complex is expected to be constructed in under 2 years, planning was completed after officials visited Eurodisney Paris and Germany’s Heidi Park. It will be built over an area of 1.3m square metres and will employ a “cast” of almost 17,000 staff.
According to the news, reported in Turkey’s Hurriyet daily, all the permission from 74 authorities has been granted and construction will commence after the proposal is signed by the Council of Ministers.
Project manager, Tekin Erdogan said “The electricity station in Oren had a negative effect on tourism in the area. It was struggling to bring any tourism investment to the town. We decided a different angle was needed to attract both investors and holidaymakers. This will be bigger than the Disneyland resort in Paris.”
He also stated that there will be 5 hotels of up to 7 stars with a total capacity of 8,000; a marina is also being built close to the resort.
Animation shows with cartoons heroes, the entertainment facilities, Turkish-Ottoman and Selcuk architectural examples are projected to attract an estimated 12,000 visitors daily. People will be able to visit the Turkish Disneyland via the marina. There will also be scheduled ferry services from selected locations to the fun park.
Babakn Olcaysu who is the licence owner of the Oren Investment Concept said “The government has given its full support to the project. We got all the permissions in just 3 days. The project is expected to cost $3.2 billion. Babakn added:” This will attract tourists from all over the world, and will be of great benefit to all cities around it.”
Wednesday, July 30, 2008
tax
If you propose to invest in property abroad or take a more permanent step and live abroad, tax planning is one of the most important considerations. Obtaining tax advice – and this should be from a professional tax adviser with knowledge of tax regulations both in your home country and the country where you plan to invest – before you make any investment decisions means that you can make the most of opportunities to reduce your tax liabilities.
Within the general tax considerations of owning assets abroad is the question of inheritance tax, an aspect that many property investors tend to overlook. However, this is one area that has wide implications for the future of your heirs. Careful inheritance tax planning can make the difference between your heirs continuing to enjoy your investments or losing them to pay a large inheritance tax bill.
While inherited assets in some countries attract no inheritance taxes, in other countries taxes can be higher than 80%, particularly if the beneficiary is not a close relative. It is therefore very important to bear this in mind when making investment plans. A further issue to consider is that regardless of the country you choose to invest in or move to, you may still be liable for inheritance tax in your home country. “Inheritance tax rules have important implications for investors,” comments Ken Thorkildsen, Director of Obelisk Private Finance. “If you do not plan your inheritance tax carefully, you may find that your heirs face high tax bills both in the country where you invested and in the UK.”
In general, resident heirs pay less inheritance tax than those who are non-resident and many countries also offer generous deductions or total exemptions for beneficiaries who are direct relatives, e.g. spouse, children or parents. This is the case in Andalucía, home to the Costa del Sol, where recent legislation means that direct heirs who have been resident in the region for 5 years, are exempt from inheritance tax on assets up to the value of €175,000. Ken welcomes this recent development which he believes “has hugely positive implications for the resident ex-pat population in one of Spain’s most popular investment destinations.”
Laws on inheritance tax are complicated and inheritance tax regulations vary in individual countries. For example, Spanish law rules that in the case of a married couple, 50% of the net assets are liable for inheritance tax on first death, whereas under UK law, a married couple may be liable for 100% of the assets minus allowances. Basic familiarity with a country’s tax regimes and its implications should be a high priority for the global property investor. This coupled with expert guidance from a tax expert, can make a substantial difference to the planning of an investor’s estate and by extension, to the beneficiaries. “An essential aspect of owning assets in more than one country is to draw up a will in each country,” advises Ken. “This helps speed up the inheritance process and makes things much easier for your heirs.”
Given the complexity of inheritance regulations and the fact that in many countries they are in a state of constant change, Ken offers the following advice: “No action should be taken without consultation with a professional tax adviser. While there are many ways of reducing inheritance tax liability, only an expert can offer guidance on the right ones for you and your particular situation.”
Within the general tax considerations of owning assets abroad is the question of inheritance tax, an aspect that many property investors tend to overlook. However, this is one area that has wide implications for the future of your heirs. Careful inheritance tax planning can make the difference between your heirs continuing to enjoy your investments or losing them to pay a large inheritance tax bill.
While inherited assets in some countries attract no inheritance taxes, in other countries taxes can be higher than 80%, particularly if the beneficiary is not a close relative. It is therefore very important to bear this in mind when making investment plans. A further issue to consider is that regardless of the country you choose to invest in or move to, you may still be liable for inheritance tax in your home country. “Inheritance tax rules have important implications for investors,” comments Ken Thorkildsen, Director of Obelisk Private Finance. “If you do not plan your inheritance tax carefully, you may find that your heirs face high tax bills both in the country where you invested and in the UK.”
In general, resident heirs pay less inheritance tax than those who are non-resident and many countries also offer generous deductions or total exemptions for beneficiaries who are direct relatives, e.g. spouse, children or parents. This is the case in Andalucía, home to the Costa del Sol, where recent legislation means that direct heirs who have been resident in the region for 5 years, are exempt from inheritance tax on assets up to the value of €175,000. Ken welcomes this recent development which he believes “has hugely positive implications for the resident ex-pat population in one of Spain’s most popular investment destinations.”
