The real estate

Do You Need A Real Estate Agent?

2009-03-07T12:21:00.002+03:00

Real Estate business has seen tremendous growth and so has been the need of Real Estate agent. Today more and more people are getting interested to become home owner and as the demand for real estate need increases the role of Real Estate Agent becomes more important. In the past one agent use to provide services to both seller and buyer but as the real estate market changed people started to realize that specialized service is more logical and beneficial. In Real Estate industry now buyer/seller are looking for specialized agents who can provide specialized related expertise, information and services required to complete the process. When a real estate agent represents both buyer and seller it really restricts agents to provide impartial service to either party.

Let's look at the both (Seller/Buyer) scenario separately. A real estate agents who is a listing agent of seller has a fiduciary, ethically and moral duty to represent seller only.

By getting Exclusive Right to Sell Listing, the real estate agent is promising seller that he will live no stone unturned to market the home and find the best buyer at maximum possible market value for the home.

As a Buyer's real estate agent he need to find the right home for buyer along with should all information of the community. When a buyer is exploring to buy a real estate property in new community, he is very much interested to find out several information related to that particular community such as population, crime, climate, schools, traffic, living standards etc. Buyer's real estate agent should be well informed with all these information so that he can provide that information to buyer. It will be easier for buyer to make the decision based on these information. Once the buyer is ready to buy real estate property in the community then other part of the real estate agent's duty starts. As buyer's agent it is his responsibility to find a real estate property, as per buyers requirement. It is also buyer's real estate agents duty to negotiate the best market price with seller.

So if seller and buyer are represented by their own specialized agent then both agents can play a partial and specialized role for their client..

So it is quite clear that one real estate agent representing both seller and buyer can not justify providing specialized service to both party. Both buyer and seller are in different need of services. That's why specialized real estate service has become more in demand where buyer/seller can get impartiality specialized service during the process.

Never before has the role of specialists in the world of real estate been more important. With buyers and sellers requiring more services, the industry has seen an explosion of agents who specialize in either the representation of sellers or buyers. These specialist agents can provide a wealth of services and maintain a complete impartiality during the sales process as there is only one client to concern them.

Historically the sales transaction and the concerns of the buyer were the purview of a single realtor. However, as the industry has progressed so have the needs of each party and so the specialist arose. Buyers have some very particular needs, and specifically the need to feel that their best interests are seen to. Listing agents are representatives of the home's owner and in that role they have a primary responsibility to that owner. How could they properly look after the needs of an interested buyer as well?

So what is it that a buyer's agent does? Primarily the buyer's agent will begin with the location of suitable properties for their clients. This is usually based upon a list of requirements and desires that the client has communicated to the agent. They will then arrange viewings and recap their findings with their clients and assist in deciding upon a good candidate for an offer. This will be based on the wealth of community information that a buyer's agent commands. As specialists, they are experts on their given area which is critical in the education of clients on the areas that they are considering. Once a property is decided upon, the buyer's agent changes significantly, evolving into an overseer-negotiator role. They will typically coordinate the inspections and conduct the negotiations with the listing agent. This includes the execution of the buyers subjects and the closing of the actual contract.

There is an art to representing a buyer. It is a role that has become ever more crucial in an industry where customer service is the single most important thing that an agent can offer. If you are in the market for a home then the buyer's agent is the friend that you need to make sure that you are given the service that you deserve.

Author: Corona Condos

Real Estate Investment in Whangarei New Zealand

2009-03-07T12:16:00.001+03:00

Real Estate Investment in Whangarei New Zealand

Real estate business may be focused in so many aspects as an investment and as a method to earn money from. You can be a real estate agent and enjoy earning money while on the other hand, there are those who have the capital to earn being an investor in the buy and sell arena for a real estate business. In Whangarei New Zealand, however, there is a lot of available real estate business investment that you can get in to if you want to earn a significant amount of income from it.

