Someone can guide about that where i ve to purchase property in turkey.Wat is the rental value there.Is it safe?
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Mee too!
I have a few apartments in Istanbul. It is completely safe. The only problem you will face is that it is not as mature as investing in London where agents can take care of everything. Also, language is an issue. So it will be slightly more hands on for you.
You can buy property there and hand over to Remax to manage the rentals for you. Be smart with your purchase, because the Lira is getting smashed and there is conflict on Turkey's borders.
London real estate is too costly and over-valued on the whole and agents charge a lot for managing properties. The opportunity cost for leveraging an agent to manage property is high
There are many fraudulent sales of real estate properties such as apartments in Turkey. The Seller may not be the real owner or the building they show you may not be the one in which you buy the apartment; the real building may be non-existent. At least two of the firms I do business with have told me that this is happening. They recommend Cyprus and Greece as better investments. Some countries are even offering their nationalities if you invest. In fact in some countries, you dont have to invest much; just pay a donation to the government and you get a passport and nationality straight away - legally.
Dear Khan007,
Plz advise us where We ve to purchase.
Pardesi - I assume you are reading up on the news these days with regards to Greece and Cyprus. I would not touch either of the 2 countries with a 10 foot pole. Greeks are by nature crooks and if you visit Athens you will see what I mean. You see Pakistanis being treated like animals there en route to Europe.
With regards to Turkey, one property that I invested in was 3 months late and the developer paid me rent for each month that was late. It is a regulated market and not like Pakistan where they delay projects by a decade. I assume you have not visited Turkey ever, so are relying on info from others.
Urooj - Turkey lists as the second country in the world with regards to construction companies. If you want to invest in Turkey, invest with any of the major Turkish developers near Ataturk airport or on the Asian side. The growth is there. I would stay away from Antalya or Bodrum because those are harder to manage. Even the Kuwaiti companies like Mazaya have launched projects on the Asian side of Istanbul like Kartal which offer decent returns.
The risks are with the Lira. Which is getting smashed these days. Besides that, Turkey is a great country and one that I go to visit often because I absolutely love it.
Arshad - I pay my agent 10% of the rental fee to manage my flat in London. If you focus on zone 4, 5 or on the cross rail stations that will be opening up in 2018 and beyond. Considerating a 7% rental yield and 20% annual price appreciation since 2013 when I bought it, I am not complaining about London at all. London offers you blue chip rental tenants and a huge housing shortage. Even after the 2009 crash, propery prices fell only 20% before surging to their pre crash peaks. It is expensive though, I give you that.
Khan007 bhai sir i was basing my assessment on the Price to Income ratio where London stands among the top 3 cities with over-valued properties and where the ratio is around or above 15x. Its consumer debt is almost 100% of GDP including mortgages and its financial sector debt is 200% of GDP. Its QE and govt. Stimuli have been a major driver of sustaining inflation and causing prices to rise otherwise prices would have fallen to huge levels which they did not even in the US. And yes you are right till 2013-2014 it had seen huge growth and spending to drive the GDP but it will fall and slow down more likely may cause prices to depreciate
Arshad bhai... You are spot on with your statistics. You forget one important thing though, and that is investor sentiment.
Everyone wants a piece of London. The arabs want central London for their summer adventures, the Asian pension funds want office properties for their rental yield, the Qataris want show case properties like the Shard, the Russian oligarchs want their mansions and our cleaner then a w hores behind PM wants Park Lane.
Include to this a massive housing shortage and you can see why London is stable for now. Growth has come down and now secondary cities like Manchester and Birmingham are experiencing price appreciation. The problem with these cities is the quality of tenant. You get council estate tenants who don't pay rent on time.
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