Natalie Occasionally, interested home buyers ask if it is a good time to buy property in Turkey? We answer that any time is a good time to invest in Turkish real estate. Real estate is a time-honoured and highly favoured form of investment simply because property offers fewer risks than stocks and bonds. Real estate also withstands global financial storms over long-term periods. But when looking at Turkey, certain factors make this market stand out more than other countries. So, this article discusses previous house sales to foreigners, why foreign real estate investors love Turkey, where foreigners buy, and how to ensure your property purchase pays off.
Why It is a Good Time to Buy Property in Turkey
1: Previous House Sales to Foreigners in Turkey
When this article was published, foreigners purchased 8630 houses last month. This was an 80% increase yearly, accounting for 5.7% of all house sales in Turkey. Last year, foreigners bought 58,576 homes in Turkey. This was a 43% annual increase and accounted for nearly 4% of all house sales. So, as you can see, house sales in Turkey to foreigners are gaining popularity, but why are foreigners choosing this country over other popular hotspots like Spain, France, and Portugal?
2: Why Foreigners Buy Property in Turkey
- Turkey only started modernising its real estate market 20 years ago. As a result, prices are still low compared to other European countries.
- Modernisation of regional real estate markets has occurred through new developments and buildings. Buyers generally prefer new builds over old Turkish houses that incur many costs to modernise and bring up to standards with current building regulations.
- The Turkish lira depreciation keeps foreigners flocking as they get good value per square meter. This deprecation also adds more potential for capital appreciation.
- Strong tourism markets for potential buy to let property owners
- Low purchasing costs, including notary and land registry
- The quick and easy buying process with minimal paperwork
- Mass investment by Turkey into infrastructure and transport networks
- Beachside lifestyle along the Aegean and Mediterranean coasts
- Large expat population who lives in Turkey all year round
- Ideal weather climate of hot summers and mild winters along the south and west coasts
- Low running and maintenance costs of property and low living costs
- Citizenship by real estate investment scheme
3: Popular Places in Turkey Where Foreigners Buy
Antalya City Centre: This scenic city centre district of Turkey’s Mediterranean coast offers two large beaches that are the country’s best. Naturally, as a city centre, everything and anything is on your doorstep, including a nearby airport, with year-round flight schedules. Antalya city centre also offers Mediterranean Turkey’s best nightlife, shopping, and dining scenes, with no other places able to match Antalya’s variety and quality.
Istanbul – The King of Turkey: Istanbul, Turkey’s beating heart, attracts foreign property investors of all nationalities. Many property buyers head to mass construction on Istanbul’s outskirts European district for off-plan prices and the latest in Turkish architecture. These developments focus on leisure and pleasure amenities like gyms, swimming pools, parks, and shops. Despite Istanbul’s status as Turkey’s largest city, there is much potential, and the modernisation of transport hubs and Istanbul’s third airport attracts professional real estate and buy-to-let investors.
Fethiye in Mediterranean Turkey: Fethiye slowly lured its expat community and foreign property owners with gorgeous landscapes backed by green mountains. Scenic places include Butterfly Valley, Saklikent Gorge, Gemiler Island, Kayakoy Ghost Village, Oludeniz beach and the Blue Lagoon. As a significant Turkish riviera hub, vibes and atmosphere heavily lend weight to every retiree’s dream of living in Turkey. Potential homeowners gravitate to either Hisaronu, Ovacik or Calis Beach, although Fethiye town centre offers attractive property prices. Uzumlu also attracts villa owners, despite its inland location.
Bursa in Northwest Turkey: This city combines old with new through the historical UNESCO buildings and new developments featuring the best of Turkish living. Many property buyers are surprised to learn that Bursa’s nickname is the green city because the council goes far out to keep parks and gardens for leisure past times. During summer, ride the cable car to Mount Uludag summit for hiking and, in winter, for skiing. Bursa offers excellent prices per square meter and attracts budget property buyers and Middle-Eastern nationalities.
Alanya in Southern Turkey: In recent years, Alanya promoted itself internationally, and the result is a thriving tourism market, which had a knock-on effect on real estate. Once overshadowed by nearby Antalya city centre, Alanya’s future has potential. Property buyers include holiday homeowners, potential expats and real estate investors looking for long-term capital appreciation. Alanya always surprises buyers with value for money and quality.
4: Tips for Buying Property in Turkey
Neighbourhoods Not Regions: Across the world, location and community facilities affect real estate prices. So rather than looking at property in Turkey overall, research locally instead. Things to consider include local infrastructure investment, transport links, shopping, banking, dining out facilities, and schools. An excellent real estate investment ensures high liquidity should you wish to sell at any point, and your future buyers will look for convenience, so local research pays off.
Lifestyles in Turkey: Additionally, what are your reasons for buying? If you wish to use your home rather than invest in real estate, lifestyle is crucial. For example, buying inland for lower prices when you want beachside vibes leads to regret. On the other hand, purchasing a city centre apartment when you want peace is not a good move.
Off-plan Property: Off-plan property sells for discounted prices, but the disadvantage is that you don’t see the home until completion. When buying off-plan, look at the floorplans carefully, especially space and sizes. In most cases, home buyers can make minor alterations to décor and design, and this is a strong advantage,
Key Ready Property: If choosing a key-ready property to move in straight away, remember to complete the snagging list. Resale apartments present good opportunities but inspect the home because damages are sometimes not disclosed. If you choose a resale home, the seller must ensure all legal debts are paid for the sale to go through.
Legal Documents in Turkey: All properties in Turkey must have an iskan habitation certificate to prove suitability for living. Please do not buy a property without one because it drastically lowers the house value. Additionally, complex and private swimming pools must have a license. Any property in Turkey with an ipotek has a debt against the home. To buy a complex property, you must pay monthly maintenance fees for communal upkeep. The complex should also have an effective management plan, and homeowners can ask to see the books anytime. To sign for title deeds, also purchase Turkish DASK insurance.
Sort Finances First: Before looking at properties, Arrange finances. Also, factor in monthly mortgage payments, closing costs, maintenance, and running fees. Turkish mortgages often incur high-interest rates that eat into any potential capital appreciation. Next, manage finances like an accountant, especially if you still own property in your home country. Consider currency exchange rates, ad-hoc bills, and save money for rainy days. Finally, buy budgeting books and know your income, debts, savings, and monthly and yearly bills to set budgets for socialising, shopping, and other daily costs. Don’t forget to factor in residency and healthcare costs in Turkey.
Find Property for Sale: Our property listings include off-plan, new build, and resale property. They range from flats to villas, townhouses, duplexes, and beachfront marina mansions. Generally, we advise against renovation properties because expenses never match the property’s value. Likewise, flipping houses when you don’t know regional or local markets never make a profit. When browsing our listings, if you see any properties matching your criteria, fill in the contact details to learn more or arrange viewings.
5: Protect Your Property Investment in Turkey
- Always Use a solicitor
- Get contracts in Turkey notarised
- Never hand over cash. Always leave a paper trail via bank transfer
- Only Use a licensed estate agent
- Check for habitation certificates (Iskan)
- Choose your Power of Attorney carefully
About Us: We are Spot Blue international, and we have helped many foreigners looking at overseas properties. Contact us today if you still have more questions about whether it is a good time to buy property in Turkey. Otherwise, our blog discusses destinations, lifestyles, and real estate in Turkey for foreigners.
