If you are asking is Turkey a good place to buy property, our answer is yes. Don't just believe us, though, because the proof is in yearly house buying stats. Every year, between 40,000 to 50,000 foreigners buy property in Turkey, in places like Istanbul, Bodrum, Antalya and Fethiye. Some buy for a holiday home, a second house, a real estate investment, or because they want to retire and live in Turkey all year round.
Since lifting regulations against foreign house buyers, Turkey's progression encourages anyone to buy and invest in the country. So let's look at why owning a house in Turkey is a healthy addition to any real estate portfolio.
Any keen investor notices the vast difference in property prices in Turkey compared to places like Spain, Portugal, and France. The Turkish real estate market is in its infancy, so anyone buying property has excellent capital growth potential, especially if they keep it as a mid to long term investment of 5 to 10 years.
What's better is the price of property in Turkey doesn't mean a compromise on quality. In some places, like Istanbul, local developments sell brand-new apartments for an excellent price. So any home buyer looking for investment should choose the city with a robust housing market and quality housing.
Regardless of which district you consider, expect to buy with ease and in quick time. In years gone by, the process for foreign house buyers was drawn out and took about six months to complete. The Turkish government realized this was putting foreign investors off, and they streamlined the process. If finances and all paperwork are in place, buyers receive the real estate deed in as little as a week.
Buy real estate in Turkey worth $250,000, and you can become a Turkish citizen. To date, more than 7000 foreigners obtained citizenship in the country via this program, known as the Golden visa. In addition, keep your nationality and be a dual citizen. Just pledge to keep the property for at least three years, but we advise five years to avoid paying capital gains tax. Most people looking at this option head to Istanbul.
Owning property in the country of Turkey brings more financial benefits. Affordable purchasing costs run into the day-to-day running of the property. That is why many people choose to live in the country, because of the low cost of living. Expect low council tax rates, low food shopping costs, and minimal amounts for household bills, especially now with the excellent exchange rate for the Turkish lira.
A great incentive to buy property in Turkey must be the Turkish way of life. Turkey easily attracts everyone with friendliness and hospitality. When you come to Turkey, you will find it easy to settle in and make friends with new neighbours regardless of whether you buy in big cities like Istanbul or the small villages. Let's not forget the food, family traditions, and the outdoor lifestyle the gorgeous weather encourages.
It is not just the housing market that makes Turkey an economic country with potential. They invested billions into upgrading transport, shopping venues, infrastructure, healthcare, and daily amenities. As a result, everyday life in Turkey is better than ten years ago, simply because residents have more choices and better services.
They say location is everything, and in the case of Turkey, there is a multitude of destinations to choose from. Many expats buy in the tourism stronghold coastal regions of the Mediterranean and Aegean. Locals speak various languages, so homebuyers either look for residential property or a tourist rental here. Meanwhile, a foreign investor will do well to head to large cities since they are the hub of Turkey's real estate market. The following are popular places to buy property in Turkey.
Property in Alanya: For a home with a great sea view, Mediterranean Alanya fits the bill. Alanya delivers with some of southern Turkey's best prices for either a villa or an apartment, attracting foreigners on a budget. Additionally, if you are looking for a rental return, many nationalities visit Alanya all year round.
Antalya City: This isn't a small destination but the central hub of Southern Turkey's coastline. Enjoy two of Turkey's best beaches, as well as different tourism attractions for the whole family. Many say Antalya is the best place to look at property for sale in Turkey because it is close to the airport of the same name, and its shopping and nightlife scenes outrank neighbouring towns and villages.
Kalkan: This area ranks for large, luxury villas with private swimming pools that bring a high rental yield. Prices are in the upper bracket because of a lack of available land for building, but this, in turn, keeps Kalkan town compact with more than an average reputation. Additionally, stunning architecture revolves around floor-to-ceiling windows that show off a fantastic Mediterranean Sea view.
Fethiye City: As people seek to get out of the big cities because of COVID-19, Fethiye centre has seen an increase in demand, which has boosted property value. The latest community project Skywalk Fethiye also puts the region on the map as a significant investment hotspot. Aside from that, include a fantastic shopping and nightlife scene and stunning places of natural beauty. Fethiye is also a budget destination.
Property in Yalikavak: Heading around to the Aegean, Yalikavak rose to fame when the marina opened since it was one of few in the area to host mega yachts. Don't be surprised to see foreign royalty, international celebrities and wealthy business executives since Yalikavak commands a luxury reputation. Still, the old town presents a cultural vibe from its days as a small fishing village.
Bodrum Town: Search for property in Bodrum town, and you will soon discover a healthy and diverse portfolio of new, resale and off-plan homes. The Bodrum region is pricier than other destinations, yet it has commanded a reputation for nonconformity and the pursuit of leisure for decades. Bodrum is also a central hub on the Turkish riviera and Aegean sailing scene.
Istanbul: To invest in Turkey, Istanbul city presents many opportunities. Istanbul is the beating heart of Turkey and a hub of shopping, tourism, education, and business. The real estate market varies from budget homes in European outskirts districts to luxury mansions on the Bosphorus. In addition, many people looking for an investment in real estate for the citizen program choose Istanbul.
We hope we answered your question of is Turkey a good place to buy property. Start your property search now by browsing our portfolio of apartments and villas for sale. Each listing contains all information to learn, including price, location, home features and contact number, to find out more via email or arrange a viewing. Also, read our blogs about Turkey, which mention further tips for anyone looking for the best place for ideal property investment in Turkey.