Properties

Russia – Turkey visa-free travel

With the signing of a mutual agreement between Turkey & Russia [Tuesday, 18 January 2011] mutual visa regulations will most likely be lifted within two months time.

The decision is expected to increase trade between the two nations & has excited tourism operators, as it will go into effect prior to the start of the summer season.

After the initial protocol to lift joint visa regulations was signed on 12 May 2010, today the Re Admission Agreement, considered the final stage in the process, was signed between Turkey & Russia.

According to the Russian Embassy visa regulations should be lifted between the two countries in one to two months time.

Now, not only will businessmen be able to travel freely without the burden of obtaining visas, but the practice is also expected to positively affect tourism between the two nations. Last year alone, three million Russian tourists vacationed in Turkey.

Cumberland Properties welcomes the news, as making travel easier between the two countries will undoubtedly increase the number of rental enquiries to Seaview Regency Prestige, already popular with Russian tourists if the 2010 season is anything to go by, commented Cumberland Properties rentals manager Utku Karamanlioglu.

He added that the prospect of owning a Turkish property, whether as a holiday home, or a property investment in Turkey would now become even more attractive to Russian property investors keen to capitalise on the growing number of Russian tourists visiting the Bodrum peninsula.

Cumberland Properties have recently sold a significant quantity of Turkish property at its popular Woodland Regency development to Russian nationals both as Turkish holiday homes & also as Turkish property investment.

Following Cumberland Properties successful debut at the Moscow International Property Show last November Cumberland are planning to have a presence at the forthcoming DOMEXPO to be held at Gostiny Dvor, just 200 meters from Red Square, Moscow, between Thursday, 24 February – Sunday, 27 February 2011.

For further information:

Elena Sikorsky  elena@cumberlandproperties.net London office [Наш русскоговорящий сотрудник]

Selim Sirri  selim@cumberlandproperties.net London office

Volkan Akgözlü  volkan@cumberlandproperties.net Bodrum office

Utku Karamanlioglu  utku@cumberlandproperties.net Bodrum office

Source: Sabah

Turkey tops World Travel Market ExCel London

The Turkish Office of Culture & Tourism was an exceptional contributor to this year’s World Travel Market [WTM] held at ExCel in London during November with this year’s Turkish stand growing 30% in size since last year.

At the press conference Mr. Ozgur Ozaslan, Turkey’s Deputy Undersecretary Responsible for Tourism, announced that Turkey had not experienced any reduction in its tourist arrivals in the past two years unlike many other countries.

Indeed, by welcoming over 27 million visitors to its shores in 2009, Turkey achieved an increase of 2.8% in visitor numbers positioning it as the only country to benefit from a growth in inbound tourist numbers in 2009.

Growth looks set to be even more spectacular during 2010 according to the early figures which reveal over 23 million visitors arriving in Turkey in the first nine months of the year, extrapolated, a year on year increase in tourist arrivals of 6%.

Turkey’s success has also been reflected in winning various tourism awards to include being voted “Favourite Destination” in the 2010 Reader’s Travel Awards by the readers of the world famous Condé Nast Traveller UK magazine & numerous World Travel – European Awards it has received this year.

Istanbul, the European Capital of Culture for 2010, has also staged countless arts & cultural festivals, activities & concerts & has acted as host to a succession of world sports events such as the FIBA world basketball championships & Formula 1 events.

In a continuation of Turkey’s emerging role in the sports world the Universiad Winter Games will be held in Erzurum, Turkey’s centre of winter sports, between 27 January – 6 February 2011, & the 11^th European Youth Olympic Festival [EYOF] the only all-European multi-sport event will be held in Trabzon between 23 – 30 July 2011.

In London to receive the Chatham House Statesman of the Year Award 2010 from the UK’s Queen Elizabeth II, Turkish President Mr. Abdullah Gul will be opening the Yunus Emre Turkish Cultural Centre in November 2010, [Yunus Emre Turkish Cultural Centres have opened in Bosnia Herzegovina, Albania, Egypt, Macedonia & Kazakhstan. Plans are underway for new centres in other countries including Germany, France, Kosovo, Syria & Russia], in addition to the Mimar Sinan exhibition held at the Royal Institute of British Architects [RIBA] dedicated to the chief Ottoman royal architect during the 16th century. His most famous work being the Suleiman Mosque in Istanbul.

