Customers often ask us if Turkey is the cheapest place to buy property? So, in an endeavour to find out the answer, we went on a search of official housing prices across the world.
But before, we reveal what we found; it is crucial that if you want to buy a home overseas, consider other factors rather than just price. For example, one survey we came across mentioned North Korea as one of the cheapest countries in the world for real estate, but the likelihood of anyone wishing to live or holiday there is very slim.
Whichever country you buy in, research the political system, and whether it is stable. Likewise, buying in a country where the policing system is known to be corrupt, will not fair well in the future, should you ever need them. Besides that, seven other factors will influence where to buy the cheapest place in the sun.
Cheapest Country to Buy Property – Factors to Consider
Purchasing Costs: Besides the price of the property, also factor in additional purchasing costs to your budget. Example costs across the world include lawyers’ fees, translation and notary fees, stamp duty, other taxes, and real estate agent fees.
Legal Regulations: When finding out whether a property is freehold or leasehold, also investigate statutory regulations regarding ownership, especially if you plan to buy an apartment. For example, in Turkey, apartment owners must adhere to the condominium law. This governs how communal areas are administered and managed.
Purchasing Process: Although most people use an estate agent and or lawyer to handle the process for them, it is still essential to make yourself aware of the steps and expected timeline. In some countries like Turkey, the process can be completed in as little as three weeks if you don’t need a mortgage, but in others, this can stem in months.
Running Costs: Also investigate and set in place, how much money you would need a year to run that property. Bills to consider include how much is electricity, water, gas, council tax etc. If buying an apartment, you will need to pay a monthly maintenance fee, and should also budget for normal wear and tear, and maintenance.
Renovation Costs: Sometimes, properties are just too cheap to be good. As always when investing in real estate, get a valuation or independent report as to the structural quality of the house. In Turkey, traditional stone cottages sell for excellent prices; however, renovation costs can be as much as double the price. Besides, these houses sometimes lack the updated habitation certificate that modern homes have.
Neighbourhoods: As with anywhere in the world, specific communities are better than others. Property is always cheaper in less than desirable places, so check online reviews and social facilities to make sure the neighbourhood matches your lifestyle expectations.
Investment Potential: If your primary aim for buying is to maximise your return on investment, investigate other factors like local infrastructure plans and developments. Always invest in a destination, that strives to be the best. Any good local estate agent will keep themselves up to date with council projects, and they are a brilliant source of information. Overseas real estate isn’t the right market to flip houses for a sudden profit, so always look at a mid-to-long-term investment.
NOTE: Visit our Turkish property buyer guide for more details.
Where to buy property in Turkey?
So, alongside the above factors, we can now look at the prices of property across the world. Unfortunately, one fault with most surveys we found, is that they used Istanbul housing price stats, but this is the most expensive place in Turkey to buy real estate, especially in districts like Besiktas, which have a prestigious high-profile status. If Istanbul is your chosen destination, and you want low prices, stay away from the central districts, and instead, look at upcoming European neighbourhoods like Esenyurt.
These neighbourhoods are a hotbed for real estate investors, thanks to massive mega projects like the new Istanbul Airport, and ongoing, local projects to modernise roads, improve metro access, and introduce, modern, quality housing. Aside from that, many other destinations in Turkey promote cheap housing. Three high profile areas include…
Alanya: Sitting at the far eastern tip of the Antalya district, Alanya’s mass promotion in recent years has paid off, and the resort is rising to high prominence. Neighbourhoods like Mahmutlar are still in their infancy and prices for an apartment start at roughly £50,000. During the official tourism season, tourists flood in to enjoy the beachside ambience, but Alanya also has a large expat community, leading to a multicultural feel. Read why Alanya is popular with foreign house buyers.
Trabzon: Whereas European buyers flock to the Aegean and Mediterranean coasts, Middle eastern buyers head to the northern areas like Trabzon. Finding many similarities in the culture and traditions, it is also close to the border with Georgia. Significant attractions include Sumela Monastery and Uzungol lake, and property prices start at roughly £40,000. (More about Trabzon.)
Fethiye: Given Fethiye’s high profile status on the Turkish Riviera, many assume Fethiye property prices to be high, but reality indicates an excellent housing market for first-time buyers in Turkey. Prices start at roughly £60,000 for an apartment, and buyers can expect attractive social features like a timely and cheap transport network, alongside varied dining, and shopping scenes. (Fethiye area guide and resort information.)
To gain a further idea of whether Turkey is the cheapest place to buy property, see our portfolio of apartments and villas for sale. Each listing includes the location, price, and home features to compare properties with the likewise in other countries. Additionally, to chat with an agent about investing in Turkey, call us today.
Best Places to Buy a Holiday Home in Turkey: We discuss the most popular places in terms of sale for buyers who want a summer holiday home. We also discuss why these places bring in crowds, whether it is dining, food, nightlife, shopping out or the beach tourism scene.
Expat Guide to Turkey: Some people buy a property intending to move out here to live. This article talks about the pros and cons and tips for navigating a stress-free life in Turkey.
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