Property market in Turkey

Golf

2008-09-22T02:12:00.000-07:00

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.

Jet2Turkey

2008-09-04T00:29:00.001-07:00

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!

Didim

2008-08-21T10:23:00.001-07:00

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.

disneyland

2008-08-09T02:05:00.001-07:00

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.”

tax

2008-07-30T01:42:00.001-07:00

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.”

Mortgages

2008-07-26T04:26:00.001-07:00

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

Tapu

2008-07-19T02:08:00.001-07:00

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.

FADESA

2008-07-17T07:37:00.001-07:00

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.”

Market

2008-07-10T04:44:00.000-07:00

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.

Parador

2008-07-09T06:52:00.000-07:00

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.”

Tapu

2008-07-03T03:46:00.002-07:00

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.

Mortgages

2008-07-03T03:46:00.001-07:00

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.

Istanbul

2008-06-28T04:18:00.002-07:00

Istanbul's Fener, Balat, Ayvansaray, Galata and Tarlabaşı districts have recently become centers of attraction for the upper echelons of society and particularly the business world. The Fener, Balat and Ayvansaray districts are located on the shores of the Golden Horn, while Galata and Tarlabaşı are situated above these districts. The prices of residences have increased 10-fold in some areas.

The Golden Horn, which has been a center of culture and amusement for ages, had been regarded as an area most people wanted to move away from due to the unplanned construction of industrial buildings, irregular urbanization and environmental pollution. Parallel to this, the Fener, Balat, Ayvansaray, Galata and Tarlabaşı districts failed to attract appropriate attention from society. However, the bleak picture concerning these districts began to alter as crucial changes are taking place in these areas under the umbrella of urban transformation projects.

One of the major reasons behind this change is the increased interest of higher income groups in houses in these areas. The fact that the upper echelons of society began to reside in these areas with higher payments, resulting in the forced migration of the previous residents of the areas, entirely changed the face of social life in this region. The increase in house prices also altered the characteristics of business life in the vicinity, since classic businesses in the area were replaced by elegant restaurants and cafes.

Among the 1,400 parcels of land in the Fener and Balat districts, 750 are considered historical heritage. The UNESCO project, which began nine years ago, had a crucial impact in changing the face of the region, since the area has been experimenting with a significant transformation of its characteristics as compared to a couple of years ago. The project “Rehabilitation Program of the Fener and Balat Districts,” which is being undertaken in cooperation by the European Union and Fatih Municipality, was launched in January 2003. The EU supports the project with an economic package of 7 million euros and the project encompasses the restoration of 200 historical houses, the construction of a social center, the reorganization of Balat Bazaar and improvements in the solid waste system.

Meanwhile, the Galata district has also become a center of attraction recently, and as in the case of the Balat and Fener districts the prices of even ramshackle houses now range from $200,000 to $300,000. It has become impossible to find houses available for rent at a price of YTL 500 in the area, with the rents of certain houses with a view increasing to $3,000. The houses in Galata have predominantly received the attention of foreigners. This interest in the area by foreigners reached a peak in the aftermath of the purchase of some houses by foreign professors. In this regard, the Galata region has become one of the most popular areas of residence for Europeans working in Istanbul.

rates

2008-06-28T04:18:00.001-07:00

The Federal Reserve left US interest rates unchanged at 2% yesterday, ending the most aggressive series of rate cuts in 20 years, as America tries to perk up its flagging economy and avoid a full-blown recession.

Fed Chairman Ben Bernanke said in a statement: “Although downside risks to growth remain, they appear to have diminished somewhat and the upside risks to inflation and inflation expectations have increased.”

It’s hoped that the central bank’s decision not to cut interest rates for the fist time in 10 months, will signal the start of an economic recovery for the US. This in turn could offer the UK economy a much-needed boost. However, with the costs of crude oil and commodities rising rapidly over the past year, the reality is that the risk of a recession continues to loom over the US.

The Fed said: “In light of the continued increases in the prices of energy and some other commodities and the elevated state of some indicators of inflation expectations, uncertainty about the inflation outlook remains high.”

Many observers now expect US interest rates to remain unchanged over the next few months.

Economist James Knightly of Dutch bank ING said: “The outlook for corporate profits and therefore investment is deteriorating, with downside growth risks intensifying given market borrowing costs continue to rise despite the stable policy rate. The threat of a prolonged recession remains very real.”

Related story
European Central Bank president Jean-Claude Trichet has implied that multiple eurozone interest rate rises were possible, after refusing to rule them out. The bank is widely expected to raise the cost of borrowing to 4.25% next month in a bid to counter inflation. This in turn could strengthen the euro currency further against the UK pound, which would increase the cost of buying property in the eurozone.

Trichet said: “I didn’t say that we could envisage a series of increases. That being said of course, we never pre-commit. The observers, the market, know that pretty well.”

Izmir

2008-06-20T01:19:00.001-07:00

A Turkish company, in partnership with a Russian-based firm, has launched an all-service shopping mall project in Turkey's third-largest city İzmir.
Construction on the mall, to cover a 54,000 square meter area, will start within the first quarter of 2009 and is expected to be finished by the end of 2010.

Sitting right in the city center, the project is designed to unify the two sides of the Agean city. Tekfen-OZ Real Estate Development Co. Inc., founded by Tekfen Real Estate Development Co. and the U.S.-based Och-Ziff Capital Management Group, a global institutional alternative asset management firm with approximately $30 billion of assets, and Renaissance Construction, an international construction company founded in 1993 in Russia with Turkish capital, are equal participants in the joint venture, the Tekfen-OZ Renaissance Shopping Mall.

With expectations of 12 million visitors annually, the project includes a shopping center, offices, houses, cultural areas, cafes, restaurants and a 2,600 vehicle parking lot.

“This is the largest real estate development project in Izmir that is being processed under a single project,” Mehmet Erktin, board chairman of Tekfen-OZ Renaissance, said at a press conference in Istanbul yesterday.

“Despite having a considerable shopping center potential, there is a lack of real estate investments in Izmir. The city will receive a living quarter that it deserves through our project,” Erktin added.

The project includes a 60,000 square meter leasable shopping center area and a 60,000 square meter area for residences and office blocks, for a 200,000 square meter total construction area.

“Turkey ranks below the world average in terms of shopping centers, but Istanbul exceeds that measure. There is a shopping center deficit in İzmir in spite of the fact it is a large city when European standards are considered. We aim to make up that deficit,” said Erktin.

The project aims to provide wide and spacious open air areas, compatible with the Aegean lifestyle and climate, rather than the classic closed door shopping mall concept.

At the shopping mall, set to be the largest in the region, Izmir residents will have easy access to various services, including cinemas, cultural activities, offices and houses. The project is expected to provide employment for 5,000 people and is valued at nearly $250 million.

golf

2008-06-16T01:27:00.001-07:00

FOUR investors have visited Didim this week to investigate the potential of kick-starting the much-vaunted golf course projects.

Two Swedish and two Turkish groups visited the area to look at land off the road on the way to Akbük which has been allocated by government ministers for golf tourism.

The visit on Wednesday (June 11) came two years after Spanish company FADESA investigated the potential of setting up a top quality golf course in Didim, but declined to follow up their interest.

The four investors visited Mayor Mümin Kamacı and the Didim Estate Agencies Association before the association’s deputy chairman Sevim Külekçi took them on a site visit. The investors left Didim the same day.

One investor Fuat Yücel, speaking to Voices Newspaper by phone, said they were pleased with the visit. He added: “We want to be involved in golf tourism with our foreign partners in the Aegean region and we see great potential in Didim.

“We have a planned budget of 20 million Euros for a project, but we still need to investigate other areas in Bodrum and Ayvalık before we make a firm decision.

“If we decide on Didim, we will open the golf course in three years.”

Turkey

2008-06-14T01:13:00.000-07:00

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."

altinkum

2008-06-13T02:07:00.000-07:00

The act that regulates property sales to foreigners has caused much debate. The Constitutional Court had canceled the pertaining article on Jan. 16, causing sale of land to foreigners to come to an abrupt halt. The draft was once again discussed in Parliament yesterday. Experts are divided on the subject, with some in support and some listing drawbacks

YASEMİN SİM ESMEN
ISTANBUL - Turkish Daily News

Parliament yesterday debated the law that regulates the sale of land to foreigners. Some experts believes the new act will allow for more land to be sold to foreigners, while others believe it will bring more limitations, as it will make the procedures more confusing.

Yet, another long-standing issue is will selling land to foreigners become a threat to Turkey's security and independence?

“It should not be overlooked that taking hold of land [by foreign entities] will also mean giving away political and cultural independence,” read a press statement by the Union of Chambers of Turkish Engineers and Architects, or TMMOB.

But some, like Center of Economics and Foreign Policy Studies, or EDAM, Chairman Sinan Ülgen, do not agree. “It is not appropriate for Turkey to have harsh implementations with regard to property sales to foreigners, except for those also stated in the act, as having strategic importance for security reasons,” he said. Ülgen does not believe the lands bought by foreigners can be used as a tool for political leverage.

Istanbul Real Estate Agents Chamber Vive President İzamettin Aşa also supports sales to foreigners, although a bit more conservatively. “I support property sales to foreigners. I do not think it should be restricted. However, it should be under a certain legal framework and in the best interest of Turkey,” Aşa said. He suggested a team composed of military men, bureaucrats, real estate agents, and technical experts, collaborating to study the situation, will be in Turkey's best interest.

Another issue is an economic one. Ülgen finds foreigners' acquisition of land to be beneficial for Turkey economically. “It is a contribution to Turkey's economy. The land that is sold to a foreigner does not become the property of another country,” he added.

Aşa does not agree that selling land to foreigners has any additional economical benefits. “I, too, am an economist. But as real estate agents, we have the chance to see things first hand in the field, with the people. I would like an economist to explain how selling to foreigners is more advantageous,” said Aşa.

He explained that years ago selling to foreigners was more beneficial. “They would compare the prices in Turkey to other countries, find it cheap, and buy. This happened mostly in the Aegean region. But for the past two years, they have been buying at market prices, and have even started bargaining like Turks,” said Aşa.

Another much debated point is the reciprocity principle. It states that citizens of countries that Turkey has reciprocity treaties with, can acquire property in Turkey, just as Turkish citizens can buy property in those countries. There are 88 such countries. “This principle states that if property is sold to Turkish citizens in a country, then property can be sold to that country's citizens in Turkey,” said Ülgen. He explained the amount of land sold to foreigners in Turkey or the amount of land sold to Turkish citizens in other countries were never compared or held as a determining factor.

The list of countries that Turkey has a reciprocity treaty for real estate, used to be announced by the Deeds and Cadastre Directorate, explained Aşa. “But the list has not been announced for the past 1-1.5 years. Now a foreigner [willing to acquire property] has to apply to Deeds and Cadastre Directorate and wait for their answer as to whether he or she can buy the property,” he said. He added that this caused concern among real estate agents that land may be sold to citizens of countries not having a reciprocity treaty with Turkey.

Ülgen dismissed concerns that it is impossible to determine the amount of land owned by companies with foreign partnership or foreign ownership. “It is clear under which companies these lands are registered. The capital structures of these companies are clear; there are no such risks,” he said.

Ziya Ercan is the chairman of Muğla Real Estate Consultants Association and deputy president of Turkish Real Estate Consultants Federation. He explained that even though the Deeds and Cadastres Directorate kept the data on reciprocity treaty, there were some ways to bend the law. “For example, a Turkish citizen would establish a company with a foreign partner. As long as the Turkish share is more than 51 percent, they can buy property. Then the Turkish partner transfers his rights to the foreigner.”

As a whole, Ülgen believes the new act will be beneficial for Turkey. He explained the sale of property to foreigners had become impossible when the Constitutional Court canceled the Deed Act's articles, pertaining to the sales of property to foreigners.

Aşa, on the other hand, is not so optimistic. He said the Constitutional Court had canceled the Act as it gave “unlimited rights” for property sales to foreigners. “But they have increased the rights and brought the act onto the agenda once again. It seems like the Constitutional Court will cancel it again. Such a chaos should be prevented,” he said. In fact, the Republican People's Party, or CHP, is expected to take the issue to the Constitutional Court once again. Aşa added, “It is hard to understand why the pertaining law is being toyed around with so much lately. The rights drawn up by the previous law were clear.”

Aşa said even without the additional confusion, the real estate sector has been suffering. “The Housing Development Administration of Turkey, or TOKİ, and the high inflation rate have already blocked the sector.”

Even though he believes the new act will be beneficial for the real estate sector, Ercan agrees with Aşa that the real estate sector has been suffering. He showed TOKİ's constructions as an element that affected the construction sector adversely. Another element, Ercan explained, was the cheap housing loans the banks have been offering since 2004. “There was a big interest in housing loans between 2004 and 2006. Now the buying power has decreased because of that. And the sector has come to a halt,” he said.

Marmaris

2008-06-04T04:02:00.004-07:00

Last week's hottest news occupying international and local press about Marmaris was the funny – tragicomic, actually – story in Russian media about sharks on the coast of Marmaris.

According to Russian radio news and some Web sites, the beaches around Marmaris and Bodrum were closed off because of shark attacks! The source of the news was unknown, and some Web sites even used shark photos from different parts of the world to decorate their pages.

As expected, this shocking information provoked genuine panic among Russian and Ukrainian tourists preparing for a holiday in the area. Russian tour operators answered hundreds of phone calls from their clients asking about the situation. Tour operators and hoteliers in the area immediately asked Turkish officials for an explanation, although they knew there was not a bit of truth to the shark news.

In a written explanation, the Culture and Tourism Ministry denied the information aired by Russian press on the closing of several beaches on the Aegean coast because of sharks in the area. “Nothing of the sort is possible. No sea resorts were closed,” the ministry said. So, what did really happen and how did it turn out in the press?

All it was was a bit of “over-imaginative journalism.” The truth about sharks around Marmaris is completely different and has indeed been known for a long time. Boncuk Bay in the Gulf of Gökova was declared a protected site in 1990.

Another declaration was made by ICRAM (Italy's Central Marine Research Institute) in 2004 at a meeting of the EEA (European Elasmobranch Association) to explain the results of the observation of the sandbars in the bay. The bay hosts sandbar sharks (Carcharhinus Plumbeus) every year from May to August in what is the only known procreation area of sandbar sharks in the Mediterranean Sea.

The Environment and Forestry Ministry's Authority for the Protection of Special Areas (ÖÇKKB) started a project in Boncuk Bay in 2007 aiming to observe, research and protect sandbar sharks, “sensitive” inhabitants of the coast. For this reason, the bay was sealed off to tourism, or any visits, a short time ago. Currently, officials in Boncuk do not allow people to enter the bay.

Under the protection rules, all kinds of fishing, swimming and scuba diving, as well as anchoring and sailing activities have been prohibited in the area along the bay marked with buoys. The project will hopefully save the sandbar sharks, which are no danger to humans, and it is a blow to the long-established tourism business in the region.

The next phase will also include the education of the people. Visitors, local people and especially fishermen will be educated by volunteers and SAD (Underwater Research Society) members in order to increase their awareness and environmental consciousness regarding sandbar sharks. A variety of marketing material including brochures, presentations, small books and VCD and DVD films will be prepared and used for this purpose.

Unfortunately, some Russian journalists misunderstood and mangled all these scientific efforts and they announced to their people “shark attacks” instead of “shark protection”! This greatly affected many people in Russia, Ukraine and other neighboring countries. Moreover, several Web sites in Germany and the UK quoted the discussions and carried the topic on their forum pages.

But it is likely the panic mood will be over in a few days after the explanations of local and national authorities. Ali Acar, mayor of Marmaris, summarized the truth in a very clear way when talking to a Ukranian TV channel about the misunderstanding on sharks, “Since my birth in Marmaris, I have never seen or heard of any sharks in our bays, except the sandbar sharks in Boncuk Bay. It would be nice to see some of them in other bays, because they really are harmless and very sensitive animals.”

The words of a British diver on a forum page prove how the Russian journalists made a big mistake by saying “sharks attacks:” “I think someone is pulling someone's chain! Although sharks are present in that part of the world, they are few and far between. I've been diving in Turkey for years and would love to come across a shark in those waters, but have failed miserably! … The waters around Marmaris don't offer the right habitat characteristics for most shark species, not ones you'd be concerned with anyway… It would be useful if they reported on species, if indeed they even know what they were. The authorities are right to be cautious, but journalism like this doesn't do anyone any good and will only harm the tourist industry.”

Turkish economy

2008-06-04T04:02:00.003-07:00

As the global economy enters a tumultuous period, Turkey offers an optimistic picture to those abroad because of its current stability and the strong fundamentals of its economy, according to a European Union representative.
Despite political uncertainty in the country, both the International Monetary Fund (IMF) and the EU remain optimistic about Turkey's growth stability. “Global and domestic challenges have increased. Clearly, it is going to be more difficult to achieve the growth rate we saw between 2002 and 2007, which was 7 percent on average,” Ulrike Hauer, head of the trade, economy and agriculture section of the Delegation of the European Commission to Turkey, told the Turkish Daily News.

Speaking on the sidelines of the European Finance Convention in Istanbul yesterday, Hauer said that today “the fundamentals of the Turkish economy are so much better.”

“I think this is the view of not only my colleagues, but possibly also of the commission in Brussels,” she said. “We would probably say a 4 percent growth is realistic for Turkey this year. Turkey needs to raise its sustained growth rate significantly. But today it is in a much better position than it was five years ago.”

Despite high unemployment, Turkey presents a reassuring picture to the EU in terms of economic stability, she noted, adding, “We no longer see a risk that Turkey will collapse into some kind of financial crisis. Turkey's economy has been much more stable and resilient to these kind of shocks.”

The IMF representative at the conference, meanwhile, noted that the current slowdown in the Turkish economy is linked to external factors.

“We expect Turkey to grow in a range between 2 and 4.5 percent this year,” said Hossein Samiei, the permanent representative of the IMF to Turkey. “Growth is slowing down while inflation rises. But obviously, what brought this slowdown was the shock of rising energy and commodity prices.”

Turkish banks are “less dependent on external resources,” Samiei noted. “This fact clearly shows that Turkey's banking sector is safe and sound.”

Title deeds law in turkey

2008-06-04T04:02:00.002-07:00

The New Regulations

The Government has changed the parts of the law abolished by the Constitutional Court. In the new law, foreigners are allowed to buy property accounting for up to 10% of the city boundaries within the development or future development plan. Each city title deed office will announce the qouta every year in January.

Military Checks Finishing

The Ministry of Defence will give the military plans to each title deed office. As a result of this, foreigners who would normally have to apply for military clearance will now not be required to do so . The clearance checks, which in some cases were taking 6-8 months to complete, should now be dealt with in 1 day at the local title deed office.

Sources claim the new law will be passed through parliament within 2 weeks.

Hassle ban in Altinkum

2008-06-04T04:02:00.001-07:00

Police investigators are using covert methods to catch businesses hassling holidaymakers, after warning them they face tough sanctions if they continue to offend.

