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Turkey Offers Significant Bargains on Completed, Unsold Properties - 12 February 2010

Deals on Turkish property are easy to come by these days, real estate experts say, due mainly to the large number of completed developments that went unsold last year.

To lure overseas property investors, many developers across Turkey are offering up to 40 percent discounts for cash buyers. These considerable offers are expected to go on through the rest of the year because of the number of properties that were completed but remained vacant in an economically crushing 2009.

Experts warn however, that not all deals are above-board. Some developers and owners are offering rental guarantees and fractional sales, and investors should be cautious and overlook these agreements with a lawyer before making any purchases.

While smaller developers will most likely take a loss, and larger developers will prevail because of their better deals and stricter due diligence, off-rent and re-sale properties are not expected to do as well in 2010 since the Turkish economy has yet to bounce back from the recession.

Though Turkey may not be the most stable economy in Europe, many real estate experts agree that it, like Spain, is where the best real estate bargains are to be found in 2010. Properties have dropped an average of 11 percent from pre-recession prices.

Experts are predicting that Brits, with their strong pound and increasing interest in Turkey, will seize these property deals more than other foreign investors are expected to. British tourism to Turkey rose 20 to 25 percent in 2009, while air travel to Turkey rose 10 percent, making it one of the most traveled-to destinations in the world.

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