Laws on inheritance tax are complicated and inheritance tax regulations vary in individual countries. For example, Spanish law rules that in the case of a married couple, 50% of the net assets are liable for inheritance tax on first death, whereas under UK law, a married couple may be liable for 100% of the assets minus allowances. Basic familiarity with a country’s tax regimes and its implications should be a high priority for the global property investor. This coupled with expert guidance from a tax expert, can make a substantial difference to the planning of an investor’s estate and by extension, to the beneficiaries. “An essential aspect of owning assets in more than one country is to draw up a will in each country,” advises Ken. “This helps speed up the inheritance process and makes things much easier for your heirs.”
Given the complexity of inheritance regulations and the fact that in many countries they are in a state of constant change, Ken offers the following advice: “No action should be taken without consultation with a professional tax adviser. While there are many ways of reducing inheritance tax liability, only an expert can offer guidance on the right ones for you and your particular situation.”
Saturday, July 26, 2008
Mortgages
Garanti Bank has begun to offer a new “non resident mortgage” to foreigners looking to purchase property in Turkey. With the new service the bank will enable foreigners to obtain lira or foreign exchange indexed loans with a maximum 240-month maturity. Foreigners will also be able to obtain loans of YTL 500,000 or the equivalent amount in foreign currency
Saturday, July 19, 2008
Tapu
A circular concerning the implementation of a bill regulating property sales to foreigners was issued Thursday. The circular restarted the process of property sales to foreigners, which had been suspended April 16 after the Constitutional Court's annulment of the existing legislation created a legal loophole.
The regulation enables foreign companies, which had previously been granted rights equal to Turkish ones to purchase real estate on the basis of the Foreign Direct Investment Law-No. 4875, to own real estate by permission of the governor's office. The regulations, which will come into effect in three months, will determine the basic aspects of how to receive this permission. As a result, no land will be sold to the companies concerned until then.
Meanwhile, companies operating in foreign countries and foreign real persons will be able to own up to 10 percent of the land within a building scheme. In addition, the area that foreigners can own will be restricted to two and a half hectares and demands by foreigners that surpass these limits will be rejected, according to the new amendment.
Parliament passed the bill regulating property sales to foreigners on July 3 after it was revised taking into consideration the Constitutional Court's annulment of previous legislation.
The regulation enables foreign companies, which had previously been granted rights equal to Turkish ones to purchase real estate on the basis of the Foreign Direct Investment Law-No. 4875, to own real estate by permission of the governor's office. The regulations, which will come into effect in three months, will determine the basic aspects of how to receive this permission. As a result, no land will be sold to the companies concerned until then.
Meanwhile, companies operating in foreign countries and foreign real persons will be able to own up to 10 percent of the land within a building scheme. In addition, the area that foreigners can own will be restricted to two and a half hectares and demands by foreigners that surpass these limits will be rejected, according to the new amendment.
Parliament passed the bill regulating property sales to foreigners on July 3 after it was revised taking into consideration the Constitutional Court's annulment of previous legislation.
Thursday, July 17, 2008
Fadesa
One of Spain's major developers, Martinsa Fadesa, has filed for voluntary administration after failing to renegotiate a €150m (£119m) loan earlier this week. The company reportedly owes The debts of around €5bn (£3.98bn).
company said in a regulatory filing that it had lodged a petition for court administration, marking the start of Spain’s largest bankruptcy process since the introduction of new rules in 2004.
It follows the rescue in March of Immobiliaria Colonial by by creditor banks, which swapped debt for equity held by the controlling shareholders in Spain’s second-largest property company.
Martinsa Fadesa is the latest in a long line of Spanish property companies to run into difficulties, following the collapse of the Spanish housing market last year, after a decade or so of booming activity. Many small construction companies and property developers have either filed for protection or been absorbed by larger groups. The number of companies entering administration this year has more than doubled compared with 2007, according to lawyers.
“Filing for voluntary administration is the best way to avoid aggravating a crisis situation that could become irreversible and have serious repercussions on creditors and all shareholders' interests," said a spokesperson. "The company, along with its administrators, will from now on focus in revenue-generating, through the sale of assets and land management and restructuring the company so the project can be revived.”
company said in a regulatory filing that it had lodged a petition for court administration, marking the start of Spain’s largest bankruptcy process since the introduction of new rules in 2004.
It follows the rescue in March of Immobiliaria Colonial by by creditor banks, which swapped debt for equity held by the controlling shareholders in Spain’s second-largest property company.
Martinsa Fadesa is the latest in a long line of Spanish property companies to run into difficulties, following the collapse of the Spanish housing market last year, after a decade or so of booming activity. Many small construction companies and property developers have either filed for protection or been absorbed by larger groups. The number of companies entering administration this year has more than doubled compared with 2007, according to lawyers.
“Filing for voluntary administration is the best way to avoid aggravating a crisis situation that could become irreversible and have serious repercussions on creditors and all shareholders' interests," said a spokesperson. "The company, along with its administrators, will from now on focus in revenue-generating, through the sale of assets and land management and restructuring the company so the project can be revived.”