Whangarei Real Estate Agent Marketing Tips

A Whangarei real estate agent in New Zealand may earn through real estate business by selling real estate property in so many ways and methods but so far, there are a few tips that I would like to give you to be able to earn good in this business. To be able to market a real estate property, you have to know where you can make such move or where to post your for sale property using the internet because we all know that the internet is the best medium there is if you are selling anything today. A few good ways to seek refuge for your product are forums and classifieds. Today there are a lot of free classifieds that you can post your for sale product. Forums can also be a good way to sell real estate. You can also try to market your real estate property using social media sites where you can post to multiple people who might just be interested to buy a real estate property in Whangarei. So far these are just a few ways and I know that there are a lot out there.

Different Real Estate Property Investment and Sale

In a real estate investment, there are a lot of different types that you can sell for interest of those who might be looking for the perfect type of property. Different people have different preferences for a real estate property that they wan to buy or rent or even lease for a period of time so to be able to allow your target clients to get a glimpse of what is there in the real estate industry in Whangarei Nez Zealand, you must have access to the different types of real estate properties being sold in the market today and make a list of them all. This is for the purpose of having each type under your profile just in case you have to present a client the different types of real estate property that you sell for choosing.

To get you an idea of what is in store if you are looking to sell real estate these are a few types. Coastal real estate, farmland real estate, northland real estate, beach real estate, resort real estate, ridge real estate and more. So far these are just a few but always feel free to make it more appealing and diverse for your clients. We all know that selling a real estate property either if it is for rent, lease or total sale depends on the choices that you can offer for your clients.

Author: Real Estate Whangarei New Zealand

Beach Apartments as an Accommodation Option in Dubai

2009-01-27T19:59:00.002+03:00

If youre looking for the reasons why Dubai is one of the worlds top flight destinations in the world today it has a lot less to do with the cityes status in trade and commerce but more to with its re-emergence as a popular tourist destinations. Visitors throng Dubai in all shades and colors these days, from the heads of mega corporations to engineers and expatriate staff. Other visitors to the city include tourists thronging to the city in huge numbers every year. Due to the number of visitors entering the city on a daily basis the hotel industry is constantly under strain and compulsion to cope with the teeming number of guests. In the past coping with this huge demand was easier but now is become somewhat more difficult and this has led to people looking for other options such as rental options in hotel apartments, villas and a whole lot more.

Dubai beach apartments are one such option that are becoming increasingly popular among visitors to the city due to their proximity to the beach as well as other recreational facilities. Dubaiâ€™s growth has been linked to different sources of income, these sources started with gold in the mid 20th century, over to oil much later on and currently tourism is one of the major money earners in the city as well as the UAE.

Dubai beach apartments arenâ€™t solely for the tourists; employees have recently found out that staying in Dubai beach apartments helps they lead a better and much more fulfilled life while enjoying the scenery and atmosphere of the city. A huge percentage of people living within the city of Dubai are not residents of the country but rather expatriates in the country for the short term and Dubai beach apartments sometimes cost a lot less for these people than the costs of hotels.

The increased costs of hotels are a source of worry among visitors to the city, if you lack the funds to pay for such hotels you might be left stranded in the city. Hotels are quite expensive and before you get a booking for some of the less expensive hotels you might have to wait for a longer period. Dubai beach apartments also other benefits which arenâ€™t solely restricted to costs as well, these apartments are substantially larger in size when compared with the space offered by hotel accommodation. Other benefits include an increased level of privacy as well as provision of added options and benefits.

The better part of these beach apartments are usually found in the Dubai Marina and Dubai Beach areas as well as other areas in close proximity with beaches and the sea. Some features which may come with Dubai beach apartments are optional while a number of others are standard options. Some of the features may include the provision of high speed internet access, cable television as well as hi-fi entertainment systems. You can also get the standard supply of certain things that you would enjoy while in a standard hotel such as bed sheets, towels and other house accessories.

