Which lunatic convinced you that Turkey was the place to be right now?
We are going to put our heads on the chopping block, (pun intended). Turkey is heading for a property nightmare of its own making. If you are invested in Turkey, be afraid, be very very afraid.
Choosing sides in an argument is always a very difficult decision, however when it involves an overly aggressive Super Power, Russia or the Syrian rebels. You better get it right.
Russia has allied its self firmly with Assad, it appears that Turkey got it wrong, probably in their desperation to be accepted into the EU. So if the current little spat, drags Turkey into the fray, investment in Turkey will die, as sure as eggs is eggs.
The flight of property investors into a safer geographic area is already starting. We hear that some jokers are already dragging their extremely gullible investors into Florida. (Not a great market to be in right now either folks).
Over the course of the past 10 years Turkey had become a place where more and more foreigners were choosing to purchase property. Initially the rush to buy there here was due to the incredibly cheap prices compared to most European countries.
The fact that the rental yields have never been good in some parts of Turkey, seemed of little impotence to the investors. Why, who knows.
During this time, especially in the early years of the boom, there were quite a few horror stories of people buying here and either not getting what they thought they were buying, or discovering that the owner had sold the property to more than one buyer, or even people just getting ripped off completely and not being able to get anything back at all from their so called ‘investment’. We say early years, sorry we meant yesterday, because it’s still going on.
On top of the shady business practices which are still rife in Turkey today, we now have the rumble of Russian SU 25s and MIG 29s in the air, and as we all know, Russia likes a good scrap.
Ankara (AFP) – Turkey said on Monday its F-16 jets had at the weekend intercepted a Russian fighter plane which violated Turkish air space near the Syrian border, forcing the aircraft to turn back.
Turkey summoned the Russian ambassador in Ankara to the foreign ministry and “strongly protested” the violation, the Turkish foreign ministry said in a statement.
It demanded that “any such violation not be repeated,” otherwise Russia “will be responsible for any undesired incident that may occur.”
The Russian jet infringed Turkish airspace at 12:08 pm (0908 GMT) on Saturday south of the Yayladagi region in Turkey’s southern Hatay province, according to the foreign ministry.
“The Russian aircraft exited Turkish airspace into Syria after it was intercepted by two F-16s from the Turkish Air Force, which were conducting patrols in the region,” it Turkish Foreign Minister Feridun Sinirlioglu called his Russian counterpart, Sergei Lavrov to convey Ankara’s unease, the statement said.
Russian SU 25 SM ground attack aircraft and MIG 29 jet fighters attend a training session at Primork …
He also made telephone conversations with counterparts from NATO allies, as well as NATO chief Jens Stoltenberg, the ministry said.
Russia and Turkey have long been at odds over the crisis in Syria, with Moscow emerging as Syrian President Bashar al-Assad’s key international backer and Ankara urging his ouster as the only solution to the conflict.
Turkey has labelled Russia’s bombing campaign in Syria as “unacceptable” with President Recep Tayyip Erdogan warning that Moscow was making a “grave mistake”
Russia’s strikes in Syria began just a week after Erdogan visited Moscow to meet President Vladimir Putin and attend the opening of a new mosque.
It is still unclear if Putin gave Erdogan any advance warning of Russia’s plan for the air strikes at the talks.
Erdogan on Saturday urged Putin to reconsider Moscow’s bombing campaign, accusing the Russian military of turning a blind eye to the killing of dozens of Britain’s ambassador to Ankara Richard Moore said Russia’s incursion into Turkish airspace was “reckless and worrying.” Understatement of the month.
In conclusion, what do we think about investors investing in Turkey today? How can we put it politely? You will be firmly caught Between Chaos and Total Madness if you do…… We can think of several better places to earn great ROI / Rental Yields and you will not need to wear a Kevlar vest around the pool.
Under no circumstances would we direct any of our respected and valued clients to buy in the region. Only a total fool would invest in property in Turkey today.