Keith’s Weekly Property News June 6-2021
It certainly had the feel of the start of summer this past week. Plenty of last-minute calls from clients out of the blue, the May rains gave way to brilliant sunshine, and highest-gear has been engaged. We are closing on plenty of good deals for our clients and some new properties have begun to appear. Still not enough, but a good start.
The pressure to fulfil CBI orders but maintain our standards has been pretty intense. We are averaging anywhere from 30-40 viewings that take us to Taksim/Cihangir, every corner of Sişli, Besiktas, Kagithane and even the Asian Side.
Most of the demand seems to be for ‘value plays’ on the secondary market; we are strong there, our sweet spot. Our search for value in new builds continues and we have identified 2-3 projects we feel comfortable endorsing.
As the TRY has sunk to historic lows, holding sellers to their asking prices has taken a great deal of effort and dexterity. We are happy with the deals we are closing on, though many go bust along the way in the negotiation stage. For clients who experienced this; my apologies. It is a feature of the deal-making landscape here and must be accepted with a degree of equanimity.
The CBI program has definitely started to make its mark on the secondary market, with many adverts running lines like ‘Suitable for Citizenship’
From this week, in order to get the weekly tips on property links, you have to join the meeting (sorry). But if anyone really wants, and they provide a plausible excuse ( wink, wink), I will of course forward to you.
Tonight I would also like to explore the topic of ‘how it might all go wrong and your investment flops’
I would like to outline what I see are risks to the investment and how they can be minimised, as well as identify some past mistakes that clients have made.
We will also reverse-engineer prices on some properties that are renovated to see if they are a reasonable deal.
Property links distributed during weekly zoom session
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