Wednesday, August 23, 2023

Latest info for buyers of properties in Alanya

A lot has been going on in Alanya over the last couple of years, and for a long period seller was king and the market belonged fully to the sellers.
Those times are over and the buyers have again gained a good position in the market, leaving us with a market dominated equally between seller and buyer.
So for those who are potential buyers, here are our recommendations for key points that you should definitely keep an eye on:
Some sellers still believe that they can sell for the same price as last year when the market peaked. Be careful that you buy at market price, not at a overprice based on last years market.
Off plan vs ready build 
The upward trend has increased the number of new constructions significantly. Many of these constructions are done by newly established constructors. When choosing a off plan property please only do so in close collaboration with a market professional that can clearly point out the risks related to this.
Dont get us wrong, going for an off plan property can be the perfect choice and a great investment. But the risk is significant, so make sure that you are fully aware of what you are getting into.
Finally we want to give some sellers and buyers a little tip, or at least something to think about.
Currently a major part of all properties are sold to customers who want to settle in Turkey for a longer period. This means that the customer needs a resident permit, and currently the easiest way to have a resident permit issued is by buying a property.
But not all properties can be used for this, since some areas or no longer issuing more resident permits to foreigners since the quota in those particular areas has been reached.
As an example, a property purchased in Kargicak, Mahmutlar, Kestel and Avsallar can not be used for obtaining a resident permit, since the quotas for resident permit on those area has been reached.
But a property from among others DemirtaƟ, Oba, Cikcilli or Alanya center can be used.
This is nothing new and has been a hot topic of discussion on both local and social media.
Obviously, it is a positive thing for a property to be located in an area that is still open for resident pemit whereas it has a negative effect on the price in case the property is located in an area where no more resident permits are being issued.
This can change any moment and these changes often happen with very short notice and without any prior warning.
So here is something to think about:
I am trying to sell a property in an area where resident permits are still being issued 

All currently open areas are at risk of being closed down for issuing more resident permits, so be careful that you do not try to squeeze the lemon too much and by that do not manage to sell before the area - possibly - stops issuing resident permits.
I am trying to sell a property in an area where resident permits are currently not being issued 

This has already had a negative impact on the price. In case you are not in a hurry to sell, then maybe consider waiting until the area again starts issuing resident permits. Then prices should go up in your area.
For all scenarios mentioned above, the risk is obviously that it might take a long time before any changes happen, and they might not happen at all.
Also, even if they do happen, no one knows what the market trends look like at that time.
Timing is everything but when it comes to properties in Alanya the timing is impossible to get right, since changes are happening fast and without prior warning.
Furthermore, the market in Alanya are influenced and affected by so many local, foreign and international factors that trying to forecast the upcoming market trends is more or less impossible.

Even with 20 years of experience we can never tell what tomorrow brings in Alanya. 
All we can do is make our best guess and use our gut feeling.

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