Mimar Sinan [1490 – 1578] was the chief Ottoman architect & civil engineer to sultans Suleiman I, Selim II & Murad III. He was responsible for the construction of more than three hundred major structures amongst other more modest projects.

President Gul stated that “Mimar Sinan is a part of Ottoman & Turkish culture & a part of the common heritage we share with countries from Romania to Saudi Arabia, from Greece to Israel.”

The WTM Turkey press conference was attended by Mr. Ozgur Ozaslan, Deputy Undersecretary Responsible for Tourism; Mr. Cumhur Guven Tasbasi, General Director for Promotion; Mr. Levent Demirel, Deputy General Director – all from the Turkish Ministry of Culture & Tourism & Mr. Irfan Onal, Director, Turkish Culture & Tourism Office UK.

Additionally, Turkish Members of Parliament, Provincial Governors & representatives of the tourism industry also attended WTM this year.

There were also special head-to-head sessions with senior representatives from the Mugla & Antalya regions & a series of high-level meetings throughout the four days.

Moscow International Property Show – post show roundup

Economists & writers will long argue about the causes & consequences of the economic crisis, but a real estate business has no such luxury as time for reflection.

An increasing number of events dedicated to the elite segment of real estate are proving the fact – the crisis has been overcome & a new era has been ushered in.

Positive changes in the market have already activated its most reliable sector – luxury property. Cumberland Properties participated in the XV International Property Show in Moscow, which is closing the season of presentations in real estate this year.

Keeping with tradition aiGroup invited exhibitors to the shopping centre “Tishinka” in the centre of the Russian capital, where 184 companies from 40 countries brought fresh designs for the demanding Russian client. Around 8,000 visitors, among which friends & partners of Cumberland Properties, were asking questions of real estate companies’ representatives & choosing the most suitable offers during the two show days.

As president of aiGroup Kim Waddoup remarked, “there is yet no better tool for investment than property, especially an overseas property”.
This year has significantly expanded the selection of geography. Five to six years ago Russians were buying real estate mainly in Europe – in Spain, France & the UK. Today there is hardly an island left where footprints of a Russian buyer won’t be found. Distances do not confuse Russians. However, their neighbours, Bulgaria, Finland, Montenegro & Turkey remain the favourites & are constantly strengthening their positions.

Surprisingly the economic crisis has had a beneficial impact on the overseas segment of real estate. In the context of inflation, the need to invest, or simply a desire to secure financial assets, it has prompted many Russians to refer to such a reliable instrument as property ownership abroad.

This was evidenced by a significant number of interested visitors, investors & potential buyers at the Moscow International Property Show this year.
Russians & representatives of other CIS countries are not only aware of what it is to invest in real estate, they also believe this sector to be the most profitable to invest in.

That’s why Cumberland Properties who have long specialised in the design, construction & provision of exquisite interiors to their exclusive properties in Turkey, decided to offer the market a few new projects at the Moscow International Property Show where Cumberland’s Woodland Regency development was the most admired of all.

While the name of Cumberland is becoming familiar to the sophisticated ear of the discerning Russian buyer our team continues to work on the next set of fabulous ideas.

Christmas for Turkey: Istanbul World’s Best-Performing City

How the world’s cities have fared since the financial crisis hit in 2007

Cities are the great engines of growth in the world economy. Istanbul, with income growth of 5.5% & employment growth of 7.3% over the past year, is currently the world’s best-performing city, according to a new report by the Brookings Institution & the London School of Economics.

The report ranks 150 cities from across the globe according to growth in gross value added per person (a proxy for income) & employment. The 150 metropolitan areas represented just 12% of the world’s population but accounted for 46% of the world’s GDP in 2007.

Some cities have plunged in the rankings since the “Great Recession”. Dubai & Dublin, the second & sixth best-performing cities respectively between 1993 & 2007, now rank as the most stagnant.

