The Powertool Shed

A tendency to sell previously bought places is on the rise among expatriates in Turkey, but realtors and other experts disagree about the cause.

"The economic crisis has nothing to do with the situation," said Osman Cokun, president of the Association of Realtors in Didim. "In 2004 foreigners purchases of property were facilitated. Many foreigners purchased real estate at the time. Within the past five years, nearly 10,000 foreigners purchased estates. Prices were very tempting. They would have sold their places even if there was no crisis."

While some realtors say the understanding is a new law that was approved in July to limit the amount of property a foreigner can own in Turkey, others claim the sales are due to the global economic crisis. Others disaccord, claiming the only understanding behind the sales is the chance to profit.

"Even in times of crisis, those who have money come here to invest in property," said Mslm Yldrm, vice president of the Association of Realtors in Kuadas. Realtors for properties in Bodrum also agree that many foreigners are selling their property in Bodrum for profit.

"We have hired staff that will focus on foreigners. We advertise in Russia and in the former Warsaw Pact countries. Potential customers from Sweden visited us in March. They said they may consider buying at a convenient price," Soner said. "We have never mediated in sales, but I can easily say that there is no significant decline in the number of foreigners coming to Turkey to purchase property."

Baak Soner, a board member of TURYAP, a leader in the property marketing business in Turkey, on the other hand, said the number of foreigners selling their places in Turkey is "limited." Currently TURYAP is constructing residential estates in 10 cities, said Soner, adding that foreigners are the main targets.