Yalcin Akalinli, the Chief of the Police, said: "Didim is to have a peaceful season this year.” The hassling inspections, which were the duty of the municipal police (zabita) until this year, will be carried out by the city Police. Chief Akalinli, stating that hassling abuses are being noted by undercover police officers using hidden recording equipment said: “This is only the beginning; we are empowered by law, to impose sanctions of up to 30 days of closure. Businesses engaging in hassling may get a five day closure for a first offence, but this penalty will be increased substantially for any subsequent violations. If necessary, we may close them for the rest of the season. Peacefulness in Didim is our first priority. The Governor has stated clearly that this year this matter will be closely monitored and hassling will not be tolerated.”

Thirteen businesses in Altinkum have so far, received five-day closure sanctions, imposed by the police under the scope of the campaign against hassling that started two weeks ago.

The Didim police, who have assigned different teams on day and night shifts against hassling particularly along the Altinkum beach, claimed that following the imposition of sanctions, the seriousness of the matter will be better understood by every business.

Residents of Didim agreed that in recent years, the fight against hassling has been inadequate, due to the closures being imposed towards the end of the season and added that the sanctions should be imposed during the season.

Commenting on the matter, Police Chief Akalinli said “These sanctions will be imposed during the height of the season” and warned businesses to be more careful.

Deniz Atabay, Chairman of Didim Tourism Enterprises Association, congratulated the police on their initial success, adding: “I believe that this year will be a very successful one in the fight against hassling. We will get the first results towards the end of June. Didim must change its image. This must start with businesses. We must understand that Didim is on its way to becoming an important tourism centre of Turkey and the Mediterranean Sea. Those who harm the city for financial reward must be penalised.”

All inclusive hotels in Turkey

2008-05-22T03:31:00.003-07:00

A recent poll, carried out by Öger Tours, reveals that the all-inclusive system is the main reason why German tourists prefer to spend their holiday in Turkey. The result of the poll confirms that a younger generation in Germany sees Turkey as a holiday destination. 'This fact will make Germany an important potential market for Turkish tourism in the long term,' says Öger Tours General Manager Recep Yavuz

ANTALYA - Anatolia News Agency

A recent poll of over 90,000 German tourists to Turkey has revealed that 85 percent chose Turkey as their travel destination because of its “all-inclusive” model, in which a variety of services are included in the price.

“The all-inclusive system is the main reason that German tourists cited for coming to Turkey. Around 85 percent of poll participants gave the same answer to the question ‘Why do you prefer Turkey?'” said Recep Yavuz, the general manager of Öger Tours, the company that conducted the poll. He added, “Roughly 44 percent of participants mentioned opportunities for children in reply to a question about what Turkish hotels have that is unlike other hotels in the world.”

Noting that the poll results will help create strategies to attract tourists, Yavuz said 55,000 of those surveyed chose Turkey as a holiday destination on more than one occasion. He said hotels in Turkey offer rich activities for children, rooms for families with children, and an “all-inclusive” method of pricing. “This feature makes Turkey different from all countries in the Mediterranean,” he said.

According to poll results, the age of German tourists to Turkey is lower than in past years. Yavuz said this result confirms that a younger generation in Germany now sees Turkey as a holiday destination.

“This fact will make Germany an important potential market for Turkish tourism in the long term,” he said, adding that Germans polled about their experiences in Turkey have consistently cited interesting cultural sites and almost 100 percent satisfaction, demonstrating that Turkey has an important place in the field of cultural tourism.

Hotel and service satisfaction

The poll asked questions about hotel, personnel, and service satisfaction, with around 90 percent of participants expressing their satisfaction. Yavuz said 20 percent of German tourists said they felt at home in Turkey, adding that the all-inclusive system is the main reason participants in the survey listed for coming to Turkey, demonstrating its importance to Turkish tourism.

Yavus argued that, though the all-inclusive system is sometimes criticized, it cannot be abandoned until the industry has found a new and better system to replace it. “It should be discussed how a consistent system can be developed rather than saying ‘Tourists do not go out,'” he said, adding that the only way Turkey can currently offer natural beauty and comfortable holiday resorts at a very low price is because of the all-inclusive system.

Expectations from the new season

Stating that hoteliers have even higher expectations for growth in the tourism sector this year than in previous years, Yavuz said the Cappadocia and Aegean regions are likely to benefit from a boom in tourism this summer.

He said Europeans have had a chance to become familiar with the İzmir and Aegean regions thanks to the western city's EXPO bid, adding, “This tourism season is better than last year, but we have even more expectations. We foresee that holiday resorts other than just those in Mediterranean Antalya will host more tourists. Europeans are showing greater interest in the Aegean region this year.”

Outlet centre Altinkum

2008-05-22T03:31:00.002-07:00

Turkey surpasses European countries with its investments in outlet centers, in which manufacturers sell their products directly to the public through their own stores.

Turkey ranks second among European countries right after the United Kingdom, with 19 outlet centers with 382,781 square meters leasable area. In the U.K. there are some 29 outlet centers with 474,881 square meters leasable area. Italy ranks third with 12 outlet centers, while France ranks fourth with 11.

The total number of outlet centers in Europe is 113, with more than 3.13 million square meters leasable area. Meanwhile, the United States is home to 222 outlet centers with 5.57 million square meters leasable area.

In the meantime, world-renowned brands continue to increase their investments in the outlet centers. One-third of stores run by Mudo, a concept clothing and home accessory brand, are outlet stores. Boyner, another clothing giant, is also planning to open three new outlet stores this year.

Park Bravo Group currently owns five outlet centers scattered all over the country. These outlet centers, which are spread over a total of 1,500 square meters, constitute 13 percent of all Park Bravo Stores as well as 10 percent of the company's total turnover. The group has plans to invest further in outlet centers.

Some 11.1 million people visited Olivium last year. Total turnover excluding the value added tax, or VAT, added up to $125 million, said Murat İzci, the general manager of Olivium, a major outlet center in Istanbul. “We are expecting 11.3 million visitors this year and a turnover of $150 million,” he added.

Olivium Shopping Mall is 100 percent full, said İzci and added that 400 brand names are waiting in line. “We are planning an investment in Ümraniye, in the Anatolian part of Istanbul. The five-storey center will be built on a 35,000 square meter plot. The new shopping center, which will require an investment of $60 million, will open its doors to customers within the first quarter of 2010.”

“Outlet centers provide a great alternative for people who are looking to dress in brand name clothing, but have a limited budget,” said İzci. “As opposed to the markets, outlet centers currently are not experiencing stagnation.”

Property in Turkey

2008-05-22T03:31:00.001-07:00

Turkey is considered as having a developing real estate market despite a crisis in global markets.

There are different standpoints regarding the direction of the crises. The chief executive officer (CEO) of Krea Group, Hakan Kodal, assessed the recent credit crunch in global markets as well as the conditions of the real estate sector in Turkey and their investment strategy at press conference in Istanbul yesterday.

Krea Group cooperated with Merrill Lynch GPI, one of the world's leading wealth management, capital markets and advisory companies, in 2006. The operating partner of Merrill Lynch is also responsible from the management and marketing of 14 shopping centers in Turkey, including Adapazarı and Eskişehir.

“Pricing and liquidity are two important factors that fed the credit crunch. The crisis that emerged due to liquidity risks is about to cease; however, we have not come to an end in the pricing crises yet. This is also because of the market-to-market pricing system of the United States, which is the leading actor of the global economy” Kodal said. “The total deficit will be approximately $800 million after the assets are being re-evaluated,” he said.

“There is a problem of growth and development in global markets. Therefore, it will take at least one or two years to defeat the circumstances of the prevalent crunch,” Kodal said, who also noted that the Turkish real estate market is in a 'digestion' period after experiencing drastic rises in property prices.

Most of the investors in the real estate sector have to be cautious enough for their future investment plans given the uncertainties and risks in global markets, said Kodal. “This year does not offer predictable economic conditions. Only those companies with strong capital structure will survive under these volatile conditions,” added Kodal. He also said that in a conference regarding the evaluation of real estate market held recently 80 percent of 350 participants believed the crunch is almost at its depth. "Turkey preserves its charm for investment and 95 percent of all participant companies in the real estate conference were somehow interested in Turkish real estate sector,” said Kodal. “The mortgage crisis is about to end. With a $30 billion mortgage volume, which is 6 percent of total GNP, Turkey is likely to attract more foreign investment in the long-run,” said Kodal.

Hotel ownership in Turkey

2008-05-03T01:42:00.007-07:00

With 54 years of experience in the construction sector, FDB Yapı prepares to launch the Ak Club Residences project in Antalya, a city on the Turkish Riviera. The project represents the first “home-hotel” concept in Turkey, and brings a new understanding of management to the city.

The project is expected both to meet the needs of the foreign investors who want to invest in property in Antalya, and to contribute to the economy with professional management of the facilities that offer the comfort of a five-star hotel. A first in Turkey, the Ak Club Residences project offers a profitable means of investment.

The owners will be able to make continuous profits by renting out their apartments at luxury-hotel standards day by day. In other words, the homeowners will be shareholders in a luxury hotel in Antalya. Turkey's first home-hotel project, the first stage of which is set to be completed by the end of 2009, will be comprised of four stages. The project will include a total of 1,200 apartments of different sizes.

“We will form a modern, comfortable and secure building system thanks to the technological structure that will be equipped with a self-sustaining smart house automation system,” said Fatih Deniz Bıçakçı, chairman of FDB Yapı.

The Ak Club Residences project has been developed to remove the difficulties faced by the owners of secondary homes, said Bıçakçı and added, “the secondary homes have fixed costs such as security, maintenance and repair, although they are only used for a short period of time. These costs will be removed with this home-hotel project.”

Housing shortages in Turkey

2008-05-03T01:42:00.006-07:00

The Association of Real Estate Investment Companies (GYODER), which was established in 1999 by the representatives of existing and founding Real Estate Investment Companies (REICs), organizes the Eigth Turkish Real Estate Summit on June 4-5 at the Swissotel Istanbul. Selecting the theme of “Turkey's Real Estate Potential for 100 Years,” members of Turkey's real estate sector will focus on the investment opportunities and the problems of the sector in participation with leading figures from the world's real estate sector during two days in seven sessions of the summit.The economic outlook of the sector, investment environment, shopping mall investments, Turkey's affordable housing project report concerning the need of housing of people with low income, real estate opportunities in tourism, office, logistics and Turkey's cities with real estate potential will be the main focuses of the summit.“We will additionally organize an international real estate fair, which Istanbul lacks considering it is a city having one of the world's greater real estate potentials, within the framework of the next year's real estate summit,” Turgay Tanes, board member of GYODER, told a press conference in Istanbul Monday.“Turkey will face a housing deficit nearly of 700,000 houses within the next 10 years and 20 percent of the families will be able to afford the prices to buy a house. We investigated independently that what kind of financing models should be implemented and how the structural changes can be made in order to help low income people to purchase houses in ‘Affordable Housing: The Need of Housing of Low Income People and the Suggestion of Solutions' report, which will be presented during the real estate summit,” said Emre Çamlıbel, GYODER board member and Soyak General Directorate.

“Turkey's real estate sector has developed within the last three years and it is continuing to grow. We see nothing to fear about concerning the growth of the sector. Istanbul will keep to be the star of the real estate. And also Turkey have a great real estate potential which guarantees the next 100 years,” said Nurhan Azizoğlu, GYODER's vice chairman.

Bodrum Tombs

2008-05-03T01:42:00.005-07:00

A villa with a swimming pool built on top of the tombs of the King of Caria in Turgutreis in southwestern Turkey causes outrage among locals and historians

YAŞAR ANTER
MUĞLA – Doğan News Agency

A new chapter was added to the story of destruction of nature and history near the tourist resort of Bodrum on the Aegean coast with a contractor building a villa with a swimming pool over 3,500 year-old world-renowned tombs.

The huge tombs belonging to the kings of Caria, a pre-Hellenic seafaring people who founded a kingdom in the southwest of Anatolia in today's Muğla province, who existed from the 11th century B.C. until they became a Persian satrapy in 545 B.C.

According to Wikipedia, the Iliad records that at the time of the Trojan War the city of Miletus belonged to the Carians and was allied to the Trojan cause. They are seen as being an offshoot of the Minoan civilization based in Crete.

The matter came to light after Professor Fahri Işık from Akdeniz University's Department of History and Archaeology went on a tour of the Carian civilization remains in the region with his assistant Özay Kartal. Having just held a seminar on Mysians in Bodrum last Saturday, Işık was shocked to see that villas were built over the tombs of Carian kings. The tombs were registered by the Muğla Culture and Nature Protection Board two years ago after they were discovered by Bodrum Museum archaeologists.

He noted that construction machinery was used to break the stairs of the tombs while tombs were broken to pass water pipes. Işık also said that barbed wire fence and solid walls were erected around some tombs.

Işık said the Bodrum Peninsula was a very important historical region with the remains of the Mycian, Caria and Leleg civilizations. “The peninsula is rich in history and civilization. The recent construction boom in the region resulted in serious destruction of culture in the region. This should be stopped. Such historical remains of immense value being located on the private lands of people does not mean they have the right to destroy them.”

‘The tombs are ours'

The contractor, İsa Şahinkaya, said he was not the only one to build over the tombs, noting that the land was legally his.

“We purchased the villas after construction began. These tombs are on our land. Many villas were built on tombs before and no one said anything. The tombs may be damaged a bit during construction but we got all the necessary permits.”

Inquiry:

Bodrum Administrator Abdullah Kalkan, speaking to the Doğan News Agency, said he had asked Bodrum Underwater Museum Director Yaşar Yıldız to study the area as soon as he heard of the matter. “What is done is an insult to thousands of years of history and culture. We are having a hard time protecting our historical sites. I've started an inquiry and will file both an administrative and criminal complaint based on experts' reports. We will protect the area,” he said.

Turgutreis municipal officials also conducted an inquiry at the site yesterday, finding out that only one swimming pool of the six villas was built illegally.

It was said that the building licenses for the villas were issued in 2002, before the tombs were registered as a cultural treasure.

Local anger:

One local, Hatice Erbil, 65, said despite their constant warnings, nothing was done to stop the contractors from destroying the tombs. “They broke the tombs with construction equipment. The plots were sold several times and we could not find anyone to complain,” she said.
http://www.turkishdailynews.com.tr/article.php?enewsid=104311

Real estate market

2008-05-03T01:42:00.004-07:00

Contrary to what has been expected, the increase in interest rates for home equity loans did not have a negative impact on demand for housing in the first quarter of this year, reported Turkey's monthly business and economy magazine Capital. Turkey has an annual housing deficit of 700,000 units. Therefore, the country's real estate sector cannot stall, said Avni Çelik, chairman of Sinpaş Group, one of Turkey's residential and commercial construction firms. In this respect, the government has a very important role in the implementation of the necessary and much needed regulations in the sector. “The existence of the Mass Housing Administration (TOKİ) under the rule of Prime Ministry harms the competitiveness in the real estate sector as they have several financial privileges,” Çelik had told daily Milliyet on April 17 last year. The real estate sector, which has a direct and indirect impact on more than 100 sectors including media and construction, continues to be the key sector of the Turkish economy with its 15 percent growth rate, reported Capital. All the big projects and infrastructure investments planned in the sector continue at a fast pace, said Atalay Şahinoğlu, board chairman of Nuh Çimento, one of Turkey's largest companies operating in the cement sector. Noting that he agrees with Çelik he said, “I presume that the number of investors is likely to rise.”

Hotels in Turkey

2008-05-03T01:42:00.003-07:00

Astute property investors are well aware that a country that is leading the way in tourism will follow with an increased value in property. This can be seen clearly in Turkey where major tour operators and some of the world’s top hoteliers are clambering to be a part of this new era.

Thomas Cook has chosen the Xanadu Resort Hotel in the Mediterranean resort of Antalya as the “world’s best hotel in select hotel category.” This was based on customer satisfaction covering more than 10,000 hotels, worldwide.

This particular hotel topped the list of 100 select hotels in the world and with 19 million tourists travelling with Thomas Cook annually, the company is well placed to understand where people want to visit and the calibre of hotel they require.

Many visitors become home owners and property investors are aware that by buying now, whilst prices offer exceptional value compared to other more established holiday resort locations such as Spain, they should reap excellent capital growth rewards and good rental returns.

Hilton ‘expanding’

According to the Anatolia News Agency, two Turkish hotels have been listed among the world’s 10 best hotels chosen by TUI the world’s largest tour operator. These are the Delphin Deluxe Resort and Barut Hotel Lara Resort Spa and Suites. In addition the Hilton Empire is to expand into Turkey with 15 new hotels over the next five years in locations across Turkey.

“These factors are of enormous importance to buyers of property whether as an investment or family holiday home”, says Robert Nixon, Director of UK Operations for Nirvana International.

“With such large companies committing to major financing it gives buyers a feeling of stability borne from a realisation that Turkey has every intention of turning itself into a major force on the world’s property market.

With new airports scheduled to open, major championship golf courses available and superb planning laws aimed at protecting coastal resorts, Turkey is without a doubt a superb place in which to invest particularly bearing in mind that on average a home costs three times less than an equivalent property in Spain.

With property values rising at around 20% per annum it is not surprising that there are already over 62,000 foreign owned properties in Turkey of which over half are believed to be British”.

Anatolian real estate

2008-05-03T01:42:00.002-07:00

Hotel and shopping center investments cluttered in Istanbul, Ankara and İzmir, the three biggest cities of Turkey, have been gliding toward Anatolian cities where the population exceeds one million, said Turkey branch officials of Euro Hypo Bank and Aareal Bank, both German banks, which specialize in commercial real estate.

“The commercial activity in Istanbul, Ankara and İzmir has spread to the Anatolian cities,” said Cenk Arson, Turkey representative of Euro Hypo Bank, adding that foreign investors discovered Anatolia well before Turkish ones. “Foreign investors have begun to undertake various projects in Eskişehir, Konya, Manisa, Gaziantep and Erzurum. A Dutch company is building a shopping center in Erzurum. We, as Euro Hypo Bank, are preparing to grant loans for three shopping center projects in the southeastern city of Gaziantep, the eastern city of Erzurum and Ankara,” said Arson.

”The investors have been investing in cities like Konya in central Anatolia, Gaziantep, Adana and Antakya in the south for some time since the prices are too high in Istanbul. Istanbul also suffers from the lack of land,” said Şenay Azak Matt, Turkey CEO of Aareal Bank in her statement.

Queen Elizabeth II to visit Turkey

2008-05-03T01:42:00.001-07:00

Queen Elizabeth II to visit Turkey

Queen Elizabeth II will visit Turkey with Prince Phillip, the Duke of Edinburgh, for an official visit on May 13-16 upon the invitation of President Abdullah Gül. The Bursa Chamber of Commerce and Industry (BTSO) said in a statement released yesterday that the queen will also be visiting Bursa on the May 14 as a special guest for the “Women and Enterprise” titled National Enterprise Congress.

