The Irish investor has become a very potent force in the market place over the last five years and indeed much more adventurous. However these investors run the risk of being badly burned particularly in Turkey.
There is a development in Bodrum in south west Turkey: Orient Palace; where the Irish investor is alleged to have placed 30M€.
This project has been heavilly marketed with 'guaranteed rentals' among other very attractive features. We have, in an earlier post, given our views on guaranteed rentals.
In any event, the project has apparently ground to a halt with a multiplicity of financial and legal problems thus placing these investors in a serious risk situation.
This again highlights the dangers of entering unproven markets that have a different commercial culture and without, obviously, having proper professional advice.
Tenerife has been proven as a holiday destination, as an investment destination and as a retirement home destination with a full social infrastructure including health, cultural and all commercial and sports and social facilities. This is, of course, apart from guaranteed sun and beach!! Tenerife also enjoys a unique investment tax regime.
PCI is your Irish estate agent in Tenerife.
www.pci-international.com
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