Enjoying a Dubai Honeymoon in Luxury

2009-01-27T19:53:00.002+03:00

After the wedding comes the honeymoon and sometimes the honeymoon may be a greater headache to plan than your wedding. The primary question on the mind of anyone planning a honeymoon these days is where to go. If youâ€™re looking for something exotic â€“ the Bahamas is an over-flogged clichÃ© in the world of honeymoons , Cruises on the seas may get you sick after a couple of days and everyone is tired of jetting off to Europe because the excitement isnâ€™t as much as it used to be. If youâ€™re looking for exotic and fresh, Dubai might just be the latest place to try in the list of options. This new fun capital of the world has everything imaginable â€“from the beaches of the Bahamas, to the luxury shopping of Europe â€“ you can find all this and much more in this magical Arabian city of dreams. Looking for accommodation is not a hassle as well but if you really intend to do luxury â€“ Dubai self catering villas may be the option for you.

Dubai self catering villas offer you the luxury of a Mediterranean villa without the hassles associated with one. You can choose to be a celebrity for a week or a month all on with your partner without the associated worries about the weather or any other such circumstances. Dubai self catering villas allow you to live in such accommodations as if they were your own and you are often privy to a whole lot of options that you would not ordinarily enjoy in rental villas elsewhere.

Dubai self catering villas also offer benefits to potential honeymooners looking for a swell time in the Middle East. These villas cost a whole lot less than comparable property in countries in Europe and you can save a lot of money that can be used for something else and still have much more fun than you would if you chose to have your honeymoon in a place like the Bahamas. Villas in countries like France and Italy are very expensive and could leave you with a huge hole in your pocket if you donâ€™t come prepared with a whole lot of money.

Dubai self catering villas arenâ€™t strictly about the villas and the fun they provide honeymooners, you can have a whole lot more fun in Dubai. The Bahamas doesnâ€™t provide the shopping options that Dubai does and cities in Europe with Villas such as Tuscany and St. Tropez are far away from shopping havens such as Rome and Paris. Most major manufacturers of electronic gadgets as well as fashion outlets offer their products in Dubai, not to mention the fact that you can get most of these items at dirt cheap prices compared to what you get elsewhere.

You can easily find out about most of the other attractions Dubai has to offer by searching the internet for other attractions in the great city. You can also find out more about Dubai self catering villas from websites that offer the rental of such accommodations to visitors to the country and the city.

Dubai Apartments

2009-01-27T19:49:00.001+03:00

Dubai is a great place whether you intend to be around for vacation or your aims of visiting this beautiful city are strictly business related, youâ€™ll find out that the cityâ€™s inhabitants are hospitable and are welcoming as well. If youâ€™re in the UAE for the short haul, maybe for a period of three months or even three weeks, you might need to seek out comfortable accommodation for your stay while in Dubai. Sometimes hotels can be fun if you intend to stay a very short while say for perhaps 3 or 5 days but if you staying for a longer period you might want to consider renting Dubai apartments.

A lot of Dubai apartments can easily be found for short stay periods and most of them are quite affordable as well. When you visit a location and you consider your choice of accommodation, the first thing you should think about is how long you want to stay followed by where you want to stay. Dubai apartments available on short let basis are quite suitable for short term rental periods, most of these short stay Dubai apartments are a hybrid choice midway between renting your own accommodation and staying in a hotel. Dubai short stay apartments will provide all the standard amenities of a regular apartment while they provide you the services you could ordinarily get in a hotel. Depending on the type of short stay Dubai apartments you get these hotel-like services may include anything from cuisine cooked by five star chefs to a concierge service.

Dubai apartments vary in different degrees especially with respect to their relative conditions. The primary condition that people should first be concerned about is location, depending on your purpose in Dubai you may want to be near a particular location. Businessmen who are in the city for business in a particular area may want to rent Dubai apartments that are near these locations. Other than location, the next factor in question is the price but the location comes first because it is one of the factors that determine the price.

All areas of Dubai are substantially developed but some areas may cost more in terms of the price of apartments than those in other places. Before you seek out houses to rent you should know the particular area youâ€™d like to stay and the typical costs of Dubai apartments in these areas. Another factor that will come into play is the size of the apartment you want to rent for your short let. If youâ€™re coming to Dubai with a family, the tendency will be to be substantially large apartment but if youâ€™re coming alone you might want to consider a single room apartment. Single room Dubai apartments cost a whole lot less than the other standard types of Dubai apartments.

Renting Dubai apartments isnâ€™t as difficult as it seems all you have to know is your particular requirements and then you have to find a website to make your booking and rent your apartment without problems.

