FCO in Turkey producing list of reputable property professionals

The Foreign and Commonwealth Office (FCO) in Izmir, Turkey, is compiling a list of reputable property professionals for British buyers to consult. Following an increasing number of problematic deals, the FCO advises that investors only consider purchasing with those listed.

Consul Anthony Buttigeig told Overseas Property Professional (OPP) that his office regularly receives complaints from British investors who have bought holiday homes on the Aegean Coast . In particular, the FCO is often made aware of developers who have not handed over the title deeds and sold the same property to someone else, or agents who have disappeared after taking deposits.

Buttigeig explained that the FCO was now acting to minimise problems: "Unfortunately this is happening all the time and we are approached after the fact, and there is very little we can do about it. Not all agents are scam artists, there are several reasons why a project may be delayed and this list will not be foolproof, but will hopefully provide some guidance for potential buyers in the area."

In order to compile the list, the FCO has met with several authorities in the region. These include the Real Estate Dealers Association (REDA), Didim Chamber of Commerce (DCC) and a local police chief. The final method for inclusion in the list is as yet undecided, Buttigeig said.

The FCO's actions have been welcomed by property professionals in the region. Izzet Donmez, managing director of Oracle Properties, which is building near the new marina in Didim , said he was aware of the problems: "I approached the embassy in Izmir about something similar five years ago. We could see that this was going to happen and before it gets out of hand we wanted the FCO to inform Brits buying here and tell them not to just believe anyone who says they are selling property... Some people are investing their life savings and if it goes wrong it attracts a lot of negative attention."

Donmez went on to explain the problems afflicting the industry": "Criminality aside, a lot of developers just don't do their due diligence so they go ahead and build a project, but can't get the title deeds. Some blame the army or government for the delay, but in reality they haven't done their work, leaving buyers hanging for years in some cases...Hopefully this will force the rogue operators to clean up or get out."

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