All about shops and Shopping
by Kim 18 Apr 2015, 10:21
these exchange rates are devaluing property in turkey, as are always valued in lira. perhaps the prices in lira has increased lately? one of the reasons for the weak lira we are told is high inflation. do you notice that everything seems to have gone up a lot apart from the price of property?
posted by jim

Kim
by johnnetplus 18 Apr 2015, 14:59
We paid sterling for our apartment so as long as we get back our outlay back in sterling then not too concerned. Having said that we're not looking to sell. We bought in 2007 too and I think property prices have risen not declined since that time. You used to see properties for less than £15000 back in those days. But not anymore! So prices have moved upwards granted not as greatly as one would have hoped for when we bought. There again it wasn't bought to make money but to have the dream of owning a place in the sun. As long as we get back our outlay then I'm more than a happy bunny.

Kind regards John
by JJH 18 Apr 2015, 18:04
thanks for the update, we have had our property 10yrs now and enjoyed every holiday we have had, good news for changing money when we
come but I'm sure everything will go up if the lire stays high, not good
for people wanting to change back.Just heard all the veggies etc.
have gone up already at the market with the wet winter.
by annabelle 18 Apr 2015, 20:31
The exchange rate might fall again after the elections in June depending on who wins although the AKP will almost certainly win as Erdogan has ways to make people vote :twisted:

Interestingly the CHP have offered if they win to pay off the credit card debts of 5 Million citizens to the banks. :)
that might be a winner :lol: Mr Cameron take note 8-)

Also for anyone visiting in June and travelling around see below


Turkey will hold important parliamentary elections on Sunday, June 7, 2015, and travelers to Turkey at that time should be aware of events.

The dominant Justice and Development Party (AKP) is hoping to gain an absolute majority in parliament large enough for it to alter the country's constitution and establish a "strong presidential system" of government.

Smaller parties will try to increase their presence in Turkey's legislature.

It will be a significant election for the country's future. Emotions may be high, and there may be tension, rallies and demonstrations on days leading up to the elections, on election day (Sunday, June 7th) and on days following the elections, particularly in the largest cities.

If you are visiting Turkey on or around June 7, 2015, keep in touch with the news, ask about any potential trouble spots near where you will be, and avoid them.

Most of Turkey, and most of any city, will be fine to visit so long as you are aware of current happenings.

Note also that Ramazan (Ramadan) begins on Thursday, June 18, 2015, and lasts for a month. It will affect how you travel in Turkey.

Johnnetplus (21st April) : EDITED THIS POST TO REDUCE THE SPACE AFTER THE COMMENTS.
by oldfogy 19 Apr 2015, 01:00
I will admit 'The Value' of your property may changed, but unless you are and have actually sold the property then you have lost nothing.

However, why is it when the Lira changes in value people start shouting about how the price of properties are being devalued, but when the Lira gets devalued as it usually does towards the end of the holiday season we never hear people shouting about the value of their property increasing?

But as I said, you possibly only lose once you have sold, that is also of course if you have factored in the cost of holidays that have been taken over the years since owning the property.
by Derekfrizzel 19 Apr 2015, 09:31
When I bought my property in 2007, it was a retirement investment, at the time.

I required to take on a mortgage to pay for it so I knew I would be paying back more with interest rates. My intention at that time was to sell on and use the money to supplement my pension pot.

Now, having has the property for 8 years and looking at the situation, my thoughts have changed. I retire in 2020 at the age of 52 so I could have many years ahead to use it.

I currently rent it out long term and admit to not having stayed in it since the year I bought it. I would like to keep the property for my own use in the future, to be able to spend the hot sunny summers in Turkey.

When I retire, I am going to stop renting it out and use it myself. The rental income covers the mortgage interest at the moment.

When I sit down and do my sums, what I have earned through rental income against the mortgage, I will only pay back the mortgage figure that I took out.

Derek Frizzel
by oldfogy 19 Apr 2015, 11:58
Derekfrizzel wrote:.
.
.
When I sit down and do my sums, what I have earned through rental income against the mortgage, I will only pay back the mortgage figure that I took out.

Obviously, wear'n-tear also has to be taken into consideration along with I am assuming a good management companies fees.
But at least you will have been able to acquire something otherwise you maybe could not have gained.

I don't know what mortgages/loan's are like in Turkey (fortunately never needed one) but here in the UK as a rule of thumb the interest/repayment paid on a initial loan is usually 3 times the amount of the the loan.
So with a mortgage of say £20k, you would end-up repaying £60k.

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