Natalie Foreign home buyers who ask if properties are cheap in Turkey are delighted at the answer. Yes, properties are cheap compared to other popular countries for foreign buyers, like Spain, Portugal, and France. Naturally, this attracts much interest, with roughly 50,000 properties sold yearly to foreigners of various nationalities.
However, buyers should still research regional markets before they buy cheap property. Sometimes those bargain properties drain the wallet. In addition, some Turkish real estate is expensive. In some places, houses sell for millions of dollars, and their style and decor outrank American mansions seen in Beverly Hills. So, if low prices of Turkish property have piqued your interest, let us look at what to know before house hunting in Turkey.
About Cheap Properties in Turkey
1: Locations Matters for Price
Firstly, it is helpful to know which areas are expensive before browsing through countrywide websites. For example, Bosphorus yali mansions in Istanbul are not only Turkey’s most expensive real estate market but one of the world’s costliest. So, searching for affordable houses there will not be fruitful; however, head to the outskirt districts, and property prices drop dramatically. In addition, Yalikavak is another area where house prices have risen over the last ten years. This was due to the marina opening that could accommodate mega yachts. Hence, Saudi royalty and wealthy businesspeople like Bill Gates drop by. Additionally, Kalkan on the med coast specialises in large, luxury villas that empty the wallet.
2: Where are the Cheapest Houses in Turkey?
Bustling Istanbul: If your reason for buying property in Turkey is an investment, consider outskirt districts in Istanbul. Here, large lifestyle complexes are rejuvenating Istanbul’s housing market, and investors take advantage of off-plan discounted property prices. However, many developers also offer long-term interest-free payment plans, making this option more than ideal for a cheap property investment.
Altinkum – Didim: For a holiday or retirement home, look at the Aegean and Mediterranean coasts. Altinkum, also known as Didim, attracts many British retirees. Didim was a small village 20 years ago but is now a major tourist destination known for the vast amount of beaches.
Cosmopolitan Fethiye: Fethiye over on Turkey’s med coast delivers affordable property prices despite the popular profile on the sailing and tourism markets. Now a thriving harbour town, Fethiye is one of Turkey’s well-known tourist places and has attracted British expats in the last ten years. Apart from beautiful weather and natural beauty, Britons like the less expensive lifestyle and welcoming hospitality of local Turks.
Today, modern Bursa retains historical buildings, including mosques and mausoleums, because the city was the first Ottoman capital. People expect an urban landscape from Bursa, but among the historical landmarks are many green spaces hence the nickname; green Bursa. During summer, ride the cable car up Mount Uludag for hiking and fresh cool air and in winter, ski in Turkey’s premier ski resort.
3: Why are Properties Cheap in Turkey?
There are various reasons, of which the first is the Turkish lira currency exchange rate. Therefore, foreign house buyers get good deals. Second, the areas with affordable housing have abundant land and properties for sale, and the ratio of interested buyers is lower. This is known as the supply and demand model. Also, remember that Turkey only started rejuvenating the national property market at the beginning of the century. Before that, there were many illegal builds, the quality was shabby, and families often lived with more than one generation because mortgages were unavailable. So, the property market is behind others that had fifty-odd years to build capital appreciation.
4: Red Flags
Obviously, as in any global real estate market, there are red flags, i.e. properties you shouldn’t touch with a barge pole. Often these properties come with lower price tags, but there is a catch. In the case of Turkey, watch out for any properties without a habitation certificate. This wipes thousands off the end value. When looking for properties, research local prices to determine the average price per square meter. Once again, local research is paramount when finding a property that matches your budget and lifestyle requirements.
5: Don’t Forget Closing Costs
So, finding an affordable property is one thing, but don’t forget to fund closing costs. These include solicitor, translator, land registrar fees, house valuations and property taxes. Factor in roughly 8 to 10% of the final purchase price for closing costs.
6: The Property Buying Process
As real estate agents in Turkey, we walk buyers through the process from finding their dream home for the right price to obtaining title deeds and moving in. Home buyers need a bank and tax number to start the process, which we help get. Turkish law doesn’t require one, but we always advise using a solicitor. Read more about the buying process in Turkey.
7: Can All Nationalities Buy Property?
Turkey dropped the reciprocal law about which nationalities can buy a property. As a result, citizens from Syria, Armenia, Nigeria, Cuba, and North Korea cannot buy property in Turkey, but every other nationality can.
8: Do You Get Residency When Buying Turkish Property?
Residency and real estate in Turkey are separate processes, and buying property does not entitle residency. Instead, you will need to complete another application process with health and financial checks—more about residency in Turkey.
9: Is Buying Property in Turkey Safe?
It is now. At the turn of the century, some foreigners lost their savings and property. However, in years to follow, Turkey abolished military checks, and estate agents needed licenses to operate. Property buyers should follow legal guidelines to ensure their investment is safe. Additionally, for anyone buying property through us, we do the leg work to safeguard your investment.
10: Find Affordable Turkish Property
So, we hope we have given helpful information about cheap properties in Turkey. If you have more questions, call us, and speak with an agent. We will answer inquiries and help you find affordable property in Turkey. Additionally, search our portfolio of apartments and villas for sale in many different areas. Each listing includes price, location, home features, and how to find out more via email, telephone, or to arrange property viewing.
Also, About Turkey
Is Turkey Good for Expats? Yes it is. Our property team have spent many years in the country. Combined, they have much knowledge of traditions, property, culture, food, and daily lifestyle from big cities like Istanbul to small, hidden, unknown destinations. This article looks at the pros, cons and advice for moving.
Can I Live Permanently in Turkey? Every month, some clients ask if they can live permanently in Turkey. Yes, you can. Many foreign expats live in various places around Turkey, because the country offers much more than sun, sea, and sand. As a result, Turkey excels as an overseas living destination and now competes with other popular property destinations of the world.
