Many people, when researching the cost of property in Turkey vs Spain, struggle to find a definite answer and for good reasons. Both are vast countries, and the old-fashioned saying that location matters is real. For example, the price of a brand new, two-bedroom apartment with on-site communal swimming pool in Mahmutlar, Alanya, Turkey will not even get you a studio property in Istanbul city centre.
Likewise, you might find a cheap rural property in Spain, that screams of traditional architecture, yet head to the coastline and sea views and distance to the beaches suddenly notches the price up by thousands. Likewise, Spain’s economy focuses on the Euro while Turkey bases itself on the Lira. Factor this into currency exchange rates, cost of maintaining and upkeep, as well as additional purchasing costs and taxes, and the data becomes exceptionally complicated. Other factors also make comparing the two, like apples and oranges. But let’s look at what you need to consider when comparing the two countries.
Cost of Property in Turkey Vs Spain
Spain’s Abandoned Villages
We looked at an international real estate portal. Now, there are many cheap houses in Spain, some starting at just 10,000 euros. These might seem like a bargain, but there is a catch. They were all old village houses, sitting inland in remote locations and desperate need for renovation. Indeed, one search in Google of abandoned villages produces masses of news reports that some areas like Galicia are facing massive depopulation problems. The next generations are leaving the communities in search of better job chances and more lucrative opportunities. The villages themselves face issues. There is little or no investment in infrastructure, and local amenities such as shops and medical health centres are scarce. It is ok, buying one of these cheap houses for next to nothing, but they will end up being a drain on your pocket, and could seriously hamper your lifestyle and social circles.
Turkey’s Growing Real Estate Market
This is where Turkey has an advantage over Spain. Hardly anyone wants to buy old village houses. Most are illegally built, lack official paperwork and the cost of obtaining, then renovating and updating them, would be the same as buying two new, modern houses. The reason being, Turkey, was relatively late in modernising its real estate market and opening it up to foreign buyers. Before 2000, mortgages didn’t exist. Hence, if you look at the portfolio of listings on the market, there are masses of new housing. In most areas, this abundance of Turkish properties for sale, twinned with a lot of empty land, keep prices low – and for international real estate investors, offer ideal mid-to-long term capital appreciation.
Property Purchasing Costs
If we trawl through the internet looking at the many listings for sale, a rough guideline for starting prices of homes in Spain is £90,000 to £100,000, whereas Turkey is £50,000. Other aspects will also affect your eventual outlay. Naturally, anytime we buy a house, extra costs also must be paid. These include taxes, notary fees, lawyers, land register fees, stamp duty and much more. In Spain, factor in roughly 10 to 15% of the buying price to cover these, and in Turkey, your extra costs budget should be 9 to 12%.
Cheapest Places to Buy Property
Spain’s 17 self-governing regions present thousands of locations in which to buy property, but the lowest prices are generally found on the Costa Blanca. This is 200 kilometres of coastline sitting in the Alicante province and includes well-known places like Benidorm and Torrevieja. Turkey meanwhile has seven geographical regions which break down into 81 territories. Most foreign buyers tend to stick to the Aegean and Mediterranean towns of Bodrum or Fethiye, or the metropolis city of Istanbul. Aegean Didim and Mediterranean Alanya are two places to buy cheap properties. Real estate investors have their eye on the outskirt European districts, where billions are being invested into infrastructure, housing, and transport.
To compare costs for the two countries, we turned to Numbeo, a date crunching machine that collects the cost of living in many different countries. They say essential utilities like water, electric, and waste collection is 103% higher in Spain. ADSL internet is 227% more expensive in Spain. When it comes to buying property, prices per square metre in the city centres, are 288% higher in Spain than Turkey, while this climbs to 369% in outskirt areas. So overall, when comparing the cost of property in Turkey vs Spain, Turkey is a clear winner, especially when factoring in additional costs like purchasing power.
If you want to know more about buying a home in Turkey, call us today. Alternatively, browse through our listings of apartments and villas for sale. Each listing includes photographs of the interior and exterior, floor plans and artist designs if the home is off-plan, price, location, and home features. Then use the enquiry button to find out more or arrange a viewing.
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