Turkish Riviera and the Russian buyers

Turkish Riviera and the Russian buyers

Turkey is one of the few countries where outlooks concerning price increases come true for the third year in a row. Powerful economy copes with the crisis, and the coast are famous for local flavor, service and resort real estate for any taste and wallet.

Turkey is not keeping step with Europe

Local flavor makes sense but real estate prices in some European resort countries have fallen few years ago almost doubled and that made ​​even people, not familiar with the economy, to follow statistical indicators before making decisions about sea apartment or a house purchase. During the crisis property in Turkey did not become cheaper but only ceased to rise in price for some time. But already in 2010, prices have gone up - first by a few tenths of a percent and then here and there for a few percent per year.

Turkish Riviera and the Russian buyers | Photo 1 | ee24

The most expensive regions are: Belek (where the golf courses and luxury five star hotels support image), Kemer, Kas(a place famous with its gorgeous panoramic sea and mountains views), Gocek (fashionable resort popular among the yachtsmen from all over the world) , Bodrum (thanks to its "promotion" and Aegean coast).

"Since Russian buyers discovered Turkey, Antalya region is among preferences leaders"

But since Russian buyers discovered Turkey, Antalya region is among the preferences leaders, in particular its resorts Belek, Side and Alanya. About half of the real estate acquisitions made in Turkey by foreigners falls to the share of Antalya. Its beaches and the sea please both, tourists and investors as well, and developed infrastructure fits for vacations or even for permanent living.

Today, when only few European countries may boast of abundance of new projects and construction activity in the resort areas, Antalya, and especially Alanya, are actively built. In Alanyan real estate market continually enter different projects for any taste and budget.

Turkish Riviera and the Russian buyers | Photo 2 | ee24

Difficulty of choice

One realtor offers apartments from €40,000 in "Angel homes", another recommends elite expensive options like "Yenisey Residence" where one bedroom apartment, fully "turnkey" with all the furniture and appliances, costs a minimum €102,000, or "Admiral Premium Residence" where prices are two times higher - €210,000. "I would advise to pay attention not only to new projects, but also to the secondary housing market where you may pick up very good variants of apartments or villas but for all that cheaper", says Alena Shkarupeta, Managing partner at Emlakestate.

In fact, already starting from €55,000 in the primary and the secondary market, as well, one may purchase apartment with living area of ​​65-110 sq.m, say, 600 meters away from the sea. One or two bedrooms, living room and terrace. With tile floor throughout the apartment, marble table top and built-in furniture in the kitchen. Complex of such apartments usually includes the area for recreation and children's games, parking and a couple of swimming pools, tennis court, hamam... Comparable quality housing with area of ​​110-115 sq.m located 250 meters away from the sea will cost €75,000-90,000. And Prices for one-bedroom apartments in Alanya with sea views are from €34,000. But under condition to invest in the construction with early deadline.

Turkish Riviera and the Russian buyers | Photo 3 | ee24

Buyers are ready, but not for everything

However, buyers of the current sample, as noted by realtors, most often are looking only for finished apartments.

Generally five years ago, when asking about the minimum budget for the purchase of "proper" housing in Alanya, realtors called the amount of €100,000. Buyer’s budgets were higher than now. Today market participants tell about the actual transactions with budgets around €40,000-60,000: Well, the bulk of Turkey's fans is not ready to spend more for purchase in this country. Although here, of course, are great offers for €150,000 and €350,000.

"Today most of the requests are with a minimum budget up to €40,000-50,000. This is equivalent of a good studio apartment in Alanya "

"Today most of the requests are with a minimum budget up to €40,000-50,000. Yes, these money allow nice one-bedroom apartment in Alanya, even in the new home or at the secondary market. Many agencies report that the customer "become smaller" and requests for expensive apartments and villas happen, but much less frequently. This is due to a highly competitive real estate market, when it seems that real estate sellers are more than buyers", says Alena Shkarupeta .

Many developers and agencies direct their attention to the Russian market, but are afraid that wave of Russian demand will decrease. Arab market is activating but representatives of Asian countries prefer to buy property in Istanbul, for life and for further investment. As "The English patrimony" still remain yachting resorts of Fethiye and Gocek, although there have been registered about 2,000 purchases made by citizens of Russia and the CIS. "As for the taste, most Russians insist on close walking distance to the sea and the view. But the Europeans, for example, care more about the price, swimming pool and then profitable house rent or resell possibility", notices Valentina Nagieva, Director at GFPI.

Turkish Riviera and the Russian buyers | Photo 4 | ee24

Investment or a dream?

Not only Europeans, but also the Russians seeing a stable and growing market, often try to understand the main thing - is the purchased apartment able to generate income? Is it possible to call an apartment purchase in Turkey as an investment?

"We cannot say exactly, although many realtors tend to draw mountains of gold but high expectations cause only disappointment for clients", says Alena Shkarupeta. "Although Turkey is a country with really very dynamic economy. Success of investments in real estate depends on the choice of the region and the number of housing units, thereby making it possible to get some good discount from developers, and well-chosen options from the "quick sale" list.

Turkish Riviera and the Russian buyers | Photo 5 | ee24

However, as realtors say, "those who are afraid to purchase property in Turkey will not even try to buy anything here". Buyers are those who love Turkey, often come here for vacation, travel, do yachting, golf, paragliding or even skiing and want to come here not to the hotel but in his own house.

Julia Lozovskaya, especially for ee24.com