If you are considering reasons to buy property in Turkey, you have come to the right place. With inside knowledge of real estate markets in Turkey and property prices, we have helped many foreign buyers become proud owners. Before we start, though, we would like to put one myth to rest. You do not have to buy property in Turkey to get a residence permit. Many expats live in Turkey and rent.
Some real estate agents list obtaining a residence permit as a reason to buy, but you don't. Of course, though, direct investment in this beautiful country has many other advantages. Turkey has much to offer for real estate investment and home ownership, from major cities to beach resorts to affordable prices, dual citizenship, and residential properties. So, if you are looking at the real estate market in Turkey and wondering if investing is worthwhile, read on.
Why Buy Property in Turkey
1: Real Estate Prices Easily Beat European Countries
When looking at property prices, expect to be pleasantly pleased. Turkey easily outranks European countries like Portugal, Spain and France for reasonable prices. Of course, the purchase price will differ depending on where you buy in Turkey. As a general rule, Istanbul ranks as the most expensive place for prices of properties, but even these are still cheap compared to Spain.
Hence, that sale price attracts many global investors. The average price of real estate on Turkey's Aegean and Mediterranean coasts grabs the attention of many people looking to own summer holiday homes or even retire permanently. See the prices of properties by browsing our portfolio of homes for sale here, then use the contact details to learn more or arrange viewings.
2: Low Maintenance and Running Costs
Once again, Turkey comes out trumps compared to European countries because the average cost of running property is much cheaper. Many Brits can't believe the council tax's price; for this, they get the bins emptied daily. Water costs are incredibly affordable via bills or on meters; even a yearly bill doesn't break the bank. Many companies also run special offers on internet, telephone and mobile packages. Do maintenance like repainting, gardening, and pool upkeep yourself or outsource to companies for monthly fees. To learn more, contact us and speak to an agent for updated figures.
3: Easy Purchase Process in Turkey
The other aspect that surprises foreign citizens is that the process is straightforward. In years gone by, foreigners used to have to get military clearance, and this held up the title deeds process. However, in most places, this has been scrapped. With notary offices now having more power with the purchasing process, if everything is in place, including finance and paperwork, get your title deeds on the same day. There are not many other countries that operate like that. Read more about the buying process in Turkey here.
4: Attractive Citizenship by Investment Program
This option applies to anyone with a minimum investment of $400,000 and will pledge to keep it for at least three years. The Turkish citizenship program was launched to boost investment in the Turkish economy, business and real estate. For this investment property route, most government-approved properties for the Turkish citizenship scheme are in Istanbul. Becoming a Turkish citizen has many benefits for different nationalities because they get the right to live and work in Turkey permanently. Find out if this appeals to you here.
5: Long-Term Potential for Foreign Investors in Turkey
Going local proves fruitful for property values when looking at foreign investments since Turkey is a vast country. Many local areas are still developing and upgrading their infrastructure and transport, which has a knock-on effect on real estate prices and future investment. In Altinkum, when a private college was built, the homes in the surrounding area immediately shot up in value thanks to increased demand. Over in the Antalya area, the Altintas district is proving to be the investment hotspot because the Lara Beach and Konyaalti areas can't match demand; hence, construction companies are moving to the surrounding land.
The same is happening in the Seydikemer area in Fethiye. Meanwhile, head to the outskirt districts of Istanbul and take your pick of sites ripe for investment property. We have offices in all significant regions of Turkey, including Istanbul, Bodrum, Fethiye and Antalya. For foreign property investment in local areas, call us for advice on which districts are currently worth looking at.
6: Excellent Quality Architecture and Building Standards
Aside from land and commercial properties, the house types available on the Turkish property market are apartments and villas. Apartment living is trendy in Turkey, especially in the largest city of Istanbul city centre and other major cities. Whereas heading out of urban centres to more rural towns and villages, villas feature heavily in markets. Expect excellent building standards and architecture regardless of which residential properties you choose.
In places like Yalikavak on the Bodrum peninsula, properties for sale can reach millions of pounds thanks to state-of-the-art architecture that fits in with the surrounding landscape and yachting lifestyle. In places like Belek, people also buy a plot of land and build their own homes based on their lifestyle preferences and tastes. The architectural quality makes it so easy.
7: The Strategic Location and Air Transport
Turkey is famous for real estate sales and tourism. The central location between Europe and Asia easily explains this. But where Turkey has excelled is air transportation. Over on the Aegean and Med coast, three airports, Dalaman, Antalya and Bodrum, deal with more than 35 million arrivals annually. As award-winning air travel hubs, they link with many other countries worldwide. But the jewel is Istanbul's new airport, which will be the world's most enormous when complete. Getting to your property in Turkey is so easy all year round, thanks to the impressive air transport hubs. More about Turkey’s airports.
