Turkey clamps down on illegal deals

Turkey is cleaning up its act in terms of regulating the real estate business and lessening the chances of foreign investors being taken for a ride, it is claimed.

Between 2003 and 2007 overseas investors, mostly from the UK and Germany, have spent £5 billion on property in Turkey and official figures show 73,000 foreign nationals now own real estate.

But the country has also been suffering from a deluge of illegal deals because of unstable laws and regulations. 'It is not a good reputation to have. Illegal "real estate agents" such as waiters, receptionists, taxi drivers and even medical doctors have created serious problems for the market,' said Yusuf Ziya Akkus, head of the Marmaris Real Estate Counselors Association.

The Association has asked the Turkish government to look into the problem and it is being taken seriously. 'We have been promised that regulation is on the agenda,' added Akkus.

'Everybody seems to be a property agent, builder or carpenter. If they are not, certainly their brother or cousin is,' said Richard Bielawski, a British homeowner in the İçmeler area. 'But we still believe it is a good investment here.'

Sharon Barret, partner of a leading real estate agency in Marmaris, believes that the days of foreign buyers being ripped off and conned are in decline. 'Unfortunately when it comes to Turkey as a whole, nationally or internationally we only hear the bad stories and never the good ones,' she said.

But there is also other factors helping to boost interest in Turkey including being outside the Euro zone and therefore cheaper for British investors.

Also the recent news that Turkey has been awarded "Best Golf Destination of the Year - Europe 2008" by the International Association of Golf Tour Operators (IAGTO), is likely to boost tourism and attract greater rental revenue for owners of holiday homes.

'This is a tremendous accolade for Turkey and puts the country ahead of such golf renowned countries as Portugal and Spain,' said Robert Nixon, Operations Director of Nirvana International, specialists in property in the country.

Top golfer Colin Montgomerie, eight-time European player of the year, has designed the Papillon Golf Course in Belek, Antalya, which is due to be officially opened in September.

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