BURSA – Anatolia News Agency

Foreign Ministry celebrates 88th anniversary

A Foreign Ministry delegation mission headed by Undersecratary Ertuğrul Apakan visited the Cebeci Asri Cemetary yesterday in honor of the ministry's 88th anniversary. The delegation held a a moment of silence and a wreath was laid for foreign affairs diplomats and officials who had died in the line of duty.ANK – Anatolia News Agency

Alanya property

2008-04-26T04:21:00.005-07:00

A total of 41,182 houses in Turkey have been sold to foreigners. Alanya distrtrict in Antalya, in the south, is the location of 12,331 of those homes, or 29.9 percent of the total number of sales, according to research conducted by the Alanya Chamber of Commerce and Industry (ALTSO).

Antalya also ranks first in the total number of foreigners who have bought property with 17,871 people, or 24.4 percent.

The research also shows that Alanya is the district of Antalya foreigners prefer the most. Antalya has witnessed the sale of 17,850 houses to the foreigners, 12,331 of which are located in Alanya. However, the district is not so popular for land sales; the number of land sales to foreigners is 20,903, only 501 of which were in Alanya. This comprises only 2.4 percent of the total number of land sales.

“The results of the research by ALTSO show that Alanya is the most favorite place for foreigners to purchase houses in Turkey, while the district is not as much preferred for the purchase of land,” said Kerim Taç, chairman of the Alanya Chamber of Commerce and Industry, who noted that there is no need to worry about property sales to foreigners. “Foreign people preferring Antalya and Alanya to invest in will contribute to the further development of the district. We hope that the new regulations will facilitate us to make good use of this opportunity,” added Taç.

Some 10 percent of the residential areas will be open to foreign purchases according to the new regulations, said Taç, noting that this would contribute greatly to the growth of the real estate sector.

“Alanya has 11,599 hectares that are residential, only 146 hectare of which have been sold to foreigners so far. This comprises 1.3 percent of the total number. Only 8.7 percent of land zoned residential is permitted to be sold to foreigners. Some 17,871 foreign people have bought 146.13 hectares of land so far, according to the February 2008 data. The immovable properties bought so far comprises 0.8 per thousand of the district's total area. We do not expect this case to cause any difficulty for the future of the district in the event that the new legislation is passed,” said Taç.

Property in Altinkum

2008-04-26T04:21:00.004-07:00

Finance Minister Kemal Unakıtan has approved the decision to hand over land on which housing estates sold to foreigners will be constructed to the Mass Housing Administration (TOKİ). The sales revenue from these projects will be distributed evenly between the Finance Ministry and TOKİ.

TOKİ will undertake the construction of property sold to foreigners in Antalya's Finike, Aydın's Didim and Kuşadası, Bodrum in Muğla, Konak and Çeşme in İzmir and Mersin on the Turkish Riviera.

“The income distribution method will mostly be used in the projects. Initially, we will construct pilot projects in Finike, Didim and Kuşadası, Bodrum, Konak, Çeşme and Mersin. The lands are ready... we are only waiting for the legal regulations to be completed. The project is expected to bring in revenue worth $20 billion. We also plan to extend the project in the future,” said TOKİ Chairman Erdoğan Bayraktar. He said the houses can be paid for in seven to year year installments.

The housing project is based on the “Spanish Model.” It will include holiday villages on the coast of Antalya, Muğla, Aydın, Fethiye and Mersin. These housing estates include tennis courts and golf courses, green areas, walking paths, medical centers, shopping centers and other social facilities. Set to be managed by the private sector, these premises will provide property owners with high-quality services.

Spain's 'mini-cities'

Foreigners tend to prefer houses close to the airport, said authorities from the Finance Ministry, basing the results on recent research. The authorities also noted that the holiday villages had the potential to become "hot spots" in the future.

“Spain's Malaga district has been allocated for construction of houses mainly for the foreigners. Houses of 50 square meters are on sale for 300,000 euros, while those of 70 to 80 square meters sell for 400,000 to 450,000 euros. Spain has mini-cities that include many facilities, from hospitals to shopping centers, designed for foreigners on a total area of 1.5 to 2 million square meters. The sales take place based on the scale models,” authorities said.

The project on the Turkish coast has already begun to attract the attention of many international firms, including those from Spain.

Bodrums piers

2008-04-26T04:21:00.003-07:00

As part of the 'Urban Design Project,' which was launched in January, ports in Bodrum's Göltürkbükü district were demolished but the ones where upper-class tourists spend their holiday were not touched. Hoteliers in the poorer parts of the district raise their voices to stop this unfair treatment

Bodrum - Doğan News Agency

A project launched by the mayor of a popular resort town in the Aegean city of Muğla has drawn harsh criticism from locals as nearly 30 piers in the region have been demolished since the project came into effect in January.

Through the “Urban Design Project,” initiated by Göltürkbükü Mayor Halil İbrahim Kaynar in, nearly 30 piers were demolished in the region's “Anatolian side,” a popular holiday destination for mostly mid-income tourists.

However, Bodrum District Administrator Abdullah Kalkan terminated the project because it was unlicensed and the deluxe piers on the “European side,” where upper-class tourists choose to spend their vacation, were not touched.

Moreover, the construction of bars and restaurants had started on new unlicensed piers before the start of the tourism season.

Following these developments a group of entrepreneurs presented the municipality a petition with 100 signatures and demanded that this unfair treatment is stopped.

'Piers of the poor' demolished

“This was the show of Mayor Kaynar before the opening of the season, said Taşkın Bıçak, who has been operating a hotel in the region for 22 years, voicing similar concerns as many hoteliers in the region.

“The unlicensed project demolished the piers of the poor but the ones where high society spends its holidays were not touched and also new unlicensed ones were constructed. They will anchor their jet-skis in these piers to sunbathe and nobody will touch them. It is impossible for ordinary people to walk and swim in this part of the region. Kaynar's power was only enough for the poor. If such a project is implemented, all piers should have been demolished at the same time,” he said.

Bıçak said they had presented a petition about the issue to the municipality and the district administration. “Because while one side continues making money over the ports, the other side will not be able to take advantage of them.”

'High society wants exclusive piers'

“Prices here are seven to eight times more expensive than in the section where piers were demolished. The rich and high-society people prefer this section. They feel ill-at-ease to see the low-income people, who can't afford to eat and drink here in the same place,” said Yelda Gören, the manager of Fidele Restaurant Beach Club, which is the first facility that has opened the season in the district.

Noting that he has been operating a hotel in Göltürkbükü for 12 years, Gören said Göltürkbükü owes its tourism to those ports.

Gören said, “Our customers are A-plus people. We are the first one that have opened the season here. If the project is in favor of Bodrum, we are ready to demolish our pier. But we want to do it at the end of the season because customers are coming.”

'Nobody will be deprived a privilege'

Kaynar said the “Urban Design Project” had been waiting for 16 months for the approval of the Public Works Ministry, but because of political reasons it was not approved.

He said, “Let nobody think that the piers of the high-society won't be demolished. This project is valid for nearly 7 kilometers along the Göltürkbükü coast. The beauty of the coast has appeared with the removal of the ports. We don't fill the sea but rearrange the coast here. We want the coast to get its natural appearance. The piers in the high-society section turned the sea into a wood cemetery. We could not demolish the other ports because the project was halted by the district administration. But the piers 90 percent of which are unlicensed, will be demolished within three to five months.”

He said nobody would be deprived a privilege and the “European side” would be open to the public. “When the project is finished in two years, Göltürkbükü will be one of the most modern holiday resorts of our country and Europe,” he said.

More housing required

2008-04-26T04:21:00.002-07:00

The Mass Housing Administration (TOKİ) is planning to complete the construction of 500,000 flats by the end of 2011, according to TOKİ Chairman Erdoğan Bayraktar.

While some claim TOKİ has reduced flat prices, Bayraktar said that, in fact, prices have been increasing for some time. Bayraktar traveled to Denizli, in the southwest, to supervise TOKİ's investments.

“Labor costs in the construction sector increased by 50 percent while inflation increased by 8 percent. We have made a small reduction for flats within the urban transformation project in Denizli since there are no land costs or social facilities in that project," Bayraktar said. "They just set the price according to the construction cost. It is impossible to decrease the prices further."

He noted that there has been no opportunity to buy a house for YTL 50,000 ($39,000) in Turkey. Both contractors and the state are losing money and those with low incomes do not have enough sources, he said. "We do our best and everyone should know this," Bayraktar said.

“We aim to reach 330,000 flats by the end of 2008; 400,000 flats by the end of 2009 and 500,000 flats by the end of 2011," said Bayraktar in response to a question about TOKİ's future targets. Bayraktar added that TOKİ had constantly differing responsibilities. On the one hand, TOKİ offers high-quality, secure and affordable flats their customers deserve and, on the other hand, they try to create a different understanding of dwelling and urbanization with their projects

Cost of living in Altinkum

2008-04-26T04:21:00.001-07:00

Expats feel the pinch

FOR those of us living in Turkey, the Lira has gained in value against the pound during the winter period, but as always the pound is now gaining ground as we enter the tourist season once again. Living costs here in Turkey have increased in the past few months but nothing like the UK and the related costs of living in European countries using the Euro as currency.

Interest rates have remained largely the same on Lira accounts held in Turkish banks for some time and combined with the lower cost of living most of us consider we have done the right thing moving to make Turkey our home.

France has seen prices increase on many things and the Brits there are starting to gather at weekends in the small cobbled market square of Valbonne, just up the road from Cannes, reminiscing about the bad old days as they enjoy the mellow evening sunshine over a glass of the local grape.

But there is an air of gloom hanging over the cafés and bars that has nothing to do with the unseasonal cold and rain. For the army of Britons who have retired to this tranquil Provençal town, prices have in effect soared by 17.6 per cent over the past 12 months, as the pound's value has slid steadily against the euro. Last week, the exchange rate dipped to £1.25 to the pound for the first time.

Retail prices are close to what they were this time last year: a three-course lunch with a carafe of decent vin de pays is £21, just over half a euro more than it was a year ago; a café au lait on the terrace of the local bar still costs £2.50, a glass of Pastis £3 and a British daily paper about £4.

But, because of the weak pound, the same popular fixed-menu meal now eats £16 out of their British pensions and savings, compared with less than £14 last spring.

In April last year, £100 was worth £147, but today the same sum converts to just £125 - creating a painful cash squeeze for many of the estimated million British expatriates living in the eurozone. A Mediterranean lifestyle that took about £100 a day to maintain would cost almost £4,500 more per year.

Britons, of whom a record 250,000 emigrated last year, are reining in on the rosé and long lunches as the fallout from the global credit crunch hits their once-charmed overseas existences.

Sitting in Valbonne's Café des Arcades, David Dobson, 59, who retired to the Côte d'Azur with his wife, Karen, six years ago, said he and his circle of expat friends felt "helpless".

"There is nothing we can do about it," he said. "Everything we buy, from food and drink to petrol, clothes or even paying the cleaner, costs a lot more.”

Shopkeepers and tradesmen in Valbonne are also worried that the weakness of the pound could hit their takings, especially in summer. Not only have the sterling costs of food shopping, meals out and petrol shot up, but so have more major expenses like utility and telephone bills, local taxes and mortgage repayments.

Gwilym Rhys-Jones, the secretary of the Costa del Sol Action Group, a consumer protection organisation representing expats in southern Spain, said it was the worst situation he had ever known.

"The pound has sunk so low against the euro that we are really getting a hammering," he said. "Those people who live off earnings gained in the UK are facing a significant drop in the amount they have to spend here. It is just about the worst it has ever been."

It's not just expats who are suffering from the buoyant euro. Among those hit are also foreign exchange students in rented accommodation, struggling to eke out their British bank loans and grants to survive their year abroad.

Sterling expats are hoping that pressure will grow for lower European interest rates, which would cause the single currency to weaken.

In the meantime, there is still one advantage to a strong euro. Britons who have bought homes abroad have seen their properties in effect grow in value by almost a fifth. If they could only give up the sunshine and sell up, they could return to Britain better off than when they left.

Easy Cruise to Turkey

2008-04-25T03:21:00.001-07:00

Accommodation-only specialist youtravel.com has teamed up with easyCruise to take 20 top-selling agents on the inaugural cruise of the line’s second ship easyCruise Life.

The ship will leave Piraeus (Athens) on April 19 for the voyage - a week-long cruise around the Greek islands.

Ports of call include Syros and Samos, Kalymnos, Kos and Paros, and a 24-hour-stay in Mykonos. easyCruise Life will visit Turkey for the first time with a full day and night in Bodrum.

Youtravel.com has an exclusive deal with easyCruise meaning that agents can earn 15% commission on every booking they make at youtravel.com.

To celebrate the launch of easyCruise Life, youtravel.com is also offering a trade incentive of £10 per booking made before February 29.

Youtravel.com sales director Paul Riches said: “Not only will the winners have a chance to be the among the first to sail on the line’s new ship, they’ll also have the chance to meet easyCruise founder Stelios Haji-Ioannou who’ll be onboard for the first two days as the ship sails from Athens to Bodrum.”

Source - travelweekly.co.uk/

Raki

2008-04-25T03:21:00.000-07:00

Unfortunately the traditional rakı tables of great food and sweet conversations are becoming rare and rakı, an aniseed-based spirit, seems to be losing its crown to other alcoholic drinks due to the high taxes. The producers of rakı, will lobby Brussels in order for the drink to be accepted as a national drink to avoid the overhaul to harmonize the taxation of rakı

ISTANBUL Turkish Daily News

Friends meet around a table, usually covered with a white tablecloth that has delicious mezes (traditional appetizers) on it. Rakı has always been the king of these tables. Especially if it is spring or summer and the table is out in a nice garden, sweet conversations usually last for hours. Unfortunately these tables are becoming rare and rakı, an aniseed-based spirit, seems to be losing its crown to other alcoholic drinks due to the high taxes – which are part and parcel of Turkey's joining the European customs union – that leave rakı unable to compete in the market. Rakı producers now have to fight to save rakı's throne and have started the battle in Brussels.

The producers of rakı, will lobby Brussels in order for the drink to be accepted as a national drink to avoid the overhaul to harmonize the taxation of rakı with the European Union taxation of distilled drinks,The newly founded Traditional Alcoholic Drink Producers' Association (GİSDER) released the results yesterday of a research on “The Economic and Social Role of Rakı in Turkey.” “We have applied to the European Alcoholic Drinks Producers Union for membership. In other words, we are trying to be in the enemy camp,” said Galip Yorgancıoğlu, the president of GİSDER.Yorgancıoğlu spoke at a press conference of the newly founded Traditional Alcoholic Drink Producers' Association (GİSDER), which released the results of a research on “The Economic and Social Role of Rakı in Turkey.” The Scotch whisky lobby groups pressure the Turkish government to urge an increase in taxes on rakı, according to Yongancıoğlu. A similar request came for Greek ouzo, however the taxation rates for ouzo was arranged in accordance with domestic norms, since it was recognized as the national drink of Greece. "In case of ouzo the European Union agreed to register ouzo as the national drink of Greece and exempt it from the harmonized tax on distilled alcoholic drinks like whisky. This is also what we would like to see happening with Turkish rakı,” he said.Yorgancıoğlu estimated that the price of rakı, which today costs approximately YTL 25-26 a bottle, might rise up to YTL 50 with the increased tax rate. "When rakı is placed on an equal standing with whisky, its price can go up to YTL 50. The additional taxes will be directly reflected on the consumer. Even now value added tax and private consumer tax make up 65 percent of the cost of a bottle of rakı.”

The GİSDER president said they conducted such a research to be able to provide some concrete information to the government and the lobby groups in Brussels, while they try to convince the EU and finance ministers to exclude rakı from harmonized tax.The report, which puts forward the social and economic condition of rakı in Turkey in detail, shows clearly that the meaning of rakı to Turks is exactly what ouzo means to Greeks. “We have to see rakı not only as an ordinary beverage produced in Turkey but as one of the basic elements of our economy and lifestyle. It has an important role in our identity and social interactions,” read the report.Other than its unique place in Turkey's cultural and social structure, making rakı is a business that contributes significantly to the economy of the country. In Turkey, 278,000 people are directly involved in the sector and when their families and other dependants are included the number rises to 1.3 million. This number is 1.8 percent of the country's population.

The income from the sector reaches YTL 1.2 billion, which is 1 percent of the total tax revenue of the country. The sector provides an income of over $30 million through exports. Only the income derived from duty-free sales in 2007 is almost $20 million, revealed the report prepared by IBS Research and Consultancy and presented by its manager, David Tonge.Some four million people are employed in the Turkish distilled alcoholic drinks industry directly and through the distribution chain. “I want to remind that rakı is the means of living for people in the chain from the farmers to the owners of outlets selling alcoholic beverages. The increase in rakı sales will affect all of them and change the sociological demography of our neighborhoods,” said Yorgancıoğlu.

Land in Turkey

2008-04-19T02:12:00.000-07:00

Tending their flock or farms is no longer the major occupation of villagers around Ceyhan, set to be Turkey’s and the surrounding region’s energy hub with investments in refineries at this junction of oil pipelines. Villagers, already rich after selling their land to investors, nowadays spend their time at the tea house to contemplate their own investment strategies

MEHMET NAYIR
ADANA - Referans

Turkey's efforts to create a regional energy hub in the Mediterranean town of Ceyhan, at the end of the Baku-Tbilisi-Ceyhan oil pipeline (BTC), have already created riches beyond measure for local villagers, who have so much money that they are at a loss about how to spend it.

Investors are trying to capitalize on the fact that despite the huge amount of oil flowing into the region, and with even more planned, there is no oil refinery in the area.

Ceyhan is a bustling town in the province of Adana, the fourth-largest province in the country. Turkey has aspirations to become a regional energy hub through Ceyhan. The Baku-Tbilisi-Ceyhan (BTC) oil pipeline, the Iraq-Kirkuk-Yumurtalık pipeline, the Delta Petroleum Storage Terminal, the Sugözü Thermal Power Plant and the Toros Fertilizer Industry are of key importance to Ceyhan's economy.

With the BTC, a huge volume of refinery, storage facility, petrochemical, shipyard, port, and iron and steel investments are expected to flow into Ceyhan. And efforts by international consortiums to establish three petroleum refineries in the region are still ongoing.

Since 2000, land prices have increased 40-fold in the surrounding area, with villagers, who own around half the land and share ownership of the rest with the state, getting used to haggling with oil conglomerates over millions of dollars.

Lands that could not fetch YTL 2,000 per 1,000 square meters a decade ago are now going for YTL 80,000 per 1,000 square-meters.

One local, Celil Kırgız, 81, from the village of Sugözü, said he recently sold a stretch of land for YTL 1.6 million, which his son corrects to YTL 3.1 million.

“I still have lands to sell,” said Kırgız.