Source: The Economist

Turkey An Affordable Alternative For Expats

Over two thirds (75 percent) of expatriate Britons living in EU countries are considering returning to the UK due to the effects of the economic crisis according to a recent survey.

Fears over job security falling European property prices and the strength of the Euro are forcing many to reconsider their options according to a poll commissioned by Moneycorp the UK foreign exchange specialist.

250 in-depth telephone interviews were conducted last month and the findings indicated that 70 percent of those interviewed were now considering packing up and going home.

Job security was the most common concern with 35 percent worried about losing their job.

Falling European property prices was the second major concern closely followed by the strength of the Euro that for many paid in sterling has meant a dramatic cut in income or pensions.

Britons living in Spain where the recession is biting hardest for expatriates are the most worried about losing their jobs with 41 percent afraid they will be affected by the Spanish unemployment rate that currently stands at 18 percent.

More than a quarter (28 percent) of British expatriate living in Spain and more than one third (33 percent) of those living in Germany claim a sterling pension and rely on it as their main income.

An average of 70 percent have repatriation in mind says the survey while more than a third in some EU counties say they are definitely going back to the UK – including 38 percent of British expats in Germany, 37 percent in Spain, 34 percent in Italy and 33 percent in France.

David Kerns, Head of Private Clients at Moneycorp, said: “Our research highlights the real impact of the downturn for Britons living abroad”.

However, Turkey remains outside the EU affording the British in particular especially attractive exchange rates when compared to their European counterparts. This makes Turkey an affordable alternative to the more established retirement destinations such as Spain. Turkey already has a burgeoning British expat community.

Property in Turkey whether you are looking for Turkish property for sale or simply rentals in Turkey currently represents fantastic value for money. Furthermore, Turkey continues to enjoy sustainable growth in its property market with both domestic and international demand underpinning the market. Returns for rentals in Turkey remain strong.

Simultaneously, the strength of Turkey’s underlying economy and continued growth in tourism bolsters the case for considering Turkey as a real alternative retirement destination.

Turkey’s accession to full membership of the EU continues apace, increasing confidence amongst many Europeans in Turkey as a stable retirement destination.

For more information visit: www.moneycorp.com

Cumberland Design & Construction News

Never a dull moment at Cumberland, this autumn, and throughout the winter, will see the continued development through to completion of our Woodland Regency site.

Due to local legislation that is defined by the council and designed to protect tourism, there are restrictions placed on builders and developers; limiting the scope of works that may be carried out during the “high season”, in order to preserve the peace and tranquillity normally associated with the Bodrum peninsula.

Consequently, this is our busiest period of the year on the construction side of our operation and every minute counts.

By the time you arrive for your well-earned break or holiday every trace of our busy winter schedule will have been removed. The paint will be dry, the lawns watered and the sun loungers set-out around the poolside just waiting for you to recline, relax, rejuvenate and enjoy a long, cool refreshing drink in the beautifully secluded surroundings of the olive and pine tree forest in which our exceptional Woodland Regency development is set.

But right now things are moving apace and we’d like to take you on a quick tour of exactly what we’re up to here at Woodland Regency.

No one wants to holiday under a cluster of electric cables strung from unsightly pylons do they? So they just had to go. You will see from the photos that the original pylons have been replaced for a more aesthetically pleasing variety – if such a thing is possible when it comes to electric pylons – and the old cables replaced for the new armoured type and rerouted around the perimeter of the site. Consequently, Woodland Regency is now cable free both above and below ground. This has the dual benefit of both improving safety and improving the aesthetics in order not to detract from the natural beauty of the locale.

Our old warehouse has been dismantled and donated to Konacık council. We understand that a portion of it will be used for storage, however – more interestingly – and more in keeping with Cumberland Properties philosophy – the majority of it will be re-erected, refurbished and reused to provide an adult education centre that will be run by, and for, the local community. It is planned that a considerable number of socially orientated courses will be made available to the surrounding populous. Cumberland Properties would like to wish all those involved the very best in all their endeavours.

