Natalie Many foreign buyers ask us if buying an apartment in Turkey is a good idea. If this is you, welcome to a hot real estate market. Turkey has welcomed thousands of foreign buyers eager to get their foot on the Turkish housing ladder. Foreign property buyers are at an all-time high when investing in areas like Istanbul, Antalya, Bodrum, Bursa, Kusadasi, and Fethiye.
As with any property investment, foreign nationals are keen to maximise their capital appreciation, but entering a market where you are unaware of pitfalls is daunting. International buyers must consider other aspects, like average prices, residential complexes, annual property taxes, property ownership, and legal advice. So, this comprehensive guide discusses everything you must know, including your real estate options, quality of life, architectural quality, and more. So, you can decide for yourself, as to whether buying property is best for you.
About Buying an Apartment in Turkey
The variety of nationalities buying homes is staggering, proving the international interest in housing prices. Iraqis show a high interest, but other nationalities include Iranians, Saudis, Russians, Germans, Brits, and people from European countries.
Russians buying apartments and villas have increased threefold in Turkey’s Antalya region, which has been their long-time favourite holiday destination. Middle Eastern countries tend to head to the North, whereas everyone else buys in the West or South.
Foreigners can buy up to 30 hectares of property in most Turkish cities and towns. Property types include modern apartments, duplexes, luxury penthouses, and detached and semi-detached villas.
Why Are Foreigners Buying Property in Turkey?
Money: Reasons are plentiful, but the lucrative exchange rate is a driving force behind foreign purchases in the Turkish market. Compared to three years ago, whether buying in USD, Euros, Pounds or other currencies, foreigners get more Turkish lira for their money than ever before. Affordable prices are all over Turkey. Additionally, even though the strong economy has taken a nose dive, people still say that Turkey is cheaper than most foreign countries, especially regarding purchase prices.
Attractive Citizenships: The market jumped significantly in 2018 when the Turkish government changed regulations and dropped the minimum entry level for citizenship by real estate investment. Thousands of more people suddenly earned the right to live permanently and work. For those looking at business opportunities, this is another investment avenue.
Beaches: One big draw for ex-pats and those looking to buy spacious apartments for holiday homes is the blue flag beaches and 7000 kilometres of coastline. The beautiful beaches are everyone’s dream Mediterranean lifestyle. Likewise, the coastal towns they belong to are relaxed and easy going.
Multicultural: In many places, locals speak English and existing expat communities are a great source of wealth and information for those looking to live in Turkey. Some meet up daily, while others run online groups. While Turkish culture and traditions are evident on every corner, multicultural vibes also exist in many coastal towns and villages.
Residence Permit and Turkish Citizenship
You don’t need to invest to get a Turkish residence permit, but you will get a shorter residence permit. The entry level to obtain a residence permit based on buying property is currently $200,000.
The entry-level to apply for Turkish citizenship by investment program is $400,000 and, of course, a clean criminal record. This gives you permanent residence and the same rights as Turkish citizens. You can keep dual citizenship. The program aims to boost the Turkish economy; hence, not all properties are eligible. Do check this beforehand. This is one of the world’s best citizenship programs and a fantastic investment opportunity.
What is the Buying Process for Foreign Ownership?
The first step to this excellent opportunity is to find an apartment, pay a deposit, and agree on the payment schedule. You must visit the tax office to get a number and open a Turkish bank account, which we help our customers do. Turkish law doesn’t require using a solicitor, but we recommend you draw up a contract and perform certain legal checks and documentation to safeguard investments.
Then, sign for them and move in upon approval of the title deeds application. The process takes as little as seven days. Overall, solicitors, notaries, translators, and taxes account for 5 to 8% of purchasing costs. Remember, Spot Blue customers are never alone because we are with them at each step.
Advice About Apartment Complex Fees
If a building has fewer than six apartments and no commercial properties, it doesn’t need a committee. However, talk to other apartment owners about arrangements for cleaning communal hallways and paying for shared electricity.
Turkish condominium law requires a committee to handle the maintenance of communal areas if there are more than six residential properties. These vary but include swimming pools, landscaped gardens, gyms, saunas, and security staff.
The complex must hold a general meeting once a year to discuss current issues, but residents can see the financial books or speak to the management team at any time. Each apartment pays a fee towards these communal facilities, called aided in Turkish. The committee will proceed with court actions if the payment isn’t paid. The fee varies from complex to complex and will increase with the yearly rise in the cost of living. Remember to factor this cost into expenses.
When searching for apartments in complexes, look for a quality complex with an established management plan and committee or management team. To view records of all maintenance payments and monthly expenses.
What are the Real Estate Prices?
The Turkish property market varies from region to region. Other factors also affect the price. For example, the higher the apartment is, the more it costs because these are duplexes with better views. Ground-floor and basement apartments cost the least in a building.
Contemporary homes factor in at higher prices, making the most of space and having trendy decor and design. The location is essential. The nearer a building is to the coastline or town centres, the higher prices per square meter kick in.
