Natalie If you want reasons to buy property in Turkey, be prepared for plenty. Owning a second home abroad is no longer a trend but a well-deserved benefit of 21st-century life. With many countries allowing foreigners to purchase and live overseas, potential homeowners often look to Turkey. They wonder if this country is ideal for their portfolio and a future destination if they move out here.
For years before 2000, Turkey’s housing market was massively behind other countries’ modernisation and innovation. The fault lay in domestic markets because mortgages weren’t available, and generations of families lived together. Trained architects unable to find a market for their skills often went abroad.
However, all that changed 25 years ago. Banks made mortgages a prominent factor, and the building sector embarked on a massive campaign to modernise and update housing. As a real estate agent since 2003, we’ve seen changes in Turkey’s legal systems, architecture, and housing trends of new builds. These benefited the buyer and were a much-needed move towards modernising Turkey’s housing market. But let’s look at other reasons why Turkey is a destination that beckons you.
Reasons to Buy Property in Turkey
Quick Facts About Turkey
Before we start, it is worth knowing some geographical facts about Turkey.
Geography: Turkey straddles Eastern Europe and Western Asia and sits next to the Mediterranean, Aegean, Marmara, and Black Seas. The three major cities are Istanbul, Ankara (the capital city), and Aegean Izmir. Turkey is the 37th largest country in the world. It shares land borders with eight countries: Greece and Bulgaria, Georgia, Armenia, Azerbaijan, Iran, Iraq, and Syria.
Population: As of 2024, Turkey’s population is approximately 84 million. The country has a young population, with many under 30. Urbanisation is high, with most people living in cities. The high population growth is driving housing demand.
Economy: Turkey’s GDP is around USD 1 trillion. The Turkish economy is diverse, with key sectors including automotive, textiles, electronics, agriculture, and tourism. The government is actively working to reduce inflation rates.
Climate: Turkey’s climate is diverse, from the coastal Mediterranean to the continental interior. Coastal regions are typically hot and dry in summer, while winters are mild, rainy, and chilly, depending on location. When house hunting, consider the several different climate zones, with the northeast being the coldest and the southern Mediterranean being the hottest.
Infrastructure: Turkey’s well-developed transportation network includes highways, railways, and airports. Over the last twenty years, the Turkish government has invested billions into modernising highways, building bridges, and improving its airports to become award-winning global hubs. Now that we have looked at the basic facts, what else can homebuyers expect?
1: Cheap Property Prices compared to European Countries
The Turkish property market was late entering the international market; hence, the low house prices quickly attracted foreigners from different nationalities. Luxury properties are available, but in everyday towns like Altinkum on the Aegean coast, a 2-bedroom furnished apartment is relatively cheap, especially compared to Spain, France, or Portugal.
Although prices in some areas like Yalikavak, Kalkan or the Bosphorus in Istanbul easily reach six figures, more affordable districts across the south and west coasts exist. Indeed, foreign citizens will be pleasantly surprised with the purchase price. With exchange rates currently being to foreigners’ advantage, living costs are cheap. Compared to foreign countries. In addition to average house prices, buyers always remark on the low council tax.
2: Massive Portfolio of Property Types
The growth and recognition of talented architects boost Turkey to an incredibly diverse status. Foreign buyers have extensive choices of budget and luxury, off-plan, new build, resale, and renovation residential properties. From essential and budget to luxury homes with sea views and modern amenities, such is the diversity; buyers don’t compromise on their direct investment.
Some foreign investors like commercial properties, another area we advise on. Others prefer modern apartments, while some opt for detached villas with private gardens and swimming pools. Indeed, there is no need for international investors to compromise.
3: Long-term Real Estate Investments
Experts often recommend real estate for the best long-term investment. Still, buyers have advantages over other countries, like Spain or Cyprus, where home prices have already peaked. With annual maintenance and upkeep, a well-looked-after home has mass potential for return on long-term investment. Ideally, look at ownership of five to ten years, especially since legal requirements don’t require the payment of capital gains tax on a sale after five years.
4: Laid-Back Lifestyles and Expat Communities
Thousands of Brits have already bought homes, and although low prices are a big lure, the laidback lifestyle promotes Turkey for permanent living. Most prefer western and southern coastal towns to indulge in seaside living. Still, other places like mountainous Uzumlu and inland Ovacik and Hisaronu are popular. One thing is evident, however. Most foreign nationals head to where expatriate communities already exist. Hence, they tap into a wealth of information regarding visas, driving, pets, finance, etc.
7: Turkish Food, Cultural Heritage, and Hospitality
Aside from laid-back lifestyles and low living costs, customers quote culinary scenes, cultural richness, and hospitality for choosing this country over other foreign countries. Turkish cuisine still focuses heavily on fresh ingredients to make delicious home-cooked meals, and it is like a Mediterranean diet, often called the world’s healthiest. An age-old proverb says every stranger is a friend. As a result, all nationalities feel welcome and enjoy indulging in a new cuisine focused on healthy eating.
8: Simplified Buying Process and Lower Buying Costs
Foreigners were first able to purchase homes in 2001, and since then, authorities continually revised and simplified the process to attract investment from overseas. With a 30-hectare limit, prospective buyers could take the keys to their new home in as little as seven days. Yes, it is that quick. The additional costs, like taxes, land registry fees, and lawyers, are lower than in other countries. If you cannot be in Turkey, appoint a power of attorney to handle the transaction. Hence, take the time to find your dream home.
9: Residence Permit and Turkish Citizenship by Investment
Although you don’t have to purchase a house, Turkey offers more extended residence permits if you do. They also run a Turkish citizenship by-investment program called the Golden Visa. Applicants keep dual citizenship, buy a home worth $400,000, and keep it for at least three years. This makes the Turkish citizenship program an ideal foreign investment when compared to the equivalent schemes in European countries.