8: Cultural Activities and Turkish Lifestyle
A big draw is the Turkish lifestyle and culture. As soon as people arrive on property inspection trips, they sense it. From the friendly nature of locals to al fresco-style dining at night. Of course, there are also 300 days of sunshine every year, as well as 7000 kilometres of coastline and gorgeous beaches, but from the capital city to the economic centre of Istanbul, the smallest village, every first-time buyer finds it easy to make friends.
9: Popular Locations to Buy Property in Turkey
Istanbul's strategic location bridges Europe and Asia, making the city significant for trade, commerce, and culture. Istanbul is Turkey's economic heart, offering job opportunities and thriving business environments, as seen in many multinational companies and industries, attracting professionals and entrepreneurs. Istanbul is also one of the world's top tourist destinations, drawing millions of visitors annually. Investing in a property that caters to tourists, such as a vacation rental or hotel, can be lucrative due to the high demand for accommodation.
Istanbul offers many real estate options, from historic apartments in old neighbourhoods to modern luxury developments along the Bosphorus. Whether you're looking for a traditional Turkish home or a contemporary high-rise, find a property that suits your preferences. Istanbul's rental market is also robust, driven by population growth, expatriate community, and tourism. This presents opportunities for property owners to generate rental income.
Lastly, Istanbul's property market has grown steadily, offering possible capital appreciation. As the city continues to develop and expand, property values may increase. Overall, Istanbul offers high-quality lifestyles with modern amenities, rich cultural scenes, and diverse culinary landscapes. The Turkish government’s continued investment in infrastructure projects, including transportation, also enhances accessibility and desirability of specific neighbourhoods for residents and investors.
When looking at the Bodrum peninsula, there are many destinations to choose from. Bodrum's city centre features vibrant nightlife scenes, restaurants, and shops. It's great to be in the heart of the action. Properties here range from apartments to luxury villas. Yalikavak, a picturesque fishing village turned upscale resort town, boasts a beautiful marina, luxury hotels, and trendy restaurants. This popular area attracts expatriates and offers high-end villas and apartments. Charming Gumusluk, a, quieter village, features tranquil atmospheres and seafood restaurants. Bustling Turgutreis town offers lively markets, beautiful beaches, and various amenities.
At the same time, family-friendly Bitez earns fame for sandy beaches and water sports. It's quieter compared to other areas. Torba coastal village has tranquil atmospheres for those seeking serene retreats. Trendy and upscale Golturkbuku features lively social scenes that attract celebrities and well-off tourists. You'll find many charming villages throughout the Bodrum Peninsula, each unique. These villages often have smaller, traditional-style properties, perfect for more authentic experiences.
Fethiye, a famous coastal town in Southern Turkey, offers stunning natural beauty, historical sites, and a vibrant expatriate community. Buying in Fethiye provides several advantages for both lifestyle and investment purposes. The region's natural beauty, including pristine beaches, crystal-clear waters, and lush green landscapes, makes it visually stunning to live or vacation. The area is also popular with boating and yachting enthusiasts.
Fethiye's thriving expatriate community includes British and European residents. This diverse community offers a welcoming and cosmopolitan atmosphere for those considering living here. The cost of living in Fethiye is generally lower than in many European countries, making the area ideal for retirees and expatriates seeking more affordable lifestyles. The property market in Fethiye has been steadily growing, and owning property offers good investment potential in places like Calis Beach, Hisaronu, Ovacik and the main city centre.
Fethiye's modern healthcare facilities and hospitals suit those who need easy access to quality medical care. Fethiye also has good transportation links, including well-connected road networks and an airport (Dalaman Airport) that serves domestic and international flights. Overall, Fethiye offers various properties, from traditional Turkish villas to modern apartments and beachfront homes, and is worth looking at.
Thanks to its central location, Antalya on Turkey's Mediterranean coast thrives with tourism. Prospective buyers find many businesses, offices, and job opportunities in Antalya city centre. While the beachfront is an expensive district, several prime communities are located further inland. Antalya's city centre offers modern amenities and infrastructure, including shopping malls, hospitals, schools, and public transportation. You'll have easy access to essential services and entertainment options.
Antalya city centre features many cultural attractions, including historical sites, museums, theatres, diverse culinary scenes, and numerous restaurants, cafes, and bars. Also, expect hundreds of shops, boutiques, and markets selling local handicrafts and designer brands. Additionally, Antalya is the top destination in Turkey for beach tourism. Hence, owning property provides rental income opportunities for tourists seeking accommodation near attractions and amenities.
Antalya's city centre is well-connected by road and international airport, making the area easily accessible for domestic and international travellers, residents and investors. The city centre also offers several property types, from apartments in modern high-rises to historic homes in older neighbourhoods suiting various budgets and preferences.