What are Beachside Apart Hotel Residences?
In major cities, beachside hotel residences feature contemporary apartments with social facilities that a hotel would have, including reception, concierge, room service, restaurants, bars, shops, gyms, spa and wellness and sports facilities. They are a mini-village that you never have to leave. This apartment markets itself towards the higher end. These types of property mainly attract foreign investors looking for rental income.
Renting Out Your Turkish Home
Since Turkey is a fast-growing tourism market, real estate investors are looking for possible rental properties. There are two ways to do so. The first is to appoint a management team that handles everything from marketing, bookings, cleaning, welcome packs, and maintenance. The second is to do it yourself.
However, please be aware that in 2024, Turkey updated its rules regarding short-term holiday rentals. Owners must now get a licence to operate as a business and the permission of everyone else in that building. The other important aspect to consider is tax payments, a legal obligation. Please seek further advice from us if this is your main reason for buying.
Off-Plan Construction, Key Ready or Resale Homes
Given that thousands of apartments are for sale, if the choice overwhelms you, a way to narrow the search is to decide whether to buy off-plan, key-ready, or sale homes. Each sector has its advantages and disadvantages.
Off-plan homes sell for discounted prices, but you can’t see them until completion. If choosing off-plan, review floor plans, which list the square meters of each room. A significant advantage is making minor alterations to the décor and design to tailor-make your home.
Complete the snagging list for key-ready apartments that can be moved in immediately. Resale apartments present good opportunities, but likewise, inspect the home because small bits of damage and repair soon add up. With resale homes, the current owner must pay all debts, including council tax, before the title deeds transaction.
Where to Buy in Turkey
Turkey is the 37th largest country, so there are hundreds of destinations to choose from when buying. Current trends for foreigners show they stay away from the East since these are landlocked areas and less Westernised. Most foreign house sales occur on the Aegean and Mediterranean coasts and in Istanbul.
Investment opportunity in Istanbul: Istanbul is the most popular destination and largest city for investment property. Its housing market is transforming because of new developments by construction companies in outskirt European districts. In fact, investors prefer Istanbul over the capital city.
City Vibes in Antalya: As the second most popular community in this beautiful country for foreign investment, the Antalya region includes the city centre and smaller coastal resorts like golfing Belek, historical Side, bustling Alanya, and beachy Kemer. Antalya’s cosmopolitan atmosphere attracts buyers from all over the world.
Foreign Citizens in Bodrum: The Aegean Bodrum peninsula dominates the foreign market, with European buyers. Popular places include Glitzy Yalikavak, upmarket Turkbuku, budget Gumbet, and the town centre, a prominent Turkish Riviera hub. Property values are high, but the area is known for its glitzy lifestyle. Apartments in Yalikavak also target millionaires with ultramodern architecture and fine furnishings.
Average House Prices in Fethiye: This firm favourite of British buyers and those from European countries is an expat stronghold, with many foreigners living there all year round. Places to buy an apartment include Fethiye Centre, Hisaronu, Ovacik and Calis Beach, and buyers enjoy affordable property prices. The real estate sector thrives with domestic and foreign buyers, hence the excellent liquidity.
International Investors in Bursa: This northern destination, a favourite of Middle Eastern buyers thanks to similar cultures and beautiful landscapes, isn’t as westernised as Turkey’s Aegean and Mediterranean coasts. Places of interest include the city centre, smaller villages, and Mount Uludag, the country’s number one skiing destination.
Altinkum: Look at a comfortable apartment in Aegean Altinkum for the cheapest property. Exciting opportunities include beachfront homes with fantastic sea views or a shared property type and flats on large complexes with swimming pools and on-site facilities.
Avoiding Pitfalls when Buying
1: Take your time because you have many options. The wide range of potential property purchases involves a strict legal process, so follow this to avoid scams. Never send cash via any method other than a Turkish bank, and always keep a paper trail of correspondence.
2: Think of it as a long-term investment because the market has lots of properties for sale, keeping prices down. If the property ownership lasts longer than five years, you will avoid paying capital gains tax.
3: Always use an independent solicitor and follow their advice. Buyers can appoint them to be your power of attorney. Land registry offices require an official translator when signing your deeds to ensure you get what you paid for.
4: Turkey does offer foreigners mortgages if they want to buy an apartment, but be aware that mortgage rates are considerably high. If using this route, pay off the mortgage quickly; otherwise, your affordable apartment won’t be so cheap.
5: There are many property agents, but choose wisely. Make sure they speak your language and communicate via emails and telephone calls in a timely manner. Most have offices in coastal cities and places like Istanbul, so never use an online agent without proof of registration or qualification.
Our Services for Prospective Buyers
We hope we have given you lots of helpful advice on whether buying an apartment in Turkey is a good idea. For professional advice and a real estate agent to guide you, contact us via email or telephone and speak to a consultant today. Also, start your property search today by browsing our range of properties for ideal opportunities. Each listing includes the location, nearby modern amenities, land size, price range, and photos. In no time, you can move into your apartment in Turkey.
