anyone here who invested in TR?
- Thread starter FATCA
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In that time, I'd guess it's rather pretty stable, also housing prices did grow a lot, despite market getting flooded with new buildings..
And keep in mind, if you rent it out to natural persons, you are only allowed to +25% rent per year, and only after 5yrs fully adjust to neighborhood price. Other entities don't have this restriction.
I was always surprised that my renter increased the rent by their own, without asking, but i didn't care about the currency deprivation and rental income.
Last tip is, Ziraat is the only bank that'll take foreigners without residency, and apparently they will never ask for SoF.
HSBC may be worth looking into as well.
https://www.offshorecorptalk.com/direct-messages/hsbc-premier-lifehack.1729927/
I'm there a lot, and I have friends and also business partners there. It is correct in several provinces I'm traveling, Izmir and Trabzon in particular, in some provinces it is caused by new regulations that were put in place after the 2020 earthquake, many many buildings were destroyed or are being destroyed and rebuilt, and there is a good chance those construction companies go broke as contracts were settled in TL (only allowed currency) and due to currency inflation they have a hard time building due to material/labor costs.
From my knowledge it is impossible as foreigner to get a mortgage (TL) especially as non-permanent resident nor local worker.
(I'm talking about country average)
Market did not flood with new buildings: https://tradingeconomics.com/turkey/building-permits
Your friends are not your friends because you overpaid by maybe 50% when buying. Source: First chart in this page.
Houses in TR never made money in the long term. Only land did. That's my tip.
That's my observation. Feel free to criticize it
As stated, I was talking about mentioned regions, not country average.
My friends are my friends, they have nothing to do with how much I invested, and of course your observation is wrong, I know how much my property increased in value since I own it. It's rather wild to claim I overpaid 50%, not knowing any details. But I agree that land is a good long-term investment there.
I mentioned 50% based on the chart I posted and based on your yearly return while assuming your house is the average house in TR in terms of its returns. I was just sharing info. If you know what you're doing, then that's great
Imo next 10 years in TR should be better than last 10 years thanks to west's focus on Russia and China and TR's position as a mediator or relatively neutral. But after that, if west decides to focus on TR, things might get rapidly worse.
In next few years, I think lower interest rates might increase m2 prices up to 100% in TR in USD. Meanwhile US might increase up to 50%. I hope Trump gives us a dip and then runs the money printer
When do you plan to exit TR or what do you plan to do related to TR? Why not buy land?
Btw do you know a good investment community related to TR? The ones I found are pretty shitty
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