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August 25, 2023 | Viewed: 366

Investing in Turkey: Myths and reality about real estate in Alanya

Myths about Turkish real estate: Why do people expect a collapse?

Greetings, friends! my name is Maxim. So, lately I have often heard the thought that it is extremely unprofitable to invest in Turkey now, and in general, Turkish real estate is about to collapse. Even some people give some time intervals that everything will collapse during this time. However, of course, they must constantly endure this, because the collapse never happens, and the reason why they think so is quite banal: they say that prices have risen, which means they must fall.

An interesting logic, but apparently these people forget the main thing, that with the time of the pandemic, the cost of housing has increased in every resort city. People, when they were all quarantined, thought: “Why should I live in my own cold city if I can live peacefully by the sea?” And therefore, there has been an increase in every absolutely resort city.

Rising housing costs: A global trend or a local phenomenon?

Let’s look at America, Miami. So, we see that prices have risen very much. Let’s take Sochi. I don’t understand at all who can afford to buy a new building in Sochi right now. It’s just some fabulous money. This applies to every city in Europe. Yes, even in Georgia, prices have also increased, and Turkey, of course, was no exception. But for some reason, these people are somehow sensitive to Turkey. Like, in Miami, in Sochi, yes, it was always expensive there, but think about it, it got more expensive, they got used to it. And Turkey, it has always been some kind of economy segment. There was a cheap vacation, cheap food and cheap real estate, and now it has risen in price, so it must collapse. And that’s exactly what I disagree with.

The 2008 crisis: Why is the comparison with Turkey incorrect?

People also operate by saying that everything in Turkey can collapse by analogy with the crisis in 2008, as it was in America, which then led to a global crisis. Only if someone tries to compare the situation in Turkey and the crisis of 2008, it means that they have no idea and have not even read what happened in 2008. Because then in America, apartments were distributed to everyone, literally issued almost for pets, that is, for people who had no way to pay their bills at all. And accordingly, people did not pay, agents simply earned on commissions, and as a result, a crisis occurred.

The situation in Turkey is completely different. No one here buys apartments with mortgages, loans, or there for several 5-10 years. They pay immediately here, so comparing and trying to attribute Turkey to the 2008 crisis is extremely stupid. I would add to everything that Alanya, as I said, is a world-class resort. If you say that everything has become extremely expensive here, but name another world resort where people from all over the world relax, and for example, it will be cheaper than in Turkey.

Alanya as a global resort: Market analysis and pricing

If, for example, Alanya, it would be tied by tourists from specifically one side, for example Russia, who now have certain difficulties due to the course and the political situation. But Alanya is not tied by tourists from Russia or Ukraine, Kazakhstan and so on. In addition to tourists from the CIS countries, there are a lot of Europeans here. If you have been to Alanya, take a walk in the evening, you will literally see Germans sitting and drinking beer in every cafe. Moreover, it is the Germans who have already outstripped the Russians in terms of the number of tourists in Turkey.

Therefore, if there is some kind of crisis, then it will obviously not be a local crisis, but some kind of global one, when everything falls down. And besides, you know, these are the people who expect or talk about the collapse of real estate in Turkey… I have a friend who says the same thing about the collapse of the dollar. They say that America will collapse soon, but everyone is already abandoning the dollar, some different coalitions are being created there, countries are uniting and starting to trade their currencies, that is, everyone is massively abandoning the dollar. Which means it’s going to collapse soon. And then they will buy it cheaper, but as long as I can remember, I remember these conversations about the collapse of the dollar. There are no prerequisites for this, and the same applies to Turkey. At the moment, I don’t see any prerequisites for prices to fall.

Real estate sales in Turkey: Comparison of the current 2023 with the last “boom”

Of course, if we compare with last year, sales have decreased now, but again, this is all natural and understandable. Because look for yourself, last year there was just a real boom, a kind of real estate gold rush. We bought everything from everyone. I myself have met subscribers or just acquaintances who told me, they say, I bought an apartment there or there from some developer who is generally incomprehensible.

I asked him.: “Do you personally know the developer? Because he doesn’t have a portfolio, he doesn’t have anything at all, this is his first project. How do you know or how do you have a guarantee that he will build what he painted?” To which people responded: “Well, the price was a little cheaper there.” And now, when these complexes are being rented from it is unclear from whom, the buyers begin to be disappointed, and people do not want to live there, because once again, the developers who came directly because of this wave of HYPE, they have no idea how to build correctly. For example, ventilation, because of it, dampness can sometimes form on the ground floors, but again, if they bought their properties about a year and a half ago, they are still in the black. They definitely earned 20 percent from the entry point.

Top developers and pricing: Why aren’t prices falling?

But if we are talking about some large developers who did not come yesterday, but who have been for many years, and plus they are not going anywhere, who manage the complexes themselves, are a management company with extensive experience. Plus, you need to understand that the land in Alanya is also running out, and for example, the land that they bought three years ago, now either you simply will not find such a scale, or it will cost just some unimaginable money, and accordingly the apartments at the exit will also be more expensive.

Answer me, if we are talking about a complex of a top developer, he understands perfectly well that a complex of the same scale and quality simply will not appear next to it. Why should the price fall there? Well, of course it won’t happen, but some people expect it for some reason. Therefore, now the market has become a little deliberate, or something, this is actually very good, because we are still talking about investments, and investments, whether real estate, whether in any other asset, it is always important time and place.

A deliberate approach to buying: How to find a profitable investment or living facility

You don’t need to buy everything at once. Here and now. This is the wrong approach. Now you can find an object that will be profitable for investment, you can find a good object that will bring you a guaranteed lease and which you will easily rent out. You just need to approach this issue very thoughtfully, and not buy everything and everything and believe that whatever you buy, whatever hut it would be, it will increase in price.

Let’s summarize: undoubtedly, the Turkish real estate market is no different from any other real estate market in the world. Yes, there are pitfalls here, this is the weak Turkish economy at the moment, this is the falling lira, and of course closed areas for obtaining a residence permit even for owners, which I personally cannot understand at all. But if you consciously and deliberately approach the search for an apartment in the same Alanya, then you will be able to find yourself an interesting object, whether for investment or for a comfortable life.

I, in turn, do not urge you to buy or not to buy anything. I just shared my opinion with you and tried to show you what the real estate market has now. In any case, the choice should exclusively be yours. If you still have any questions, please contact us.

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