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Fractional Ownership (First Step)

An established developer in Turkey, Oracle Properties now offers a fractional ownership program ( First Step ) at some of our developments.

"All the benefits of FREEHOLD home ownership..." - First Step is a new approach to buying a dream home in the Turkish sunshine. Specifically developed by Oracle Properties - a leading Turkish property developer - it allows a group of unconnected or connected buyers to combine their resources and collectively OWN ( legally freehold titleship) beautiful property.

First Step meets the needs of today's potential buyers - those who would love to buy their dream home but recognize that it makes no economic sense to own a property they only visit for a few weeks each year. And those who are cautious, preferring to test the idea of ownership abroad before further commitment. Whichever way you'll own a property FREEHOLD with Oracle properties and your co-owners limited to maximum 4 owners.

"CHOICE OF DEVELOPMENTS. QUALITY CONSTRUCTION. SUPERB FINISHING-SOLID INVESTMENT..."

Buying property through First Step is possible at a number of Oracle Properties quality resorts. As with any other property purchase you'll be interested in the location and style of your new home. You'll need to be assured that the build quality is excellent. And if you're looking to share the cost of buying an apartment or villa you'll want the interior décor, furnishings and equipment to be attractive and durable. At an Oracle developments you can relax in the knowledge that each property has been built with these aspirations and standards in mind.

"...BUT AT A FRACTION OF THE PRICE"

First Step is available as quarter share ownership, allowing a group of up to 4 unconnected or connected friends or family buyers to enjoy the benefits of owning a home abroad at just a proportion of the full costs.

Quarter share ownership is available on apartments at our Summer Breeze Apartments and villas Sunny Bay Villas in Akbuk and 4-5 Bedroom private built villas. Aquamarine Apartments and off plan Aquavista Holiday Village are available on First Step Quarter share ownership. Owners can enjoy up to 3 months occupancy a year on the First Step system and only pay a proportion of the total annual management, maintenance and administration costs.

FINANCIALLY FIRST STEP MAKES GREAT SENSE.

You can enjoy the future profits too. As a buyer you'll be attracted by Freehold Ownership, assets that can appreciate over time and especially assets that can provide fun and entertainment as well.

If recent history is anything to go by the Turkey is well positioned to provide attractive levels of capital appreciation as well as being a stunning resort location for all of your family and friends.

"70 PER CENT MORTGAGES"

The Oracle Properties is proud to announce that it has introduced 70% mortgages, offered over 15 years for UK and Ireland residents. Oracle Properties is one of the first companies to offer such mortgage options in the overseas property market. UK and Ireland Investors can finance up to 70 per cent of the purchase price of a First Steps villa or apartment, a purchase option is offered through a mortgage that is not linked to their own home. First Steps meant many more people would be able to enjoy all of the benefits of a property in Turkey. Now, the new mortgage options mean that even more people will be able to invest in a First Step property without having to realize other investments.

A property management service that's committed to excellence - No matter how good the build quality or furniture packages are the success of a resort ultimately depends on the enthusiasm and skills of the management team. At Oracle Properties we pride ourselves on having well trained and motivated staff that are sympathetic to the problems that people on holiday can encounter.

BUILDING A COMMUNITY ATMOSPHERE

We want all our developments to have a thriving community atmosphere. We all want the bars and restaurants to be lively; First Step is a quality fractional ownership concept that will focus on building communities at each of its resorts.

RENTAL OPPORTUNITIES WHEN YOU'RE NOT THERE

Assuming you share your property with other owners, you will each be entitled to 3 months occupancy in accordance with the First Step system, depending on your ownership scheme. So, if you plan on using the property for less than your allocated time, you can rent out the balance either to your friends and family, your co-owners or through the Oracle Rentals Management Service. Whichever way, it will help defray your annual expenses. Again it makes SOUND FINANCIAL SENSE.

STEPPING UP THE PROPERTY LADDER.

The concept of First Step recognizes that many buyers would like their investment in the overseas property market to be very controlled and considered. However there may come a time when you would like to move on to a larger shared property or even buy an apartment or villa outright. No problem. Oracle Properties have a solution.

If you decide to upgrade to a more expensive property, after offering your property to your co-owners, then you can either buy in the same development or another attractive Oracle Development in Turkey.

OR IF YOU WANT TO SELL

The First Step documentation clearly lays out a procedure for selling your property. You will have a valuable asset to sell on the open market and the resale system is logical and fair.

PEACE OF MIND

Either way Oracle will manage the whole process for you and ensure the maintenance and upkeep of your property when you are not there.

WHERE & WHEN IS FIRST STEP AVAILABLE?

First Step quarter share ownership is available at all of our Developments. With a choice of two and three bedroom luxury apartments and three and four bedroom villas available, or if you prefer the beach, Golden Beach Villas is perfect for you, only 50 metres from the beach with a range of on-site facilities, including swimming pools, restaurant, children's facilities, a tennis court, you can chose from a two bedroom apartment up to a three bedroom apartment/penthouse and Villas.

Interested to know more?
If you want to know more about Oracle Properties or First Step fractional ownership please contact our sales team...

One of the disadvantages of fractional ownership is having to manage use by many different people. The existence of a comprehensive contract will make this job easier. This article discusses the clauses that should be in any fractional ownership contract.

The contract will be made available in draft form once the fractional ownership scheme has achieved enough potential members to make the it viable. At this stage it should be reviewed by a solicitor to ensure that it is a valid legal document. The contract needs to cover 3 phases in the life of the fractional ownership scheme:

Fractional Scheme Initiation

This will start at the point where enough people have expressed an interest in the fractional scheme. No one at this stage will have made any legal commitment to the scheme. This section will require clauses covering the following:

• Who will be managing the process? This could either be the fractional scheme members themselves (or a nominated fractional scheme member) or a 3rd party.
• How will potential members of the fractional scheme confirm their interest? Before going ahead the potential members will have to prove that they are serious. This would normally be achieved by paying a RETURNABLE deposit in proportion to the fraction that they are interested in purchasing. Who will hold this money? The money will be hold by Oracle Properties in return clients will be issued a legal bond for the monies paid.
• How will suggested changes to the fractional ownership contract be discussed and approved? We would suggest that this could be done via a private forum on the website and a poll.
• Who has the legal ownership of the asset, and how will this be documented? (The clients will be given title deeds once all progress is completed.)
• How long will the fractional ownership scheme run for before being dissolved? (This will depend on the owners and their agreement between them.)

Fractional Scheme Management

Once the fractional scheme is up and running the contract will need to cope with a new set of scenarios:

• Who is managing the fractional scheme time allocation, maintenance, and dispute resolution? We feel that this is best done by a 3rd party, as these duties (especially resolving any disputes) could really interfere with your enjoyment.
• What are the rates/arrangements for paying maintenance costs, and what are the consequences of not paying on time. We would suggest that fraction owners who own a very small fraction pay their maintenance fees up-front, to avoid the need to collect very small amounts of money on an annual basis.
• What is the maximum and minimum size of fraction? Minimum fraction sizes are important to prevent the fractional scheme becoming too large; therefore we have limited the size to just 4 quarter ownership.
• Changeover times and arrangements (and consequences of not complying). What time does the changeover take place? Will there be any cleaning needed or will it be the responsibility of the fraction owner?
• The standard changeover times will be applied as hotels and apartments, maintenance and cleaning services (with charges) will be done by Oracle Rentals.
• How are unused weeks to be handled? Do they have to be sold/swapped with other fraction owners? The clients are free to do so or use Oracle Rentals for generating extra income.
• Procedure for coping with exceptional maintenance (both lost time and additional money required). The clients will be given different quotations in case.