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Article by: mike.dunkerley@thegpg.com (Mike Dunkerley) Published: 05/10/2009

Consider buying Altinkum property from The GPG if you are looking for a villa in Turkey. Villas in Altinkum are affordable and the community of ex-pat Brits will make you feel at home.

HOT PROPERTY NEWS

If you are looking to invest in property for whatever reason or just a holiday home there is one place that should be considered – ALTINKUM.

The first question might be – Where is it?

Most people have heard of the very popular resort of Bodrum on the Aegean coast of Turkey. They will probably have heard of Kusadasi. ALTINKUM is the next resort sandwiched between them. The amazing thing is that prices in Altinkum are under half those in Bodrum and Kusadasi.

Altinkum has already been discovered by some canny Brits. There is a permanent ex-pat community of hundreds and an English language newspaper to serve the community.

Take Paul, aged 55 yrs, a retired fireman who found that he could not live on his fire-fighter’s pension. He sold up in the UK and purchased two (yes two) 4 bed villas with pool, one for himself and wife and one for visiting members of his family. He now lives like a king.

Take John, aged 45 yrs, a previously stressed out business manager, who need never work again and is now retired in the sun in a 4 bed, 2 bath villa with pool. He and his wife and their young family have started a new life with the children in the local school. Weekly cost of living – everything, including medical insurance - £100 only.

Take James, aged 60, an ex computer manager, who came out with his wife in 2006, purchased a holiday house but has not yet found the time to go back to the UK – they are enjoying themselves too much.

Factor in the following – money on deposit in Turkish banks (you are allowed a bank account if you purchase property) earns between 16% and 19% per annum interest cumulative. Even modest sums by our standards earn enough to live off comfortably and even save on. The miserly British state pension is worth a fortune. You can see how the good life beckons.

So what has Altinkum got to offer the property buyer?

Firstly there is a stock of brand new property built for the 2007 season at prices that will not last for long.

2 bed apartments from £30,000

3 bed apartments from £40,000

4 bed apartments from £50,000

3 bed villas from £60,000 (inc pool)

4 bed villas from £85,000 (inc pool)

Secondly there are some stunning investment opportunities. Underpinning everything is the fact that there is still land available for building but it is running out. Once it is gone prices will start rising even more. 3 years ago the town’s population was 10,000; today it is 27,000.

The potential of Altinkum has been recognised by the Turkish Government who have designated it as a special development area for the next 3 years. Government money is being spent on improving the towns infra structure and its (already reasonable) links to the motorway system. Two new golf courses have been given planning permission.

More importantly, work has already started on a new marina due for completion in 2009. It is being built and financed by a private consortium at a cost of $60,000,000. It will have the capacity for 1,000 boats and it will have a passenger ferry terminal. Altinkum is only a couple of hours sailing from several major Greek tourist islands such as Kos and Samos and a little longer to Rhodes. There is inter-governmental agreement on boosting tourism between the two countries and this will add greatly to Altinkum’s prosperity.

There are four investment schemes we are working on with a local developer. These are possible because local business’ seeking bank finance have to pay upwards of 20% interest for their money. Consequentially investors willing to help fund projects in return for a ‘piece of the action’ are a very welcome source of finance.

Please remember that in Turkey they build very quickly. Normally a project from start to finish is completed in less than 12 months. Also the details below are subject to final negotiation.

Scheme 1 – Luxury Villa with £50,000 cashback guaranteed.

This project will suit people who want a luxury property at a substantial discount to the market.

We have a parcel of land close to the coast within Altinkum / Didim zoned for the construction of 40 detached villas. We have divided the land into eight plots each suitable for five luxury 4 or 5 bed, architect designed properties. These villas are priced at £125,000 each. To kick start the development, the first investor who purchases the first villa in each plot and pays a 50% deposit (the balance scheduled over the build) will receive a guaranteed 10% cashback on each of the other four villas when they are built and sold. (£12,500 x 4 = £50,000). Eight investors are required to kick start this entire scheme because the services infra-structure for the whole site has to installed.

Scheme 2 – Land Finance 50% return guaranteed.

This project will suit people looking for a straight forward no involvement investment.

The investor puts up a sum of money to purchase a block of land which can be as in scheme 1 or any other project - For example £65,000. On the building and sale of the first property the original sum is returned to the investor. On the building and sale of the second property £32,500 (50%) is returned to the investor.

Scheme 3 – Land Finance up to 130% return.

This project will suit people who are prepared to become involved with the project and applies to apartment blocks.

The investor puts up a sum of money – for example £70,000 - to purchase a block of land on which, say, a building containing 16 apartments is to be built. In return the investor is given ownership of 4 apartments in the development each worth £40,000. The investor is responsible for selling their apartments and gets to keep the sales proceeds of for example £160,000 yielding a gross profit of £90,000.

(Help selling the apartments is available at a 5% commission).

Scheme 4 - Just Land

This will suit people who are excited by the prospects but who want a more modest involvement at this stage.

Inland from Altinkum and on the way to Bodrum is a very large lake called Bafa Lake. Full planning permission has been granted for the building of several hundred detached villas close to the lake. Plots have been marked out and utilities such as electricity installed.

These individual plots are for sale to private buyers. The price per plot today varies between £13,000 and £15,000. This is up 100% over the last 3 years.

About half the plots have been purchased, mostly by British people, and a good many of them for investment. The remaining plots represent a very good investment because they can either be sold on, developed (built on) and sold, or just used for a holiday home in the future.

Please contact us to discuss any of the above. If any purchaser or investor wishes to proceed with the schemes arrangements can be made for them to visit the sites and / or meet the contractors.

Please remember that all the above opportunities are based on 2007 land prices. Next year the figures will be different.

 

External Article Link: http://www.thegpg.com/overseas-property-news/property-news.cfm?id=62

Article Link: http://www.thegpg.com/overseas-property-news/property-news.cfm?id=62

Please contact the author at mike.dunkerley@thegpg.com for more information.

 

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