Thursday, July 10, 2008
Turkey
News in the foreign press pertaining to Turkey's real estate sector experienced a surge in the aftermath of the approval of a bill by Parliament on July 5 that regulates property sales to foreigners. The attention paid to Turkey's real estate sector, which is characterized by low prices, has been increasing, wrote British newspaper The Times, adding that prices in the sector are expected to skyrocket if Turkey manages to join the European Union.
“It is possible to purchase a property on Turkish shores at a relatively low price of 35,000 sterling (pounds). Does this sound attractive to you?” wrote the paper. “A clever couple can buy a property with a little amount of deposit and with two credit cards. Credit-card companies provide the opportunity of zero interest rates for 15 months period for those with high credit rankings,” The Times wrote.
The paper emphasized that prices in the country's real estate sector are far lower than that of the EU average. “British customers have started to settle in Turkey's popular cities such as Istanbul and coastal areas such as Antalya and Bodrum in the aftermath of the opening of Turkey's real estate market to foreign customers in 2003. The investors expect an increase in the prices of the country's real estate market if Turkey becomes a member of the European Union,” wrote the paper.
“It is possible to purchase a property on Turkish shores at a relatively low price of 35,000 sterling (pounds). Does this sound attractive to you?” wrote the paper. “A clever couple can buy a property with a little amount of deposit and with two credit cards. Credit-card companies provide the opportunity of zero interest rates for 15 months period for those with high credit rankings,” The Times wrote.
The paper emphasized that prices in the country's real estate sector are far lower than that of the EU average. “British customers have started to settle in Turkey's popular cities such as Istanbul and coastal areas such as Antalya and Bodrum in the aftermath of the opening of Turkey's real estate market to foreign customers in 2003. The investors expect an increase in the prices of the country's real estate market if Turkey becomes a member of the European Union,” wrote the paper.
Wednesday, July 9, 2008
Paradorproperties
Parador Properties, which had a number of overseas operations, including Cyprus, has gone into voluntary administration.
The company was once considered to be one of Europe’s top estate agents. It used to fly prospective purchasers to their desired destinations and offered advice about specific areas and communities. Simon Lambert and managing director Jack Hamilton founded Parador in 1998.
Parador’s PR company, Quay West Communications, announced: “It is with regret that Parador Properties has announced that, due to the downturn in the overseas property market, it has gone into voluntary administration. This does not affect property purchases by any of its clients, as all contracts were made between the individual client and the builder; Parador Properties acted only as an introductory agent.”
The company was once considered to be one of Europe’s top estate agents. It used to fly prospective purchasers to their desired destinations and offered advice about specific areas and communities. Simon Lambert and managing director Jack Hamilton founded Parador in 1998.
Parador’s PR company, Quay West Communications, announced: “It is with regret that Parador Properties has announced that, due to the downturn in the overseas property market, it has gone into voluntary administration. This does not affect property purchases by any of its clients, as all contracts were made between the individual client and the builder; Parador Properties acted only as an introductory agent.”
Thursday, July 3, 2008
Tapu
A DRAFT bill seeking to expand the scope of the law regulating property sales to foreigners was today (THURS) endorsed by Parliament.
The bill, which was discussed in Parliament last week, has been taken back to the Justice Commission at the last minute.
Amendments for opening up properties in prohibited military zones and strategic regions (lands) to foreigners through permission from governor's offices were sent to the Justice Commission for ratification.
This was passed, and sent back to Parliament which duly gave the title deeds lawchanges the nod. They now await being rubber-stamped by President Abdullah Gul.
During previous meetings in Parliament, the ruling Justice and Development Party, or AKP, was forced to withdraw the regulation expanding the scope of property sales due to opposition pressure.
The regulation, which was taken back to the Committee at the last minute, enables private business enterprises in Turkey launched or contributed to by foreign investors to exercise the rights for immovable and limited property for conducting their operations enumerated in main contracts.
The same principal will be valid in case immovable properties are transferred to another company with foreign investment or in case an immovable owned company with national capital becomes foreign owned through share transfer.
Acquisitions of companies in strategic properties under Article No 28 of the Law on Prohibited Military Zones and Security Zones and in military zones, security zones and some strategic lands enumerated in the same law, will be subject to the permission of governor under whose jurisdiction the related property falls.
The demand for permission will be decided after an evaluation of the acquisition's conformity with the country's security and operation field, in the commission established with the participation of related representatives within the governor's office.
The draft bill handled by Parliament for property sales to foreigners, maintains foreign persons and institutions can possess immovable lands, 10 percent of the total land, within the frameworks of zoning implementation plan and piecemeal plan, while the regulation expands the scope of possessing properties.
The bill, which was discussed in Parliament last week, has been taken back to the Justice Commission at the last minute.
Amendments for opening up properties in prohibited military zones and strategic regions (lands) to foreigners through permission from governor's offices were sent to the Justice Commission for ratification.
This was passed, and sent back to Parliament which duly gave the title deeds lawchanges the nod. They now await being rubber-stamped by President Abdullah Gul.
