Many foreigners think of buying property in Turkey, and we understand the lure. Owning a second home in Turkey brings with it many lifestyle benefits. As a result, foreign house sales are at an all-time high in prominent areas. We see proof in Turkey’s official statistics, which average about 40,000 to 50,000 properties a year. Nationalities buying Turkish housing range from Iraqis, Iranians, Russians, Germans, and Brits. But why is the world watching the Turkish property industry, and when investing, what does every first-time buyer need to know about home-buying?
About Buying Property in Turkey
6 Reasons to Invest in Turkish Property
- Lucrative Exchange Rate: Property buyers in Turkey get far more cash with an advantageous currency exchange rate. Good opportunities await budget buyers eager to get their foot on their Turkish housing ladder.
- Citizenship by Investment: A significant boost to the residential property investment market came when the Turkish government introduced the Turkish citizenship by real estate investment scheme. As one of the world’s cheapest golden passport schemes, Turkey also has a simplified application process.
- Long Term Capital Appreciation: Anyone looking at flipping houses in Turkey for a quick profit would not fare well from a property sale because of a low-price index. However, a long-term property investment of ten years or more presents ideal appreciation.
- Low Purchasing Costs: While the property buying process in other countries involves hefty closing costs and taxes, Turkey offers the opposite. Combine low buying costs with an easy process that takes 1 to 3 weeks to complete, and homebuyers easily get title deeds.
- Attractive Portfolio: The stark difference from Turkey’s property market 20 years ago to the present day is evident in the vast abundance of modern flats, villas, and commercial buildings for sale. The government also invested billions in upgrading infrastructure and roads to boost foreign investment, so everyone finds what they want within their budget.
- Ideal Lifestyle: Property buyers looking for another country to retire in choose Turkey for the lifestyle. The gorgeous weather, healthy living attitude, strong community vibes and seaside location prove too much of a lure. Buy-to-let investors who want to tap into one of the world’s fastest-growing tourism markets love Turkey.
Do You Get Residency When Buying Turkish Property?
The residency program and real estate in Turkey are two separate areas, and buying new property does not entitle residency. Instead, complete a different application process with health and financial checks. However, if you purchase an investment property worth $250,000 or more, you can apply for Turkish citizenship, granting complete working and living rights.
Is it Safe to Buy in Turkey?
Yes, Turkey saw the damage, previous haphazard processes caused but tightened regulations to safeguard international investors money. The government abolished lengthy military checks, and estate agents needed licenses to operate and follow legal protocols. However, property buyers should still do due diligence to ensure a safe investment opportunity. Always use an independent solicitor, and document all financial transactions and costs via the bank for proof of purchase. If everything is in place, sign for your title deeds (tapu) in as little as a week.
Can All Nationalities Buy?
In 2013, Turkey received an additional boost when they dropped the reciprocal law about which nationalities can buy a property which opened the country to the entire world. As a result, citizens from Syria, Armenia, Nigeria, Cuba, and North Korea cannot buy, but every other nationality can receive title deeds.
How Much is Property in Turkey?
As the 37th largest country globally, Turkey’s vast landscapes present various destinations, all in different types of development and housing price indexes. For example, in Kalkan, property for sale rarely sells for under £100,000, yet head across to Altinkum, and prices of one-bedroom apartments for sale start from £50,000. Read more about the prices of apartments and villas in Turkey.
Where is the Best Area to Buy?
Every area in Turkey has something unique, such as upmarket property or commercial business premises, but the best residence area depends on budget and reasons for buying. Nevertheless, certain districts lead the way and sell more residential properties to buy to foreigners than others. Let’s look at them.
Istanbul: Leading the way in everything, like tourism, education, residence, business, and finance, Istanbul’s housing market is also number one in Turkey. Yali mansions sitting on the Bosphorus shorelines are Turkey’s most expensive properties to purchase. Still, most real estate investment in Istanbul happens in the outskirt European districts that are transforming infrastructure, housing, and social facilities, with value for money. They also present some of the lowest house prices per square meter. Another reason foreign investors look for Turkish property here is off-plan homes sell with a significant discount and structured payment plans.
