Keith’s Weekly Property News April 21-2024

Market update:
You would be hard-pressed to find voices of optimism on the property market front these days. As inflation rages, and proves hard to tame, even with sky high rates, buying activity has effectively been choked off, without any indication of when that will resume in a way anything like what we may call normal. Foreign demand is also likely taking a hit due to the instability in the Middle East in general, though this cannot be considered as a factor of slowness amidst the local market, which, as always, is the main driver in terms of the overall health of the RE market in Turkey. Nonetheless, it adds to the currently gloomy perception that reigns supreme. A few months ago there were strong indications that this was going to be a busy spring and an even busier summer season, but there has been a cooling recently due to regional uncertainty. Regardless, as Turkey is seen as somewhat of a safe haven in the region, this should not lead to any profound reversal of interest in Turkish RE.
If I were to venture a guess, prices are probably 15-20% off their late 2022 early 2023 highs. Although calling a bottom seems very pre-mature, there is a strong case to be made for this being a good enough entry point for those looking to acquire Turkish property.
Airbnb update:
There are still many unknowns on this front, but one thing is for sure. As of May 1st, you will need a license to be able to advertise on booking.com and Airbnb.com to operate in Turkey. This will certainly hugely reduce the number of available airbnbs. Those who do have the license, and have a quality product, can expect to do very well indeed in terms of both bookings and overall earnings.
In light of this, we are at the final stages of getting 3 licenses for buildings approved. I would expect that by some time in May. Perhaps in the next zoom session, I will go over the basics in terms of costs and procedure. The main hurdle, as always, is that all of the owners in the building must consent. Apart from this, it all seems quite doable. We are reasonably keen to operate a handful of airbnbs that are tending towards the higher end, as we feel they will perform well for clients and will be worth our while as well to manage. As you will need the license number to advertise on the main platforms, running an Airbnb in the legal grey zone is not even an option anymore.
General rental market update:
The rental market is much patchier than it has been in the past several years. Still plenty of demand, but prospective tenants are really digging in on negotiations and are slow to sign on the dotted line. Definitely get a sense that they are really shopping around, exercising maximum caution and researching market thoroughly. Of course, given the pressure on their disposable and non-disposable incomes, this should come as no surprise. It is also a constant exercise for us to re-calibrate what is a fair and real market price at any given point in time. It is also all very unfamiliar territory for us, not having a fixed idea of values in high-inflationary environment. Challenges all around, it could be said. The good news is that this year rental raises can be done according to official inflation data and will not be capped as they were last year.
Dealing with intra-year yield attrition:
Thorny subject. And Im running out of time. Will discuss in zoom subjects and get some feedback from everyone.
Sicily trip:
I recently returned from a Southern European tour of sorts. Checked out RE in most of the towns/cities I visited and was mostly not very impressed, with the exception of Sicily, Italy, which seemed to offer a good combination of lifestyle, low entry point for investment, decent yield opportunities and possibly a bit of appreciation thrown into the mix. Ladislas (Wandering Investor) will be posting our Sicily video some time in June, at which point I will host some zoom meetings on subject.
Making the case for Kocaeli and Izmir…again!!!
I think it is a great time to re-visit Izmir. It has been kind of low on our radar for the past year and I believe this should be corrected. After visiting Southern Europe, I realize what a huge and dynamic place it really is, and how much it has to offer in terms of lifestyle. Sure, Europe is interesting and all, but after visiting city after city, it began to feel distinctly “museum-like”. Some locales just felt left behind, or on the cusp of it. One town or city seemed to blur into another. On the other hand, Izmir definitely does not feel “forgotten” or past its “best before date”. It is vibrant and diverse and an interesting city for real estate. A growing downtown corridor, great suburbs like Balcova, Karsiyaka and Narlidere, to name just a few.
Kocaeli also has appeal for lifestyle though not to the extent that Izmir does. Its proximity to nature and to Lake Sapanca are positives, but really accessibility to Istanbul is a main point of attraction.
But the reason why investing in these markets now, especially for CBI buyers, is eminently sensible is that both are much more in line with the laws of local affordability. In Istanbul, there is a bit of a disconnect when it comes to affordability. As practically no Turks are buying for investment due to borrowing rates, let us entirely remove 1 bedrooms from the equation for the time being. Any Turkish buyers currently in the market are looking for places to live, and that means a minimum of 2 bedrooms. In downtown, a well-appointed, fully renovated or newish 2 bedroom, with a lift, and in a good location probably starts at 8 million lira (approx. 250K USD). This is, for the most part, well above what the majority of Turks can afford. In Izmir and Kocaeli, such properties start from 125-150K USD. Sure, salaries are higher in Istanbul, but that is asking people to squirrel away a lot of money…for a long period of time. Due to prohibitive rates, it is hard to imagine any buyer to leverage more than 100K into a purchase with financing. That is the current reality and investors should be mindful of that.
Another great point about these two markets (and probably several others like Bursa, Mersin, etc) is that they are entirely immune to opportunistic CBI pricing. I know this because in many cases we were negotiating on properties, say for 200K, and we told the agent we needed them for CBI purchases and they quickly retorted that they were not suitable for CBI. Why? Because they were under 400K ( : Such is the lack of awareness.