Kırgız's neighbor, Erol Seyhan, recently rejected an offer of YTL 3 million for his land, noting, “It's not a big amount of money these days.”

Seyhan believes he can get YTL 4 or 5 million for his 60,000-square-meter plot.

Celil Gırgır, the “muhtar” (village headman) of Ceyhan's Sugözü village, said a total of YTL 25 million was spent on land in recent times, including the sales in surrounding villages.

Locals both happy and a bit uneasy:

Ceyhan is on its way to become the world's energy investment center thanks to recent investments in petroleum refineries, pipelines and storage facilities in the area.

Currently, an average of two million barrels of oil flow into the area. With the completion of yet another pipeline project connecting the Black Sea province of Samsun to Ceyhan and the increase in the capacity of the BTC, the amount of oil transported to the region is expected to reach five million barrels by 2015.

Strolling through every corner of the area, energy companies are now looking for land to purchase. Estimates show Ceyhan owns a potential of 10 million square meters of land suitable for refinery establishment. Half of this land is owned by the villagers. For the rest, ownership is shared between villagers and the Treasury.

A short tour of the villages around Ceyhan provides a good chance to see the present excitement among the villagers.

Land prices and the money earned through sales are often the main topic of conversation at village tea houses.

Locals are now experts on energy issues, following all developments in newspapers, television and other mediums. The most up-to-date stories are shared by all, while they are very tight-lipped when it comes to bargains and deals they make with investors.

As a matter of fact, villagers in Ceyhan have already become genuine experts on the issue. They even have a broad knowledge of its legal aspects. Nationalization, land rights, loans, land registry and all other issues are often the main points of their chats at village tea houses.

Winning land deeds at court more difficult:

A group of locals interviewed in a village tea house in Ceyhan said, our eyes are wide open. We are following what is going on around us minute by minute so that we can have tough bargains with investors looking for land in the area.

Villagers say everyday a different company representative knocks their door. But, while earning such high amounts of profit leaves a big smile on their faces, it has also created an uneasy feeling among these villagers.

Just like the lucky guys who hit the jackpot in the national lottery, they refrain from speaking much about what they have sold, how much they have earned, and how much money is left. This is why they have not made remarkable changes in their life standards. And living frugally all their lives, they just don't have the mentality for spending a lot of money.

Kırgız said he still has a lot of money left over from the sale. He only purchased a car for YTL 45,000.

Another local of Sugözü village, Musa Başak, said, “I sold a part of my land at YTL 2,000 per 1,000 square meters to İsdemir, a company that made a couple of investments here in 1999.”

Başak now seeks to sell his 20,000-square-meter share in the area. But first he needs to win a legal war to get the full possession of those lands. “In the past, refinery investments were not on the agenda and it was easy to win the title deeds of lands at the court. But it is difficult now. The court actions I have been involved since 2004 are still continuing. They are currently at appeal,” said Başak.

‘Red land' the favorite:

The rapid increase in land prices has also forced investors to look elsewhere.

Situated near the sea and at close distance to the port, a 3,500-square-meter area owned by the Turkish State Railroads (TCDD) is seen as the most appropriate plot for a petroleum refinery investment.

Called “Kızıl (Red) Land” by the locals, this land was purchased by the Kızıl Group, owned by Mehmet Öz of Kızıltepe (Red Hill), from the State Railroads in a tender opened in 2005. But the tender was later canceled due to the group's ties with Massoud Barzani, leader of the Kurdistan Democratic Party (KDP).

Largest oil depot in the Mediterranean:

The Delta Petroleum Company, one of the biggest investors in Ceyhan, has been operating in the region for 20 years.

The latest investment it has made in Ceyhan is an oil storage depot that cost $100 million.

Delta's Chief Executive Officer Mehmet Habbab said they had established the largest oil storage in the entire Mediterranean region. “We have spent $100 million for that storage depot that will have a capacity of 650,000 tons in the second half of this year. In 2010, the capacity will be increased to 1,000,000 tons. $45 million of the expenditure is financed by the loan that the IFC Credit Corporation supplied. The rest came from our own resources. When the project is completed, Turkey will be the owner of the biggest independent oil product storage terminal in the whole Mediterranean region,” said Habbab.

With this latest investment by Delta, the fuel trade volume in Ceyhan will increase 23-fold. The company's current storage capacity is 300,000 tons. Once the trade volume increases, employment will increase, said Habbab. “We strongly believe that Ceyhan will be an energy center. About 300 million tons of oil will flow to the region in 2012. Ceyhan's future is very bright.”

For Habbab, two refineries would suffice for Ceyhan. “This area can only support two refineries. No need for any more. They will not be able to find enough oil for more than two refineries.” He also noted that the villagers' lands were not large enough for refineries, noting that the state would have to allocate more land for the projects.

Investments to be made in Ceyhan

Investments in the region were largely triggered by the construction of the BTC pipeline.

Construction work has begun in the Black Sea region for the Samsun-Ceyhan pipeline project that will cost $1.5 billion.

Although the OMV-POAŞ and SOCAR-Turcas consortiums separately applied to the Energy Market Regulatory Authority (EPDK) to establish a petroleum refinery in Ceyhan and reached the final stage of obtaining a license, another investor, the Çalık Group, appeared, and through a consortium with the Indian Oil Corporation, it obtained the license for establishing a refinery in the region.

The Zorlu Holding Energy Group is preparing to make its first wind energy investment in two districts of the neighboring Osmaniye province. Composed of 54 windmills, Zorlu's investment will be completed within 18 months. The cost will be 300 million euros. The total power generated will be 135 MV.

Hay Navigation rented about 500,000 square meters of land in the region to build a shipyard.

The Istanbul-based Akdeniz Naval Construction Company that signed a contract to establish a shipyard on a 80,000-square-meter area in the Adana-Yumurtalık free zone has started earth-moving works.

Large-scale energy and refinery investments have reached $20 billion in total in the Ceyhan region.

If these projects become reality:

Ceyhan may become a global energy center if all these projects come to fruition. By the time the 555-kilometer Samsun-Ceyhan pipeline project, which will carry oil from the Caspian Sea, Kazakhstan and Russia, is completed, one in every 16 barrels of oil sold in the world in 2010 will be passing through Turkey. Therefore, Turkey will be a key country in the Eurasian energy corridor.

With the shift of residual oil and tanker traffic to the region, the burden on the Bosporus and the Dardanelles will be eased.

The petroleum resources of the Caspian Basin will provide a welcome alternative to Middle Eastern oil for European consumers. It will allow European Union countries to diversify their energy imports.
http://www.turkishdailynews.com.tr/article.php?enewsid=102221

Real estate in Turkey

2008-04-14T02:58:00.000-07:00

Istanbul-Turkish Daily News

Turkey, with its stunning scenery and wealth of antiquities, is fast emerging as a new property hot spot. Straddling Europe and Asia, Turkey is blessed with some of the best coastlines in Europe, especially in the country's southwestern corner where the Mediterranean and Aegean seas meet according to the web site, www. businessweek.com.

With Turkey expected to join the European Union within the next decade, property experts say those who get in early stand to see a substantial return on their investment. The combination of rapidly rising house prices and Turkish property market reforms has made the country an increasingly popular destination for international investors. Five years ago the government passed legislation making it possible for non-Turkish citizens to buy property. Since then, foreigners have spent more than $7.2 billion on an estimated 30,000 homes, according to the Turkish government. Over the last year alone, property sales to foreigners soared by 59% to $2.9 billion.

Moreover, recent changes in legislation have also created the country's first ever mortgage market, says the web site. As a result, it is now possible to get a mortgage at interest rates that are roughly 50% less than the traditional home loans buyers used in the past. "Now that the government has made it easier for foreigners to buy, demand is soaring," says Ahmet Rauf Saatci, chief executive of real estate agency Century 21 in Istanbul.

Bright Spots

The sunny Mediterranean climate is only a small part of Turkey's attraction. For starters, property prices are on average 30% to 50% less than those found in more well-trodden hotspots such as the Spanish, French, and Italian coasts. Property experts compare the country to the Spanish property market in the 1970s. London-based international real estate agency Knight Frank predicts property prices will increase by 12.5% in 2007, the web site says.

Not only is it cheaper to buy, it is also much cheaper to live. Economists reckon that the cost of living is between 40% and 60% less than in continental Europe. And according to the Organization for Economic Cooperation and Development, Turkey is the fourth least expensive place to live in a recent survey of 30 member countries.

The vast majority of international buyers are focusing mainly on coastal resort towns. Towns such as Bodrum, Marmaris, and Fethiye, all long-popular with vacationing Turks and Europeans alike, have experienced a development boom. Over the last five years, numerous modern apartment complexes and gated private communities have sprung up to cater to demand.

Good Returns

The web site further says that the Turkish property developer Tuna Homes and Buildings almost exclusively markets its portfolio of modern villas and apartments to Europeans. Since ownership laws for foreigners have been liberalized, interest in investment properties in the Bodrum Peninsula has accelerated, according to Tuna sales manager Necati Azazi. Last year, 90% of Tuna's 500-apartment development in Bodrum, called Peninsula, was sold to Europeans. Over the last year, prices in coastal areas have appreciated between 30% and 50%. New, modern, gated developments with pools and other amenities such as tennis courts are in high demand.

Overseas interest

2008-04-09T02:49:00.003-07:00

Property investors from all over the world are keen to purchase a residence in Turkey, according to a newspaper report.

Today''s Zaman stated that the country is proving to be popular with investors in many different countries.

Europe was highlighted as the main centre of foreign interest, in particular Germany and the UK.

Investors from both nations were said to be increasingly snapping up residences in areas such as Antalya and Mugla.

The former destination was named as the most popular part of the country in terms of how many properties are owned by foreign nationals.

According to the newspaper''s figures, more than 26,000 people from overseas own real estate in Antalya, while 12,865 have invested in Mugla.

Istanbul, Aydin, Bursa and Izmir were identified as further hotspots for foreign property buyers.

This comes after Sarah Brown of NuBricks.com said that government efforts to attract more visitors to the country could trigger a property boom.

Spanish homes bulldozed

2008-04-09T02:49:00.002-07:00

The British press is having a field day with the story of a retired couple in Spain who watched their house bulldozed by the government last week.

Helen and Leonard Prior reportedly spent £570,000 to buy and fix up a villa in Vera, which they nicknamed “Tranquilidad.” A few days ago “Tranquilidad” was torn down, after the government declared the house was built without proper permits. As chronicled by the Telegraph and Daily Mail, Leonard Prior collapsed in anguish as his dream home was destroyed.

Some members of the Spain property industry complain that home buyer horror stories are over hyped by the media, but this is a familiar issue: A house or development is declared illegal—often built as the result of corruption, deceit and/or incompetence—resulting in heartache and pain for the poor buyer. Government officials say they are following the legal process and owners will be compensated, a promise that is widely mocked by homeowner groups like Abusos Urbanistico No, which are fighting government policies.

The Priors are the first expats to lose their house, but thousands of homeowners are facing a similar fate, according to the Telegraph. The Evening Standard reports four more expat-owned homes in the Vera area are also facing the bulldozer.

housing in Turkey

2008-04-09T02:49:00.001-07:00

Turkey is expected to face a substantial housing deficit in coming years as a result of several factors, including a population increase, migration, the need for renovations and urban transformation projects. Turkey needs an average housing supply of 300,000 to 350,000 houses annually, although the rate of home ownership is 65 percent, according to data obtained from the Istanbul Trade Chamber. Fifty-five percent of the total housing supply in Turkey consists of houses without housing permits or certificates, while 60 percent are houses over 20 years old, and 40 percent require some kind of maintenance work. The renovation of houses, together with the exchange of current homes for higher-quality homes, are also contributing to the country's potential housing deficit. The data reveals that Turkey will face a housing deficit of up to 5,542,000 houses in the coming eight-year period through 2015. The population increase is considered to be the factor leading to a deficit of 2,880,000 houses. Migration will create a deficit of 760,000 houses and the remaining deficit of 652,000 houses will come from the need for renovations. It is also predicted that 1,250,000 more houses will be needed as a result of urban transformation projects.

Cruise to Altinkum

2008-04-09T02:49:00.000-07:00

The first cruise ship to visit Didim will arrive on May 21st.

The cruise ship will anchor close to Altinkum Beach but will not be able to moor at the port due to it’s shallow depth. Tourists will be taken ashore by smaller boats and will visit Altinkum Beach, the Apollon Temple, Miletos and Ephesus.

The Marmaris based Yesil Marmaris Cruise Company will also operate the Kos-Didim ferries. The journey will take approximaetly 1 hour and 15 minutes by catamaran. Yesil Marmaris has organised 2 different trips for holiday makers from Kos. The first one is Ephesus & House of Virgin Mary while the second one is a stay on Altinkum Beach, the visit to the Temple of Apollo and a trip to Miletos. The journey will leave at 8:30 from Kos departing from Didim Port at 17:20.

The tour operator also announced that the fast catamaran’s name is Aegean Jet. 30 metres long, with a 220 passenger capacity and made in Sweden. The catamaran can travel at a speed of 27 knots and all passengers will be insured by the British Marine Protection & Indemnity Club to a limit of $100 million.

Mayor of Didim Mumin Kamaci said “ The commencement of cruise tourism to Didim is also as important as Ferries from Kos. Didim will benefit highly from being an international port.”

Tourism in Turkey

2008-03-19T08:02:00.002-07:00

While Turkey may already be a major player in the tourism market, the Turkish Tourism and Culture office have announced ambitious plans to coincide with the 100th anniversary of the creation of the Turkish Republic in 2023. Ismet Yilmax, under-secretary to the department of Tourism and Culture believes that the country can increase visitor numbers to more than 50 million a year, and increase tourist related revenues to more than $50 billion a year!

On the face of it, these targets are very ambitious and while not to say impossible, there will be much work to be done in the country before they can even accommodate that number of visitors, never mind attract them to the country. There is no doubt that Turkey is a very popular destination for tourists from all over the world, but at this moment in time the industry is very much focused on the so called “sand and sea” beach resorts. While these will always be very important elements of any tourist industry, there will need to be changes to attract the numbers being mentioned. Turkey plans to up the numbers of people working in tourism to 5 million and extend its fleet by 500 planes.

The Tourism and Culture office believe that the country needs to bring other areas of the tourism industry to the fore, including more concentration on the history of Turkey, the surrounding areas and culture and diversification in areas such as medical tourism in which it is already making headway. There are also ambitious plans to create a number of exclusive resort areas which they believe will attract the more wealthy tourists to the country. In order to expand Turkey’s tourism reach it is believed the country needs 10 new conference centres, 40 new marinas and 25 new cruise ports. So what does this mean for the property industry in Turkey?

Apart from the fact that there will be an increased bed capacity requirement in the form of many more hotels and other accommodation throughout in the country, if they are able to get anywhere near the figures mentioned, this could easily prompt a property boom in the country with greater demand placed on existing holiday homes already built in key tourist resorts. While the plans are still at an early stage, and somewhat ambitious, Turkey could be a very interesting property market to watch over the next few years.
http://www.nubricks.com/archives/536/turkey-tourism-future-plans/#more-536

Turkish homes

2008-03-19T08:02:00.001-07:00

A few years ago talk of a foreign property-buying boom in Turkey would likely have ended with the speaker walking shame-facedly into the gloom, hoots of derision ringing in his ears: far from being a flourishing market, as far as overseas buyers were concerned Turkey was a closed shop, with non-Turkish nationals facing numerous impediments to freehold ownership in the country. Yet in recent times - specifically, since July 2003 when decades-old legislation regulating foreign ownership was amended in order to spur on foreign investment in Turkey - the country has burst onto the international property stage as one of the most important, and fastest-growing emerging markets in Europe. Now, with thousands of Britons, Irish, Germans, Dutch and Danes each year buying in the country's burgeoning hotspots, and with the domestic market being dragged upwards on the coat-tails of the foreign-buying boom, it is the far-sighted investors who plunged early into Turkish property bath who are having the last and longest laugh.

Turkey shares with many other current emerging markets the golden twin benefits of good affordability and high capital appreciation, and as such has been drawing an increasing number of investor-buyers. Nevertheless, it's also an excellent destination for more lifestyle-oriented buyers - unlike certain other investor hotspots - and the ongoing boom is taking place alongside, and in a synergetic relationship with, a boom in Turkey's tourism industry. While newspaper headlines touting Turkey as "the next Spain" may be wide of the mark, there's no doubt that the potential growth of the country's property market will be assisted immeasurably by the increased investment and brand awareness being generated by tourism much as the protracted booms on Spain's Costa del Sol and Costa Blanca were initiated by the eruption of mass tourism to those coasts in the 1970s and 1980s.

One look at Turkey in an atlas and it's easy to see the similarities with Spain and the great advantages that Turkey enjoys when it comes to tourism. The majority of Turkey's border is coastline - some 7,200 kilometres of shoreline, against which lap a number of different bodies of water (the Mediterranean, Aegean and Black seas, and the Sea of Marmara between the Bosphorus and the Dardenelles), already established as significant tourist destinations. While Turkey's climate may not be as welcoming all year round as is that of southern Spain, particularly on the Black Sea coast, its Mediterranean and Aegean resorts offer solidly reliable, and at times sizzling, summer seasons, and it's no surprise that the majority of foreign buyers are purchasing in these areas: the vast majority of acquisitions by foreigners are being made in the stretch of coast from the Dardanelles round to the area around Alanya, north of the western tip of Cyprus.

Most of these purchases have thus far been made in one or other of a relatively small number of hotspot resorts, among which Alanya, Bodrum, Dalaman, Didim, Fethiye and Kusadasi feature most prominently. This isn't because other stretches of coastline are unattractive or in other ways unsuitable; it's just that Turkey is years behind more popular Western Mediterranean destinations in terms of infrastructure and, for the moment at least, the comparatively small number of buyers moving into the country are, in general, preferring destinations that already have good tourism set-ups, are well served by air routes (the budget travel boom has been a huge boon to Turkish tourism and property) and already have foreign communities of significance.

These established destinations, serving a healthily growing number of international visitors drawn to their traditional sun, sea and sand assets (as well as to the many sites of huge historical interest along Turkey's coastline and throughout its interior) provide investors with an appetising pool of potential short-term rental tenants, as well as with a smaller (but, again, growing) pool of longer-term residents.

However, buyers looking for rental yields should be aware that short-term rents are by no means the money-spinners in Turkey that they were for years in, say, Spain or Portugal. Firstly, the tourist season on Turkey's Mediterranean and Aegean coasts is shorter than in the Western Mediterranean (and much shorter on the Black Sea) thanks to the less mild climate; the main season is between June and early September (and many coastal resorts more or less shut down between October and April), and even if one takes a more generous spread it's easy to see the difficulties involved in generating a year's worth of rental income in only three or four months. Secondly, because Turkish tourism is seen by many as a more affordable alternative to established Western destinations, market forces mean that rents are comparatively low, and while property values are also low comparatively, they have increased at a much faster rate than have the costs of, say, hotel accommodation and dining out, meaning that annual yields as a percentage of a home's value remain low to middling: perhaps three to six per cent over the year in the more popular hotspots, before deductions for costs and tax.