Mediterranean Antalya: Rocking in as Turkey’s second area to buy property and land, homebuyers choose from Antalya main city centre and smaller Turkish coastal resorts such as Alanya. As a tourism hub, property owners enjoy miles of sandy beaches and a state-of-the-art airport so getting to Antalya all year round is easy.
In addition, Belek seaside resort is Turkey’s golfing hub, while towns such as Kalkan provide a luxurious lifestyle with modern Turkish architecture featuring in most villas. The main reason for Antalya‘s success is that the region accommodates everyone buying a property from budget to millionaire buyers and offers a cosmopolitan, multicultural feel hence attracting many nationalities from Europeans to Middle-Eastern.
Bursa: This region of Turkey surprised many when its popularity with foreigners buying property peaked, and Bursa now ranks in the top five destinations. Comprising the main city centre renowned for its historical landmarks and small villages that belong to the UNESCO World Heritage Site list, to buy a property here also means enjoying Mount Uludag, one of Turkey’s top skiing spots. Alongside the year-round lifestyle, Middle-Eastern buyers love the many similarities in culture and traditions.
Other Popular Destinations in Turkey: Proving to be a hit with British buyers, the Fethiye region commands fame for natural beauty. Within 1 hour to Dalaman airport, a prime position on Turkey’s Mediterranean coastline boosts its sailing hub status. Towns such as Ovacik and Hisaronu offer low prices per square meter for property investors in Turkey. Sitting a short distance from Oludeniz, conservation regulations keep Oludeniz’s property listings market from turning into a concrete jungle. Anyone looking to buy a house in a beachside destination with a touristic feel and fantastic sunset views will enjoy Calis Beach; otherwise, the main city centre offers the best shopping and nightlife scenes.
Meanwhile, Aegean Bodrum, the most famous region on the western coast, comprises a town centre and 18 smaller coastal resorts. Beachfront Yalikavak leads the way in property to buy because it is a significant Turkish riviera hub and the Palmarina mega yacht Marina. Budget buyers prefer Iasos, close to the airport and other famous towns to buy, including Gulluk, Gundogan, Kadikalesi, and Gumbet. Buyers in Turkey will most certainly find a property they like here.
Best for Luxury Property: Tranquil Kalkan, a stable place to invest in property on the southern coast, presents some of the best luxury villas in Turkey. Most villas for sale with prestigious architecture and perfect home technology also feature infinity pools and floor-to-ceiling windows letting in a stunning Mediterranean Sea view. Indeed, if homebuyers want luxury properties, head here, a part of the Antalya region in Turkey.
Renting Out Your Property
Some homeowners of overseas properties sometimes consider buying a rental property to generate a passive flow of income when they are not there. Turkey allows this but have strict rules and regulations to follow. Also, you will need creative marketing skills to advertise a holiday home to rent. The market in Turkey is flooded with rental properties in some places, hence bringing down renters rates and potential yields. Finally, don’t forget to pay tax on rental income, and if you are not in Turkey, employ a property services company to be a keyholder and manage the rents. These are things to consider when purchasing a property to rent it out.
About Us: We are Spot Blue real estate agents, and we have many properties and land for sale in many areas of Turkey. To start a property search, browse our portfolio of new build, resale, off-plan, and furnished homes for sale. Each available listing contains everything to know, including house price, location, home features and contact details to find out more via email or arrange a viewing. Alternatively, to learn more about obtaining Turkish property, costs such as taxes, permits, terms, and finding property for sale in Turkey, call us today and speak to an experienced office agent to answer questions. Also, follow us on Facebook to stay updated with overseas property news.
Also of Interest
Moving to Turkey: When buying property in Turkey, some people do so to move and live here eventually. In this article, we discuss what everyone needs to know as a potential ex-pat in Turkey. Including tips, help and advice, we also answer the most common questions about relocating, property management, and being a homeowner in Turkey.