Guide to Buying Holiday Property in Turkey
Every month, hundreds of home buyers think about buying holiday property in Turkey. Reasons why are easy to understand. Owning a second home in a country that is one of the world's top tourist destinations allows them to tap into gorgeous weather, the beachside lifestyle, delicious cuisine, and a laidback, stress-free ambience. Many property buyers also keep the home long term and eventually move out here to live all year round.
One big lure is property prices, that when compared to other tourist destinations like Spain, Portugal, or France, provide much more value for money. However, we understand that buying a property in another country is a big lifestyle decision to make. So, in this article, we talk about how to decide if it is right for you, what preparations to make, how to buy property, and long-term ownership.
Guide to Buying Holiday Property in Turkey
1: Is it Worth Buying a Holiday Home in Turkey?
This depends on your reason for buying. If you want a mid to long-term property investment, Turkey comes up trumps for potential capital growth because the housing market is still in its infancy in many areas. Look to invest for at least ten years. For family vacations, look to the typical tourist resorts to enjoy that holiday ambience. Other reasons to buy include…
- State of the art airports with frequent flight schedules all year round
- Typical Mediterranean climate with hot summers and cool winters
- Some of the world's best beaches
- Family orientated culture
- Healthy cuisine focusing on fresh ingredients
- Wide range of tourist attractions and sights to see
- Excellent value for money
- Lucrative exchange rate of the Turkish lira compared to other world currencies
- Low running, maintenance, upkeep, and utility bills
2: Before You Start Your Property Search
Once they have decided to buy a house, many people start looking at properties for sale. However, the first step is to have an exact picture of your finances. As well as the purchase price, you will need to pay other legal fees and closing costs, including notary, land registry, solicitor, surveyor, taxes, deed, and translator. When homebuyers use us, we prepare a complete payment plan detailing what to pay and when, so you are always entirely knowledgeable. In addition, budget for yearly running, including bills, repairs, and maintenance. Remember that the exchange rate can go down as well as up. Also, find a foreign currency company to get the best rate and low transfer fees as well. Affordability is the keyword here.
3: Find Your Perfect Home in Turkey
Before you browse our property listings, have an idea of what you want to buy. Maybe a furnished, resale home or bungalow in the countryside appeals. Are you looking at bargain villas for sale or detached luxury villas with a sea view? Is a duplex with a large terrace your idea of a dream home, or do you prefer a semi-detached family home with a large garden? How much is your budget for the house price, and how many bedrooms do you want? Once you have prepared your criteria, browse our listings of villas and apartments for sale. Each listing contains all information to know include property price, location, statuses such as new build or off-plan, home features and contact details to find out more via email, telephone, or to arrange a viewing.
4: Start the Property Buying Process
Many foreigners find the thought of the home-buying process daunting. However, the legal process in Turkey is more straight forwarded and quicker than in many other countries. Anyone who chooses to buy a home through us can also rely on our professionalism, local knowledge, and expertise. If everything is in place, the transfer of ownership takes as little as a day to three weeks. Once you put down a deposit, contracts are signed and notarised, and we also assist you in opening a bank account and obtaining a tax number. When the deeds are ready for signing over, we also accompany you to the land registry office. See the complete buying process here.
5: Home Ownership
So, you are now the proud owner of overseas property. We arrange for the utilities to get connected or changed into your name, but you need to figure out bill payments. Many foreigners arrange direct debits for electricity and pay the yearly fees like council tax when they come out for a holiday. Also, consider whether you want to employ a company to be key holders and do monthly checks on your home.
6: Renting Out Your Property
Whether you are specifically looking at buy to let or want to rent out your property to cover running costs, you will need to abide by the law re tenants. All holiday renters need to be declared via the online system, and long-term tenants will require a contract. Advertising your holiday home for rent is easily done on sites like Air BnB, but you will need to pay taxes over a certain level of rental income. If a rental property is an avenue you want to explore, all our agents can give more information and ask questions.
7: Popular Places for Holiday Homes
When it comes to the property market of Turkey, certain places stand out more than others to buy a holiday home. They are coastal resorts along the Aegean and Mediterranean coasts. Serviced by the Antalya, Dalaman and Bodrum touristic airports, they make getting to your vacation home easy.
Bustling Alanya: Sitting at the far eastern Mediterranean coastline, house prices for sale in Alanya are excellent value for money. The portfolio includes townhouses, new home, penthouses, and flats. The centre is ideal for finding a villa for sale, while outskirts neighbourhoods like Mahmutlar offer that typical holiday home ambience.
Antalya City Centre: This destination is an all-rounder and one of the most popular places for Turks and foreigners. Anyone looking at rental properties should consider this area, especially the Konyaalti and Lara beach districts. Antalya also has a large ex-pat population giving it a cosmopolitan ambience.
Golfing Belek: Golfing fans often head to Belek to find a villa for sale with a private garden, swimming pool and easy access to the world-class championship courses. Belek's reputation stems around golf, but the resort offers much more, including gorgeous beaches and an immaculately clean town centre.
Fethiye Region: Also sitting on the Mediterranean coast, Fethiye draws in many British buyers. Whether you want an apartment for sale or a luxury villa, this is a great place to start your search because the region is one of the prettiest in Turkey. Districts to look at include Hisaronu, Ovacik, the town centre, Uzumlu and Calis Beach.
Bodrum Peninsula: Although there are bargain homes for sale in Bodrum, the peninsula excels in luxury properties, with some villas fetching six digits. It is not surprising given its upmarket ambience, especially in places like Yalikavak that is home to the mega yacht' marina. Bodrum, one of Turkey's most popular tourist destinations, also has a non-conformity ambience that attracts buyers from all around the world.
About Us: We are Turkey Homes, an estate agent who has helped thousands of people buying property to find their dream home and invest in the real estate market. We hope we have answered your questions about buying holiday property in Turkey, but if you have more or would like to speak with an agent, call us today. You might also like to read our blog about the country, places, and the property market.