Q1- Who is David Walker?
I’ve been involved in several start-up companies through direct investments, private placements and International public offering’s (IPO’s) as well as acquisitions. I’ve always been with sales and marketing, however because of my own investor role I am equally used to working with accountants, lawyers and bankers both in the UK and internationally and had experience with several top City firms.
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I entered overseas property sales agency business in 2001 when I was invited by the managing director of the largest UK based Spanish property sales agents, to set up the property re-sales division in our UK head office. This involved recruiting and training a sales team in the UK, devising the sales strategy, designing the marketing collateral, setting up national weekly exhibitions and implementation of it all, both in the UK and Spain.
In 2002, based on the experience gained, David set up my own company with two of the largest builders in the Torrevieja area of the Costa Blanca. This company’s strategy differed from the previous estate agents only approach, and was set up as a vertically integrated Anglo-Spanish property developer under the marketing strategy - “Cut out the estate agent - buy directly from the builder”.
Having thoroughly investigating new emerging countries for the UK overseas property purchase market, I started selling property in Turkey on the Mediterranean coast. Based in Alanya, I formed a joint company, Turkish Property Choice, with a local estate agent and builder to market and sell apartments and villas to international buyers. The Company now has 30 employees in Turkey and the UK and now sells property on both the Mediterranean and Aegean coasts. The Company also has representative offices in Holland, Scandinavia and Ireland. As well as acquiring a hotel in Alanya to accommodate its international clients, the Company is opening 4 more offices on the Aegean coast of Turkey. The company is also developing its own villas in Alanya, and has several joint venture developments.
Q-2 How long have you been Board Member of TBCCI and what does it mean to be a board member of TBCCI?
I have been a Board Member of TBCCI since November 05. I joined for several reasons and so far my dealings with my Board colleagues has been very informative and enjoyable. The main reason for becoming a Board member was to have greater British representation, after all the title is the Turkish British Chamber. The directors consist of 18 Turkish and 3 British, perhaps the name should be the Turkish and a few British Chamber etc.
The other reason is because all my dealings with Turkish businessmen have always been proper and direct, in my experience, operate under much less interference from central and local Government. This style of open business suits me. It is quite freewheeling and in my opinion, with lighter government control the economy will grow quicker and therefore offer great business opportunities.
I believe the Chamber should have a much greater voice in Anglo Turkish business and commercial affairs. My aim is to help make this happen.
Q-3 What is it that makes Turkey such an attractive target for overseas property buyers?
Turkey has the potential to enter the EU from 2012. As has happened with other EU accession countries, this will have a long-term impact on the Turkish economy. Inflation has already dropped from 70 per cent during the period 1993 to 2002 to 9.3 per cent in 2004. The annual growth rate has increased dramatically from 2.5% to 9.9%in the same period.
Over 17 million tourists visit Turkey every year, and foreign investment is already pouring into Turkey. Although the property market in Turkey has been one of the fastest growing in Europe with prices rising 30 to 40 per cent over the past two years, average prices are still refreshingly low. Buyers can expect to pay about £50,000 for a two-bedroom apartment, and slightly more with a sea view thrown in.
Although there is a wide array of overseas properties to choose from, most Britons are choosing Turkey for similar reasons.
Turkey has good infrastructure with great roads and great leisure facilities. The restaurants are excellent. Its people are extremely welcoming, friendly and helpful. The country is clean, secure and inexpensive for elderly people and there are good job and business opportunities for younger and qualified people.
Turkey gets 300 to 320 days of sunshine a year, the sea is better than in Spain and it has some of the best coastline in Europe. Its great culture and history enhance its beautiful beaches, land and people.
Not least, Turkey offers a great investment opportunity, as prices have increased by 20 to 30 per cent per annum. The buildings are of high quality and conform to national building standards. Taxes on property are comparatively low.
Q-4 How Does Turkey Compare?
Other popular property markets, such as Spain, France, Bulgaria, Cyprus, Portugal and Florida, all have their advantages, as do the emerging markets such as Dubai, Morocco and Egypt. Some have shorter flying times than Turkey; some are English speaking; some have familiar food and lots of golf courses. But some also have high property and cost of living prices, long build times, short summer seasons, restrictive residency rules or complicated buying requirements.
Because Turkey is such a diverse country – covering two continents: Europe and Asia – it appeals to a wide range of people. Property investment here is therefore likely to remain a good bet, with the currently low prices continuing to rise in the long term.
Thank you.
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