Dubai Villas, Rentals and Landlords

2009-01-27T19:43:00.002+03:00

Statistics show that 70% of the population in the city of Dubai is mainly made up of expatriates, most of these expatriates are in the city for the short haul and a couple more are looking for accommodations to let for the period. While some people love to sleep in hotels and find different forms of cheaper accommodation, others love their luxury and will love to rent larger property for the duration of their stay in Dubai. Some types of much more luxurious accommodations include Dubai villas which abound in the city but are rather short in supply on the rental market.

Dubai villas make excellent accommodation to people used to luxury and who want all the comforts of what theyâ€™re used to during their short stay in the city. Such people donâ€™t want to spend their time in the beautiful city holed up in hotel rooms. With the deluge of people trooping into hotels on a daily basis Dubai villas make up a reasonable form of accommodation for these individuals due to the privacy they accord their short term inhabitants.

Major events go on in Dubai throughout the year and some of these events usually attract a huge influx of much more affluent people into the UAE. Some events may include the Dubai Shopping Festival, the Dubai Tennis Open, equestrian events as well as a whole lot of events that usually take place in Dubai on an annual basis. People attending these events with an entourage will appreciate expansive as well as luxurious accommodations for the duration of their stay in the city.

A lot of people have Dubai villas which they have purchased for their personal comfort or for investment purposes. If youâ€™re one of many landlords in Dubai with Dubai villas, the chances are that you may not make use of these villas for the whole year and for a major part of the year your villa may remain empty. If you fall into this category you may want to earn some money from your Dubai villas by renting them out to prospective clients.

Perhaps you also own one or more Dubai villas and you wish to leave the city for an extended period of time but you may not want to sell your Dubai villas. You may also rent these villas as well in order to earn some form of income rather than leaving these villas empty with no return on your invested capital.

A lot of companies who specialize in the rental of Dubai villas to short term visitors to Dubai and the UAE are in existence. Some of these companies have websites and they can easily put up your Dubai villas for rent online and attract a rental offer in a very short period of time. If you lack the time to rent out your Dubai villas yourself and you want to simply rent out your Dubai villas hassle-free and enjoy the associated income, you can easily visit the website of any of these companies and find out more about the renting out your property.

'Pigs Get Fat' Investor Ricky Sandler Buys $19 M. Duplex

2009-01-26T21:50:00.002+03:00

In October, as high-end real estate sales in Manhattan slowed to a desperate crawl, an accepted offer at Kitty Carlisle Hart's old penthouse duplex at 1185 Park Avenue made the Upper East Side feel, briefly, good about itself again. After all, the co-op--with 10 rooms, four bedrooms, five bathrooms, a powder room, an $8,765 monthly maintenance, a library with a wood-burning fireplace, and a formal dining room with "unique carved ceiling details"--had been on the market at $20 million for only a month.

According to the deed, which was filed in city records today, the buyers are Mara and Ricky Sandler, who will be moving all the way from 1175 Park Avenue. Mr. Sandler, a 39-year-old hedge fund manager, has been known to say things like, "Cash is king," "Hogs get fat and pigs get slaughtered," plus, "Work hard and play hard." He and his wife paid $19 million for the apartment, according to the deed.

If you were wondering, his hedge fund, called Eminence Capital, has a lot of Oracle, Microsoft and Cisco stock. He did not return a call to his office.

Home prices see sharp dip

2009-01-26T21:45:00.000+03:00

NEW YORK (CNNMoney.com) -- Home prices continued to plunge in November, according to a new government report released Thursday.

The Federal Housing Finance Agency (FHFA) reported that home prices fell a record 1.8% for the month, compared with October, declining at an annualized rate of nearly 20%. That follows losses of 1.2% and 1.1% in the two previous months. For the 12 months ended November 30, prices fell 8.7%, which was the largest 12-month price drop ever for the 17-year-old index.

"We've been seeing an acceleration in the rate of housing-market decline," said Mike Moran, a real estate analyst with Daiwa Securities.

