Keith’s Weekly Property News August 10-2021
This week has been a little light on the new property front as several days were spent at the land registry and at the cadastral office archives trying to dig up paperwork to allow greater scope to one of our current renovations, as well as a host of other bureaucratic tasks. Nonetheless, there was still plenty of activity and a few new properties of interest. Unfortunately, I will be away from tomorrow for the week, so I will not be able to personally vet some of these til I return. However, I will do 2 hours/day of 1 to 1 zoom sessions. If anyone is interested, just contact me on whatsapp. I will be holding them daily from 3PM to 5PM Turkish time next Tuesday-Friday
In the press:
Some red flags for office space in the US.
+ a few graphics on Turkish economy.
+ Eren will review the Covid situation and outlook. There have been record numbers of new cases in the past week, like many European countries. So far, travel remains open, but there is a soft lockdown on Saturdays and Sundays, so take that into account when planning travels.
We currently have 4 ongoing projects and will start another this week. We seem to be managing well enough with these kinds of numbers. We are noticing an increase in our costs. Especially for smaller flats, we are now looking at closer to 2500TL/sqm. There have been almost across the board increases in materials + labour. However, we are still at the 350USD/sqm mark or lower for entire renovations, so no need to panic. Spring/Summer outlook looks busy.
Update on Transferwise:
Most clients are tipping this as the most cost-effective, easy to use method of converting funds to TRY.
Residential rental market in our target areas: Bomonti, Kurtulus, Mesrutiyet and surrounding areas.
There is a serious shortage of renovated apartments of all sizes and budgets, ranging from 3000-8000TL. Very little to choose from. Clients with renovated properties can expect to find tenants quickly. 1 bedroom starting from 3000TL, 2 bedrooms from 3750 TL and upwards. There is almost nothing at the high end, above 5000TL, and that is not due to lack of demand. If the property has something special, it should command a high rent.
A handful of investment properties we will be checking into
Property links distributed during weekly zoom session
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