Buying property overseas is now the norm in housing ownership, and many buyers look to real estate investment in Turkey. Presenting itself as one of the most desirable places to own a place in the sun, thousands of people have purchased apartments and villas across the country. Some buy just to use it as a summer holiday home, others for permanent living in their retirement year.
But it also catches the attention of real estate investors looking to cash in on buy-to-let potential and capital appreciation. To prove its popularity, we need only look at housing sales for the last year. In 2019, 45,500 houses were sold to various nationalities. This was a 14.7% increase year-on-year. But for what reasons are house buyers looking at Turkey? Two driving factors lure in buyers, and they are a lucrative exchange rate and Turkey’s citizenship by investment scheme. Specific other reasons add to the lure.
Before 2018, the Turkish citizenship by investment scheme was a nonstarter. The entry-level minimum investment amount of 1 million USD made it one of the world’s most expensive. They then dropped that amount to $250,000, and golden visa investors from all over the world sat up and took notice. Since its re-invention, just over 9000 people have purchased real estate to gain citizenship. The only requirement besides the 250 thousand USD, is that you kept the property for at least three years. This also allows your spouse and dependents to gain citizenship with it. Read more about the investment scheme here.
Yes, Turkey has tightened up rules, and regulations to make sure any house purchase is safe. Now, if people want to trade as estate agents, they need to be verified, and even though the law doesn’t require the use of a solicitor, we recommend you use an independent party.
Turkey makes a roaring trade with Europeans, Americans, Middle Eastern and Asian buyers. The reason being is that all nationalities apart from five can buy Turkish real estate and become the legal titleholders.
Istanbul: As Turkey’s number one destination for property investment, Istanbul is a thriving hub of economy, business, tourism, education and more. Most investment happens in the outskirt European areas, where the new airport has opened. The developments are large lifestyle complexes with a range of on-site facilities, including swimming pools and gyms. These local councils have also invested heavily in transport, roads, and energy infrastructure.
Antalya Region: Heading over to the western coast, the Antalya region is the second most popular destination for house sales to foreigners. Comprised of the city centre, and smaller coastal resorts like luxury Kalkan, golfing Belek, and bustling Alanya, it is also home to Turkey’s best beaches hence is prime for those looking for a holiday home or tourism buy-to-let. (Read about the districts of Antalya.)
Fethiye Region: Comprising of the holiday hotspots of Oludeniz, Calis Beach, Hisaronu, Ovacik and the city centre, Fethiye has also attracted a sizeable expat community who live there all year round. Two lures for this region are the excellent prices per square meter, and because Fethiye is stunningly beautiful with natural landmarks like the Blue Lagoon, Butterfly Valley and Saklikent gorge. (Where to buy property in Fethiye.)
Bursa: While the Aegean and Mediterranean coasts see much attention from European investors, Bursa lures in Middle-Eastern buyers attracted by the similarities in culture, food, traditions, and daily lifestyle. Bursa is also another destination that offers some of the lowest-prices per square meter in Turkey.
Bodrum Peninsula: Over on the Aegean coast, the Bodrum peninsula has been a long-time favourite for international celebrities and Saudi royalty who often dock into Yalikavak town. Don’t be put off by his high-profile status though, because certain towns like Gumbet also do an exceptional job of accommodating budget house buyers. (Reasons to buy property in Bodrum.)
If you want to know more about how to buy property in Turkey, call us today and speak with a local agent. You can also see an outline of the buying process here and other questions that we are most commonly asked. The good news is that, if all your finances are in place and the house you buy isn’t off-pan, the process takes as little as three to six weeks.
Property in Turkey: To see the full range of apartments and villas for sale across the country, browse our portfolio. Each listing includes everything to know including price, location, home features and how to arrange a viewing.
Living in Turkey: Some people look to real estate investment in Turkey because they would eventually like to move out here permanently. In this article, we look at why people choose the country as a retirement destination, the pros, and cons as well as tips for making a move.
Is Turkish Property a Good Investment? If you are looking at a mid-to-long-term investment then yes, it is, but we also look at other market factors and tips for maximising your return on investment.