Citizenship traps in Turkey! Way overpriced real estate
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- Опубликовано: 11 июл 2024
- 📌 Find out more about Keith, my favourite real estate buyer's agent in Istanbul: thewanderinginvestor.com/serv...
Buying real estate in Istanbul Turkey is fraught with risks. There are many English-speaking agencies who try to sell you brand new apartments in developments, and promise you attractive yields. In most cases it is all smokes and mirrors, and the commission structures are massive for agents involved in such transactions. You end up overpaying by a very wide margin.
Time stamps:
00:00 Introduction and looking for a new building as a real estate investment in Istanbul
01:08 The Rotana in Bomonti as a real estate investment, Istanbul
15:12 New studios near the mall of Istanbul as real estate investments
17:44 Buying new apartments vs buying old apartments in Istanbul, Turkey, as real estate investments
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No part whatsoever of the discussion and presentation is, or should be considered as, investment advice, financial advice, legal advice, or tax advice. Always do proper due diligence and speak to a qualified professional advisor in your jurisdiction. Also, be advised that Ladislas Maurice and The Wandering Investor staff may own real estate or investments in the specific markets or opportunities that are discussed. The Wandering Investor may also have marketing agreements in place with certain opportunities that are mentioned.
I swear, you're the only one in this offshore game that puts out genuinely helpful content (compared to many others who are interested in selling citizenship programs). thanks for all you do! keep it going!
Thank you Colin! Spread the word.
The first "red flag" is those attractive girls in the show room.
I don't mind these red flags :D
Thank you for this honest analysis. Please post more of these in the future.
This was actually the most useful video I've seen (out of many) on the Istanbul property market.
Great analysis! Thank you!
Great video. Many thanks.
I've been to Turkey a couple of times (Istanbul, Antalya, Ankara ) investigating their CBI program and mainly the real estate option and I've already came to exactly the same conclusion.
I would suggest you guys to think twice and do your homework VERY carefully.
Fantastic video man, thanks for the info.
Thank you ☺️
Thank you. Really good content.
As to purchasing property in Turkey It all depends on what an individual is looking for and what is the intent behind the desire to purchase. Istanbul is attractive but in my opinion it’s not best for families and it is over priced. You can go an hour or two away from Istanbul and get triple the property for less price.
Thank you for your honest feedback
Thank you for honest and pure information. God bless you 🙏
I like your honest reviews!
Awesome, flashy marketing for overpriced properties
This price should be in TL 350k is a fair price in istanbul for 1 bedroom flat. If USD you're being fooled big time!
True, total scam, ottoman style!
if you looking for investments in turkey , there are houses worth 28 to 50k, why 270k
Where?
The main attraction for Istanbul since 2018 is to buy very Good Priced apts (lower priced compared to the West). Looking at economic, political, currency uncertainties. I would say anything in an older building around $50k USD and anything in a New building around $100k USD and these are the Max I would pay (it means you must buy multiple properties to qualify for 250k citizenship). Also, Istanbul main attraction is its city life. I would never live in a high-rise district away from the city life. Maybe Dubai people prefer high-rise districts. Not me
Any areas you would suggest
I am an investor in US northeast Boston suburbs and for a $275k apartment we charge $2000 per month rent. If you buy 4 of these apartments in a development you could possibly get residency.
Kind of sad that they think foreigners are fools...Here in Antalya, they absolutely want to sell a project 1 mile from the airport and 6 km from the beach ! Unless someone is desperate, I don't see why a foreigner would buy in that area just to get a residence permit.... Not me. The point is to be fairly close to the beach and not under a constant flow of planes....
Maybe you can update, the rent prices went up crazy here, you can probably get 1.000 usd, ı saw an add for 1.000 euros. I must add when you were making the video you were right on your analysis. Good luck 🍀
Thank you for making things unambiguously clear 👍
Nice showrooms with pretty sales staff equals to overpriced properties ...... very true for many countries😎
Thanks for the insight. I have a question: old apartments in secondary market are definitely good but ain’t these prone to earthquake etc. These are very old buildings right in the downtown but not earthquake compliant. Earthquake regulations in Turkey were revised in 2006. Moreover these buildings can be knocked down at some future date if these are in Urban Regeneration realm. What’s your take?
It's definitely part of the due diligence you want to do before zeroing in on an older property. But many of the older properties are actually much more solid than those from the 80s, and 90s. As for expropriation for Urban Regeneration, this happens more in the outskirts or in areas with really poor building standards. The areas I mention are unlikely to face such issues.
Great job Keith. I sent this question to Brian. I thought I would ask you as well. Q: We are a small start up company in the metro DC area and interested in investing a home office in Bursa, Turkey due to its automation and factory infrastructure. And since we are an IT company, I am wondering if it is possible to instead of renting an office, to purchase an entire building outright. This would be ideal for our offices, datacenter and communication/network center. Is this possible in the region? Look forward to your reply.
Send Keith an email: keith@thewanderinginvestor.com
Good Videos as Always. Which country is a better investment between Kenya and Turkey ?