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Keith’s Zoom Session 17-March-2024

As we lumber towards spring, the real estate market shows no signs of taking a clear direction, with some data seeming to suggest a recovery of sorts, pointing to 17% increase in sales from same period of February last year. Alas, as with much data, you have to handle with care. At the beginning of last February were two of the worst earthquakes in Turkish history, and within hours of one another. The country more or less came to a standstill as coping with the immensity of the disaster was foremost on the minds of the citizenry. Therefore, noting an increase in sales activity from this period last year does not seem very convincing, given the very low bar. It did, however, interrupt the pattern of 6 months or more of downward trending sales figures. Nonetheless, it would be a stretch to say there is any exuberance in the market. With local elections coming up, no doubt March will post tepid figures as well. There could be many reasons why this is more likely to be another case of the dreaded “dead cat bounce”, where demand or prices fleetingly seem to point upward to just as sharply take a move back downwards. From a purely mathematical point of view, there is no way prices across the board can increase while borrowing rates remain so prohibitively high. This is incontrovertible, so to claim that a bottom to the market is being formed is very premature. Until you see the rates go down in significant measure, one must seek other answers to these transitory spikes in activity.
A few obvious reasons could be:
Pent up demand starts to seep through and those who have been on the sidelines for quite a long time see prices in decline and maybe consider cashing out some USD/Gold savings. Keep in mind, mortgage backed sales are down drastically, so it is very much a cash-driven market. Therefore, a small percent of buyers might fit into this category. Of course, this number would be too small to sustain a full-fledged recovery. Let’s see it for what it is, a respite in the declines, partially propped up by opportunistic buying. Bargain hunters hitting the streets, sensing it is a good time to fish for a deal.
As always, people in the rent-trap are looking for ways to gain entry to the real estate market. After a sustained absenteeism, perhaps this category of buyers is making the determination that now is as good a time as any to enter. Of course, a much larger number, although perhaps sharing this sentiment, nonetheless, are still left sidelined by borrowing rates.
As always, particularly in areas deemed to be a great risk in terms of seismology, there is a lot of trading up to housing stock that is newer. That trend will be ongoing for many years to come and will provide a strong catalyst in the future…but again, not in a meaningful way til rates make it a more affordable goal.
So, to sum up, there might be some factors that suggest the property market is trending upwards after what is turning out to be a pretty sustained slump stretching back almost a year now. The data, though, is thin and uncompelling at this stage, and for the near future, the buyer’s market looks set to continue.
On a side note, sales to foreigners continue to be well down off their highs. That is a bit of a convoluted and long story and not necessarily of great interest. These kinds of numbers ebb and flow for a great many reasons and are much more fickle than overall housing trends, so I’m not convinced its worth the effort on short zoom notes to get into the minutiae of that, at least at this time. Suffice it to say that foreign interest in Turkish real estate never really goes away for long. The value proposition, its mass appeal to so many nationalities, and the wide array of locations lifestyle options are a good bulwark against all-out cratering in demand.
The rental market:
After a pretty inactive winter stretch, signs are the rental market is starting to return to normal. Properties priced under 1K USD are the most in demand, and especially anything, say, under 750USD monthly, in downtown.
Airbnb:
I have set up a kind of focus group to monitor the applications for Airbnb licensing of 4 buildings that have multiple – and I mean a large number- of individual owners who all agreed to sign the building management book to apply for licensing. These initial applications are ongoing, with none yet being completed. I give updates on the focus group and will give a full update once at least 1 application has been completed. As it is all brand new, and there is likely an avalanche of applications, speedy results cannot be expected. It looks like a minimum of a few months to complete the process. Costs do not seem prohibitive at all, so that is a plus.
For the next zoom session, we will examine why we often opt for “investment” properties over “lifestyle” for CBI or CBI packages. I welcome 1 or 2 past clients to co-host that session with me.

