If you are researching the easiest countries to buy property abroad, put Turkey on your list, of places to invest in. This vast country covering more than 783,000 square kilometres is the world’s 37th biggest and now, is attracting real estate investors and holiday homes buyers for many reasons, of which the simplicity is one. As well as being easy, many other reasons attract foreign home buyers, and there is a multitude of destinations to choose from.
We realise that as a Turkey-based estate agent, you might think we are biased; however, the proof is in the data and figures of past sales. In 2019, 45,000 foreigners purchased apartments and villas in many places, but mainly Istanbul, the Mediterranean and the Aegean. To know more about buying overseas properties, contact us today, but in the meantime, let’s look at why it is easy to buy a home here.
Why Turkey is one of the Easiest Countries to Buy Property
1: Time Frame
Many buyers, especially those from the UK, are quite surprised at how quick a sale happens. The timeframe depends on circumstances i.e. whether finances are in place, and the type of home you purchase such as new build, off-plan, or a furnished resale, but some sales go through in as little as three weeks.
2: Financing your Purchase
One reason many people choose Turkey is low and affordable prices make it is easy to finance your purchase. Those who want to live here all year round often sell their house in the home country, while others have part re-mortgaged or used inheritance. At an average starting price of £65,000 for an apartment, it is easy to understand the lure for budget homebuyers.
3: Low Purchasing Costs and Affordability
In addition to your buying budget, also factor in, purchasing costs. These include lawyers’ fees, translator, notary office fees, stamp duty and other taxes. The good news is in Turkey, this is approximately 9% of the purchase price. As a rule, whenever a customer is interested in buying a home, we provide an outline payment plan of what to pay and when, so you know from the get-go, how much you will need.
4: What Language Barrier?
A big concern for any foreigner when they look at property for sale abroad is the language barrier. However, in most Turkish destinations, local Turks speak English. In places like Antalya, where there are many Russian and German expats, they will also speak those languages. Head to Cappadocia, which hosts many Chinese tourists and locals will speak those languages as well. So, arranging viewing trips isn’t an issue. When it comes to legal papers like contracts and signing for the deeds, you must use an officially recognised translator by law, but overall, at every stage of buying a house, you are in control.
Easy Tips for Buying Property
Overseas property buyers and sellers don’t have to use a lawyer, but we recommend you do to safeguard your investment. The lawyer is responsible for contracts, handling of money, and checking legalities, the habitation certificate and title deeds details. Additionally, be wary of bargain properties where the price is too good to be true. Sometimes, sellers want a quick sale, so they drop their asking price. Estate agents usually snap these properties up in return for a same day cash purchase because they are flipping them. Hence if a really, cheap home has been on the market for a while, ask yourself why, and judge renovation costs. As an established real estate agent, we perform due diligence on our properties for sale, so find your ideal home in our list of apartments and villas on the market. Each listing includes everything to know, including photos, location, and home features. Just use the enquiry button to arrange a viewing or find out more.
5 Reasons to Buy in Turkey
Broad Portfolio: Twenty years ago, anyone buying an international property would not only have to jump through hurdles but would also be severely disappointed by what was on offer. Turkey’s housing-market was crumbling with old, depleted properties. Fast forward to the present day, and this has all changed. Whether you want a resale, new build, or off-plan apartment or villa, you will find what you are looking for. Some towns like Kalkan are known for their large, luxury villas of which some reach six figures during a sale, but in regions like Antalya or Fethiye, the choice is endless.
Exchange Rate: When converting money from your home country to Turkish lira, you get an excellent exchange rate, so in turn get more bang for your buck. When transferring the money to pay for the property, also use specialised foreign currency exchange companies which offer higher rates and lower transfer fees than banks.
Citizenship by Investment: If you are in the market for luxury real estate and plan to spend at least $250,000, you will also be able to apply for citizenship. The only requirement is that you keep the home for at least three years. Find out more about Turkey’s citizenship investment programme here.
Lifestyle and Weather: Turkey’s booming tourism industry, keeps people returning year after year. Additionally, many foreigners choose to invest in and live here. The weather plays a large part with hot summers and cool winters in the Mediterranean, but the lifestyle, combined with Turkish hospitality is another lure. If you have not already visited, we recommend you do, to experience it for yourself.
Living Costs: What lures many homebuyers and expats is the living and running costs of owning a home, especially when compared to countries like America, the United Kingdom and European destinations like Portugal and Spain. Water, home insurance, council taxes and other utilities are cheap, and there is no TV licence to pay. Some foreigners who own holiday or a second home with private pools, employ companies to manage the property for them; otherwise, there are many opportunities to save money and live cheaply.
Where to Buy Property: Foreigners buy homes in many different places, but some like Istanbul and the Antalya region stand out more than others. Where you decide to buy will ultimately depend on your reason, and lifestyle preferences but in this article, we talk about some destinations leading the way and why they make Turkey one of the easiest countries to buy property.
Two minutes away from the beach and local amenities, these fully completed apartments are for sale within a residential area of Konyaalti in Antalya and have access to a swimming pool and other social facilities.
Minutes away from Taksim Square and the Bosphorus Sea, this penthouse-style apartment is located in the heart of Bomonti in Sisli area of Istanbul and forms part of a prestigious site with 5-star services to use.
Uniquely located in Gumusluk to maximise on sea views and peaceful surroundings, these villas are built to modern contemporary standards and are suitable for those wanting to live with their families in a desired location in Turkey.
These Pendik apartments have tremendous views heading out towards the Marmara Sea on one side and Aydos Forest on the other side – suitable for buyers looking to live in a peaceful area of Istanbul at an affordable price.