During previous meetings in Parliament, the ruling Justice and Development Party, or AKP, was forced to withdraw the regulation expanding the scope of property sales due to opposition pressure.
The regulation, which was taken back to the Committee at the last minute, enables private business enterprises in Turkey launched or contributed to by foreign investors to exercise the rights for immovable and limited property for conducting their operations enumerated in main contracts.
The same principal will be valid in case immovable properties are transferred to another company with foreign investment or in case an immovable owned company with national capital becomes foreign owned through share transfer.
Acquisitions of companies in strategic properties under Article No 28 of the Law on Prohibited Military Zones and Security Zones and in military zones, security zones and some strategic lands enumerated in the same law, will be subject to the permission of governor under whose jurisdiction the related property falls.
The demand for permission will be decided after an evaluation of the acquisition's conformity with the country's security and operation field, in the commission established with the participation of related representatives within the governor's office.
The draft bill handled by Parliament for property sales to foreigners, maintains foreign persons and institutions can possess immovable lands, 10 percent of the total land, within the frameworks of zoning implementation plan and piecemeal plan, while the regulation expands the scope of possessing properties.
mortgages
A Turkish bank has introduced a new product in housing credits, "Mortgage with Low Installments," to the market, reported daily Milliyet yesterday.
In Finansbank's new mortgage program, installments start at YTL 500, according to authorities at the bank. The installments are determined on the basis of triple combinations, such as, YTL 500, YTL 750 and YTL 1,000, and increase on a two-tiered basis, such as YTL 500 for the first two years, YTL 750 for the second two years and YTL 1,000 for the remaining period.
Consumers are provided with the opportunity to choose the appropriate amount of credits and the payment plan that best fits their incomes. "Finansbank's new product encompasses an installment plan that has not been implemented until now and, therefore, this new product is the first of its kind in housing credits," said Erkin Aydın, Finansbank Mortgage and Personal Loans group manager.
In Finansbank's new mortgage program, installments start at YTL 500, according to authorities at the bank. The installments are determined on the basis of triple combinations, such as, YTL 500, YTL 750 and YTL 1,000, and increase on a two-tiered basis, such as YTL 500 for the first two years, YTL 750 for the second two years and YTL 1,000 for the remaining period.
Consumers are provided with the opportunity to choose the appropriate amount of credits and the payment plan that best fits their incomes. "Finansbank's new product encompasses an installment plan that has not been implemented until now and, therefore, this new product is the first of its kind in housing credits," said Erkin Aydın, Finansbank Mortgage and Personal Loans group manager.
Wednesday, June 25, 2008
Hotels
Seventeen Turkish hotels were ranked among the world's top 100 in a customer satisfaction survey of 35 million TUI travelers.
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Germany's TUI, one of the world's biggest tour operators, conducted the survey between Jan. 1 and Dec. 31 of last year, TUI Turkey Product and Contract Director Melih Yetiş told the Anatolia news agency: "Seventeen of Turkey's hotels are among the best hotels in the world, and they are qualified for the 'TUI Holly' prize. Last year, this number was 13. The increased number shows Turkey has improved its quality in tourism and that customer satisfaction has also risen."
According to data provided by Yetiş, the Turkish hotels ranking among top 100 are: Amara Beach Resort (Side-Antalya), Barut Club Hotel Hemera (Side-Antalya), Barut Hotel Lara Resort Spa & Suites (Lara-Antalya), Cornelia de Luxe Resort (Belek-Antalya), Gloria Serenity Resort (Belek-Antalya), Hotel Delphin Deluxe Resort (Alanya-Antalya), Hotel Delphin Palace (Lara-Antalya), Hotel Marmaris Park (İçmeler-Marmaris-Muğla), Hotel Melas Resort (Side-Antalya), Hotel Papillon Ayscha (Belek-Antalya), Hotel Papillon Zeugma (Belek-Antalya), Hotel Yetkin (Alanya-Antalya), Iber Otel Sarigerme Park (Sarigerme-Muğla), Magic Life Kemer Imperial (Kemer-Antalya), Robinson Club (Çamyuva-Kemer), Antalya Robinson Club Nobilis (Belek-Antalya), Robinson Club Pamfilya (Side-Antalya).
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Germany's TUI, one of the world's biggest tour operators, conducted the survey between Jan. 1 and Dec. 31 of last year, TUI Turkey Product and Contract Director Melih Yetiş told the Anatolia news agency: "Seventeen of Turkey's hotels are among the best hotels in the world, and they are qualified for the 'TUI Holly' prize. Last year, this number was 13. The increased number shows Turkey has improved its quality in tourism and that customer satisfaction has also risen."
According to data provided by Yetiş, the Turkish hotels ranking among top 100 are: Amara Beach Resort (Side-Antalya), Barut Club Hotel Hemera (Side-Antalya), Barut Hotel Lara Resort Spa & Suites (Lara-Antalya), Cornelia de Luxe Resort (Belek-Antalya), Gloria Serenity Resort (Belek-Antalya), Hotel Delphin Deluxe Resort (Alanya-Antalya), Hotel Delphin Palace (Lara-Antalya), Hotel Marmaris Park (İçmeler-Marmaris-Muğla), Hotel Melas Resort (Side-Antalya), Hotel Papillon Ayscha (Belek-Antalya), Hotel Papillon Zeugma (Belek-Antalya), Hotel Yetkin (Alanya-Antalya), Iber Otel Sarigerme Park (Sarigerme-Muğla), Magic Life Kemer Imperial (Kemer-Antalya), Robinson Club (Çamyuva-Kemer), Antalya Robinson Club Nobilis (Belek-Antalya), Robinson Club Pamfilya (Side-Antalya).