The bottom line is that while rental returns are obviously a tasty incentive, and should become more so as time goes by, they are more often than not insufficient to cover mortgage repayments in their entirety - certainly once payments to management and marketing companies have been taken into consideration. This is only a rule of thumb, and a number of guaranteed rental schemes (or, more promisingly in the long term, tie-ins with major tour operators providing a constant stream of tenants) have been put in place by developers that do indeed cover mortgage payments, at least for the first couple of years; nevertheless, in general, investors would be looking to capital appreciation to provide the profits from their endeavours and may have to top up mortgage repayments from reserve capital until resale. (This is less the case in Istanbul and Ankara, where yields for decent apartments and single-family homes are currently around ten per cent, and it is expected that the next few years will see a large and very profitable buy-to-let boom in Turkey's major cities.)

For the pure lifestyle buyer, of course, these may well be minor considerations. Those looking just for a holiday home will find a substantial portfolio of high-quality villas and apartments in many key locations, with prices (not to mention the cost of living) low compared with most of the rest of coastal Europe. In terms of what's available it's very much a case of horses for courses: buyers with lower budgets might look at mass-tourism hotspots Antalya or Alanya where compact apartments are available for as little as £15,000, while more affluent buyers might turn to the Bodrum Peninsula, and Bodrum (increasingly touted as the "Marbella of Turkey") in particular, where a luxury three-bedroom villa might set one back £250,000 to £300,000 - much less than the cost of an equivalent home in the aforementioned glitzy Spanish resort.

Of course, comparisons with Spain can be invidious for both countries; while many Turkish destinations are beautiful, thriving and profitable, the country doesn't have the solid infrastructure that has turned southern Spain into such a cosmopolitan destination; likewise, Spain can't hope to compete with Turkey on price, for that reason among many others. But buyers looking for a high-quality lifestyle overseas could do much worse than to consider Turkey. The culture is fascinating; the cuisine is superb; the people are welcoming and intensely proud of their country's achievements; and much of the coast is simply stunning. Throw double-figure capital growth into the equation and you've got the foundations for what could be a long and spectacular property boom. The new Spain it's not: it's the new Turkey, and that's already proved more than enough for the growing number of Brits choosing to set up home overseas in one of the most vibrant buying destinations on the planet.

Timeshare in Turkey

2008-03-19T08:02:00.000-07:00

A real estate project after the “Spanish model” will be realized in Turkey, upon the request of Finance Minister Kemal Unakıtan, who did extensive research in Spain.

The Ministry of Finance and the Mass Housing Administration (TOKİ) will undertake the project together. A number of villas and holiday resorts will be constructed for foreign citizens on immovable property, according to the protocol signed by Unakıtan and TOKİ Chairman Erdoğan Bayraktar. The National Real Estate Head Office handed this immovable property over to TOKİ free of charge through the “income distribution in return for land” method.

The project includes coastline areas from Çanakkale, in northwestern Turkey, to Mersin, in the south, and districts with thermal baths. TOKİ will start to market the villas abroad when construction begins. The villas will be sold as direct property or timeshares and owners will not be allowed to rent them out. Sales revenue from these villas will be given to TOKİ, together with the finance share of 50 percent, which will enter the TOKİ account within 15 days.

The villa cities and the holiday resorts to be constructed in Antalya, Muğla, Aydın, Fethiye and Mersin on the Turkish Riviera will be a few storeys tall. The project includes the construction of tennis and golf courts, green spaces, walking paths, medical centers, shopping centers and other social facilities. Titleholders will be offered the 5-star hotel included in the project, the management of which will rest in the private sector.
http://www.turkishdailynews.com.tr/article.php?enewsid=99325

Oracle Boss optimistic over Turkey

2008-03-15T06:09:00.000-07:00

Oracle boss confident in Turkish economy
Jeff Henley, the executive board chairman of Oracle, has expressed confidence in Turkey's economy, saying that his company is certain the country will see continued growth.

Speaking at Oracle's AppsDay Symposium on Wednesday in İstanbul -- attended by about 1,000 business representatives -- Henley indicated that Oracle continually invests in improving the capabilities of business applications.
"Turkey has been one of the most rapidly growing economies in recent years, and Turkish companies increase their internal investments when they come to realize this. At Oracle, we fully believe that Turkey's dynamic growth will continue," Henley said, according to a written statement from Oracle on his speech at the symposium.

Mehmet Ali Berkman, executive board chairman of Akkök Holding, noted at the symposium that thanks to Oracle's solutions, they can manage their entire IT infrastructure from a central location. He recommended that company executives invest in information technology and business applications as such investments would quickly pay off.

http://www.todayszaman.com/tz-web/detaylar.do?load=detay&link=136460

buy property in Turkey

2008-03-11T07:40:00.000-07:00

Buying property in Turkey

For some years, Turkey’s real estate market has been attracting an increasing number of foreigners looking for property -- for investment, rental, holiday homes, retirement or simply starting a life here.

In the five-year period between 2003 and 2007 the total value of real estate purchases by foreigners was approximately $10 billion -- and the level of investment is still rising, according to recent figures.
Do you toy with the idea of buying property in Turkey? To prevent you from potential mistakes and obstacles that sometimes emerge during the process of purchasing property, this week Today’s Zaman provides you with some useful information for finding and purchasing the right property.

According to data from the Turkish Land Registry Directorate (TKM), people from 70 nationalities have purchased fixed properties - such as land and houses -- in Turkey. These people have primarily included citizens of Germany, the US, Austria, Azerbaijan, Belgium, Denmark, the Netherlands and France. Foreigners seem to prefer İstanbul and Antalya, as half of the real estate purchases by foreigners are in these two cities. These cities are followed by Bursa, İzmir, Muğla, Hatay, Aydın and Mersin.

Why Turkey?

There are many factors that make Turkey’s real estate market attractive for foreigners. Real Estate in Turkey, an Internet-based real estate listing for properties in Turkey, says on its Web site, www.realestateinturkey.com, “Every year property prices have been rising but prices for buying property in Turkey are still considerably lower than buying property for sale in other major tourist areas such as Spain and France, making Turkey an ideal overseas property investment.”

Other factors contributing to foreign interest in the Turkish real estate market are, according to the TKM’s report, increasing income levels and positive expectations for real estate prices. In addition, growing economic stability is expected to bring further useful investment to airports, roads, golf courses and marinas. Furthermore, you don’t even have to be that wealthy to invest in Turkish property.

“Turkey’s emerging mortgage market, in particular, is doing well,” says Professor Norbert Walter, chief economist for Deutsche Bank, a large German bank. Walter is an expert on the US subprime crisis, which has been shaking financial markets worldwide since 2007. But Walter also recommends taking macroeconomic factors into account: “Turkey is more fragile than other countries because of its high current account deficit. … Turkey will rely on external help, a move that may become expensive later on,” he says, explaining that this is the reason why investors need to know the “local conditions” of the real estate market very well.

Especially when you are buying property for investment rather than for personal use, your first step should be to check out things like location, quality and surroundings.

Then you have to discuss sale conditions with the owner. Therefore, you should also make sure that any property you purchase has been built properly and that all relevant licenses were obtained before construction. Make especially sure that the construction materials are appropriate and that they will not lead to problems like dampness or lack of ventilation. You should also have the house inspected for earthquake safety.

“Don’t buy from someone in a bar!”

In the online expatriate community www.mymerhaba.com, users discuss finding a reliable real estate agency. They all agree on one principle: “Don’t buy from someone you met in a bar.”

There are plenty of “emlak” Web sites aimed at international buyers offering properties on the Internet. “It’s just a matter of looking,” says one user on the mymerhaba.com forum. “Just make sure that it has all the right certificates,” adds another. Many users recommend talking to foreigners who have experience with buying property in Turkey. They also caution that you should make sure the property you are purchasing really belongs to the “owner.”

When you are purchasing a resale property -- which can be advantageous as such properties usually start at a cheaper price -- take into account that it will probably require you to spend a good sum of money to bring it up to a quality level you would be comfortable living in. With second-hand property, you should also be sure that the water, natural gas, phone and electricity bills of the previous owner have been paid and that there are no other debts connected with the house. New properties, of course, do not suffer from these problems, though their prices can be daunting. Sometimes simple things, like checking the amount of sunshine an apartment gets or meeting with your potential neighbors, will help your decision.

Then there is the question of how to go about starting the actual process of buying property. Which laws and regulations have to been taken into account? The relevant regulation for the acquisition of property by foreign real and legal persons, Article 35 of the Land Registry Law, can be checked on the TKM’s Web site at www.tkm.gov.tr.

It is not compulsory to hire a lawyer to handle the lengthy process of buying property in Turkey. You may plow your way through all the laws and regulations on your own. However, since there are many transactions involved in buying property and some steps are very important, it is strongly recommended that you seek legal and financial advice. Keep in mind also that some special regulations apply when property is purchased for business and investment purposes that are connected to tourism.

A long list of things to do

If you have already decided on a specific property, the next step is to check whether the building already has a tapu (land deed). If it does, make sure that it really belongs to the property you are aiming to buy. If not, you must register the property at the TKM. If you are buying an empty plot of land, make sure that you will be allowed to erect buildings there by the Local Development Plan -- which should be available at the municipality.

You should also keep in mind that there is an annual property tax for private buildings. All properties are subject to re-assessment every four years for taxation purposes, which means that you need official records from the land registry office or, when you are buying for a company, company registration records from the chamber of commerce. Be careful, especially with this step. There is a huge tax evasion problem in the real estate market due to the common strategy of declaring low prices on land deeds. For further information on this topic, see Berk Çektir’s legal column in Today’s Zaman. He has been addressing this issue and offering useful advice about land deeds this week.

If all this is arranged, the foreigner must still prove the transfer of the full purchase price into Turkey to the TKM. In any subsequent sale of the property, the profits can be transferred out of Turkey.

The most complicated step of all this seems to be applying for the tapu, according to discussions in the mymerhaba.com forum. “I have already paid the full amount for a flat in Alanya, but have not got the tapu even after waiting for four months,” worries one user, repeating what seems to be a common theme. But another user says, “When I bought my apartment in Istanbul, I was given the tapu on the same day that I paid for the property. I went to the titles office with the previous owner and he signed it over to me in front of a few officials who made sure that we both understood what we were doing.”

However, to avoid any rude surprises, make sure early on that the property was not built illegally and that the builders are not trying to register the land or building retrospectively. The process of applying for the tapu can take several months, but when you have taken all the necessary precautions, you can sit back and relax during that time, looking forward to your living in your new home.

Cyprus problem?

2008-03-11T03:24:00.001-07:00

Turkey, Greece see window of opportunity for Cyprus
The foreign ministers of Turkey and Greece have said they see an opportunity for progress toward settlement of the Cyprus problem in the wake of elections on the divided Mediterranean island.

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The two ministers were meeting in Ankara on Saturday, two days after Greek Cyprus’ newly elected leader Demitris Christofias said he was likely to meet with Turkish Cypriot leader Mehmet Ali Talat later in March, the first such meeting on the island in years.
“We think that an important window of opportunity has opened for 2008” concerning the Cyprus issue, Turkish Foreign Minister Ali Babacan said following the meeting with his Greek counterpart, Foreign Minister Dora Bakoyannis, who was in Ankara to attend an International Women’s Day conference organized by Prime Minister Recep Tayyip Erdoğan’s ruling Justice and Development Party (AK Party).

Christofias, elected on Feb. 24, has pledged to restart reunification talks between the Greek and Turkish communities on the island, whose division remains a hurdle to Turkey’s European Union aspirations. He said the meeting would probably be between March 17 and 24.

Bakoyannis’ comments echoed those of Babacan, as she said, “There is a window of opportunity before us, and it is an opportunity that we can develop by making a contribution.”

The visiting foreign minister also reiterated her country’s support for Turkey’s EU membership bid.

“The day Turkey is a full member of the EU will be a cause for joy for Greece,” she said. “For Greece, this will mean that Turkey has fulfilled the EU’s criteria. And this will bring with it stability and development for the region.”

Cyprus has been divided between a Greek Cypriot south and a Turkish north since 1974, when Turkey intervened after an Athens-backed coup by supporters of a union with Greece.

Ankara does not recognize the Greek Cypriot government, which entered the EU in May of 2004 as the official representative for the entire island.

Stalled efforts to reunite Cyprus are hampering Turkey’s chances of joining the EU. The Greek Cypriots represent the island in the EU, with veto rights over the admission of Turkey to the bloc. The EU partially suspended Turkey’s EU accession talks in 2006 over its refusal to open its ports and airports to Greek Cypriot traffic.

Talat last week had talks in Ankara where he met with President Abdullah Gül and Prime Minister Erdoğan, while Christofias also had talks in Athens, where he met with Greek President Karolos Papoulias and Prime Minister Costas Karamanlis.

The International Property Market (MIPIM) conference kicks off in Cannes

2008-03-11T03:24:00.000-07:00

The International Property Market (MIPIM) conference kicks off in Cannes, France today. MIPIM, which is the world's largest commercial property event and held this year for the 19th time, will wrap up Friday. More than 28,000 delegates from 85 countries are expected to participate in the event this year. Visitors include individual and institutional real estate investors, architects, city designers, property consultants, construction and hotel groups and municipal decision makers.

Turkish property boom:

The growing real estate and construction sectors of Turkey are well represented at MIPIM. Some 79 Turkish companies and organizations are attending the event either as exhibitors or visitors - including real estate consultancies CB Richard Ellis and Kuzeybatı-Savills, the recently launched facilities management firm Profac-Eko, and real estate development firms Dumankaya, Soyak and Finventa.

One of the major real estate projects taking place in southeastern Europe, the Akkoza Park, is also presented at the fair. Akkoza Park is a joint project by Garanti Koza, Akiş and Corio at Esenyurt, Istanbul and consists of 5,500 residences, green areas, shops, services and sports facilities.

Extraordinary projects:

The largest stands in the exhibition area are the stands of London and Russian regions.

In addition, numerous other construction projects are exhibited at the fair. These include innovative towers, such as the 600 meters high Russia Tower, set to become the highest building in Europe. Several sustainable development projects are also presented.

Golf in Turkey

2008-03-09T04:09:00.000-07:00

Often considered a bourgeoisie sport, the face of golf in Turkey is changing. The Turkish Golf Federation (TGF) is scouting the entire country and has already increased the number of licensed players to over 5,000.

While Spain earns 6 billion euros and Portugal gets 2 billion euros, Turkey only receives around 160 million euros from golf tourism, and it is the biggest asset for tourism's biggest countries. “It is impossible to raise golf tourism if there is no golf culture in the country,” says Ahmet Ağaoğlu, federation president. That is why the federation is making a great effort for a leap. In 2001, Turkey had a ridiculously small number of licensed golf players: only 78. Now there are 5,000 with almost 60 percent of them coming from poor Anatolian families.

“The all-in packages in hotels are sold for 20 euros,” says Ağaoğlu. “But an ordinary golf tourist spends 200-260 euros. You have to welcome tourists from different profiles and background, and be prepared for that.”

At first, only 60 kids have showed up for selections because of the resistance of many families. However, after successful runs in the European Championships and the Mediterranean Games, golf has made it on the sports agenda.

Additionally, it has been heard that the federation supports talented players in their education.

“We pioneered the opening of a golf coaching department in the Marmara University and 18 of our scholars are studying here,” says Ağaoğlu, underlining that it was a big deal for not-so-rich families. “Now a thousand people have applied. We are going to pick 60 of them.”

He notes that in Erzurum, there is a strong tendency for girls to play golf. There are almost 500 girls that are licensed golf players in the city. “People are exaggerating the situation when they claim that families do not send their daughters to school,” comments Ağaoğlu. “When you give them the opportunity, see what they can do.”

Golf for the challenged:

The TGF is now preparing another project for physically challenged sportsmen. German national golf team coach and captain are to work in that project. Six machines to help a player with spinal paralysis in golfing are already bought. Each machine costs 18, 000 euros. One wonders about the overall budget of such an active federation. Ağaoğlu states that a yearly budget of 150-200,000 euros is enough to keep the work going, and emphasizes that no outside support is used.

“Golf is the kind of sport that people from every age and economic group can do,” says Ağaoğlu. “It is wrong to promote it as a bourgeoisie sport.” Ağaoğlu gives the example of England and Ireland, where the lower classes play golf, too. Now the federation is trying to break that belief in Turkey. “George Bush is playing golf and Ahmet from Ağrı can play as well,” says Ağaoğlu, and adds that they have made it to a certain point.

“Of the 5,000 licensed players in Turkey, 3,000 are under the age of 18 and kids of families with lower incomes.” Ağaoğlu accepts they were a little behind their plans of 10,000 licensed sportsmen, but it is sure that the country is in fact miles away from being world leaders of the sector. In Spain, there are 304 golf courses and 300,000 players. Even though there is a long distance from the other countries, Turkey is running fast to close the gap.

Golf brings 160 million euros income:

There are currently 11 golf courses in Turkey, eight of which are in Antalya and three in Istanbul. With new courses under construction in the Antalya region, the total number is expected to reach 21 by the end of 2008. Turkish Golf Federation chief Ahmet Ağaoğlu said these courses were among the best in the world. “Between May 2006 and May 2007, Turkey had an income of 160 million euros from golf tourism. That is a pretty good amount, when we reach 100 courses, the income will increase to 1.5-2 billion euros.”

He added golf tourism's share in the general tourism income of developed countries was 15-20 percent while it is 0.4 percent in Turkey. “Foreign investers are willing to enter the Turkish golf tourism market,” Ağaoğlu stressed, “but more than 100 Turkish investors are in line, too. All the Turkish investors are very successful at construction of golf courses, management, and marketing. I do not think that foreigners will have a chance in Turkey.”

Emerging markets

2008-02-27T06:24:00.001-08:00

London, UK, 12th February 2008 -- The overseas property portal
Homesgofast.com gave an early indication into the investment intentions of
thousands of UK overseas property investors for 2008. The portal announced
its 5 top overseas investment locations from over 170,000 visitors in
January 2008. The top regions that enticed investors at the start of the
year were, Dubai, Brazil, Egypt, US and Turkey. Interestingly the
overwhelming majority of investor’s enquiries were for property priced under
£60,000.

The UK overseas property industry has been bracing itself for a bumpy 2008
as the ripples of the credit crunch take effect. One of the biggest concerns
is the difficulty for property developers in raising finance for new
projects.

Mathew Lanham Technical director at Homesgofast " In January alone enquiries
for lower priced investment properties has risen by 30%, and its clear from
our statistics that this number is likely to rise in the coming months."

