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Everything posted by Fusions

  1. Hello there folks, Couple of my friends are of opinion that they can startup a business in Turkey as expats and they are keenly looking into different domains. While my point of view is that more likely they will end up losing their money. Simply because its not easy to startup a business in Turkey and there are many reasons for my view. I would like to know if there are folks out there who came to turkey as expats and are now running successful businesses. Would they share their experience with us on this forum and their advice? cheers
  2. Many thanks Ken for your feedback. So far I have stopped looking to buy property in Turkey for reasons we all agreed upon as mentioned in our posts on here. If there is an interest to live in turkey the best option is rental. Turkey rental yield is certainly not good for rental investment concept as you rightly explained. While buy-hold-sell may be a good option for certain areas and one needs to do a lot of Due diligence about the developer before buying into it. For me this option is not appealing for the reason that one needs to hold the property for at least 5 years and during 5 years you will only get a 3-3.5% rental yield. Yet this option may still be the choice if you want to diversify your properties at different places so in the event of a fall out in one place, your investment will still be safe. Real estate sector has seen an exponential growth in many countries and many have benefited and many more have lost their hard earned cash as well. I think real estate in Turkey is analogous to forex trading where folks owning the platform makes a lot of money from their commission while the end users who trade continue to lose except a few who have insider information or who are over smart then the brokers ;-) For self living, Turkey is the best choice for me as it offers very good climate plus the cost living is far less than many other countries with similar infrastructure and safety. The only issue is the language and i would certainly recommend people to learn the language if she or he wants to stay in Turkey for long and also want to do some sort of business or involve with properties or rentals. Cheers
  3. Thanks for your concur views. Yes agents are the same everywhere. However I will add a bit more. I have seen a marina project as well , its called denize istanbul http://www.denizistanbul.com/en/home I noticed that in Turkey the quality of some projects are really of high standard, they also deliver with slight delay. The issue is the false appreciation in price claim. First of all a foreigner can not sell once the property is handed over unless he agrees to pay 18% tax which virtually offset any appreciation. So he needs to wait 5 years. Second most of the countries you mentioned are areas where folks want to run away to have a safe decent living. By having a home in turkey their chances of residence permit and a tangible attachment will make them perfect candidates for any residence benefits. People from rich gulf states ; half of em bought to have a holiday home, hence they were sold cheaper properties (under 100k USD) in remote areas from main center (like bahcesehir or even further). I would still think if you buy wisely in areas close t the city center, you may get away with good profit after 5 years but the selling pitch from these agents is like buy anywhere and you will be able to sell it immediately once you have title deed and that too with a very good roi. The only place I found will give you very good return in dubai, though it has slowed down bit now, but still with no taxes , the yield is still between 6-8%. cheers
  4. What you quoted above is what I have observed in my visit and have expressed the same in one of my post. The real estate property market in Turkey for making money as buy n sell for foreigners is not a good idea for me. Buying as an end user is fine. Local population has less buying power and they usually opt for buying into projects which jv with local banks on a long term mortgage. The foreigners are lured by the many arab speaking agents with a false promise that their properties when completed will be sold for 20 percent appreciation. I known a few of em who have bought and now cant sell . So in my view, best is to buy for your own use should you want to make turkey as your second home and quite honestly it is a wonderful place to live and retire as long as your passive income is coming from outside as USD. Cheers
  5. Is there any statistical chart available where by country we can see the residence permits granted by Turkey say for 2016 cheers
  6. Yes I have no idea about it , my level is basic or below :-(
  7. I have downloaded an application on my mobile https://www.duolingo.com/course/tr/en/Learn-Turkish-Online I will play with it for a month and see how it goes cheers
  8. hello and good evening, I would like to know how easy it is to learn the language and are there professional teachers for remote teaching? cheers
  9. More likely will be the case then , which is to use turkey as an end user against foreign income. Same is the case for property investment as well. Thanks for your valuable input buddy
  10. Some one I know for a year has offered me to have a startup for a coffee shop in istanbul, whereby I would invest all of the money and he would take care of he business. He said the business has good potential if coupled with a unique idea. What is your opinion as am not living in istanbul cheers
