Foreigners no longer buying real estate for profit in Alanya

Foreigners no longer buying 
   real estate for profit in Alanya

March 14, 2009, Saturday/ 17:41:00
Property sales in and around Alanya have decreased as a result of foreign investors no longer expecting to reap profits from their purchases, Alanya Contractors Association (MÜTBİR) President Ahmet Cebeci has said. 

Cebeci, noting that foreigners were no longer buying homes in popular tourist destinations with the aim of earning profits, said these days they are more likely to buy homes with the aim of either living in them permanently or using them as summer homes.

MÜTBİR President Cebeci explained that some of the reasons for the drop in foreign investment in Turkey and its construction sector include legal restrictions, limitations and a variety of bureaucratic barriers when it comes to acquiring property deeds. "These kinds of problems are actually driving foreigners away from Turkey. Not only this, but sometimes the contractual conditions are not presented properly to foreigners trying to buy property. And this causes a lack of trust," he said.

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