When buying real estate in Turkey, the fast-moving pace of the market means buyers need their finger on the pulse. Such is the size of the country, and the vast difference in local and regional markets, you also need to delve down deep and research to ensure you make the right property investment for you. In this article, we give a quick overview of top-performing areas, but call us if you have specific questions and want to speak to a local agent about buying a home in Turkey.
Let’s start with a standard question, we are often asked, and that is if foreigners can purchase property in Turkey? Yes, they can. Only a few nationalities are exempt. Specific rules apply, in how much you can buy and where. For example, you can’t buy in or near designated military zones. However, for 99% of foreign buyers in Turkey, these rules never come into effect.
There is much potential but pick your region carefully. For example, over on the Aegean coast, in the small coastal resort of Altinkum, property is cheap, because there is still an abundance of land available for building and likewise, many empty properties on the market. Hence, to make a wise investment from purchasing in that area, look long term for a minimum of ten years.
Whereas head over to the upmarket resort of Kalkan, and there is a lack of building land and few properties on the market. Also, local trends and its prestigious reputation on the Turkish riviera prompt luxury properties to the forefront of trends.
One area to investigate is Istanbul. The vast size of 39 official districts grouped together each have their niche. Regions prime for mid-to long-term investment, include the Basin Express on the European side, and any Bosphorus villages that all do well in terms of capital appreciation. Other factors affecting investment potential include the current exchange rate, and for buyers with a budget of over $250,000, the citizenship by an investment program.
If we look at trends in 2019, just over 45,000 houses were sold to foreigners. The leading area is Istanbul, which is no surprise because this has always been. Purchases of apartments and villas are on the European side, and tend to be in large, new build and off-plan lifestyle complexes. (See property for sale in Istanbul.)
Coming in at second place and likewise staying true to form, the Antalya region is popular with homebuyers who either want to move there or invest in a holiday home. The trend remains in line with tourism because Antalya is also the second most popular holiday destination in the country. Places to buy in Antalya include the city centre, Alanya, Side, Kemer, Belek, Kas and Kalkan. It is worth noting Belek is Turkey’s golfing capital while the city centre are also home to Turkey’s best beaches as rated by Trip Advisor. (Browse listings of Antalya region property.)
If you buy property in Turkey, you do not get residency. You must apply for a visa, and this is a separate process. However, buyers who spend more than $250,000 on a home, and plan to keep it for at least three years, can apply for the citizenship by investment program, which gives the same rights as a Turkish citizen. (A few exemptions apply.)
When Turkey first allowed foreigners to buy property, the laws and regulations were lack and had many loopholes. However, in the years since, the government has gotten much stricter, tightened rules and now full procedures are in place to protect the buyer. The law does not require buyers to use a solicitor, but we recommend you do.
Two areas have emerged as hotspots for property investment over the last five years, and even more interesting is that each is attracting specific nationalities. Buyers from Middle eastern countries have taken Bursa in the Northwest Marmara region under their wing. Affordable property prices, and a real estate market in its infancy, are just two reasons.
But the major reason is that Bursa which features city, and beachside living and operates all year round for tourism thanks to its skiing industry. With the Turkish government looking to boost this industry Middle eastern nationalities are seeing this as a long-term investment. (Real estate in Bursa.)
The second area is Alanya, that is not only pushing itself for real estate but also tourism. Both industries are growing, and although it has been classed as part of the Antalya region, is now standing on its own. Once again, affordable prices come into play here, and, it attracts buyers looking for apartments, of which the real estate market has many for sale. Read more about Alanya and its real estate market in our snapshot guide here.
You Might Also be Interested
Is Turkey a Good Place to Live? Many people buying real estate in Turkey have long-term plans to live here. It has a sizeable expat community, stretching from the urban landscapes of Istanbul to the Aegean and Mediterranean coasts. In this article, we look at expat opinions and official surveys to find out if their dream turns out to be everything; they thought it was.