Normally, declines on the FHFA index (formerly known as the Office of Federal Housing Enterprise Oversight Index), have been much more modest than other price gauges, like the Case-Shiller Home Price Index.

That's because the FHFA index tracks the purchase price of homes bought with so-called conforming mortgages - generally loans of $417,000 or less - which are sold to or guaranteed by mortgage giants Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500). The Case-Shiller index, however, covers all purchases in a given area, including more expensive homes that were more prone to huge runups during the bubble, and have since seen steep declines.

Additionally, the FHFA index also has broader geographic reach, extending into rural counties that tend to have more stable prices than the urban areas that Case-Shiller surveys.
From bad to worse

Considering all these factors, the fact that the November FHFA index posted such a large drop is especially troubling, although perhaps not surprising.

"The news in the housing markets has just been dreadful," said Moran.

That bad news includes foreclosure rates that are still on the rise,record-low homebuilder sentiment and reports of modified mortgages quickly going bad again.

According to FHFA, the Great Plains and prairie states of North and South Dakota, Nebraska, Kansas, Iowa, Missouri and Minnesota were the worst-hit U.S. regions in November. Prices there dropped a whopping 2.7%. New England, where prices inched down 0.7%, had the narrowest losses.

"A lot of the declines we're observing are due to the rising number of post-foreclosure sales," said FHFA senior economist Andrew Leventis. "Obviously, there's a lot of pessimism out there right now," he said. "The pessimists may be driving the car now."

Turmoil in the financial markets is probably exacerbating the situation. "That may also be having a psychological effect on buyers," said Leventis.

Mike Moran was also troubled by a very negative housing starts report, which was released on Thursday. Housing starts tumbled to record lows, down 10.7% in December, falling to lowest level since the government started tracking them in 1959.

"If you want to take an optimistic spin," he said, "you could say that the adjustment process has been quickening and we're that much closer to the bottom."

Existing home sales in surprise jump

2009-01-26T21:39:00.001+03:00

NEW YORK (CNNMoney.com) -- The number of existing homes sold in December rose 6.5% from the previous month, according to a report released Monday, as bargain hunters took advantage of plummeting prices.

The National Association of Realtors said that home sales increased to a seasonally-adjusted, annualized rate of 4.74 million units. That's up from a revised pace of 4.45 million units sold in November and more than the rate of 4.4 million units projected by a consensus of industry analysts as reported by Briefing.com.

"We have some months to go before we are out of the woods on the housing front," said Robert Dye, senior economist at PNC financial services group. Especially considering "weak consumer confidence and ongoing rapid deterioration in labor markets."

Still, December's existing home sales are down 3.5% compared with December of 2007, when the seasonally-adjusted, annual sales rate was 4.91 million. Existing homes include single family homes, townhomes, condominiums and co-ops.

For all of 2008, there were 4,912,000 homes sold, which was the lowest volume since 1997, when there were 4,371,000 homes sold. Sales volume in 2008 was down 13.1% from the 5,652,000 existing homes sold in 2007.

Bargain hunters: Bargain prices are bringing buyers back into the market. The median existing home price was down 15.3% to $175,400 from December 2007, when the median price was $207,000. The median price measures where half of the homes sold for more and half sold for less.

"Americans love a bargain, and the housing market is no exception," said Mike Larson, real estate and interest rate analyst for Weiss Research in a written statement.

Thanks to the sales increase, the number of homes available on the market decreased 11.7% in December from the previous month, to 3.68 million. That represents a 9.3-month inventory supply at the current pace of sales, down from a 11.2-month supply in November.

"That's exactly what we need to see if the housing market is ever going to get back to a state of equilibrium," said Larson.

Home prices were pushed lower by the high volume of distressed sales, which accounted for 45% of December transactions according to the report.

"The higher monthly sales gain and falling inventory are steps in the right direction, but the market is still far from normal, balanced conditions," said NAR chief economist Lawrence Yun in a written statement. He warned that the housing market is far from healthy. "Buyers will continue to have an edge over sellers for the foreseeable future."

Surge in the West: The number of homes sold nationwide was buoyed by a surge in the West, where the housing market has been hardest hit by a record number of foreclosures.