The area created by the clearance of our old warehouse will allow work to progress on the footings and necessary groundwork for 3 further C-type units. Each finely crafted and exquisitely finished apartment will comprise of 2 bedrooms, a bathroom and feature an open-plan ground floor that combines the kitchen / breakfast bar with the dining and living space to create a wonderfully fresh ambiance. Each of these will occupy a 1,141 sq ft plot, to include terraces, and will have a floor area of 670 sq ft set out over 2 floors.

Whilst we’ve had trucks and JCB’s roaming around the site this has provided an opportune moment for work to continue on the provision and extension of drainage to the new and existing units respectively.

We have also taken delivery of a considerable amount of topsoil, ready for Cumberland Landscaping & Design to get to work with, in addition to that already available on site.

On the lighter side of things, relatively speaking, work continues with the installation of staircases, balustrades and aluminium windows and doors to the existing units.

All finished off with a lick of paint to keep the site presentable whilst our work continues.

For more information contact: volkan@cumberlandproperties.net

or visit: www.cumberland-properties.com

2010 A Year Of ‘Hope’ Say Businessmen

As the global economy is showing signs of recovery from the worst economic crisis since the Great Depression, indications abound that 2010 will be a year when the recovery kicks in, especially in Turkey, where signs that a recovery is picking up pace revealed themselves towards the end of 2009.

The crisis hit fundamental economic indicators like production, exports, investments and unemployment, leading to massive stimulus packages taken by nations looking to protect themselves from economic freefall.

The speed at which governments enacted such measures was unprecedented, and possibly saved the global economy from falling into a further global slump rivalling the turbulent times of the 1920s.

The upturn in economic conditions in Turkey in the last quarter of the year has left many wondering whether the worst is over, and whether 2010 will make up for the losses in 2009.

Although Turkey’s Medium-Term Economic Program (MTEP) released by the government predicted a return to growth in 2010, some in the business world are calling this overly optimistic, while others are saying that the government should aim even higher.

Regardless of the exact numbers, the Turkish business world, having seen the recent rays of hope in the economy, is hopeful about the coming year.

For more information visit: www.sabahenglish.com

Turkish Government And Local Municipalities Limit Density Of Construction

Turkey is learning from the mistakes of Spain by guaranteeing that its immaculate coastline remains unspoilt.

This is undeniably a crucial step on the way to Turkey becoming a principal destination for overseas buyers.

The Turkish Government has certainly decided that the Spanish construction approach is not their chosen method of development.

The measures that they have taken in restricting and regulating coastal construction will give Turkey a head start in the global market for property investors and holiday-home buyers.

Unlike Spain’s Costa del Sol, obstructed by towering architecture, the Bodrum Peninsula in Southwest Turkey is a protected area; buildings can only be two storeys high and must be whitewashed, giving the region an authentic and picturesque identity.  Furthermore, only 20% of the land in Bodrum can be built on, thus ensuring that its exquisite range of wildlife and natural beauty will be protected for generations to come.

Other advantages of the area include the availability of affordable property, advances in tourism, a low cost of living and quality healthcare.

However, what really sets Turkey apart is the security of investment. The Spanish Government permitted the construction of resorts too close to the beach or on land that had not been acquired by the seller. The corruption involved provoked international outrage as people had entrusted their lifetime savings, only to find that some developments had been illegitimately constructed and were under serious threat.

Turkey is often compared to Spain more than 20 years ago; the coastline is intact and the beaches uncontaminated. Tourism is increasing yet building is restricted enough to enable the growth of coastal resorts without damaging the country’s natural beauty.

A White Paper has been issued by the Turkish Ministry of Forestry and Agriculture that sets out guidelines that intend to limit the density of construction and retain the authenticity of major tourist areas covering the Aegean and Mediterranean coastlines.

Cumberland Properties has been nationally recognised as a green company that operates in the Bodrum area. They own three developments on the Bodrum Peninsula, all of which are excellently located and proud to maintain the area’s nature and wildlife. The unique Woodland Regency development is set in the heart of a tranquil pine forest and the development was constructed around the trees; not a single one was damaged in the process. The exceptionally built villas and apartments are in extremely high demand. The development boasts two large, communal swimming pools, a golf putting area and outdoor playground, an exclusive spa and fitness area and 24 hour security.