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Keith’s Weekly Property News Fabruary 25-2024

A few more weeks in the property market downturn of Turkey have passed without much new to be said on the subject. As of this date, it seems that property prices are 10-15% off of their highs a year ago, and perhaps things will settle at 20% down before slow rebound. However, it must be noted that this is NOT a uniform decline across all property types and locations. We could expect less depreciation on properties located in the downtowns of major cities and also for more ‘blue chip” type properties. Of course, the more the downturn deepens and extends, it will ultimately affect all kinds of properties, yet we have not seen much evidence of that yet. But we can say that the volume of transactions has fallen markedly and that sellers do have to face the reality that they are outnumbering buyers. If you have been on the sidelines waiting to get in for the past few years, I can think of no better time than the present to be actively engaging with the market. Lots of fair market prices popping up, and some perhaps even below market price. As always, a little bit of diligence and research will help you understand all the subtleties and nuances of what we many times have referred to as an “asymmetric” market. This, however, does not mean that the market lacks logic; it does have its internal logic, but it is not always readily apparent from scanning listings on sahibinden.com
There are times when you really do have to get down into the weeds to see how it all works.
There are just too many “distractors”, inconsistencies, errors and deceptions in the marketing of properties that doing something just as basic as an SQM price analysis alone will not produce a meaningful result. You have to be able to turn on the fuzzy logic and hold 10 different bits of information about the property in your head at one time. Yes, looking at some fundamentals is useful, but be prepared to second guess it, hold it up to the light of reason. If SQM analysis alone is leading you down some dark alleyways, be prepared to add some elements to your criteria. Attending zoom sessions and hearing from past buyers would be my first step if I were looking to acquire a more in-depth knowledge of markets in places such as Izmir, Kocaeli, and Istanbul.

Rental market:

The rental market has been its most sluggish in the past few months for several years. This is most likely the result, beyond just seasonality, of Turkish households hunkering down in the face of ongoing, punishing inflation that daily eats away at their bottom lines. Making financial decisions in this environment, even if it’s just committing to a rental contract, is often being deferred. University students, unmarried young people (and even married), are almost certainly staying in their parents’ home longer than they were just a few, short years ago. This ultimately knocks on to the rental market. If I were to hazard a guess, rents converted to USD are off at least a similar amount to the 10-15% quoted on sales figures. It seems like that has levelled off and I expect rental demand to start to surge in the Spring at the latest, barring any further and major negative economic news.

AIRBNB news:

We have put together a focus group that is getting into the nitty gritty of getting full compliance for short term rental licensing (Airbnb). One of our contacts is applying for licenses for 3 buildings, all of which have large number of individual owners who agreed to undertake the process. We will be able to gather precise information from this real world experience:
-approximate costs for individual owners.
-what documents are needed.
-any other additional challenges.
-time lines and other details.
For now, you should keep the following in mind:
1-You need to be a Turkish citizen or resident to apply because you need an E-devlet password.
2- Consent from all owners in building is required, so if you are sure there are several people opposed to it in your building, it is probably not worth the effort.
3- Your title deed should be registered as “residential”.
After we get through these initial 3 applications, we will be able to offer a service to clients and non-clients to initiate the application process (arrange meetings with individual owners, attend building meetings, submit paper work, perform actions to make the property compliant for license). Necessarily, we will charge a fee for that, even if we were to not subsequently manage your Airbnb.
We will also be hosting a quiz show tonight, so please do try to join!!!!!

Properties will be distributed in meeting. If you like, PM me and I will send them to you directly.
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Keith’s Weekly Property News December-10-2023