Wednesday, June 18, 2008
turkey
Istanbul’s Chamber of Commerce (ITO) has claimed that a housing shortage is looming in the country that needs between 300,000 and 350,000 new properties to be built annually to cope with the demand placed on it from a growing younger population and foreign interest. Data obtained from the ITO revealed that in the next eight years, a projected 5.5million new homes will be required to facilitate the country’s expanding population. Some 2.88 million will be needed due to population increases, 760,000 to cope with internal migration and 652,000 to replace old and neglected properties. The ITO also revealed that an additional 1.25 million homes would be needed as part of ongoing urban transformation projects across the country.
Saturday, June 14, 2008
Turkey
Just as Turkey looks as if it is shaping up to become the next major holiday-home and investment destination, its government has stopped title deeds being issued to foreigners.
Safe as houses: Bodrum Castle overlooks the lively old town. The peninsula is popular with British and Turkish buyers alike
The country did it for six months in 2005, too, in an attempt to prevent large tracts of rural land being bought up. The latest ban - announced in April and awaiting ratification in parliament - has a similar purpose, limiting foreign ownership to 10 per cent of the land in any town.
Agents selling in Turkey expect the restriction to be lifted soon. "I don't see it as a problem, as you could never expect to receive your title deeds within three months anyway," says Julian Walker from Turkish property specialist Spot Blue. "For anyone buying now, the suspension will have ended by the time they reach completion."
Even 10 per cent foreign ownership of land is a high figure that is unlikely to ever be met, Walker points out. "Even in Spain, 95 per cent of sales are to the domestic market. In Turkey, there are 77,000 foreign property owners out of a population of 77 million, which is 0.1 per cent, so 10 per cent is light years away," he says.
"You have to remember Turkey is a poor country, 20 years behind the West in its property market, laws and business practice. And even though finance is available, it is also still typically a cash market."
advertisementApart from this blip, Turkey's property market is proving resilient, with prices expected to rise by 10-15 per cent this year, says Knight Frank.
The currency exchange company Moneycorp reports that British interest in Turkish property has trebled in the past year. A NatWest survey of mortgage lenders predicts that Turkey - where 22,650 Brits own property - will be the third most popular
destination for UK buyers in the next three years, with most sticking to the area between Kusadasi on the Aegean coast and Alanya on the Med.
In its attempts to double tourist numbers to 10 million by 2010, the Turkish government is investing in infrastructure and attractions, including new golf courses in Dalaman and Belek.
It is also encouraging new air routes and airport expansion. EasyJet now flies to Dalaman and Istanbul, BA to Antalya. A new international airport at Edremit will open up areas around Ayvalik, north of Izmir - until now, despite good beaches, great windsurfing and attractive property, the preserve of Turkish buyers.
Beyond its appeal as a value-for-money location for holiday homes - outside pricier Istanbul or Bodrum, the average two-bedroom apartment costs £35,000-£90,000 - Turkey is also drawing investors to Istanbul, where new development is taking place on both sides of the Bosphorus.
Prices average about £700-£900 per square metre, with studios from £40,000 in developments such as Life Studio near Ataturk international airport (through The Right Move Abroad), or Astrum Towers, six miles from the airport, which agent Regnum predicts will see annual growth of 30 per cent.
So, this Christmas - or whenever the restrictions ease - why not vote for Turkey?
BODRUM FAR FROM HUMDRUM
Lively resorts, leisure facilities and low-priced newbuild properties make the Bodrum peninsula one of Turkey's best-known areas for British visitors, while quieter spots such as Yalikavak and Gumusluk appeal to wealthy Turkish property buyers wanting £1m-plus villas.
"Bodrum is one of the most popular coastal regions," says Jane Griffiths, managing director of Regnum, "and Turkey's appeal is widening to take in growing numbers of Eastern European holidaymakers as well as British. Small apartments can achieve rents of £300 a week."
Safe as houses: Bodrum Castle overlooks the lively old town. The peninsula is popular with British and Turkish buyers alike
The country did it for six months in 2005, too, in an attempt to prevent large tracts of rural land being bought up. The latest ban - announced in April and awaiting ratification in parliament - has a similar purpose, limiting foreign ownership to 10 per cent of the land in any town.
Agents selling in Turkey expect the restriction to be lifted soon. "I don't see it as a problem, as you could never expect to receive your title deeds within three months anyway," says Julian Walker from Turkish property specialist Spot Blue. "For anyone buying now, the suspension will have ended by the time they reach completion."
Even 10 per cent foreign ownership of land is a high figure that is unlikely to ever be met, Walker points out. "Even in Spain, 95 per cent of sales are to the domestic market. In Turkey, there are 77,000 foreign property owners out of a population of 77 million, which is 0.1 per cent, so 10 per cent is light years away," he says.
