For a more precise answer to the question of how much is property in Turkey, potential buyers should narrow it down to a specific region. Like many other real estate markets of the world, prices vary from villages to towns to cities and considering Turkey, is the 37th largest country; there are many destinations to cover.
With prices set in Turkish lira, the bottom end of the market averages out at £35,000. Look at the upper end, and there is no limit with some luxury mansions in places like Istanbul, and Bodrum clocking up seven digits.
It is more expensive to buy in cities, but other factors also affect the housing price index, and buyers would do well to learn about the area they plan to invest in, to maximise their potential capital appreciation. Let us look at Istanbul as an example.
Look at the established central districts like Fatih and Beyoglu, and a house will cost at least £1000 per square meter. Other communities like Sariyer are also associated with luxury housing and likewise, command a higher price.
However, Istanbul is reinventing its housing market, with new build constructions in outskirt European districts, and with upgraded metro and transport links, these locations provide an ideal choice for those who want to get on the real estate market of Turkey’s largest city but have a set budget. Starting prices, of £50,000 for a one-bedroom apartment, also appeal to first-time Turkish buyers.
Much hype surrounding these areas focuses on the new airport and planned canal route, which has attracted real estate investors from all around the globe. However, local councils have also invested millions in upgrading their districts to becoming family-friendly places to live.
A surplus of housing is keeping prices down, but buyers who plan to keep their home for at least ten years will see an opportunity for capital appreciation. Districts to look at include Beylikduzu, Esenyurt, Basaksehir, Buyukcekmece and Buyukcekmece, all sitting on the western face.
Meanwhile, head over to the Mediterranean Kalkan, and the housing market is different. Rules and regulations prohibit tall high-rise skyscrapers and a distinct lack of land for expanding and building pushes house prices up.
It’s rare in Kalkan to find anything under £100,000 and although apartments come up for sale, much hype centres on large, villas. The architectural style also makes them stand out when compared to other Mediterranean districts.
Kalkan bay elevates the closer inland you go, and this lays the ground for marvellous views from most locations. Hence architects often design front facing homes with floor to ceiling windows, and infinity pools taking in that all-encompassing sea view.
If money is no object and you want to join social circles of Turkey’s elite and influential families, look no further than the Ottoman Yali mansions on the Bosphorus. Your new neighbours will be millionaires, billionaires, Saudi princes, and long-standing Turkish families whose name often appears on Forbes richest people list.
Ottoman yalis commands a high price for two reasons. Many were built during the Ottoman Empire by wealthy and influential people often connected to the sultan. Second, their wooden style of architecture isn’t used any more, making these homes antique dwellings but with style and finesse. One grand mansion, the Erbilginler Yali sold in 2015 for a staggering 100 million euros.
The above information gives a good guideline as to how much is property in Turkey, but buyers should also factor in purchasing costs to ensure they stay within their budget.
These include a lawyer, notary, translator, stamp duty fees, and for new homes, utility connections. This article talks more about them and the step-by-step process for buying Turkish property.
The first step is to find the home you want. Arrange a time and date for viewing homes in any area of Turkey by using the chat feature at the bottom right-hand screen or contacting us here. Also start your search from the comfort of your armchair by browsing our portfolio of apartments and villas for sale.
Each listing includes area information, photos, description, and map location. To receive further information about any home, complete the “request more details” form on the right-hand side.
The Best Place to Buy Property in Turkey: In this article, we look at regions leading the Turkish real estate market and what makes them stand out as desirable places for home buyers. From Istanbul to the luxury hub of Yalikavak, to neighbourhoods of Antalya, each has something unique to offer.