It has been quite an eventful week, with plenty of talk about the CBI raise to 600K, crackdown on valuation reports and more. I do not have anything really to add apart from what I shared in the whatsapp chats earlier this week, so I will not add much to the notes for this week. I will copy and paste notes from whatsapp chat below.
Just a few points in a busy time.
1- Rental market experiences seasonal sluggishness. That will likely pick up soon.
2- Airbnb legislation will be enacted from January 1, 2024. In our last zoom session of the year, on December 27th, I will give a complete rundown of this, including my predictions about Airbnb as well as predictions for 2024 real estate in Turkey (that is always a perilous task!!!)
3- Local real estate market is moribund, being many years since I have witnessed such low demand. This is definitely NOT the time to be selling. I expect there will be no relief in sight til the Spring at minimum. It is being reflected in prices to some degree, as well as in negotiations. The properties that were quite over-priced are the ones that go down the most, so expect most decrease there, but much less so on those priced in accordance with current market conditions. We have seen some of the over-priced ones lingering on the market for up to a year or more!!! Let it linger, I suppose. Developers also seem to be in an engaging mood, so it can be a good time to scoop something up there. Unlike many private sellers, they, de facto, have to sell. Being purely a numbers game, again unlike private sellers and the emotional roller coaster, a good developer gets out the calculator and moves forward on that basis. If their costs for carrying additional stock for 6 or 9 months more are too much, they have to slash.
4- to the Airbnb experts out there….can anyone help me find out how many total Airbnbs there are in Istanbul? I have not had much luck finding that info. According to Nalan, we are seeing more competition from furnished apartments entering the market. Maybe some re-balancing will occur there.
5- For the next 6 weeks, we will only be looking at properties in Istanbul, Izmir and Kocaeli. Istanbul because we always do, and the other 2 cities due to the value proposition.
6- We are working on several CBI ready made packages and will be forwarding to interested people this week.
7- Again, although nothing is certain about possible CBI changes, we are going with the hunch that cut off date for completed purchases may be somewhere around the end of January. For anyone really lost on the CBI process, contact me directly. It is entirely possible to do within a 6 week time frame but it will require engagement.

NOTES from WhatsApp chats in past week for those who missed them.
[18:04, 2023-12-10] Nalan: İm hearing several reports on this. There May be something behind it. Will update
[18:04, 2023-12-10] Nalan: No official publication but rumours abounding
[18:04, 2023-12-10] Nalan: Well, Ive talked to enough people to make me think it is – with a more than moderate degree of certainty – an eventuality in the New Year the CBI will increase. Please reach out to me if you really want to get the CBI done and we can give you priority. A functioning Turkish bank account and a POA with lawyer are going to be important steps. In the past, there was a 30 to 45 day window from publication of changes til implementation, so there is no need to panic if someone is in the middle of CBI. However, if you do not have POA and bank account, we might want to assume that the clock is ticking rather more loudly than before. None of the above is anywhere near 100%, but the likelihood in my opnion, is how I have phrased it above.
[18:04, 2023-12-10] I will post some zoom sessions this week to engage with people who seek guidance on this subject
[18:04, 2023-12-10] Nalan: In addition, I will put together some CBI package purchases. I can discuss the shape of those in the zoom sessions this week. Good, safe plays, but perhaps not super sexy. Nonetheless, defensive and prudent. These might be a good option for those who are motivated by CBI, want to protect their capital, ensure liquidity on exit and who as yet do not have CBI papers in order.
[18:04, 2023-12-10] Nalan: https://www.hurriyetdailynews.com/scrutiny-tightened-over-citizenship-related-estate-sales-188355
[18:04, 2023-12-10] Nalan: This is interesting and its repercussions are immediately being felt. İn all of the past 2 ör 3 years l can only think of 2 ör 3 that came under the mark we were expecting, and öne was for technical reason related to the deed. However, we have had 2 in the past week that we are having to contest as they are 10% under the sales price, and these are on true bargain deals that are well under market price. İm hearing same issues with other agencies.
[18:04, 2023-12-10] Nalan: We are pushing back, but it looks to cause a bit of a headache in the short term
[18:04, 2023-12-10] Nalan: Will discuss ramifications further in todays zoom
[18:04, 2023-12-10] Nalan: We are gathering more information from several valuations companies. There really iş a lot going on behind the scenes and the whole process is becoming very cumbersome. Therefore, we can anticipate difficulties and irregularities with the reports, at least in the near term.

Properties will be distributed in meeting…
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https://www.mybricksrealestate.com/keiths-weekly-property-news-december-10-2023/

Keith’s Weekly Property News November-12-2023

Even though the Indian Summer continues well into November here in Turkiye, on the property front it is beginning to feel distinctly frosty, maybe even winter-like. As noted in several past zoom notes, transaction numbers for many months back to back are markedly off pace from last year. Where transaction numbers go, eventually go prices. This ‘cool off’, ‘slump’ or what you will is starting to trickle down in a more meaningful way in the pricing, as well as the statistics, in so far as you can trust those blunt instruments which do not really distinguish between the incredibly wide variety of properties and neighborhood characteristics. In any event, taken with a grain of salt, stats can often be useful in identifying trends, particularly when supported by local, on the ground, anecdotal evidence. So, to sum up, as I have been saying for several months, we are on that downward trend, a fact supported by all the graphics as well as the tone of behind the scenes discussions with agents, owners, etc.