"You have to remember Turkey is a poor country, 20 years behind the West in its property market, laws and business practice. And even though finance is available, it is also still typically a cash market."
advertisementApart from this blip, Turkey's property market is proving resilient, with prices expected to rise by 10-15 per cent this year, says Knight Frank.
The currency exchange company Moneycorp reports that British interest in Turkish property has trebled in the past year. A NatWest survey of mortgage lenders predicts that Turkey - where 22,650 Brits own property - will be the third most popular
destination for UK buyers in the next three years, with most sticking to the area between Kusadasi on the Aegean coast and Alanya on the Med.
In its attempts to double tourist numbers to 10 million by 2010, the Turkish government is investing in infrastructure and attractions, including new golf courses in Dalaman and Belek.
It is also encouraging new air routes and airport expansion. EasyJet now flies to Dalaman and Istanbul, BA to Antalya. A new international airport at Edremit will open up areas around Ayvalik, north of Izmir - until now, despite good beaches, great windsurfing and attractive property, the preserve of Turkish buyers.
Beyond its appeal as a value-for-money location for holiday homes - outside pricier Istanbul or Bodrum, the average two-bedroom apartment costs £35,000-£90,000 - Turkey is also drawing investors to Istanbul, where new development is taking place on both sides of the Bosphorus.
Prices average about £700-£900 per square metre, with studios from £40,000 in developments such as Life Studio near Ataturk international airport (through The Right Move Abroad), or Astrum Towers, six miles from the airport, which agent Regnum predicts will see annual growth of 30 per cent.
So, this Christmas - or whenever the restrictions ease - why not vote for Turkey?
BODRUM FAR FROM HUMDRUM
Lively resorts, leisure facilities and low-priced newbuild properties make the Bodrum peninsula one of Turkey's best-known areas for British visitors, while quieter spots such as Yalikavak and Gumusluk appeal to wealthy Turkish property buyers wanting £1m-plus villas.
"Bodrum is one of the most popular coastal regions," says Jane Griffiths, managing director of Regnum, "and Turkey's appeal is widening to take in growing numbers of Eastern European holidaymakers as well as British. Small apartments can achieve rents of £300 a week."
Sunday, June 8, 2008
Bodrum
Buyers looking for overseas properties could benefit from investment opportunities in Turkey, as prices look set to rise in the near future.
One UK property fund manager, Cordea Savills, is in the process of raising €400 million to invest in Turkish real estate with an estimated rate of return of 25 per cent, reports Reuters.
Ian Jones, director of investments at Cordea Savills, commented: "This is a country of some 70 million people with half of the population under 30 and with an average annual population growth of about one per cent."
He added that although the economy was cooling, it was "slowing but coming down from a high base".
Those looking for a holiday home as well as investment properties in Turkey may wish to consider the Bodrum district of the Turkish Riviera, where prices are low but expected to soon compete with Mallorca and Saint Tropez, according to Turkish Daily News.
One UK property fund manager, Cordea Savills, is in the process of raising €400 million to invest in Turkish real estate with an estimated rate of return of 25 per cent, reports Reuters.
Ian Jones, director of investments at Cordea Savills, commented: "This is a country of some 70 million people with half of the population under 30 and with an average annual population growth of about one per cent."
He added that although the economy was cooling, it was "slowing but coming down from a high base".
Those looking for a holiday home as well as investment properties in Turkey may wish to consider the Bodrum district of the Turkish Riviera, where prices are low but expected to soon compete with Mallorca and Saint Tropez, according to Turkish Daily News.
Thursday, June 5, 2008
Iraq
Middle east developer DAMAC has announced that it plans to invest around $15bn (£7.7bn) constructing a mixed-use project in Iraq’s Kurdistan province in an effort to kickstart the region’s recovery following the Iraq war.
The company plans to start building phase one at a cost of $4.5bn (£2.3bn) of Tarin Hills in the northern town of Erbil, at the tail end of this year. The scheme, which will measure around 170m sq ft, will include residential, commercial, retail, hospitality, entertainment, health and sporting facilities.
Peter Riddoch, CEO of DAMAC, commented: “The hills of Tarin will be transformed into a golf course residential community with villas surrounding and intertwined amongst the 18-hole course. This community will be augmented with a golf club and health centre, which will be a focal point destination for recreation and leisure. In addition to this, the community will encompass a water and theme park, arts and crafts centres, retail complexes, besides schools and business parks."
DAMAC chairman Hussain Sahwani believes that Tarin Hills could be the catalyst for turning the Kurdistan region into an “attractive destination for both high-end and mass tourism.”
He added: “There are five million people in Kurdistan from different classes and there are many people from Iraq that would like to take residence or move to Kurdistan because it is safer.”
Sahwani also wants to lure back all those people who left Iraq for Europe and the Middle East during the rule of previous president Saddam Hussain, or otherwise left to escape the war. “They would like to come back, and want luxurious residences to live in,” Sahwani concluded.