10: Turkish Banking system
Home buyers need to convert their foreign currency into Turkish currency, and this is where the Turkish banking system steps in. In addition to visiting the tax office for a tax number, foreign investors must deposit the sale price into a Turkish bank account. HSBC operates in this country, and Garanti and Deniz Bank are other favourites. All Turkish banks have excellent apps, and some branches also employ English-speaking staff.
11: Beautiful Landscapes to Travel
Beautiful landscapes, from sandy beaches to green mountains, are significant reasons. All international buyers agree that Turkey offers unique places to find their dream property in an environment that suits them. For the benefits of city life, Istanbul, Ankara, and Izmir are bustling urban hubs with everything on your doorstep. History buffs adore the UNESCO sites, while the Northeast attracts fans with Uzungol Lake and the Ayder plateau. Also, remember that Turkey has 7000 kilometres of coastline and 567 blue-flag beaches.
12: International Airports and Travel
Over the last 20 years, Turkey has invested much in upgrading international airports to make travel easier—three tourist airports service Turkey’s Aegean and Med coasts: Bodrum, Antalya, and Dalaman Airport. The crown holder, though, is Istanbul’s new airport, which connects to over 350 destinations across the globe. The strategic location between the west and east means Turkey attracts house hunters from all over the world. In addition, extensive networks of bridged highways allow owners to get to their properties in next to no time year-round.
13: Architectural Quality and Construction
Most people looking to take ownership always remark on the excellence of architecture and construction companies. Any construction project must first gain licenses and is inspected at various stages to ensure compliance with building regulations. In some places, the architecture is standard to provide affordable prices, but in places like Istanbul, new homes that feature architectural and green trends are being built. Famous architects like Richard Meier and Emre Araolt designed homes in Bodrum.
Where to Buy Property in Turkey
Foreign property buyers have many choices regarding locations. From Turkish cities like Istanbul and Bursa to seaside coastal towns, the choice is likewise matched by the location selection.
Istanbul City Centre: Although Istanbul commands the highest prices per square meter and is home to expensive districts, it’s profitable for investments. Property values are high in Istanbul’s city centre, but most buyers head to outskirt districts. Additionally, Istanbul’s strong economy attracts foreign business investors.
Fethiye Region: As an affordable sector, Fethiye promotes destinations like Calis Beach, Hisaronu, Ovacik, and Boating Gocek. Through its position on the Turkish Riviera, Fethiye highlights this beautiful country and earns fans among foreigners and Turkish citizens.
Stylish Yalikavak: For luxury apartments or villas, Yalikavak on the Bodrum peninsula is an excellent place to start. Granted, the average price is higher than the market but look at luxurious lifestyles to understand why. After all, this is where people like Jeff Bozos and the Saudi Royal family sail on their mega yachts.
Bodrum Town Centre: House prices are high here, but this destination is high-end. Real estate options mainly market themselves as villas or city centre apartments with fantastic sea views and price tags to match. Bodrum town was where Turkey’s sailing scene first took off, and these days, as a busy Aegean city, much trade comes from sailing and luxury tourism.
Affordable Properties in Altinkum: Another popular destination and central location for affordable prices, Altinkum offers beautiful beaches, hence the name, which translates into golden sands. Rather than specialising in luxury residences, cheap apartments often attract British buyers looking to own holiday homes and live here all year round.
City Vibes in Antalya: Heading across Turkey’s southeastern coast, sales in Antalya rank as the second best. Here, much foreign investment revolves around beachfront homes and blue-flag beaches. Well, there are oodles of gorgeous coastline. Many foreigners take up permanent residence here. The cost of housing can be expensive, given the high-profile status, but prices drop when heading out to towns like Side and Kemer.
Tips for Buying Property
Local Market Trends: Study housing costs and investment opportunities in different regions. Coastal areas like Antalya, Bodrum, and Istanbul are popular among foreign buyers, but prices and investment potential vary widely. Investigate any planned infrastructure projects or developments as these affect values.
Terms of Purchase: There are restrictions, particularly in areas close to military zones. Hire reputable local lawyers to guide you through the legal aspects, including verifying title deeds and ensuring compliance with local laws. Ensure the home has a clear title deed (Tapu.)
Currency and Payment: Transactions are conducted in Turkish lira, so convert your currency. Be aware of exchange rates and international transfer fees. Be prepared for additional costs like transfer tax, notary, and legal fees. Also, consider ongoing costs like maintenance and local taxes.
Initial Deposit: Typically, you must provide an initial deposit. Once the deposit is paid, a sales contract (Satış Sözleşmesi) will be drawn up. Ensure all terms are clearly outlined and that you fully understand the contract before signing.
Mortgages: Turkish banks offer mortgages to foreigners, but the terms might differ from those in your home country. Compare rates and conditions from various banks. If buying as an investment, consider rental yields and the potential for appreciation.
Please Note: In 2024, the laws regarding rental properties were changed. Whereas previously, this was an excellent benefit for investors looking at buy-to-let properties, the process is now much stricter. It requires more red tape, legal advice, and paperwork. Our professional advice is that if you still want to achieve a rental income through property acquisitions, look at branded hotel residences instead, where the rentals, legalities and management are done for property owners. Contact us for a comprehensive guide to know more about investing in rental properties overseas.
About Us – Spot Blue
So, we hope we have given you plenty of reasons to buy property in Turkey. As property agents, we can help you navigate the real estate landscape. Start your property search now by browsing our portfolio of apartments and villas. Each opportunity includes the price, location, photos, features, and contact details to arrange viewings or see more information via email. You can also contact one of our agents with your requirements and budget, and we will send a curated selection of potential properties for sale via email.