We will discuss these 2 graphs in detail in the zoom session (middle left and right). A few months ago, I chided some of the higher profile agencies who went on YouTube boasting of the incredible 2X and 3X gains – blah, blah on the properties they had sold. My thoughts then were, ‘curb your enthusiasm”, too early to take your victory lap just yet. And everything that has happened since then just confirms that view. The “real” gains are often much less than the “on paper” gains, for a host of reasons that I previously detailed. In any event, no gain at all is realized until the property is liquidated and all closing costs are tallied. We will save detailed analysis for the zoom session, but what sticks out in these graphs are 1) how ridiculously under-valued real estate was in Turkey in the 2015 to, say, 2019 period and 2) How limited in duration the peak in prices was.
We can see a kind of “jagged peak” in each graph (though slightly different trajectories based on their differing methodologies). What we then see is a kind of reversion to the mean. Housing became, for a very short period, completely out of whack with local affordability. Of course, as 97%, give or take, of the property sold in Turkey, is sold to Turks, this was unsustainable.
More on this in the session; not too keen on spending a lovely sunny Sunday afternoon interpreting a pretty straight-forward illustration. Seller’s market tips into buyer’s market. There is not much on the horizon that is likely to change that view in the short term.

Airbnb update, rental market update

Now that we have had a few weeks to digest the news of the new Airbnb legislation, a few words are in order. As the topic seems to have been rather over-baked, I will keep it short. The Airbnb landscape in Turkey looks like it will be deeply impacted by the new regulations. My estimate is by this time next year there will be at absolute least 50% less Airbnbs than there are currently, across the board in Turkey. Full stop.
Airbnb is in the crosshairs of the government and the legislation looks designed to drastically reduce the numbers on offer and also to change the type of properties that can be let out short term. I think Airbnb went through a kind of golden period the past few years and I steadily forecasted clouds on the horizon and encouraged my clients to opt for ‘all weather’ properties that would stand up well in event of changes in legislation. There is also a massive over-supply issue that crept in, especially in the past year. So, it looks like that party is over. Just as it might be over in the US. I believe Airbnb is already heavily regulated in most of Europe, with plenty of competition, so gains there are probably very modest, anyway. Dubai will also get rocked, as it always does. When I hear of the supposed 10 to 15% gains on Airbnb, my only wish is there were some mechanism to “short” those positions. I kept hearing the same about Tblisi. Obviously, that party is about over. Trades get crowded out and yields go down. No surprise there. Next?
The rental market is experiencing some seasonality with properties staying up on the market a bit longer than in August and September, but as always, still there is demand. Some potential tenants are probably digging in and choosing not to rent, perhaps rather staying at home longer, taking on room-mates etc. The rents have gone up still in the past 6 months, but I feel we probably did get a percentage point or 1.5 chopped off due to the lira depreciation. In other words, the yields did not quite keep pace with the depreciation. Most properties yield between 4 and 6%, with luxury properties in the 2.5 to 3.5% range. To get 7% or more on “investment-type” properties, there is a high chance you would have had to do some renovation or value adding move. It is very challenging to just come in and scoop that off the shelf.
Movers and Shakers Izmir, Mersin, Kocaeli, and Karaburun (very limited supply) are on the top of our list for locations outside of Istanbul with favorable dynamics. Karaburun aside, for it has its own, separate dynamics, being more of a coastal resort area, the reasons are as follows:
-new builds or new-ish (1 to 20 yrs old) offering yields of 5%, at times 6% and above. This is much higher than average on newer buildings in Istanbul.
-lower entry point for investment properties, anywhere from 80K to 125K, which might actually get you a sea view as well in Izmir or Mersin.
-plenty of local demand and no, or very low, CBI distortion on prices.
-Prices hit that “sweet spot” of affordability for locals, 100 to 150K in many cases.
-internal immigration demographics are favorable. For example, many people like to retire around Izmir. More and more people retire or semi-retire in Kocaeli. Mersin population exploded after the earthquakes last year, not to mention a new regional airport coming online.
-New construction, labour and land costs look set to put real upward pressure on prices of anything new that comes online. Developers simply put, will have zero profit margin if they are selling anywhere in Turkey for less than, lets say a bit arbitrarily, 1500 USD per sqm. It is conceivable that these areas will see price growth in the next 3-5 years anywhere up to 2500 USD per sqm. It is hard to envision that kind of rapid expansion in price growth in Istanbul over the same time line.