CEO of Homesgofast.com Nicholas Marr “Cheaper overseas property investments
appear to be en vogue, the majority of our top 5 investment property regions
offer very low property prices. Many investors are prepared to buy
investment property in places like Egypt without requiring finance.
.
Listed first place for investor interest in January 2008 was Dubai, this was
despite the region witnessing a slow down of investment as new rules for
developers took effect. Homesgofast Dubai based Chief Sales Executive Hind
Jouini “Despite the recent slow down by developers in launching new projects
we are experiencing strong demand from the UK. The majority of our clients
in January are from the British Asian community seeking to invest in Dubai

Brazil listed second in investor interest and offers property starting at
£20,000. Steve Mitchell of overseas investment company Investinpro “"Brazil
currently offers very competitive property prices with solid appreciation.
The rental market is easy to understand with the worlds most beautiful
beaches and colourful culture boosted by the fact that travel to Brazil is
now more than affordable"

In third place was property in Egypt attracting investment. Laurie Hain of
real estate company Off Plan Planet “Egypt is witnessing incredible amounts
of interest from UK buyers. Massive investment, direct flights, favourable
tax laws, strong capital appreciation, long rental seasons and incredible
ocean front locations all make for an ideal investment.

The US regions of Western New York and Florida have caught the attention of
UK investors and came in fourth place. David Brennan of Brennan Properties
“' many clients are flocking to invest in Western New York as the prices are
low, the yields are the highest in the world at the moment, the net returns
are tremendous, and this trend is set to continue despite the credit crunch
which has affected the more affluent states in the USA”

Florida bargains are in abundance in the sunshine state, one example is
where the portal promoted a no reserve auction of 27 brand new homes in
Naples Florida.

In fifth place were property investments in Turkey Julian Walker of Turkish
property specialists Spot Blue “"Turkey is a strong growing economy and is a
popular place to visit; it offers good rental potential with demand which
comes from tourists and from the local population. Belek is a great area for
Golf and is easily accessible which a key element is for overseas property
investors”

Investment in Turkey

2008-02-26T14:04:00.000-08:00

Foreign interests spend $10 billion in 5 years for real estate purchases

The political and economic stability resulting in foreign interest in the property market boosted the construction of new sites between 2002 and 2007.
Recent political and economic stability as well as efforts by the Justice and Development Party (AK Party) to increasingly integrate the Turkish economy into global business have led foreign interests to invest their wealth in Turkey.

In the five-year period from 2003 through 2007 the value of real estate purchases by foreign interests was approximately $10 billion, recent Undersecretariat of the Treasury figures have shown.

The surging interest in real estate was accompanied by increasing amounts of foreign direct investment (FDI) in the given period, with capital inflow surpassing $18 billion per year. The amount of money brought in by foreign interests for real estate acquisition was $998 million in 2003 and has increased steadily since then, rising to $1.34 billion in 2004, $1.84 billion in 2005 and $2.9 billion in 2006. The amount increased slightly in 2007, too, by reaching $2.95 billion despite domestic and international economic uncertainty.

The main factors contributing to foreign interest in the Turkish real estate market are relatively low prices, increasing income levels and production, and positive expectations vis-à-vis real estate prices.

According to a report titled "Real Estate Acquisitions of Foreign Real Persons" released by the General Directorate of Land Registry and Cadastre, people from 70 nationalities purchased fixed property such as land and houses. Among them, the citizens of Germany, the US, Austria, Azerbaijan, Belgium, Denmark, the Netherlands and France predominate. They usually prefer İstanbul and Antalya, as half of the money is invested in these two cities. These cities are followed by Bursa, İzmir, Muğla, Hatay, Aydın and Mersin.

FDI and real estate acquisitions did not have a bright outlook in the year preceding AK Party governance, as they primarily stayed below $1 billion. Along with stability, efforts to join the European Union have rendered Turkish markets attractive investment areas. In the five years since 2003 the total amount of FDI has surpassed $46 billion. The annual amount of such capital inflow is expected to increase even further this year and the years to come.

Rental property in Turkey

2008-02-26T14:00:00.000-08:00

Foreigners who own summer houses in Turkey's popular summer resorts rent them out over the Internet, placing the country seventh out of 112 countries in demand for holiday homes, according to a study by the Web site holidaylettings.co.uk.

Turkey even surpassed Spain's Balear Islands' Canary Islands and South Africa among the developing markets. Gordon Lyons, the manager of International Property Agents, said that the estate renting sector was on the rise in Turkey although it was still not easy to fly here at reasonable prices. Lyons, who emphasized that the report showed an increase in the demand for the rental estates, also added that Turkey was absolutely on the right way.

Demand will keep rising

“It is expected that the cheap Turkey flights will start soon, which will initiate the demand for rental estates to compete with the package holiday tours,” Lyons said, adding, “The tourism sector in Turkey started developing long before summer houses. The country attracts more than 20 million tourists annually. This is an important indicator which hints where and when the estate will be sold out.” Lyons, who associated the decrease in the number of tourist in a country with the unsound investments there, said that all indicators in Turkey are positive.

Starting a business in Turkey

2008-02-18T02:24:00.000-08:00

Turkey’s business friendly regulations draw foreigners

Turkey offers a dynamic business environment in a rapidly changing marketplace.

Turkey’s growing economy, fairly developed infrastructure and its modern industry and commerce continue to attract foreign companies in a diverse assortment of sectors, ranging from tourism to technology and energy. Turkey’s movement toward membership in the EU is creating momentum for adopting European business regulations and standards, thereby making it easier to run businesses in the country.

What about the opportunities for foreigners interested in investing and setting up a business in Turkey and establishing their own businesses? Is it to hard to set up a business in Turkey? Is it worth it? Considering its population -- above 70 million -- and its unique location, Turkey is definitely worth investment, as indicated by the increasing number of foreigners interested in doing business here. Furthermore, thanks to the Foreign Direct Investment (FDI) Law (No. 4875), which was enacted in 2003, the procedures for establishing a business are now much easier compared to previous years.

Legal framework concerning foreign investment

The FDI law sets the legal framework for a liberal investment environment in Turkey. This law entitles foreign companies to the same rights and responsibilities as Turkish companies and grants foreign investors comprehensive investor rights. According to the law, all companies that are established with foreign capital contribution and set up in line with the regulations of the Turkish Commercial Code will receive equal treatment with Turkish companies both in terms of rights and responsibilities. The new FDI law also states that there is no obligation requiring Turkish participation in the management of such a company. A company may be established with 100 percent foreign capital, and almost all business sectors are open to foreigners. The formation of a company by a foreign investor no longer requires permission from the Treasury’s Foreign Investment General Directorate. Applications for the establishment of a company must be filed with the Ministry of Industry and Trade or with a provincial trade registration office. Articles of incorporation -- detailing the company’s structure and management -- are required and should be notarized. The exact amount of time it takes to complete these procedures will vary for each company. However, an average of two weeks should be expected. An application is then submitted to the Ministry of Industry and Trade.

The transfer of foreign funds has also been simplified in recent years.

Only activities related to the petroleum and oil industry are restricted for foreigners. Some industries, such as education and defense, require special authorization. However, incentives for establishing businesses in underdeveloped regions are equally available to Turkish and foreign investors.

What kind of companies can foreigners establish?

The law does not impose any restrictions on foreign capital and enables foreign investors to invest in Turkey by either establishing a new company or branch or by acquiring the shares of an already operating Turkish company without being subject to any kind of pre-authorization generally required for foreign investment.

Applications made by foreign companies to establish liaison offices to operate in certain sectors, such as insurance, are subject to special legislation. The cost of establishing such companies varies depending on the capital involved and the number of shareholders.

All business enterprises must have an accounting system adapted to the needs of the business in accordance with Turkish accounting standards. Any entity or individual can obtain a simple import or export license for any product that is not prohibited by law. Imports from other countries are subject to customs duty at various rates. You should note that all company employees -- including the general manager or managers -- who are not Turkish citizens should obtain both residence and work permits.

--------------------------------------------------------------------------------

Document checklist for setting up a business
* Application form

* Notarized articles of incorporation

* Notarized copies of board resolution identifying company's founding partners

* Notarized copies of passports of founding partners

* Photos of founding members

* Leasing contract

* Tax numbers of founding members

What must a foreigner do during the establishment process?

After the drafting and notarization of the articles of incorporation one may notify the relevant authorities and apply to the respective chamber of commerce or industry for the company's registration with a trade registry. It is a must to prepare the articles of association in written form and to provide the signatures of all the founders in the agreement. However, unless a foreign firm's interests are strong enough to warrant opening an office in Turkey, the best way of selling in the country is through reliable and qualified local representatives. The Investment Support and Promotion Agency of Turkey aims to assist foreign investors in their business ventures in Turkey. It also provides data and information on the business climate in Turkey. Those planning considerable investment in Turkey should get in touch with the agency. For details, visit www.invest.gov.tr.

Tourism in Altinkum

2008-02-16T05:42:00.000-08:00

Didim's doors wide open

This year's tourist season is being given a new and fresh emphasis in Didim as a clutch of new five-stars muscle their way in and catapult this former agricultural village to the vacationing EU masses.

Didim, as I have so often pointed out, struggles to emerge from the shadows of its big brothers, such as Kuşadasi and Bodrum, on the international stage. But at least this year might yet prove a turning point.

With three five-star hotels set to open this year, a new marina in 2009, and more projects for 2010 onward, the future of Didim, is definitely looking bright.

The appeal of five stars will radically improve the quality of hotel accommodation in the resort and offer greater choice to the more discerning tourist. Indeed, we are opening our doors to the international market. The signs are up. All we need is the echo of running feet.

The radical mark up in quality – one which the resort has been crying out for as more boutique and international hotels open up in more high profile resorts such as Bodrum – is being seen as a major shot in the arm for the town.

The hotels to open this year include Didim Beach Elegance, at Third Beach; a new one at the TES-İŞ facilities at Second Beach, and a 600-bed hotel at Mavişehir Sağtur.

The fourth one is a seven-star holiday village due for completion in 2010 and will focus on the German, Belgian and Dutch markets. It will have a convention center, halls for 1,500, 500, and 300 people. The hotel will host meetings for companies and institutions throughout the year and will target convention tourism.

Didim Beach Elegance will feature 120 guest rooms, a fitness suite, and a heavy emphasis on families, with entertainment for children including dedicated Playstation rooms and a children's play area. The hotel's ground floor area will also feature state-of-the-art spa facilities, a restaurant, bar, and exclusive boutique shops. A new hotel based at the TES-İŞ facilities at Second Beach will have a 1,000-bed capacity. The owner of the hotel Tevfik Bağcı said that the hotel will open June 1 and be rented out as apartment hotel and will bring Dutch, Belgian and German tourists. The most important feature is that Bağcı is also the owner of Peninsula Tourism, which brings the most number of tourists to Kuşadası.

He said that he will focus on Didim, but that there will not be any shopping centers in the facility; the tourists will go out for shopping, thus local businesses will also earn.

Bağcı said Didim had an image problem and the new 5-star hotels will strengthen this weak image up to a point. Bağcı said, “we will bring elite tourists from Britain, Russia, Thailand, Vietnam, Belgium, Norway, Germany and the Netherlands. They will spend money. We have achieved it in Kuşadası and Antalya.

“We can manage it in Didim also. Our facilities will be a concept. People of Didim are very lucky to have such a mayor who is hardworking and open to tourism, culture and art. Didim grows, improves and changes day by day. The objectives in tourism must be determined carefully.”

The five-star hotel at Mavişehir Sağtur with 282 rooms and 600 beds will also be completed in June.

Hopefully, this will be a sign of things to come. The addition of the hotels will strengthen the economy, provide more opportunities, employment and otherwise, for locals, and generally give the lift it desperately needs on the international front.

http://www.turkishdailynews.com.tr/article.php?enewsid=96558

Migros buyout

2008-02-15T02:03:00.000-08:00

BC Partners Ltd. has agreed to buy Migros Türk, Turkey's largest supermarket chain, for about $3.2 billion in the country's biggest-ever leveraged buyout. The London-based buyout firm will acquire 51 percent of Migros Türk for YTL 1.98 billion ($1.7 billion), or YTL 21.85 a share, from Koç Holding, according to a filing with the Istanbul Stock Exchange yesterday. The firm said it will offer to buy out minority stockholders at the same price, which is 11 percent more than Wednesday's close. BC Partners will gain 961 stores in Turkey and nearby countries through the takeover, and plans to profit by boosting the supermarket's share of grocery sales at the expense of street vendors, who control about 60 percent of the market, according to a national industry group. Turkey has 17 supermarkets per million people, compared with 150 in the European Union, according to accounting firm PricewaterhouseCoopers LLP. “Penetration of organized retail is very low in Turkey and companies like Migros Türk have high growth potential and will increase their market share,'' said Murat İğnebekçili, an analyst at EFG Istanbul Securities. Migros shares fell Ykr 60, or 3 percent, to YTL 19.20 at 10:45 a.m. in Istanbul, bringing its value down to YTL 3.42 billion. Koç Holding shares advanced Ykr 12, or 2.5 percent, to YTL 4.84.

The price is “5 percent below our valuation,” Yonca Yağcıoğlu, an analyst at Ata Invest, said in a note to clients today. She expected the sale to value Migros Türk at YTL 4.1 billion instead of the YTL 3.9 billion sale price.

Rapid growth

“Migros is ideally positioned to benefit from the rapidly growing organized food retail market,” BC Partners executive, Nikos Stathopoulos, said in a statement yesterday.BC Partners beat off rival bidders including buyout firms Blackstone Group LP and Kohlberg Kravis Roberts & Co., and Russian billionaire Mikhail Fridman's Alfa Group. Paris-based Carrefour SA, Europe's biggest retailer and No. 2 in Turkey, dropped out of the bidding on Jan. 7 without citing a reason.The takeover is BC Partners' first in Turkey, and the biggest by any buyout firm in the country, surpassing KKR's $1.3 billion purchase of shipping company UN Ro-Ro in October.Founded as Baring Capital Investors in 1986 by Dutchman Otto van der Wyck, BC Partners manages a 5.8 billion-euro ($8.5 billion) private equity fund. The firm's other investments include British real estate agency chain Foxtons and satellite operator Intelsat.Buyout firms are struggling to get financing from Wall Street banks for their takeovers in the wake of the subprime mortgage crisis in the United States and are turning to markets outside the U.S. and Western Europe, where targets are typically smaller and local banks are able arrange funding.BC Partners tapped three Turkish banks to finance the Migros Türk buyout. Garanti Bank, İşbank and Vakıfbank are arranging loans to fund the takeover, BC Partners said. DEA Capital, a unit of Italy's de Agostini SpA, said it will invest as much as 175 million euros ($256 million) alongside BC.Turkey has attracted about $40 billion of direct foreign investment in the past two years. Retailers from Carrefour SA to Britain's Tesco Plc have opened stores in the country to tap economic growth that has averaged 6.9 percent annually since 2002, helping to double per capita income to about $6,900.Dusseldorf, Germany-based Metro AG also has a supermarket chain in Turkey and opened its first Turkish Media Markt consumer electronics shop in September in Istanbul.

Unregistered economy

Retail sales in Turkey were $137 billion in 2006, about 40 percent of which was registered, according to the Turkish Council of Shopping Centers and Retailers. They may rise 45 percent by 2010, PricewaterhouseCoopers said last year.Migros Türk, which was founded in 1954 as a joint venture with Switzerland's Migros Cooperatives Association, currently has stores in Azerbaijan, Kazakhstan, Kyrgyzstan and Macedonia. Koc hired JPMorgan Chase & Co. last year to manage the sale, as it seeks to reduce debt after buying Turkey's state oil refiner in 2005. Merrill Lynch & Co. advised BC Partners.

A place in the Sun

2008-02-14T04:13:00.000-08:00

A PLACE IN THE SUN REVEALS THE UK’S TOP 20 DESTINATIONS FOR BUYING ABROAD: FROM THE SUBLIME TO THE SURPRISING…

According to a survey published today, in the form of A Place in the Sun magazine’s annual Top 20 buying destinations, despite a raft of emerging markets and USA property prices down 30% on a year ago and a dollar weakened by 25%, it’s the traditional sun-seeker’s favourite Spain that takes the number one spot for the second year running.

The poll, conducted at the recent A Place in the Sun Live exhibition at the NEC Birmingham, the world’s largest overseas property event of its type, also saw France with its enviable lifestyle maintaining its 2006 second place and Turkey climbing into third position on the back of a wide range of developments marketing in the UK offering great value and year-round sunshine.
Source : Place in The Sun

The Market

2008-02-05T02:13:00.000-08:00

Of all the emerging real estate markets globally, Turkey’s property market is quite possibly the number one choice for investors seeking the best balance between risk and reward. While the nation continues to emerge politically and economically speaking, so there exists risk – but counterbalancing this ever decreasing risk is an ever increasing potential to profit from property in Turkey.

Property investment in Turkey is synonymous with choice – an investor has a choice of location, a choice of investment approach, a choice of target market and certainly an unrivalled choice of property assets - and in our opinion at www.adoproperties.com, this breadth of choice is luring increasing numbers of real estate investors to explore a property market where there are ten fundamental reasons to consider an investment commitment…

1. Turkey’s Investment Property Market Benefiting from Political and Economic Reforms
The Turkish elections in 2007 saw Prime Minister Erdogan re-elected to office as the head of government - yet throughout the election build up there was global concern that a newly elected government would undo the incredibly powerful work that Erdogan had undertaken to lead Turkey forward as a first world economy.

Fortunately these concerns were allayed and it is accepted that Prime Minister Erdogan will continue with his wholly successful political and economic reforms and that the Turkish people are fully behind him – and equally importantly, the Prime Minister is widely respected within the EU according to The Economist Intelligence Unit.

For property investors doing due diligence on Turkey to ensure it has the right foundations for a long term investment commitment, these fundamentals provide exceptional confidence.

2. Turkey Continues on the Path to EU Membership Which Improves Turkish Property Building Standards and Practices
In the past ten years Turkey has undertaken and committed to many significant reforms to strengthen its democracy and stabilize its economy which enabled it to begin accession membership talks with the European Union in October 2005. While no one is under any misapprehension that Turkey’s path to full EU membership will be totally smooth, the nation is fulfilling many of its fundamental and strategic obligations to continue its approach to full EU membership and this fact has allowed international confidence in the nation to increase dramatically.

In anticipation of the funding and new business the nation will receive the closer it gets to full EU entry, global names are committing to the Turkish real estate sector in expectation of significant underlying price increases and demand, and in one significant area this is having a positive effect on the market – the building standards and practices are improving to be on a par with EU standards which bodes exceptionally well for the long term future of the market.

3. The Geographic and Strategic Position of the Nation Provides Substantial Opportunity for Property Investors in Turkey
Geographically and politically located in a position of strategic importance to Europe, Asia and the Middle East, Turkey benefits from investment, business and travel and tourism interest from all three vast geographic regions which translates into significant and broad interest across all residential and commercial real estate sectors.