Anyone who may be concerned about investing in the region will be reassured to learn that DAMAC plans to create a fully gated community with security gates, 24-hour security, a police station and a civil defense base, all of which will be situated on site.
Nechirvan Barzani, prime minister of the Kurdistan regional government of Iraq, has welcomed the planned initiative. He said: "The Tarin Hills development will not only help promote the global face of Erbil, it will also create jobs and support growth in related sectors, such as tourism and hospitality. We thank DAMAC for taking this initiative, which is a very positive statement, and a symbol of the stability and growth potential of the Kurdistan region. We are confident of the success of this project and pledge our full cooperation with DAMAC and its investors in making Tarin Hills a world-class development."
The company plans to start building phase one at a cost of $4.5bn (£2.3bn) of Tarin Hills in the northern town of Erbil, at the tail end of this year. The scheme, which will measure around 170m sq ft, will include residential, commercial, retail, hospitality, entertainment, health and sporting facilities.
Peter Riddoch, CEO of DAMAC, commented: “The hills of Tarin will be transformed into a golf course residential community with villas surrounding and intertwined amongst the 18-hole course. This community will be augmented with a golf club and health centre, which will be a focal point destination for recreation and leisure. In addition to this, the community will encompass a water and theme park, arts and crafts centres, retail complexes, besides schools and business parks."
DAMAC chairman Hussain Sahwani believes that Tarin Hills could be the catalyst for turning the Kurdistan region into an “attractive destination for both high-end and mass tourism.”
He added: “There are five million people in Kurdistan from different classes and there are many people from Iraq that would like to take residence or move to Kurdistan because it is safer.”
Sahwani also wants to lure back all those people who left Iraq for Europe and the Middle East during the rule of previous president Saddam Hussain, or otherwise left to escape the war. “They would like to come back, and want luxurious residences to live in,” Sahwani concluded.
Anyone who may be concerned about investing in the region will be reassured to learn that DAMAC plans to create a fully gated community with security gates, 24-hour security, a police station and a civil defense base, all of which will be situated on site.
Nechirvan Barzani, prime minister of the Kurdistan regional government of Iraq, has welcomed the planned initiative. He said: "The Tarin Hills development will not only help promote the global face of Erbil, it will also create jobs and support growth in related sectors, such as tourism and hospitality. We thank DAMAC for taking this initiative, which is a very positive statement, and a symbol of the stability and growth potential of the Kurdistan region. We are confident of the success of this project and pledge our full cooperation with DAMAC and its investors in making Tarin Hills a world-class development."
Turkey
Turkey's convergence process with the European Union and macroeconomic stability should boost foreign interest in Turkish real estate, Akın Tüzün, head of Turkish equity research at Citigroup, said yesterday.
Speaking at the Turkish Real Estate Summit organized by The Association of Real Estate Investment Companies (GYODER) in Istanbul, Tüzün noted Turkey currently attracts around $3 billion foreign investment into the local real estate sector. “This is less than 0.5 percent of Gross Domestic Product (GDP) – a low figure as such if compared to Eastern Europe, and particularly to Spain, Portugal and Greece.” With close to $50 billion in current account deficit, Turkey needs substantial foreign capital inflow. As portfolio inflows and major privatizations slow down this year, Turkey has to attract foreign capital particularly in real estate,” Tüzün added.
Energy, tourism and real estate to drive FDI
The majority of all FDI inflow to Turkey since 2003 has consisted of privatizations and asset sales, mainly in the banking sector. So far real estate investments have made some 17 percent of all FDI into Turkey. “However, over the next decades energy, tourism and real estate will be the main areas of FDI inflow into Turkey,” Tüzün said. “The sustainability of foreign direct investment (FDI) is the key for Turkey's balance of payment dynamics and real estate FDI should play an important role in this.”
Turmoil boosts real estate investments
The global economic slowdown has not had as notable impact on capital FDI and real estate as much as was feared, noted Tüzün. “In fact, whereas since 2003 real estate investments made 11 percent of all FDI, in the first three months of 2008, they made 21 percent of all FDI into Turkey. […] On the other hand, portfolio inflows, mainly consisting of so-called ‘hot money,' have slowed down considerably in 2008,” Tüzün explained.
Despite the global turmoil, appetite for mergers and acquisitions (M&A) and real estate seem strong. “This is because investor profile for these assets, are not bothered by the short-term risk factors. In fact, the short-term turmoil provides a good opportunity for them.”The two day summit continues today with sessions on residential property, real estate opportunities in tourism, offices and logistics, urban regeneration and investment potential of Turks.
Speaking at the Turkish Real Estate Summit organized by The Association of Real Estate Investment Companies (GYODER) in Istanbul, Tüzün noted Turkey currently attracts around $3 billion foreign investment into the local real estate sector. “This is less than 0.5 percent of Gross Domestic Product (GDP) – a low figure as such if compared to Eastern Europe, and particularly to Spain, Portugal and Greece.” With close to $50 billion in current account deficit, Turkey needs substantial foreign capital inflow. As portfolio inflows and major privatizations slow down this year, Turkey has to attract foreign capital particularly in real estate,” Tüzün added.