  11. Well let me share my views/questions. Its about the comfort level. While I visited Istanbul and have seen a lot of folks from different parts of the world, yet there is no common language developed as means of communication. For example in dubai, the public and private sectors english is understood to be the medium of communication and for a person to choose a 2nd home, it makes a big difference. In turkey it was really tough for us to communicate in english. Apart from this disadvantage, which is a big one, i found the place better than Dubai in so many ways (cost of living, weather, people are welcoming). Essentially how was your experience when you live in turkey and you run for errands and not knowing turkish. must have been a big issue I reckon, or not? I read that in order to get a residence permit the govt officials need you to have a lawyer because they would not speak in english and is this across the board, for example if you have an emergency and you go into a hospital, how would you communicate? cheers
  12. I already have the residence permit of uae because of the property purchase. However I am looking for some on who choses one over others and how was his experience
  13. Hello Folks, Has any one moved to Turkey from UAE and what was his/her experience like? I am not sure of which place to choose dubai or istanbul.... any ideas? cheers
  14. I can visit Turkey via e-visa valid for a short period of time. However I would like to get a residence permit for myself and family. Do you know the procedure and the cost per person?
  15. Based on my research, english private schools are way costly (30-60k $ a year). I am looking for a list of private schools where medium of instruction is in English and fees range between 15-20k TL/Year. cheers
  16. I am coming to visit Istanbul for couple of weeks. I am thinking of renting a car. Do you think its a good idea? Other options is to rent a car with driver which costs a lot more. cheers
  17. Real estate investment is not for every one and its not about being a foreigner in a country. In actual face people invested wisely in dubai and made fortune. Most of the millionaires in the past decade come from real estate investment. Turkey is far more stable than other countries in the region in the long run. I sort of wanted to reach out to any one who could benefit from my experience. cheers
  18. yes it does and am sorry for those who invest without performing Due diligence.
  19. Good Morning folks, I would like to know your opinion on the following questions/observations/statements. I have a genuine interest in buying a property for self live and for investment purpose. I appreciate to get a feedback from folks other than agents please. For Investment Based on my research and interaction in the past months, I strongly feel that the real estate market is artificially hyped by the Arab Investors and does not reflect the actual value of the property offered to foreigners. Many false promised offered that a property unit upon completion in 2 years will generate a 25% min appreciation and profit while the fact is that there are so many many projects in the new areas (which are essentially being the focus of boom) being developed, that why would any one wants to pay cash (with 25% premium) to buy from you, while he or she can simply go for another project in the same area. If he/she wants to buy a ready made, then there is better websites like https://www.sahibinden.com/en which by the reflect the true trans value of a property far less than these so called agents offer to foreigners. I negotiated a property that was offered to me with starting at 600K TL down to 380k TL. This shows that there is a nasty game being played by these agents. The areas which can profit you are in/around the city center and the projects there are quite expensive and hence out of reach for many foreigners. Hence the new istanbul areas are being offered and are promised with roi which in my opinion is not true. Because transport is key factor in istanbul and being close to the metro is paramount importance. Some of the projects are put on hold for construction and you never know the credibility of the unit will be delivered to you on time or not I believe it is not a market for some one to expect making heaps of money from flipping em. I witness a good drop in holidays properties in antalya and other places like close to 50% drop. To conclude, one has to carefully study the project, make sure the developer is known and has delivered in the past, make sure the neighbourhood has the potential to grow in real etate and close to metro and with a lot of bargain, expect the roi to realize with at least 3-4 years and not like buy -sell in short time. The agents also wont disclose the taxes, vat, withholding tax etc details so in the end your net roi will be so less than you initially assumed. Self Live Purpose I found turkey quit fits in this area. You can have a reasonable affordable property for self live that suits your luxary style. Similar property will cost at least 3 times in for example dubai. There are some very good projects that I have seen that falls in this category which are a bit far from city center but its worth it. I can share these details if contacted, as I do not want to sound like a sales pitch. I have done a study of such projects. Cheers Fusion
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