This adds up to incomparable property investment potential no matter what angle an investor wishes to target, which sector of the Turkish property market they wish to enter and which approach they plan to take, proving the aforementioned point that Turkey is quite possibly the number one choice for investors seeking the best balance between risk and reward because when it comes to real estate, there is such breadth of choice.

4. Sustainable and Improving Local Demand and Affordability for Property in Turkey
It’s a well known fact that the Turkish population is young, dynamic and that large pockets of the nation are rapidly embracing a western lifestyle. Additionally, improved employment prospects, greater access to finance and a promotion of the benefits of owning real property in Turkey are leading increasing numbers of local citizens to the property market meaning that demand is increasing, affordability is improving, mortgage lending is expanding and an investor has a sustainable base upon which to rely for a future exit strategy.

5. Foreign Direct Investment in Turkish Real Estate Dramatically Increasing in Line with Prices
Confidence in the Turkish property market can be measured in terms of the levels of foreign direct investment committed to the market - and the potential and opportunity within the market can be measured in terms of the price appreciation patterns currently being witnessed: - in 2005 property prices increased over 50% in the most in demand coastal locations according to the Turkish Embassy in London, in 2006 Turkish property purchases by foreign investors exceeded USD 2.5 billion according to the Global Property Guide which was a doubling of the figures from two years prior to that and a five fold increase in just over four years. Additionally, almost 70,000 foreigners were registered as being owners of property in Turkey by the end of 2006 which represents almost a 500% increase over the last known figures which were released in the summer of 2003.

Clearly Turkey is attracting significant levels of FDI into its property market, and this increased confidence, demand and affordability is being translated into increasing underlying prices for real estate.

6. Significant Travel and Tourism Growth Translates into Increasing Rental and Resale Demand for Property in Turkey
When you consider that Turkey registered over a 240% increase in foreign tourist arrivals in the period between 1990 and 2005 and that so far in 2007 visitor numbers are already up almost 20% compared to the same period last year, it is more than apparent that Turkey is developing as one of the strongest markets for travel and tourism interest in the world.

While the nation started from humble beginnings in terms of tourism arrivals and related receipts, the government now recognizes the importance of the travel and tourism industry for the ongoing economic growth and success of the country and as a result the government has increased the budget for the Ministry of Culture and Tourism from USD 70 million to USD 120 million.

Currently the tourism industry in Turkey ranks 11th in the world in terms of arrivals and 9th in terms of receipts, and with the greater promotion of the nation internationally and the ongoing infrastructure improvements taking place as well as the arrival of cheap flight operators in Istanbul and at the coastal airports, Turkey’s tourism market growth is impressive yet sustainable. This directly translates into opportunity for an investor – in the simplest terms they can either target the tourism rental market or they can use tourism based demand for resale stock as part of their exit strategy.

7. Turkey has Good and Improving International and EU Relations Giving Investors Confidence in the Turkish Real Estate Sector
Turkey is both an active and contributory member of the UN and NATO, and back in 1964 the nation became an associate member of the European Community. Because of its geographic location bordering many volatile and potentially powerful nations such as Armenia, Georgia, Greece, Iran, Iraq and Syria, Turkey has to play a very placatory yet strong role in international politics and generally speaking, it manages to maintain its role and develop improving international political relations with the likes of the US, the UK and the European community as well.

Naturally this instils confidence internationally which translates into investor confidence which, for Turkey’s property market is already becoming apparent.

8. Real Estate Investors in Turkey Have a Broad Choice of Destinations to Target
Unlike some emerging nations, Turkey has multiple centres of property based potential for investors to explore. For example, Istanbul and Ankara offer an investor the chance to enter the commercial real estate sector and focus specifically on office, retail or even industrial property as both locations are developing rapidly and expanding in terms of the amount of businesses operational from within the city limits. Both locations also offer an investor the chance to corporate let for example. Then you have pockets of tourism based interest – for example in Istanbul you have high end tourism interest, in Belek you have golf based tourism interest, all along the coast you have long summer holiday interest and some of the most popular coastal locations even offer a long-let based winter season as well. This breadth of choice for an investor is exciting.

9. Development of a Competitive Mortgage Market for Turkish Property
A law passed by the Turkish government in March 2007 now makes mortgages more accessible to more people and more flexible as well. Thanks to the recently ratified legislations, mortgage finance is now available over long periods of time to residential property purchasers and many believe this is the first step on the path to a total overhaul of the mortgage market which will transform the entire landscape of the real estate market in Turkey and also the nation’s urban environment as well.

The law allows for variable rates of interest to be applied to home based finance and it’s expected that the mortgage market will now expand significantly – already the law has had an impact as overall, Turkish banks have around USD 20 billion worth on loan for residential real estate today compared to just USD 380 million four years ago.
Foreigners can also now borrow money in Turkey to buy Turkish property and the very first local mortgage made available to a non-resident buyer was granted in July 2007. Naturally enough, the availability of finance transforms the landscape – it allows local and international buyers to enter the market and according to local Turkish press, immediately following the ratification of the law interest from overseas property buyers and investors has soared.

10. Favourable Level of Taxation a Bonus for Investors in Turkey’s Real Estate Market
While tax on income in Turkey is considered quite high, property taxes are just 0.1% of the value of residential real estate, (although this doubles if the property is in a metropolitan area) – further positive news for investors is that according to the Turkish Embassy in London, there is no capital gains tax for foreign investors in Turkish real estate after four years of ownership and funds can be freely repatriated. In addition to this, as long as net rental income from property assets held in Turkey does not exceed EUR 1,095 the income is not liable for any taxation. While these are not great incentives to specifically draw investor interest, they are neither deterrents to discourage investor activity.
UK Property Agents

The Temple of Appollo

2008-01-23T07:54:00.000-08:00

Didyma is located in the village of Yenihisar. 4 km Inland from the coast called Altinkum (Golden sand) and 15 kms south of Akköy, near Soke. Didyma was actually a sacred site and not a city, in whose centre was a great temple built in the name of the sun god Apollo.
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However much Apollo may be considered as one of the twelve deities dwelling on Mount Olympus in Greek mythology, he is actually an Anatolian god, the counterpart of the Hittite god, Apulunas. The finding of records which show him racing with King Midas or the satyr shepherd Marsyas who gave his name to the river Cine, are evidences that he is a very ancient god of Anatolian origin. Apollo is the son, of Zeus and twin brother to Artemis, the Moon-goddess. According to the legend their mother, Leto, gave birth to the twins in the Ortega woods north of Kusadasi. The word "Didymaion" means "twins" and this is the reason why the place the Temple of Apollo stands was called so. The Greeks, believing in fate, looked upon Apollo as an oracle as well. The oracles received from the priests in the temple of Apollo at Delphoi influenced and changed the lives of people to a great extent. The Ionians built the temple in Didyma as the second oracle centre, and they constructed it with such care that it was one of the most magnificent temples of the times. The temple flourished under the guardianship of the city of Miletus. Pausanius, one of the writers of the first century informs us that the cult seen in this region existed long before the Ionians arrived in Anatolia.
The first temple we know of was built in the 8th century B.C. It was surrounded by columns at the beginning of the 6th century B.C. This temple which had all the characteristics of archaic art, was finally completed around 550 B.C. Those who built the temple and took its guardianship upon themselves, who acted as priests and oracles were people called "Brankhid. This word was derived from the name of a person Apollo loved, "Branchos"; The Brankhids ruled in this region for a very long and peaceful period and founded a theocratic administration. The biggest classical temples were formed by surrounding an inner space with columns in two rows, and were called "dipteros". The dipteros of the archaic Didymaion measured 38.40 X 85.15 meters. The columns with Ionic capitals and fluting 8 in the short rows and 21 in the long rows. The idol statue in the inner space was made by the famous sculptor, Kanachos. Sacred goods and valuable gifts were kept hidden here. For example, Herodotus writes that the Egyptian King, Necho II, gave the outfit he had on in the battle against the Syrians to the temple as a gift to the oracle. In front of the temple, there was a round sacrifice altar. The walls surrounding the sacred room are the walls we see now. These were 3.5 meters high and were built in 550 B.C.
Italy Travel Guide offers information by region, city, or type of destination. Includes lodging, shopping, dining, art, attractions, and more.

Off plan Apartments in Turkey

2008-01-22T05:23:00.000-08:00

It has been our intention from the inception of this project to create a luxury complex with a life style in mind containing high specification homes, unique to the area.

With the impending completion of the new Marina a new profile of purchasers will appear and we have based our design on the Bodrum Villas where prices are considerably higher. The logic being that in the long term the prices will rise to that level and further.

The gated community effect is on land upon which you can only build 15% of the area and to only two and a half stories high so therefore you will never be overshadowed by neighbours. And it is set in vast space that will be landscaped to a high standard with a well-stocked gardens of local plants.

Within the walled surrounds of the bottom section will be a large pool with a large and small kiddies section, a large games court, communal seating and a children's play area. On sunset heights will be another pool with seating and gardens.

The area is very tranquil already and the idea is to create a green oasis.
There will be full 24 hour security and full garden maintenance - along with a transfer service in the peak months.

After purchase we will be on hand to assist with any after -sales service you require from the purchase of the furniture to maximizing your rental return. It is also our intention to market the "villas" individually with the large agents rather than as a complex to maximize yield.

Sunset Gardens Exterior and Internal.

The exterior esthetics will be unique in the area with white render and wood being the key to a very traditional style around many of the established Marinas.We will offer a full 10 year building guarantee.

Internally the fittings and finish will be to the highest standard as these will not be holiday homes but high quality residences abroad.

The finish will have the UK taste in mind using the best quality local products and tradesmen.
Marble staircases and window sills.
Dual function air conditioning.
High quality fitted kitchens.
Tiled skirting and flooring throughout
High specification stainless- steel bathroom fittings.
Jacuzzi bath option. Car/ Boat port option.
Beautiful carved solid front door with re-enforced steel and triple locking locks.
Dual purpose air-conditioning fitted to living room.
Solar panel system
Fully tiled bathroom
All bathroom fitted with European- style toilets, sinks and large vanity units.
Satellite TV System connection to living room.
PVC double glazed windows with marble window sills
Floor tiles fitted throughout entire house.
24 Hour security guard with CCTV cameras.
Beautiful marble stairs with wrought iron bannisters.
Entrance to complex will be by means of automatic doors.
The whole complex will be surrounded by a wall and iron fencing.
Children's play area. 150m2 feature swimming pool for adults as well as a children's pool.
Barbeque area, car & boat parking area.
Sports area fire extinguishers.
Bar area smoke detectors.
Extra line and wired for Internet and satelite connections.
Energy saver electric system wood panelled doors.
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http://www.adoproperties.com/en/project_sunsetgardens.php

Dalyan

Dalyan. The most comprehensive guide to Dalyan Turkey on the net.

Tourism in Turkey

2008-01-21T00:33:00.001-08:00

Tourism strategies for 2008 announced
Turkish Daily News
Turkey will focus on overseas promotion in its new promotional campaign aiming to highlight the country's tourism potential at the international level and to diversify the tourism facilities. A budget of $140 million is allocated for the promotional activities
The Ministry of Tourism and Culture will focus on overseas promotion in its new campaign aiming to highlight Turkey's tourism potential internationally and to diversify tourism facilities in Turkey, the tourism and culture minister said during a press conference yesterday.
Turkey will highlight domestic tourism in 2008 and carry out the campaign in 83 countries and on various international platforms via a series of themed and destination-oriented advertising films. A $140 million budget was allocated for promotional activities, with a 10 percent increase in the 2008 budget.
Turkey had a fruitful tourism season in 2007, attracting just over 23,000 international tourists and attaining an 18 percent increase in the number of tourists from 2006. Turkey ranked among the top 10 countries in the world in terms of tourism potential, but the ministry wants to be in the top five, according to Tourism and Culture Minister Ertuğrul Günay.
“For this purpose we launched a promotional campaign this month. We want to attract tourists with higher incomes,” he said. Promotion on world televisions:
In 2007, Turkey attracted tourists mostly from Germany, Russia, the United Kingdom and Bulgaria, the major tourism destinations being Antalya, Istanbul, Muğla, İzmir and Aydın. The ministry meanwhile intends to increase the number of international tourists and create new tourism destinations such as Mardin, Mersin and Kars-Sarıkamış by diversifying tourism activities and highlighting faith tourism, winter sports, health and thermal tourism.
Themed and destination-oriented advertising films will feature the Aegean, Antalya, southern and southeastern Turkey, Cappadocia and thermal tourism. The films will be broadcast all over the world, including on BBC and CNN television channels.
The promotional campaigns will cover countries from different continents including the United States; Canada; England; Scandinavian and Baltic countries; New Zealand; South Africa; Australia; Balkan countries; eastern European countries and Turkic Republics; Central European countries such as Belgium, the Czech Republic, Hungary and Poland; southern Europe and Latin countries such as Malta, Spain, Brazil, Argentina, Chile and Monaco; Israel; China; Egypt; Qatar and Syria.
Turkey will also participate in 142 fairs including the Frankfurt Book Fair and Berlin Tourism Fair. The world's most important search engines such as Google and Yahoo as well as the ministry's web site www.goturkey.com will feature promotional advertisements of Turkey. The ministry is also planning promotional activities for the 2008 Olympic games in China as well as the Berlin, Cannes and Venice film festivals and the European Football Championship.

Passion for Property Ltd.: Letting agent in Chester specialising in short-term and long-term residential lettings in Chester and the North West.

food in Turkey

2008-01-19T08:09:00.002-08:00

The food in Turkey is delicious. Turkey enjoys an abundance of fresh food produced locally because of the pleasant climate and rich soil. The long coastline Turkey has along the Mediterranean Sea means there is always plenty of fresh sea food on offer. In fact Turkey is one of the few countries that produce more food than it consumes and is able to export food surpluses. One shortcoming of Turkey as a large tourist destination is the lack of foreign food available in Turkey, however Turkish food is wonderful and makes up for the dearth of foreign food varieties.
Breakfast food in Turkey
The food eaten for breakfast in Turkey is similar to the food found in a typical Western breakfast. Fresh Turkish bread is usually served with butter, honey, jam, feta cheese and olives. Tea is usually served to wash down the food at breakfast. Alternatively hot milk sweetened with honey is available. If you get bored of the same old food everyday for breakfast when you are in Turkey, then visit the local pastry shop which serves many delicious foods. There is a special pastry eaten for breakfast in Turkey which is stuffed with cheese and parsley and served warm. There is also a kind of breakfast soup which when eaten with Turkish bread can be a very filling food.
Food for lunch and dinner in Turkey
People in Turkey usually eat lunch at about midday although the food they have at lunch is the same as the food people in Turkey eat for dinner. Some people in Turkey prefer to eat a lot of food for lunch while others save the big meal for dinner, especially when the weather is cooler. People in Turkey love salad and this is almost always served before the main food course in any big meal. There are many types of delicious salad and dips served at lunch and dinner as appetizers. If you are visiting a town on the coast of Turkey you will be spoilt for choice when it comes to sea food, which is always caught locally and fresh. Fish is usually fried or poached and served with vegetables and lemon juice. If you prefer eating meat then Turkey has great lamb, chicken and beef which are usually cut up and served as a kebab. Kebab is a staple food in Turkey and is charcoal grilled before being served in pita bread stuffed with salad and sauce

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How many brits live in Turkey?

2008-01-19T08:09:00.001-08:00

An increasing number of expatriates are moving to Turkey and making it their home, either to retire, to work or to start a new life. Turkey has changed dramatically in the last five years and the process of modernization happened very quickly in some areas. In 2000, only around 300 British citizens acquired property in Turkey. Whereas in 2007, this figure is estimated to exceed 50,000 . Countries from which Turkey has attracted new residents are Germany, the Netherlands, France, Belgium and the UK. Because of its unique geographical location, rich and diverse history and its reputation as a shelter for different cultures and civilizations, Turkey is a great choice for expatriates and their families.

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Living in Turkey

2008-01-19T08:09:00.000-08:00

FAMILY
Families are divided into several types according to social, economic and local conditions. The traditional extended and nuclear families are the two common types of families in Turkey. The traditional extended family, generally means that three generations live together: grandfather, adult sons and sons' sons, their wives and their unmarried daughters a married daughter becomes a member of her husband's family and lives there. There is a unity of production and consumption together with common property. This type of family is becoming more and more rare today. The nuclear family, parallel to industrialization and urbanization, replaces traditional families. The nuclear family consists of a husband, wife and unmarried children and is more suitable to modern Turkish social life today.
There are some economic, traditional and emotional conditions that form the duties and responsibilities of the modern nuclear family member. As for the economic conditions, each individual is supposed to play a part in supporting the continuation of the family. The father is usually responsible for making the basic income, the mother may perhaps contribute by working and if not, will assume full-time take care of the home. Grandparents may also supply help with incomes from their pension or returns from owned property and rents. Younger children help with the housework (re-pairing, painting, cleaning) and when older contribute by usually covering at least their own expenses. Tradition places the father as the head of the family, but the mother has equal rights. The father is the representative and protector of the family whereas the mother takes care of all the day to day things.

WOMEN
As Turkey is essentially an Islamic country, Islam plays an important role in the lives of women. Having begun in Arabic countries in 7C AD, Islam was influenced by the traditions and customs of these countries and the way in which women were treated. Men could marry or live with as many women as they liked, kill women and even bury new born girls alive. When Islam made marriage laws and put a limit on the number of wives allowed, it was accepted as the first system to give some economic rights to women by saving them from the sole sovereignty of their husbands.
In Turkey, following the declaration of the Republic in 1923, one of the most significant elements in the social revolution planned and advocated by Ataturk was the emancipation of Turkish women, based on the principle that the new Turkey was to be a secular state.
In 1926, a new code of Turkish civil law was adopted which suddenly changed the family structure. Polygamy was abolished along with religious marriages and divorce and child custody became the right of both women and men. A minimum age for marriage was fixed at 15 for girls and 17 for boys. Perhaps most importantly, the equality of inheritance was accepted as well as the equality of testimony before a court of law; previously, under Islamic law, the testimony of two women was equal to that of one man. With the secularization of the educational system, women gained equal rights with men in the field of education as well and no longer had to wear the veils and long garments required by the old religious beliefs. The right to vote for women was granted at the municipal level in 1930 and nationwide in 1934. Theoretically, Turkish women were far ahead of many of their western sisters at that time, for instance in France where women only gained the right to vote in 1944.
The charter of the International Labor Organization adopted in 1951, declaring equal wages for both sexes for equal work was ratified by Turkey in 1966.
Although all the new regulations brought the status of women to a very improved level, the actual status of women within the family institution did not provide for proper equality between men and women. Still today, the husband is the head of the family. A woman does the housework, and if a woman needs to work outside the home she has to get the approval of her husband. As a Turkish proverb says "a husband should know how to bring food and the wife to make it suffice" confirming once again a woman's place in the home.