Energy, tourism and real estate to drive FDI
The majority of all FDI inflow to Turkey since 2003 has consisted of privatizations and asset sales, mainly in the banking sector. So far real estate investments have made some 17 percent of all FDI into Turkey. “However, over the next decades energy, tourism and real estate will be the main areas of FDI inflow into Turkey,” Tüzün said. “The sustainability of foreign direct investment (FDI) is the key for Turkey's balance of payment dynamics and real estate FDI should play an important role in this.”
Turmoil boosts real estate investments
The global economic slowdown has not had as notable impact on capital FDI and real estate as much as was feared, noted Tüzün. “In fact, whereas since 2003 real estate investments made 11 percent of all FDI, in the first three months of 2008, they made 21 percent of all FDI into Turkey. […] On the other hand, portfolio inflows, mainly consisting of so-called ‘hot money,' have slowed down considerably in 2008,” Tüzün explained.
Despite the global turmoil, appetite for mergers and acquisitions (M&A) and real estate seem strong. “This is because investor profile for these assets, are not bothered by the short-term risk factors. In fact, the short-term turmoil provides a good opportunity for them.”The two day summit continues today with sessions on residential property, real estate opportunities in tourism, offices and logistics, urban regeneration and investment potential of Turks.
Thursday, May 22, 2008
House prices in the Uk
British house prices fell in May by the most in at least 17 years as the shortage of credit starved the property market of buyers, Nationwide Building Society said.
The price of an average home dropped 2.5 percent from April to 173,583 pounds ($344,000), Britain's fourth-biggest mortgage lender said yesterday in a statement. That's the biggest drop since the index started in January 1991. From a year earlier, prices fell 4.4 percent.
Bank of England Governor Mervyn King predicted this month that property values are “likely to fall further” and said there is a risk that the British economy may contract. Mortgage approvals fell in April by 39 percent from a year earlier, the British Bankers' Association said this week.
“Tighter credit conditions in the market at present are making it more difficult for borrowers to obtain loans,” said Nationwide Chief Economist Fionnuala Earley in a statement. “More weak economic news added to the gathering momentum of negative sentiment about the housing market.”
Property values have now declined for seven months, the longest streak of drops since 1992, Nationwide said yesterday. Hometrack and HBOS, Britain's biggest mortgage lender, also reported price drops this month.
Homebuyers are paying more for mortgages after the global credit squeeze prompted lenders to curb lending. British banks increased the cost of home loans with a 5 percent down payment to the highest in more than eight years in April, failing to pass on the Bank of England's three interest-rate cuts since December.
The central bank kept the main rate at 5 percent on May 8 as record oil prices pushed the inflation rate up by the most since 2002 in April. Policy makers, who will take their next decision in a week, signaled they have little scope to lower rates further as inflation is set to accelerate, minutes of the meeting showed.
The price of an average home dropped 2.5 percent from April to 173,583 pounds ($344,000), Britain's fourth-biggest mortgage lender said yesterday in a statement. That's the biggest drop since the index started in January 1991. From a year earlier, prices fell 4.4 percent.
Bank of England Governor Mervyn King predicted this month that property values are “likely to fall further” and said there is a risk that the British economy may contract. Mortgage approvals fell in April by 39 percent from a year earlier, the British Bankers' Association said this week.
“Tighter credit conditions in the market at present are making it more difficult for borrowers to obtain loans,” said Nationwide Chief Economist Fionnuala Earley in a statement. “More weak economic news added to the gathering momentum of negative sentiment about the housing market.”
Property values have now declined for seven months, the longest streak of drops since 1992, Nationwide said yesterday. Hometrack and HBOS, Britain's biggest mortgage lender, also reported price drops this month.
Homebuyers are paying more for mortgages after the global credit squeeze prompted lenders to curb lending. British banks increased the cost of home loans with a 5 percent down payment to the highest in more than eight years in April, failing to pass on the Bank of England's three interest-rate cuts since December.
The central bank kept the main rate at 5 percent on May 8 as record oil prices pushed the inflation rate up by the most since 2002 in April. Policy makers, who will take their next decision in a week, signaled they have little scope to lower rates further as inflation is set to accelerate, minutes of the meeting showed.
New rail system for Turkey
The property market in Eskişehir, Turkey could benefit from the news that the newly built Ankara-Eskişehir high-speed rail line is now ready for test-driving the trains, which will continue for several months, officials said.
When the high-speed trains, which were specially produced in Spain, start running between Ankara and Eskişehir, the usual three-hour travel time between the two cities will decrease to just one hour and 10 minutes.
This is likely to drive demand for properties in the Eskişehir region, which remain extremely affordable, with local property prices currently starting from around €15,000 (£12,000). Tourism in the area is growing at a fast pace, which is also driving demand for rental accommodation.
When the high-speed trains, which were specially produced in Spain, start running between Ankara and Eskişehir, the usual three-hour travel time between the two cities will decrease to just one hour and 10 minutes.
This is likely to drive demand for properties in the Eskişehir region, which remain extremely affordable, with local property prices currently starting from around €15,000 (£12,000). Tourism in the area is growing at a fast pace, which is also driving demand for rental accommodation.
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