Existing home sales in the West surged 13.6% to an annual rate of 1.25 million in December, up 31.6% from a year ago. But the median price in the West was $213,100, down 31.5% from December 2007.

In the South, existing home sales increased 7.4% to an annual pace of 1.74 million in December, but that was still 11.2% lower than December a year ago. And sales in the Midwest increased 4% in December to an annual rate of 1.04 million, but were down 10.3% from the same period last year.

The Northeast saw sales edge 1.4% lower, to an annual pace of 720,000 in December, down 14.3% from December 2007.

In the months to come: Analysts said that the weakening job market would slow any recovery in housing.

On Monday morning, a slew of companies announced a massive wave of job cuts. Home Depot (HD, Fortune 500), the No. 1 home improvement retailer, announced it would eliminate 7,000 jobs, or 2% of its total workforce, while Caterpillar (CAT, Fortune 500) said it will cut 20,000 jobs.

"Unfortunately, we are seeing fast and furious [layoffs] now," said PNC's Robert Dye. "And that does add to the level of uncertainty and it does put workers and consumers on edge."

Mike Larson from Weiss Research echoed that sentiment. "It's hard to imagine a lasting turn in the housing market with thousands of layoffs being announced every few days," he said.

The Obama administration is now at work on an economic recovery plan, and Yun said that this will be critical to the revitalization of the housing industry.

"The Obama administration and Congress need to move fast to stimulate a spring sales upturn which will help to stabilize home prices and set the foundation for a sustainable economic recovery," Yun said in a statement.