The Perfect Investment Environment

Turkey is the perfect investment environment with its unique location and proximity to markets in Europe, Caucasus, Central Asia, The Middle East and North Africa. Global investors are joining in Turkey’s economic and social growth.

In Turkey, we are observing an increase in foreign direct investment that has been spurred by the vibrant people, excellent trade networks, strategic location and the start of EU accession talks. Turkey clearly has global aspirations and is an exciting place to do business.

John Chambers, CEO, CISCO

Turkey represents a robust platform for GE Healthcare’s economic expansion in this country, as well as for the entire region. Its highly skilled manpower, geographical location, as well as its existing international partnerships make Turkey an attractive partner of choice, uniquely positioned for the future. Today, from GE Healthcare’s regional headquarters in Istanbul, we cover more than 80 countries and manage 12 direct operations. Our ultimate goal will be to design and develop innovative solutions for Turkey and from Turkey for the rest of the region.

Richard di Benedetto, President & CEO, Middle East, Africa, Central Asia & Russia

We trust in Turkey’s motivated and qualified labour force and strategic location.
Marco Milani, CEO, Indesit Company

We are running 79 countries from Istanbul and are enjoying the dynamism, diversity and availability of a high-quality work force. These attributes and more, we believe, represent big potential for Turkey, in the way of development through the effective use of technology, as well as becoming a software and services provider to other countries, particularly the EU. Microsoft Turkey will be there to support economic development and capacity building.

Jean-Philippe Courtois, President of Microsoft International, Senior Vice President of Microsoft Corporation

Turkey is ranked as being the 15^th most attractive FDI destination for 2008 – 2010 (UNCTAD World Investment Prospects Survey)

Source: www.invest.gov.tr

www.cisco.com

www.gehealthcare.com

www.indesitcompany.com

www.microsoft.com

www.unctad.org

Turkey An Affordable Alternative For Expats

Over two thirds (75 percent) of expatriate Britons living in EU countries are considering returning to the UK due to the effects of the economic crisis according to a recent survey.

Fears over job security falling European property prices and the strength of the Euro are forcing many to reconsider their options according to a poll commissioned by Moneycorp the UK foreign exchange specialist.

250 in-depth telephone interviews were conducted last month and the findings indicated that 70 percent of those interviewed were now considering packing up and going home.

Job security was the most common concern with 35 percent worried about losing their job.

Falling European property prices was the second major concern closely followed by the strength of the Euro that for many paid in sterling has meant a dramatic cut in income or pensions.

Britons living in Spain where the recession is biting hardest for expatriates are the most worried about losing their jobs with 41 percent afraid they will be affected by the Spanish unemployment rate that currently stands at 18 percent.

More than a quarter (28 percent) of British expatriate living in Spain and more than one third (33 percent) of those living in Germany claim a sterling pension and rely on it as their main income.

An average of 70 percent have repatriation in mind says the survey while more than a third in some EU counties say they are definitely going back to the UK – including 38 percent of British expats in Germany, 37 percent in Spain, 34 percent in Italy and 33 percent in France.

David Kerns, Head of Private Clients at Moneycorp, said: “Our research highlights the real impact of the downturn for Britons living abroad”.

However, Turkey remains outside the EU affording the British in particular especially attractive exchange rates when compared to their European counterparts. This makes Turkey an affordable alternative to the more established retirement destinations such as Spain. Turkey already has a burgeoning British expat community.

Property in Turkey whether you are looking for Turkish property for sale or simply rentals in Turkey currently represents fantastic value for money. Furthermore, Turkey continues to enjoy sustainable growth in its property market with both domestic and international demand underpinning the market. Returns for rentals in Turkey remain strong.

Simultaneously, the strength of Turkey’s underlying economy and continued growth in tourism bolsters the case for considering Turkey as a real alternative retirement destination.

Turkey’s accession to full membership of the EU continues apace, increasing confidence amongst many Europeans in Turkey as a stable retirement destination.

For more information visit: www.moneycorp.com

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