Women Today
Social life consists of two different places: Inside and outside the home. Women leave the outside world to the men, generally remaining in the home. Women get married at an earlier age than men and settle into their role of housewife and home maker. As the education level of women increases, the fertility rate decreases. Nearly every female university graduate has only one child.
9 million of the 21 million working population of Turkey are women. In the rural areas, the rate of working women, especially in agriculture, is very high. However, women work in this sector as an extension of their housework and not to make a living. In urban areas, women hold important posts in both public and private sectors, the arts and sciences. Today, Turkish women are bank managers, doctors, lawyers, judges, journalists, pilots, diplomats, police officers, army officers or prime ministers.
Nearly two thirds of health personnel including doctors and pharmacists, one quarter of all lawyers and one third of banking personnel are women.
As for the politics, in the elections of 1937, the number of woman MP's was 18, which meant 4.5%. Today, unfortunately, this rate is much less than before. However, Turkey has also seen Tansu Ciller as the first woman Prime Minister.
Although men and women are equal before the law, men are tolerated in regard to adultery and women are more advantageous in terms of working conditions.
More on Women in Turkey...

The New Law
A package called "Democratization of the family" is just accepted by the Turkish parliament and it is including changes in the position of women, some of which are as follows:
The cancellation of former obligatory permission from their husbands for women to work.
Equality in the case of adultery.
In the case of divorce, equality in the sharing of belongings which were acquired after marriage.
Feminism
An important stage of feminism in Turkey started in the 1980s and is different from the previous stages because it was initiated by women who spoke for themselves, rather than by men who had manipulated the female image for their own political agenda. At this stage of feminism women spoke for themselves, beginning by arguing the reality of their bodies and their physical needs as opposed to the idealization and the symbolization of the female body as used for the national image.
Feminism strongly challenges the image of some Turkish women as covered, almost sexless beings and also as sacrificial mothers who would do and endure anything for their children and family.
To very briefly summarize the position of women in Turkey today, it can be said that unless you are a woman living in a metropolitan city and financially independent, life is still likely to be bound by the customs of traditional family life.

MARRIAGE
In the traditional family, marriage is still a family rather than a personal affair. Marriages are not conducted by the imam anymore as they were before the republic. By law they have to be civil. Approximately 40% of marriages are only civil, 50% are both civil and religious, 10% are only religious which means they are not legal. Polygamy is very rare and only in some villages with a rate of 3%.
It is legally forbidden to marry before the age of 15 for women and 17 for men. The average age for girls to marry is around 17-18. Early marriages are more frequent in rural areas. For young men in big cities the problems of receiving an education, military service and acquiring a job are among the reasons that delay marriage.

BIRTH
The continuity of a family is provided by children. With the development of people's educational levels, the belief in the continuity only being provided by sons is losing its effect.
At the pregnancy of a new bride, an excitement among family members grows. Upon hearing the good news, a golden bracelet comes immediately as a present from the mother-in-law. In rural areas a pregnant woman declares it with some symbols mostly on her clothing; her scarf, motifs on it and suchlike.
For the births, in rural places midwives are present, whereas in big cities hospitals are common. After the birth, the new mother receives presents of gold and the child gets all manner of gifts. Relatives, friends and neighbors are all helpful. In the first three days only close relatives come to visit, but in the following days the others also come to visit with lots of presents. Breast-feeding continues normally until the age of two or even later and then weaning is sudden.
In Anatolia there is a custom of planting trees in the names of newly born children. Chestnut, mulberry and apple trees are planted for girls, poplar or pine trees for boys. Planting trees for boys is a kind of investment for him to be used in his marriage when he grows up.
Naming a Child
Turkish names always have meanings. Some of the children's names may derive from the time in which he was born; Bayram (Feast), Safak (Dawn), Bahar (Spring), Ramazan (the holy month, Ramadan), or the events during the birth; Yagmur (Rain), Tufan (Storm), or express the parents' feeling about the child, if they want him to be the last one; Yeter (Enough), Songul (Last rose) and sometimes names of elder people in families are chosen as displays of respect.
In villages, when a name is selected, it is given by an imam or an elder person in the family by holding the child in the direction of Mecca (Kible) and reading from the Koran into his left ear and repeating his name three times into his right ear.

SUNNET (CIRCUMCISION)
Circumcision is an operation in which the foreskin of the penis is removed. It is a practice of great religious significance among certain religious groups, notably the Jews and the Moslems. Circumcision is known to have been practiced in ancient Egypt even before it was introduced to the Jews as part of God's covenant with Abraham. In Islam, however, the authority for circumcision came not from the Koran but from the example of the Prophet Mohammed. In Islam, whatever the prophet does or says is called sunnet; therefore this word stands for circumcision in modern Turkish.
Urologists claim that circumcised males have far fewer urinary tract infections and are less at risk for catching sexually transmitted diseases than are uncircumcised males. On the other side, pediatricians say that the medical risks attendant upon the surgery far outweigh the possible future consequences of foregoing the operation.
As an Islamic country, in Turkey all Moslem boys are circumcised between the ages 2-14 by licensed circumcising surgeons. From the social point of view, the most prominent feature of circumcision is the introduction of a child to his religious society as a new member. This explains the reason for circumcision of people who convert into Moslems as a first step. It is impressed on a boy at a very early age that circumcision is a step for transition to manhood. As long as they are accepted as very important events in people's lives, circumcisions are generally made with big ceremonies in festive atmosphere.
If a family has more than one boy, they wait for an appropriate time to perform it altogether. In this case the younger child might be less than 4. In some rural areas, villagers sometimes share expenses of a circumcision feast like they do with the work. Wealthy people may take poor boys or orphans together with their children for circumcision. Charity organizations make collective ceremonies for poor boys and orphans. Considering school periods of children, circumcisions are held in summer months while the children are on vacation, from June through September at weekends.

Circumcision Ceremony
When a family determines a date for their feast, they invite relatives, friends and neighbors by sending invitation cards in advance. Depending on the economic position of families, feasts might take place in a ceremonial hall or a hotel instead of a house. They prepare a highly decorated room for the boy with a nice bed and many colorful decorative things. Boys should also wear special costumes for this feast; a suit, a cape, a scepter and a special hat with "Masallah", meaning "God preserve him", written on it.
In the morning of the feast, the children of guests are all taken for a tour around in a big convoy with the boy either on horseback, horse carts, or automobiles. This convoy is also followed by musicians playing the drums and the clarinet.
After they come back, the boy wears a loose long white dress and, is circumcised by the surgeon while somebody holds him. This person who holds is called kirve, and has to be somebody close to the boy. In the eastern parts of Anatolia, this is the first contact of a big relationship which will continue for lifetime. He will play an active role in the boy's lifetime and have nearly equal rights with the father in decisions. This is similar to a godfather in Christianity. Although there is no blood relation to his kirve, the boy will not even be allowed to marry his kirve's daughter in order not to have incest because he is considered to have become somebody from the family.
After the circumcision, the boy is in pain and has to be kept busy with music, lots of jokes or some other animation. Presents also are given at this time to help him forget his pains. In the meantime words from the Koran are recited and guests are taken to tables for the feast meal which is a special one laid with different food changing from region to region. After a few days the boy recovers and festivities end.
Today, there is a small group of people who prefer their children to be circumcised in hospitals while they are in hospital after birth, whereby ignoring the traditional side.
DIVORCE
Divorce is not very common. Although many women are not satisfied with their marriages, they do not have the courage to divorce. Therefore they continue their lives for their children's sake or not to suffer from the social pressure it may evoke.
The other reason is economic. If a woman does not work, she does not have many alternatives when divorced. After a certain age, in a country where employment is a problem, it is really a risk to survive.
From the legal point of view, when couples divorce, each of them gets his own belongings without taking the things obtained together into consideration. The new law has brought the equally sharing of the goods obtained during marriage.
DEATH AND BURIAL
Throughout the ages in Anatolia, many different rituals regarding death and burial have been applied. Types of graves have differed. Graves under the floors of houses, wooden rooms, tumuli, chamber-like graves, rock-tombs, sarcophagi, domed or conical tombs (turbe, kumbet) and mausoleums are some places where the dead have been laid.
Although it is difficult, death is considered to be as a natural part or aspect of life. There are many people who prepare themselves for death by putting necessary amount of money for funerals in their bank accounts, keeping winding sheets ready, or buying land in a cemetery in advance. Dying as martyrs is an honorable thing. In Islam, it is believed that martyrs go directly to heaven.
When somebody dies, the corpse is laid on a bed in a separate room, the head facing the direction of Mecca, eyelids closed, the big toes are tied to each other and the two arms rest on both sides next to the body. Burial has to take place as soon as possible during the daytime. If somebody dies in the late afternoon, he is buried the next day. The corpse might rest for a period of time in a cool place or a mortuary but only if there are close relatives coming from a far away place.
According to religious belief, if somebody is buried without an ablution, he is not allowed to enter heaven. Therefore, dead people have to be washed by authorized people, and always women by a woman, men by a man. Meanwhile the death is declared from a mosque minaret by a muezzin with some words from the Koran together with his name, funeral time and place. After the ablution the corpse is dressed in a white shroud, put in a wooden coffin covered with a green piece of cloth. A martyr's coffin is covered with the Turkish flag. The coffin is carried to the table outside in the courtyard of a mosque on people's shoulders before prayers. Nobody stands in front of the funeral procession and people in the street stand up and salute the funeral motionless and in silence.
While the coffin rests guarded on the table outside, people perform their regular prayers. From within the mosque, following the prayers, they all come out and line up in front of the coffin to take part in the funeral service under the leadership of the Imam. Women are not allowed to join this service. At the end of the service, the Imam asks people what they thought of the deceased and answers are always positive: "He was good. May God bless him. Mercy be upon his soul, etc." Funeral services are not held for parricides or the stillborn.

Interment
The coffin is carried to the cemetery by a hearse followed by a long convoy. Graves are rectangular in shape and designed to accommodate only one person. The deceased is buried in only the shroud not the coffin. The body is laid on its right shoulder facing the direction of Mecca. The tombstone is on the head's side.
The Imam's prayers signify the end of the burial. The deceased is commemorated on the seventh and fifty-second days of his death with Islamic readings; mevlit. Sometimes big funerary meals or halvah are offered to the poor and surrounding people.

Youth
The young population is the most dynamic and sensitive group in Turkey. The number of youth in the 12-24 age group constitutes 31 percent of the population in Turkey, which has a rather young population. Today, problems related to youth are among the important subjects dwelled upon on the agenda of Turkey. The expectations for the future of youth has been increasing gradually. The State engages in activities with the cooperation of national and international institutions, organizations and universities in order to determine the problems of the youth and to find solutions to these problems, within the framework of the economic, social and cultural structure. Significant progress has started to be made in recent years on the subject of the organization of youth by means of foundations, associations and youth organizations in the social and cultural fields.
The State and Youth. The services on subjects, such as education, health, working life, social security, employment, cultural life, utilization of free time and protection from harmful habits of the youth are provided by different ministries. Close to 14 ministries are directly involved with these subjects and other ministries, institutions and organizations are indirectly involved. It is planned to establish a Higher Council of Youth, formed by the representatives of public institutions and organizations and private organizations engaged in providing services for youth because these services and activities are multi-faceted and involve many institutions and organizations. Thus, it is projected that youth services will be carried out in a more effective manner and their productivity will be increased.
The utilization of the free time of youth is carried out by the General Directorate of Youth and Sports. The General Directorate besides providing sports services and activities, also provides services to youth and coordination of activities such as youth camps, youth centers, youth clubs and international organizations.The Youth Centers are cultural institutions that provide the opportunity and prepare the environment for utilizing the free time of youth in social, cultural and sports activities connected to the Provincial Directorates of Youth and Sports. These centers organize activities to increase the knowledge and capabilities of the youth in various fields, such as art, science, sports, cartoon and handicrafts, and awards youth in these fields. The Youth Centers which also provide guidance and consultation services to assist in the solution of youth problems, organize various activities which provide the opportunity for youth to exhibit what they have done throughout the year. Furthermore, they inform the youth to protect them from harmful habits through conferences, panel discussions, symposia, competitions and other activities. Positive results have been obtained from the activities made to increase the functions of the youth centers, and to have more youth become members of these centers. A total of 104 youth centers with 22,000 members are active in Turkey's provincial and county centers as of 2000. The youth in the country is also provided with guidance services through 52 Youth Information and Guidance Bureaus.

The celebration ceremonies of the "19 May Youth and Sports Holiday" that was presented to youth by Atatürk.
Central and Regional Youth Camps organized by the General Directorate of Youth and Sports in the summer, provide the opportunity for the utilization of the free time of the youth outside of their fields of education and work. In 1999, 6,293 young people attended the youth camps numbering 14.
The week, including the "19 May Commemoration of Atatürk, and Youth and Sports Holiday", has been celebrated as "Youth Week" in Turkey since 1983. Youth Week helps young people between 12-24 years of age living in the cities, towns and villages to get together every year and engage in cultural, artistic and sports activities in an atmosphere of fraternity and friendship and to become acquainted with each other. Youth Week have been celebrated at an international level since 1998.
The General Directorate of the Institution of Higher Education Loans and Dormitories was established in 1962 to solve the loan and housing problems and give assistance for the education of the youth in higher education. Student Information Offices have been established in large cities, in order to provide the various needs of youth who are attending schools. Dormitories and student boarding houses give services to solve the housing needs of the students receiving higher education.
International Activities. Turkey is cooperating and coordinating on the subject of youth services with international organizations such as the CDEJ, DSJ, UNESCO, ECO, and especially the European Council. Young people are encouraged to participate in the international organizations and activities organized for youth. Furthermore, an opportunity is provided for cultural and information exchange among youth through the Youth Exchange Programs made with foreign countries. Within the framework of these activities, the Youth Exchange Programs that were envisaged in the "Cooperation Protocol on Policies Related to Youth", which was signed in Ankara with the Federal Republic of Germany in 1994, are continuing. As of 2000, besides Germany, the youth exchange programs with countries like Japan, Jordan, Morocco and Philistine are also organized. Since 1998 courses have been started to be arranged with the aim of educating international youth leaders able to organize Youth Exchange Programs.

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Altinkum Marina

2008-01-17T07:47:00.001-08:00

Altinkum marina is ahead of schedule!!!!!!

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Investment Property in Turkey

2008-01-17T07:47:00.000-08:00

Turkey has been called "the cradle of civilization" and by travelling through this historic land, tourists will discover exactly what is meant by this phrase. The first city ever settled in the world with comparatively modern organizational systems such as agriculture, animal husbandry, and trading, was a Neolithic city Catalhoyuk, in central Turkey, dating back to 6,500 BC. From the days of Catalhoyuk up to the present, Turkey boasts a rich culture that through the centuries has made a lasting impression on modern civilization. The legacy of all those admirable cultures make Turkey a paradise of information and cultural wealth. Hattis, Hittites, Carians, Lelegians Phrygians, Urartians, Lycians, Lydians, Ionians, Persians, Macedonians, Romans, Byzantines, Seljuks, and Ottomans have all made important contributions to Anatolian history, and ancient sites and ruins scattered throughout the country give proof of each civilization's unique distinction.When you travel by car, within half an hour you can meet to an ancient city, remaining from those civilizations. Even in the ancient times, this fascinating country was respected by those ancient people, therefore it has been called as ANATOLIA, which means in ancient Greek, ''The lands, where the sun rises from '' as many vital initial ideas came into existence from her fertile lap. No doubt, people always have been proud of breathing on this amazing peninsula, combining different cultures, customs and traditions, and she, once again started to offer her hospitality to new cultures & people, by introducing a new law permitting foreigners to buy houses, who deserve to meet her affectionate and fertile lands.According to the law on ‘property purchase by foreigners in Turkey’ enacted on January 7, 2006, foreign nationals (real persons) are able to acquire real estate in Turkey on the conditions of being reciprocal and complying with legal restrictions.At the heart of the Aegean lies Didim,an ancient town of marvelous landscapes,wondrous ruins and over 30 coves and beaches.Altinkum which means "golden sands" certainly lives up to its name.Altinkum has three main beaches and its gentle slopes make it ideal for families.Towards the smaller "third beach" new five star hotels are being constructed and a new marina is due to start shortly which will berth up to 400 yachts.Also land has been set aside by the government to create a golf course which should add to Altinkums fast growing reputation as a place to invest.Altinkum is situated 1 hours drive from Bodrum airport which is to have a new 8 million pounds terminal built, to supply the ever increasing number of tourists to the region.Bodrum airport will be open all winter this year with charter flights arriving for the first time.Izmir international airport is also open year round and is 1 hour 45 minutes away by car.Easyjet have just announced that they will be operating flights to Turkey and it will only be a matter of time before other low budget airlines start.Major attractions also include a large water park,famous hisitorical sites such as the Temple of Appollo,nearby ancient cities of Miletus and Priene offer something to suit all ages.Ephesus the largest city in ancient Asia Minor is home to The Temple Of Artemis one of the seven wonders of the ancient world.Ephesus is home to Virgin Marys House,her final resting place and a major attraction of Catholics from around the world.Thousands of European people are purchasing in Altinkum and property prices are rising on a monthly basis.New shops,bars and restaraunts are opening on a daily basis to cater for these new residents of Didim, and the town is now open all year round, due to the increasing number of foriegners making Didim their home.The weekly market held every Saturday in the old town, provides all the provisions you need.Turkeys largest supermarket chains have opened large stores in Didim and Tesos are starting to expand in Turkey.Didim has recieved a Grant from the Turkish Government to improve the roads,electricity supply,sewrage and public facilities in order to improve Didims reputation and encourage even more tourists to visit this beautiful area.Construction is fuelling Didims local economy and the local people welcome the tourists with open arms.With all these attractions and future plans for the region most analysts are predicting that the Altinkum resort will in time become one of the largest and most desirable areas for investors and holidaymakers alike.This is just the start and we would encourage you to come and meet us and see for yourself what is happening one of the worlds fastest growing touristic resorts.Andrew Coates partner of ADO Properties Ltd who are developing projects in the area says on investing in property in Altinkum in particular‘Altinkum has seen major changes in the property market over the last three years.The announcement of the Ageans largest marina starting to be constructed which will berth 800 yachts is going to positively effect property prices in Altinkum.Recently a tender was submitted by companies to develop large areas of land for golf courses in Altinkum.If these are announced we will raise our prices by 20% overnight as will most of the other developers who are developing here.Our company generally increase our prices of the apartments and villas for sale by 20% during the construction of our developments in Altinkum,and many investors in Europe are purchasing off-plan and capitalising on these price increases by selling on completion.The new mortgage reforms introduced this year will also buoy the market as Turkish people and foreigners have never been able to borrow Money for Turkish property.All in all we feel that buying property in Turkey will prove a very good investment both in the short term and long term’For more information on purchasing apartments,villas,land and businesses in Turkey please view http://www.adoproperties.com/ for further help on investing in Property for sale in Altinkum.

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