Turkey delights

2009-01-26T20:59:00.001+03:00

Turkey’s Aegean coastline is loaded with bays, beaches, villages and the azure sea that lures locals and foreign visitors to its shores. The peninsula of Bodrum, incorporating the eponymous town and a raft of quieter villages that dot the 174-kilometre coastline, is one of the most popular areas along this stretch of coastline for both holidaymakers and second-home buyers because it offers something for every lifestyle. Bodrum itself is a bustling, vibrant town, and its near-neighbour Gumbet is famous for its bars and nightlife, while just a short drive away are a host of more sedate, traditional villages along the peninsula. The driving force behind Bodrum’s popularity is no doubt the weather and the natural beauty of the Aegean Sea, but easy accessibility and continued improvements to the infrastructure and facilities have maintained its elevated position on the international property ladder. Adam Godwin, marketing director for Dream Homes Worldwide notes the new international cruise line terminal, the biggest golf resort in Turkey – Vita Park - due to open in June this year, and of course Bodrum’s international airport, which is to get a second terminal to cope with demand, as just some of Bodrum’s upcoming attractions. And in the future “factors such as the widening of the mortgage market, expansion of low-cost airline services and a steady course towards EU membership will only push this region’s popularity even higher,” he says. Dogan Nadi, managing director of Seaside Properties Turkey says capital returns can be even higher if you choose to buy land and build on it, and believes annual rental returns of five to ten per cent are achievable in Bodrum. “Bodrum is a big peninsula and there are more than 20 holiday locations from which to choose property. For a sea view, good quality apartment prices start from £50,000, although there are some villas with a private beach and wharf for up to around £2 million to £3 million,” Nadi says. Bodrum town is at the hub of the peninsula. As a long-established resort with its own airport it is used to the presence of the Turkish holiday elite, and is equally welcoming of the growing number of international visitors and settlers. The town draws on its historical pedigree as the site of one of the Seven Wonders of the Ancient World, the Mausoleum at Halicarnassas, as well as boasting the prominent castle of St Peters and the Bodrum amphitheatre. Dominic Whiting explains that “local planning controls limit the height of building but there has been a lot of development – some would say overdevelopment - in recent years, which makes choosing a decent quality property in a good location essential if you intend to rent or resell.” Secret Garden estate agency has a very large property for sale in Bodrum with views of the castle and the bay from the roof terrace for £225,000. Helen Owen, the owner of Secret Garden says the new owner could add value to the property through refurbishment, a strategy she would recommend in Bodrum. “If I have clients looking for investment properties I would advise them to buy pretty much anything in Bodrum town right now and add value to it by refurbishment and decoration,” she says. “More and more people, from all over the world, are looking to live here 12 months of the year and want to be central - where they have warm weather in the winter, all the facilities on tap and low requirements for buying our very expensive petrol.” Spot Blue is selling a range of apartments and villas around five minutes’ drive from the nightlife and facilities of Bodrum and a short distance from the beaches of Bitez and Gumbet from £60,000. Alongside Bodrum, Spot Blue’s Julian Walker says some of the most popular places to buy include Gulluk, Yalikavak and Tuzla. The small fishing port town of Yalikavak used to be the main sponge fishing port and now boasts a sensitively developed seafront promenade and town centre. Many properties for sale in Yalikavak have sea views and local prices have risen sharply on the back of strong demand. Harmony Homes has two-bedroom apartments at the Deep Valley development available from £72,000 and large three-bedroom duplexes with huge terraces for £115,000 to £200,000. Seaside Property Turkey has a six-bedroom villa for sale in the town, with a pool, terraces and views of the mountains and the sea for €500,000 (£390,000). Alternatively, Buying in Turkey recommends three- and four-bedroom detached villas set around large landscaped gardens at the Waterside Villas development in Yalikavak from £225,000. The historical heritage of neighbouring Gumusluk - it is part of the site of the ancient harbour city of Myndos - has protected it from overdevelopment thanks to strictly enforced building, and the sleepy village retains its original charm as well as boasting excellent waterside restaurants. Seaside Property Turkey has a three-bedroom semi-detached villa property for sale in Gumusluk with patio, terrace and sea views and within walking distance of the beach from £93,500. Gulluk is a picturesque village with a long sandy beach and new marina due for completion in 2009, all just 15 minutes from the international airport and half an hour from Bodrum town. Dream Homes Worldwide is selling a selection of one-, two- and three-bedroom apartments at the Flip Flops development from £40,000, which includes a furniture pack. Alternatively, Olive Tree Apartments overlook the hidden coves and hillsides of Gulluk, and the two-bedroom properties have two terraces or balconies, starting from £75,500, with completion expected in June 2008. Dominic Whiting believes the best bargains on the peninsula are in the Tuzla area - near the airport and two new golf courses opening later this year - where property offers value with good potential for rapid capital growth as the area develops. “Several large developments are underway in Tuzla,” he says, “with one-bedroom apartments available off-plan from under £49,000, or villas from £140,000. Most of the developments have good on-site facilities, which are important as Bodrum town is a 15-minute drive away.” The process of buying property in Turkey is relatively straightforward and UK nationals can buy most types of property in the country (aside from in military zones) on a freehold basis. Usually a deposit is required to secure the property and a contract is signed that includes the payment plan and purchase conditions. The local land registry office carries out a search for any restrictions that may prevent foreign nationals from owning the property and once the application is passed by the Turkish military (the process usually takes eight to 12 weeks), the contracts are signed at the registry office. Property buyers can nominate a representative with power of attorney if they are unable to attend. The costs involved include three per cent stamp duty, which is shared between property buyer and seller, solicitors and notary fees and a three per cent estate agents fee. Foreign property buyers only pay capital gains tax on a 15 per cent sliding scale if they sell the property within five years, otherwise they are exempt.

Early birdies catch the worms

2009-01-26T20:47:00.000+03:00

Though golf has been in evidence in Turkey for some time (Istanbul Golf Club is one of the oldest in the world), it’s only been in the last five years that the sport has really taken off.

Despite its popularity, Turkey’s tourism industry is still in its infancy when you compare it to more established markets. As a result, golf is also in its early stages, though several glamorous courses have been developed in and around Istanbul, such as Klassis Golf and Country Club and the residential golf community of Kemer Country (at which villa prices have risen into the millions in the ten years since construction), as well as in key coastal locations.

The weather here may be the same as hot tourist spots in southern Spain and Portugal and the golf may be just as good, but there is one main difference. It is currently almost impossible to find property for sale in Belek that is actually integral to a golf course. Almost without exception, what are marketed as golf villas and apartment complexes will be outside course boundaries.

