For overseas buyers, making a good property investment often puts Turkey into the limelight. Turkish home sales to foreigners are at an all-time high as nationalities from around the world snap up apartments and villas in many areas.
This isn’t a newfound trend either because foreigners have been buying homes in Turkey ever since the turn of the century when the government changed real estate regulations. However, certain conditions make it a more attractive purchase than ever before.
This shows in domestic and international house sales, of which the latter is performing far better than the first. For the first six months of 2109, foreign house sales accounted for 3 billion dollars’ worth of purchases, a jump of 69% year-on-year, while domestic house sales dropped by 21% because of high-interest rates.
But what is attracting foreigners to buy Turkish property, and for those looking for a sound real estate investment, is now the right time to enter the market?
With a current exchange rate of 7 lira to the pound, value for money is a big driving force, and financial experts predict it is here to stay for quite a while. For many years, the average rate was 4.35 lira to the pound, but since the increase, house buyers see more attractive opportunities for long term capital appreciation.
Another significant jump in sales happened when the Turkish government dropped the minimum entry level for their citizenship by investment scheme from 1 million USD to just 250,000. This made it one of the world’s cheapest and the streamlined application process also makes it stress-free.
Over the last twenty years, the real estate market has transformed from old and worn out to new and modern. Mass developments across the country have transformed the market with state-of-the-art architecture and the latest in décor and design. Foreign house buyers often opt for off-plan homes, because of discounted prices, but key ready and resales properties are also on the market, so buyers can take their time to choose a home right for them.
Those looking to get their foot on the ladder need to have a financial plan in place. House prices vary from region to region and like otherworldly markets depend on real estate availability, land prices and infrastructure. Budget buyers should expect to buy around £40,000 for a 1-bedroom apartment. Factor in legal costs like solicitors, taxes, translator, and notary fees. (Read more about the cost of Turkish property.)
First-time buyers unaware of processes, rules and regulations may wonder if their investment is safe. Yes, it is if you follow the guidelines. Only use a licensed estate agent, and don’t hand over money to anyone without bank transaction records.
Even though Turkish law doesn’t require the use of a solicitor, we advise using one because the extra cost will be worth it. Other notable points are to ensure all documents are notarised. (More about the buying process and extra costs.)
Istanbul Real Estate Investment: Leading the way in foreign houses sales, Istanbul’s property market is the busiest, but especially on the European side.
New lifestyle developments in outskirt districts make it more affordable for people to buy homes in what is Turkey’s most expensive real estate market. Areas like Beylikduzu, Esenyurt, Buyukcekmece and Kucukcekmece are undergoing rapid transformation as the housing market and infrastructure modernise for modern living.
Property in Antalya: The Mediterranean Antalya region rocks in at second place for the most popular market. This multi-cultural hub attracts many nationalities including Europeans and Middle-eastern who all lend weight to a cosmopolitan atmosphere.
The main city centre’s Konyaalti neighbourhood attracts many because of its long, sandy beach but house buyers also flock to Alanya, Side, and Belek, Turkey’s golfing capital. Another jewel in its crown is Kalkan, an upmarket destination boasting of luxury villas with infinity pools and amazing Mediterranean Sea views to wake up to.
Homes in Bursa: This northern region surprised many when it rose from the ranks to become a popular area with Middle-Eastern buyers who find many cultural similarities.
Comprising a historical town centre, and smaller neighbourhoods like Mudanya, and Osmangazi, its jewel is Uludag mountain that is undergoing transformation to become Turkey’s top skiing spot.
Also of Interest
Each listing contains photos, area description, information about the home and an enquiry form to find out more details like payment plans and how to buy.
Turkey Guide: Find out more reasons why buying Turkish property is a good investment. Including areas to buy, the outlook, and lifestyle information, our guide is perfect for first time home buyers.