Guide to Buying Property in Turkey for Foreigners

Many foreigners think of buying property in Turkey, and we understand the lure. Owning a second home in this country brings with it many lifestyle benefits. Foreign house sales are at an all-time high in prominent areas. We see proof in the country’s official statistics, which average about 40,000 to 50,000 homes a year. Nationalities choosing to join the Turkish housing market included Iraqis, Iranians, Russians, Germans, and Brits. But why is the world looking towards the Turkish real estate market, and when investing, what does every first-time buyer need to know about home-buying here?

About Buying Property in Turkey

6 Reasons to Invest in Turkish Real Estate

  • Lucrative Exchange Rate: Home buyers get far more cash with an advantageous currency exchange rate. With financial expectations that the lira will rebound, 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 dropped the minimum entry level of their citizenship by investment program from 1 million USD to 250,000 USD. As one of the world’s cheapest golden passport schemes, it also has a simplified application process.
  • Long Term Capital Appreciation: Anyone looking at flipping houses 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 listing 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 2 to 3 weeks to complete, and homebuyers have a stress-free way to get title deeds.
  • Attractive Portfolio: The stark difference from Turkey’s real estate market 20 years ago to the present day is evident in the vast abundance of modern flats, villas, and commercial buildings for sale. To boost foreign investment, the government also invested billions in upgrading infrastructure and roads, so everyone finds what they want within their budget.
  • Ideal Lifestyle: Without a doubt, house 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 it.

Do You Get Residency When Buying Turkish Property?

The residency program and the real estate market are two separate areas, and buying new property does not entitle residency. Instead, complete a different application process, including health and financial checks. The exception is if you purchase an investment property in Turkey worth $250,000 or more. You can apply for Turkey’s citizenship investment properties scheme, which grants complete working and living rights.

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Is it Safe to Buy in Turkey?

Yes, Turkey has seen the damage that previous haphazard processes caused but have now tightened regulations to safeguard investors money. The government abolished lengthy military checks, and estate agents need licenses to operate and follow market protocols. Buyers should still do due diligence to ensure a safe investment opportunity. Always use an independent solicitor, and document all financial transactions via the bank for proof of purchase.

Can All Nationalities Buy?

In 2013, Turkey received an additional boost when they dropped the reciprocal cause about nationalities buying property, which opened the country to the entire world. Citizens from Syria, Armenia, Nigeria, Cuba and North Korea can not buy, but every other nationality can.

How Much is Property in Turkey?

As the 37th largest country globally, Turkey’s vast landscapes present various destinations, all in different stages of development and housing price indexes. For example, in luxury 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 £40,000. Read more about the price of an apartment or villa in Turkey.

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Where is the Best Place to Buy?

Every area offers something unique, such as luxury homes or commercial business premises, but the best place depends on budget and reasons for buying. 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, including tourism, education, business, and finance, the housing market is also number one in Turkey. Yali mansions sitting on the Bosphorus shorelines are Turkey’s most expensive properties to buy. Still, most real estate investment is happening in the outskirts of European districts that are transforming infrastructure, housing, and social facilities. They also present some of the lowest house prices per square meter. Another reason investors look for property here is the many off-plan homes that offer a significant discount and structured payment plans.

Mediterranean Antalya: Rocking in as Turkey’s second most popular place to buy property, homebuyers choose from the main city centre and many smaller coastal resorts. As a tourism hub, house buyers enjoy miles of sandy beaches and a state-of-the-art airport so getting here all year round is easy. The seaside resort of Belek is Turkey’s golfing hub, while places like Kalkan offer a luxurious lifestyle with modern architecture featuring in most villas. The main reason for the success is the diversity that accommodates everyone buying a property from budget to millionaire buyers and offers a cosmopolitan, multicultural feel hence attracts many nationalities from Europeans to middle eastern.

Antalya

Bursa: This region surprised many when its popularity with foreigners buying a house peaked, and it 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: Proving to be a hit with British buyers, the Fethiye region commands fame for places of natural beauty. Within 1 hour to Dalaman airport, a prime position on Turkey’s Mediterranean coastline boosts its sailing hub status. Places like Ovacik and Hisaronu offer low prices per square meter for property investors. Sitting a short distance from Oludeniz, conservation regulations keep Oludeniz’s property listings market from turning into a concrete jungle. For the beachside destination with a touristic feel and fantastic sunset views, anyone looking to buy a house will like Calis Beach; otherwise, the main city centre offers the best shopping and nightlife scenes.

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Meanwhile, heading around to the Aegean side, Bodrum, the most popular place 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, which is close to the airport and other popular places to buy, including Gulluk, Gundogan, Kadikalesi, and Gumbet. Buyers 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 the country. Most villas for sale with prestigious architecture and perfect home technology also feature infinity pools and floor-to-ceiling windows letting in that stunning Mediterranean Sea view. Indeed, if homebuyers want luxury properties, head here.

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 is flooded with rental properties in some places, hence bringing down renters rate and potential yields. Don’t forget to pay taxation 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.

Further Information

About Us: We are Spot Blue real estate agent, and we have many properties 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 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 Turkish real estate and finding property for sale, call us today and speak to an experienced agent to answer questions. Also, follow us on Facebook to stay updated with property news and real estate overseas.

Also of Interest

Moving to Turkey: Some people, when buying property in Turkey, 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 and advice, we also answer the most common questions about relocating, property management, and being a homeowner in Turkey.

Kalkan

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