Usually it will be a matter of a few minutes’ walk or drive but some ‘golf’ property can be up to 20 minutes away. “In Belek courses are scattered around the area,” agrees Clair Walker of Turkish Homes, and properties are dotted in among them. It is different to Spain but Turkey is an emerging market and people understand that and are happy to buy there knowing this.”

Another thing worth bearing in mind in Belek is that some of the courses, such as the Gloria are pretty exclusive, only allowing golfers to play who are staying at their on-site hotels. Though there are plenty of courses to choose from it might annoy you if you’re buying in order to have access to all courses in town.

Of the nine courses currently operating, the two headline developments are both 27 holes: one at the Papillon Golf Club, designed by Colin Montgomerie and opened just last autumn, and The Cornelia by Nick Faldo. Both are getting rave reviews from the golfing press and buyers keen to play them are snapping up properties at less than a third of the cost of homes in other golf destinations.

Who can blame them? Prices in Belek start from under £60,000 for something with two bedrooms and a shared pool within easy distance of the main golf courses. Property that is larger, with at least three bedrooms and adjacent to the main courses cost from around £80,000. Turkish Homes, for example, has nice, modern apartments, 100 metres from Montgomerie’s course, costing from £85,000.

Similarly, the Augustus Resort, being sold by local specialist Nirvana International, is offering luxury apartments from £59,000 and detached villas from £107,000, all with fantastic on-site facilities. While Aquavista is another UK-based company that has had extensive experience of the Belek market; it’s currently selling apartments in the town from £60,000, with a wide choice of central two- and three-bedroom units available for around £75,000 to £90,000.

There are also several small enclaves of villas available through Aquavista, with three and four bedrooms and private pools, ranging from the very traditional in style to highly contemporary and costing from around £140,000 to £200,000. All have easy access to the nearest golf courses and superb beaches.

As a result, prices won’t stay low for long and are already rising at around 25 per cent per year. Investors hoping to rent should expect to get an average of 20 weeks per year according to Clair Walker. “Apartments should bring in around £250 to £350 per week, with villas renting from £500 up to around £700.”

However, it isn’t just Belek that is branching out into golf; last year the Turkish government gave permission for two new courses to be built in the Aegean resort of Altinkum, which is around 90 minutes from Bodrum. The planning stages are still being gone through but it’s hoped that the first will be completed by 2010.

Due to its distance from the airport at Bodrum, this region isn’t as traditionally well served with tourists as others, though it’s popular with Turks. It is, therefore, hoped that the golf, coupled with a new marina, will encourage investment and increase visitor numbers. Improvements to the harbour are also expected to allow ferries to run from popular Greek destinations such as Kos and Samos.

It’s anticipated that Altinkum’s profile will, in time, compete with Bodrum or Belek; if that is the case, it’s also possible that anyone buying now will get a bargain because property is currently so cheap. “Prices in Altinkum, can still be as low as £35,000,” says Clair Walker, who also sells in this area. “That will buy a two-bedroom apartment with access to a communal pool and within walking distance of the beach.”

Such issues are also reputedly dogging the proposed development of the Vita Park Golf Resort by Tuzla Lake near the popular and swanky resort of Bodrum. Two world-class golf courses, a residential development, hotel and recreational facilities are planned here but the site – a sensitive nature reserve with the only visiting flock of flamingos in Europe – is controversial.

In addition, Vita Park will be members only and current proposed fees are €15,000 (£11,300) to join and €1,500 (£1,130) per annum, which several agents doubt will appeal to many investors who can play courses elsewhere for less. Should this not deter you, there are some attractive, stylish new developments going up along the coast nearby.

One of these is Regnum Homes’ Bargylia resort, which offers chic, contemporary apartments and villas built onto a hillside, with wonderful sea views. The complex also offers a private bay, small beach and fantastic pool and spa facilities. Prices start from £59,000 for a two-bedroom apartment and the development is 25 minutes from Bodrum, with the proposed golf course site almost on the doorstep.

These properties are selling well and will make great, well-designed second homes. And should Vita Park Golf Resort get the final go ahead they may well, like other golfing property in Turkey, become even more sought after.