To buy or not to buy…Land?

Having spent countless hours and weeks working on land deals at various points in past years, I can tell you this is not the game for outsiders. The market is even less transparent than the residential and commercial segments and the advertising rarely gives enough useful information, so it is highly inefficient to travel around and fact check all the details. Basically, I would not even undertake a search for a client unless they had a fairly sizable budget, a reasonable expectation of what they could get + a retainer fee. It just would not be worth it otherwise. If you are looking to do CBI – and feel the pinch of time – I would bypass this entirely. Also, again, unless you have a huge amount of time on your hands to learn the market, I would pass on it. Not to mention, there is much talk of a rather huge bubble in land prices post-2023 earthquake. I might review this stance in late winter, but for now, like Bodrum-Antalya, it is very much on the back burner.
Visited a handful of really great – but non-CBI compliant properties – last week. I am just pursuing the details on those and will likely reach out to my non-CBI buyers. It really is a pity that CBI buyers sometimes miss out on these.
Will cut off abruptly here; much to do on this Sunday. As always, we will review a dozen or so properties in the zoom session. Thank you!!!
Properties will be distributed in meetings. If you like, PM me and I will send them to you directly.
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‘Just Click’ the above link and be part of the Istanbul Insights with Keith’s property market updates.
Every Sunday we will share more info about the best property deals of the week, market developments, followed by Q+A time.

Keith’s Weekly Property News October-29-2023

Due to a sudden influx of last minute CBI-ers I will keep it light again this week.
So, let’s start off with the CBI program. There certainly has been increased “chatter” about possible changes or abolishment. As always, I really dislike speculation, and I certainly have heard nothing official. However, I think common sense would suggest that at some point in the future all of the above are possible, likely and maybe even certain. It will not carry on indefinitely. Anymore than that, I’m not willing to go out on a limb and comment on. The program continues to receive its fair share of criticism and political backlash. Also, being the best CBI program in the world has in many ways raised its profile.
Adding fuel to the fire was the snap decision to raise the residency through real estate amount from 75K USD to 200K USD, a very logical and long overdue move. The 75K amount would not seem to meet any government objective, unless it was an attempt to rid Istanbul of all its basement properties for sale. You cannot realistically buy a property for 75K anymore, nor would you have been able to for a long while now. So, for all intents and purposes, 75K was dead in the water anyway.
Of course, it does raise the question of whether or not the government would like to move to the Golden Visa approach over citizenship. No idea on that, but again, all options would seem to be on the table.
Market slump rages on, both from anecdotal gatherings as well as official data. It appears to be a bit slow filtering down into the pricing, but as I suggested before, some of the optimism and buoyancy of sellers is being put to the test. The tone of back-channel discussions when making offers is a bit more flexible.
In the zoom session, we will go over the numbers on several properties that were recently transacted on, crunch the numbers, and make our case for the value on those.
We will have a look at Kocaeli and also lay out the investment case for selected properties there, which in short, looks like a 40 to 50% gain in real terms over the next 2 to 3 years, while also accounting for rental income. It may not jolt you out of your armchair, but it is a super-safe play, with a bit of zing on the upside. Spice-free zone.
As always, Izmir remains a strong market, with some solid fundamentals, though not nearly as easy to find desirable properties as it once was. Nonetheless, it would be non-sensical to put it on the back burner.
The ‘great unwind’ is probably just in the first inning in Bodrum, Antalya, and a few other coastal spots.
Airbnb? No comment. Everyone is waiting for new legislation.
Mid and long term down a bit. Seasonality, but still demand, of course.

Properties will be distributed in meetings. If you like, PM me and I will send them to you directly.
We invite you to join us for:

IstanbulInsights with Keith

On Sundays at 20:00* Istanbul time
*13.00EST/ 19.00CET/
20.00TRT/ 02.00SGT (Monday)
Via Zoom:
https://us02web.zoom.us/j/7931208182?pwd=ZndocVNmbXAyTE5uMnNscC9sK0xSZz09
Password for logging in: 1234
‘Just Click’ the above link and be part of the Istanbul Insights with Keith’s property market updates.
Every Sunday we will share more info about the best property deals of the week, market developments, followed by Q+A time.

For more information:

Keith’s Weekly Property News October-29-2023