Owning a home in Alanya is ideal for first-time buyers due to the beautiful Mediterranean coastline, pleasant climate, and growing real estate market. Alanya attracts tourists and expatriates, offering various property types to suit all budgets of real estate buyers including apartments, villas, townhouses, and penthouses. Choose from modern developments, beachfront properties, or more traditional Turkish homes.
Alanya has several popular neighbourhoods and prime districts, each with unique character, shopping centres, restaurants, schools, and healthcare facilities. Popular areas for property investment include Alanya city centre, Oba, Mahmutlar, Kestel, and Avsallar, among others.
Why are Properties so Cheap in Turkey?
The affordability of properties in Turkey is due to several factors. Turkey generally has lower living costs than many Western European countries and the United States. This lower cost of living extends to real estate markets, making property prices more affordable for locals and foreign buyers.
Current Exchange rate fluctuations significantly impact property prices for foreign buyers. Turkey has experienced currency devaluation in recent years, which has made properties more affordable for buyers using stronger currencies like the Euro or US Dollar. Construction costs in Turkey are also relatively lower than in some Western countries. This means developers build properties at lower costs, resulting in lower sale prices for buyers.
Turkey's competitive real estate market includes numerous developers and sellers. This competition leads to lower property prices as developers and sellers strive to attract buyers with competitive pricing. The Turkish government has also implemented various incentives to encourage real estate investment, including tax breaks, reduced property transfer taxes, and citizenship programs for significant property investments.
Turkey invested heavily in infrastructure development, including transportation and utilities, which enhances the attractiveness of specific areas for property investment. It's essential to note property prices vary significantly depending on the location within Turkey. Major cities like Istanbul typically have higher property prices than smaller towns or rural areas. Like other places, there are expensive neighbourhoods. Property prices change over time, so it's advisable to conduct thorough research, work with local experts, and consider your budget and investment goals.
How Long can You Stay in Turkey if you Own a property?
Many people confuse the property buying process with the visa process, but they are different. The standard tourist visa for most nationalities allows 90 days stay within 180 days. You can do the 90 days in one stretch or divide your stay into multiple visits within the 180-day window. To spend longer than this, apply for a residency visa; otherwise, to live permanently in Turkey, residence requirements are that you have the funds to support yourself and healthcare coverage for those under 65.
How to Buy Property in Turkey
Research and Planning: Research the Turkish real estate market to identify the location and property type. Foreign buyers can buy 30 hectares of property. Understand local property market conditions, including property prices, rental yields, and capital appreciation potential.
Location and Budget: Choose the region in Turkey where you want to buy property. Popular destinations include the populated cities of Istanbul, Antalya, Bodrum, Fethiye, and more Turkish cities, towns and villages. Determine your budget, including the property purchase price and additional costs such as taxes, fees, and legal expenses. Consider whether you will buy the property outright or need financing. Turkish banks may offer mortgages to foreign buyers under certain conditions.
Real Estate Agent: Work with us, a reputable real estate agent with experience of helping foreign buyers. We help house buyers find suitable properties and navigate the local market. We also conduct thorough due diligence on each property, including checking the title deed (TAPU), verifying ownership, and ensuring no outstanding debts or legal issues.
Legalities: Sign a purchase agreement outlining the transaction details, including price, payment schedule, and completion date. Hire a local lawyer for legal advice specialising in real estate transactions to review the contract evaluation report and ensure it complies with Turkish law. For people not in Turkey, consider a power of attorney. Most people appoint a solicitor by power. The lawyer will also conduct title deed searches and assist with the legal advice and transaction aspects.
Tax Number and Bank Account: A foreign buyer must obtain a Turkish tax identification number (TIN) from the local tax office. Also, open a Turkish bank account for making payments and completing transactions. This is something that we help with.
Payment and Transfer: Make the payment terms for the property according to the purchase agreement and structured payment plans. Payment terms and structured payment plans vary on whether you are buying a new home, off plan or resale property. Transfer ownership by completing the title deed transfer at the Land Registry Office (Tapu ve Kadastro Müdürlüğü). Pay the required property transfer tax and land registry office registration fees and set up your monthly bill payments.
Further Reading and Information on Turkey
So, we hope we have provided you with reasons to buy property in Turkey. For professional advice about the real estate market in Turkey, call us today. Our knowledge of popular neighbourhoods across Turkey will ensure you buy your dream home and also make a worthy real estate investment at the same time. As a property agent with a proven track record in Turkey, we guarantee you won't be disappointed. Also, browse our portfolio of thousands of properties across the country, from the busiest cities to small villages; that is your first step to property ownership. Otherwise, see our blog that lists hundreds of more reasons to buy property in Turkey.
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