I recommend turkey I’m in kenya but I’m thinking to relocate to Turkey
66 m2 and 1 bedroom for 350k wahahahahahahahhahahahah
Absolutely loving your content & honesty. I am a serious buyer looking for a 2BHK myself. However, I have a tight budget USD 30-35k so options are limited. I am wondering whether I should look for outskirts of Istanbul or other cities? My goal is to find a place that offers safety and infrastructure for family living.
You can make this budget work in smaller Turkish cities such as Konya. But property management might be challenging.
I saw 3 bedroom apartments going for this price in the outskirts of Mombasa in Kenya, but very low yields and nightmarish for property management.
@@TheWanderingInvestor Thanks for the feedback. My intention is for personal use, mainly. So I am really not considering rental yields at this point in time. With my budget, I have a feeling (after some struggle) I can grab something in Istanbul's outskirts, considering the desperate times. However, how livable or miserable that option may be, remains to be seen. :)
Go to Georgia or Albania instead
@@raaxaa Piece of advice, the wandering investor mentioned Konya for cheaper housing. But if you're looking to live there, don't go near that city with a 10ft pole.
@@williamdavis9562 why?
SUPERB! Excellent video and GREAT assessment! Can’t go wrong with the pretty girls, I suppose. 😂
😅😉
Omg, so much overpriced 🧐
Thank you, i have a budget of 50k $ and my plan is to invest it in an office or commercial store, is it possible to find offices in busy and life area in instanbul? what do you advise? and after how many years can i get the Return on investment
Turkish sellers use double pricing. A cheap price for turks and a 50% plus higher for westerners! Total scambags
@E S, any person who has ever tried to sell a house will try to get the highest possible price for that house.
If I'm selling my house here in America and an American offers me 400k, why would I sell it to him if a foreigner is willing to pay 700k?
According to your logic every single human on this planet is a scumbag.
It's all purely simple market economics. What creates this oddity, like all oddities in any market is government intervention. The idea of giving away citizenship to prop up a real estate market is bound to cause these types of issues.
@@williamdavis9562 what you say is totally irrelevant.
@@es9382 And totally correct.
What else do you think is irrelevant? Gravity too?
@@williamdavis9562 when you sell something in America you state your price publicly and if someone is interested then he calls you and you say the price you had already stated whatever race or ethnicity he is. In turkey they advertise a house for 600k liras and if an english speaker calls them they raise price to 1 mil saying we hadn't updated the advert..you got this now?
TNX GOOD
Hi who can I use as an estate agent, I want to invest in Turkey as a foreign investor. Which developer are recommended in Istanbul? Many thanks
Get in touch with Keith: thewanderinginvestor.com/services/international-real-estate-services/my-real-estate-buyers-agent-and-renovation-team-in-istanbul/
@@TheWanderingInvestor thank you buddy..
Did you check out any coastal towns? Bodrum for example? Cheers.
A report is coming on Izmir. I was personally not interested in Bodrum and Antalya so did not spend much time exploring real estate there. Already quite expensive for what it is actually.
That's way too much, for a one bedroom apartment even if it is remodeled. No thanks. The options for that kind of money are far better elsewhere. I could buy a condo in the United States for that, and gain a serious income in US dollars 💵 ???
How much do you think a resale property would cost in a decent area?
5-10 years old and 2 bedroom.
$1200-$1300 per m2
@@TheWanderingInvestor thank you
Malta and Italy are much much cheaper and are on the Mediterranean sea. Morocco is also very nice.
any goood agents you wud recommend in turkey ?
Yes, Keith is great: thewanderinginvestor.com/services/international-real-estate-services/my-real-estate-buyers-agent-and-renovation-team-in-istanbul/
are you a canadian? they are quite cheap i heard.
I will not invest in high-rise apartments for lifestyle purposes ever.
Don't forget rental tax
Do you have any idea about mersin turkey?
I haven’t been. Did much of the coast but not that part. Do you recommend it?
@@TheWanderingInvestor No basically I also want to invest property in Turkey. I found Mersin is a good place to invest. Because price is very cheap. Next year new airport will open. Sea port is there. Price is lesser than Antalya and Alanya. But I want to know about of people of Mersin.
@@27eraj thank you for sharing. Interesting insight.
@@27eraj Mersin compared to a place like Alanya is literally like going to another country.
They have wonderful beach front properties there but those beach front properties are cheap for a reason.
Unless you're from the middle east or a place like Pakistan where you're using to dealing with people who are genetically damaged from inbreeding for generations, it's not something I'd recommend. The people there are quite different compared to Alanya, Antalya, Bodrum and the rest of the coast. The major difference being the inbreeding problem.
@@williamdavis9562 Thanks for your valuable information.
Why would anyone want Turkish citizenship anyhow?!
You'd have to ask that question to the millions of people trying to get it.
I got my citizenship there 8 years ago and boy am I glad I did it.
Do you expect a crash next year?
5:00 ridiculous price
Stupidly expensive
Terrible
Batumi Georgia Ukraine Serbia Ukraine Bulgaria
such an unpleasant guy
She’s not that pretty 😂