Buyers Beware

I stumbled upon the Horizon Sky Owner’s site* on Facebook where it seems some investors are in rebellious mood, railing against prolonged delays and rising costs. It was a chilly blast from the past. I had considered buying into the development about 4 years ago when I had a proper job, a decent wage, and a few pennies in the piggy bank. It was at a time when the prospect of moving to the sun was but a faraway fantasy so we fancied a part time slice of paradise as the next best thing. The development was heavily promoted in the London Evening Standard property supplement and I was seduced by Galliard Homes’ first-rate reputation for top-drawer builds. Liam and I attended a slick presentation in a swish West End hotel and talked at length to one of the persuasive, pretty reps. I was dangerously close to signing on the dotted line but, at the critical moment of my madness, I stepped outside, lit a reflective cigarette, regained my sanity and walked away. It was not to be.

I know little of the development these days except that it seems colossal in scale and ambition, located on an isolated slope near Iassos and late. Now we live in Turkey we know so much more. Our lives and means are utterly altered as is the dire economic landscape we all now inhabit. We rent and are thankful for the freedom to move as we please and when the mood takes us. We have been mercifully released from that inbred notion to own that Brits nurture in the womb. “There’s nothing safer than houses” my father used to say. Alas, this has a hollow ring nowadays.

Investing in Turkey no longer offers the rapid return it once did, nowhere does. We travel the length and breadth of the Bodrum Peninsula past half-built developments of little white boxes marching up hill and down dale. No-one seems to be buying and few are renting outside the height of summer. And yet the developers carry on regardless, promising pie in the sky, depressing the market and killing the goose.

* July 2011. The Horizon Sky Owner’s site on Facebook is no longer public.

* February 2013. Horizon Sky now has an open Facebook page that anyone can join.

10 thoughts on “Buyers Beware

  1. Hi there

    I have just read your article on Horizon Sky that was interesting but not entirely true. I though that the forum was made public again as I believe it was and is public? I maybe wrong however whenever I have visited the site I have only ever seen positive comments.

    We purchased there and after a difficult period Signature are delivering, we have to accept that we are undergoing a difficult period but we feel that your article does misrepresent the development.

    The owners are renting out their properties as we are and visitors have good things to say about HS, and as for a return on our investemnt we are very happy.

    Maybe you should catch the the boat over the bay from Gulluk and view HS for yourself and maybe up-date your comments and advice – a fair thing to do I believe.

    Thank you.

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    1. Hi David

      I do think the post was accurate at the time of writing (over two years ago now) and I’m still relieved that I didn’t invest in the development. At the time, I was interested in a two bedroom duplex which, if my memory serves me right, was on sale for about £90,000. Looking at the Signature Resorts website, the same apartments are now on sale for about £66,000. This might represent good value for money for today’s investors but would have been disastrous for me had I gone ahead. It was just bad luck that this ambitious scheme was launched just as the world economy went into meltdown and many of the proposed facilities could not be delivered (and, as far as I know, still haven’t). I’m really pleased that Horizon Sky had come back from the brink and investors are looking to the future with renewed optimism. These days, it pays to play the long game. Regardless of the financial climate, the views will always be spectacular. When we’re next in Turkey, we may take a trip over.

      Cheers

      Jack

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      1. Hi Jack just thought you would like to know some new things at Horizon Sky. The restaurant and toilets by the pool have now been demolished, the gym is now no more it is the new office, beach bar is closed, they have no drinks and beverage licence, dont know when they will get one, the most annoying thing is that owners are still renting out without telling holidaymakers of the problems., which is quite naughty, having said that it is a lovely place. Take care Joseph.

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  2. My partner and myself saved for years to buy this property in Turkey, Horizon Sky. Having went without a social life to get the dream of living abroad for years we were due to make the last payment, something seemed wrong, the short of it they have re-sold out plot to someone else and now we have paid them £90,000 and can not get our money back, we are told they are going to court but no calls returned, two years later we can’t get an answer from anyone. They have stolen our life savings and are not prepared to give us the money back, we threaten legal action only to be told we will lose everything if we don’t sit tight crooks do not buy from them.

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