Update from the Board (April 2024)

Dear Owners,

Holiday Village is not showing its age! It is hard to believe that the Complex opened in 2006 and is still showing its youth! As the summer season of 2024 fast approaches, we hope to see many of you visit our beautiful facility over the coming months. The new season of 2024 is approaching quickly and much work is being completed around the Complex to get everything ready for our visitors to arrive. We take this opportunity to thank you for your support as always for the Manager and the Board:

Latest News:

  1. You will be aware that it remains a great challenge to make reasonable future financial predictions, given the continued volatility of the Turkish economic situation. Inflation remains at extraordinary levels and the exchange rates between other currencies and the Turkish Lira have not matched this, which adds a strain on our budget. As written in the previous update, in January 2024, for example, the salaries of the workers at Holiday Village have had significant increases a number of times over the past year by order of the Turkish Government, with another 50% in salaries announced by the government in January 2024. Other necessary complex costs have also been subject to significant increases due to the inflation rate.

    To put this into context, it represents an increase of 20.000 Euro in extra costs caused by inflation for personnel and pool costs alone. In addition to this, insurance costs for the complex have risen from 4.300 Euro to 8.000 Euro most recently, with further significant increases expected. Unexpected costs to repair the elevators were in the region of 16.000 Euro in 2023 alone. The Manager and Board continue to do our very best to ensure that our finances are spent in the most prudent manner and will continue to explore areas where efficiencies can be made. However, as you can understand, we will need to insulate ourselves against further financial volatility and protect our Complex in the medium and long term to ensure that we remain financially sound and are equipped to deal with any unexpected costs that will come our way. All complexes are facing similar pressures regarding financial security although we are better protected given the decision some years ago to fix the annual fee in Euro.
  2. As agreed at the AGM in May 2023, upgrades have been made to the toilet/changing areas around the big pool;
  3. Ongoing maintenance work has continued in the garden areas and other communal areas of the Complex; repair work was completed on the driveway;
  4. The Pool Bar has re-opened for the season and updated prices have been unveiled; these prices when converted into Euro remain more or less consistent over the past years;
  5. A new Holiday Village website will be launched very soon to improve communication. The Holiday Village app is also in development and will be launched a little bit later;
  6. Thank you to those Owners who have already paid their fee for this year – a reminder to those who have not yet paid their fee for 2024 – there remains a small number of owners who have yet to pay this:
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  7. A reminder to owners that the 2024 Annual General Meeting takes place on Monday, May 27th, so please have this date in your diary;
    Agenda/ Power of Attorney and financial information to follow soon. Please try to be present at the above meeting as it is always positive to have as many owners represented as possible – if this is not possible, please do forward the Power of Attorney in good time to Murat or to another owner who will represent you. Should you wish to raise any issue for discussion at this forthcoming meeting, please submit your question/ query at least a month before the AGM to the Manager/ Board at board@holidayvillage.info or holidayvillagemurat@hotmail.com


The Manager and Board of Holiday Village