Is it Cheap to Buy Property in Turkey?
Buyers, who decide to use our real estate services sometimes ask us if property is cheap in Turkey? The answer is yes, especially compared to western countries. Therefore, it is a prime real estate investing spot for those looking at property abroad. However, while you will find bargain prices, owning a property in Turkey takes more consideration than just house prices. Some homebuyers find their bargain dream home, and it can turn into the worse financial investment they have ever made. Some areas outshine others for affordability, but long-term capital growth shows no potential. This is the downside of not investigating the property market carefully. So, let us look at what every home buyer looking for cheap property needs to know.
About Buying Cheap Property in Turkey
1: Is it Safe to Buy Property?
Once property buyers see the price range, some question if it is safe to buy because it seems too good, especially compared to other overseas property destinations like Spain or Portugal. The answer is yes; it is safe if homebuyers follow the process and recommended guidelines. Always use a licensed estate agent, a lawyer and always get contracts drawn up. Never hand money over in cash, but instead send it online to official bank accounts, so there is a paper trail. We talk more about safeguarding investments in this article about buying Turkish property.
2: Off-Plan Properties
One of the property types that present the best prices is off-plan. For home investors, places like Istanbul excel in this area because mass expansion is happening on the European and Asian sides. Additionally, some developers offer long term interest-free payment plans of up to 5 years. The downside to off-plan is that the first-time buyer doesn’t see their bricks and mortar investment before signing on the dotted line. Therefore, detailed contracts are essential and only use certain developers who are insured in the event they can not finish the project. If you want to buy off-plan properties, call us to discuss the market more in-depth and how to safeguard your investment.
3: Renovation Homes in Turkey
Occasionally, a homebuyer wants a renovation project to turn into their perfect home. They would like to take a cheap, old Turkish village house, modernise, and update it. Unfortunately, the renovation costs will far outweigh any increase in value. Additionally, renovation projects prove expensive because Turkish building laws have changed over the last 20 years. This requires extensive remodelling to ensure the home gets all the relevant paperwork and certificates. When property buying, if you want a traditional home, choose one that has already been renovated. Good places to look for these property types include Kayakoy in the Fethiye region and Alacati in the Izmir region.
4: Where to Find Cheap Property
To find cheap properties to buy, certain places outrank others. For example, Kalkan on the Mediterranean coastline is not the place to look. This market specialises in luxury properties, and there is a lack of available building land; hence the supply and demand have already pushed prices up. For real estate that fits into a budget, Altinkum on the Aegean coast is an excellent place to start. Properties to buy here are cheaper than places like Kalkan because it maintains a down to earth ambience, and there is a surplus of housing, keeping prices down. Heading over to the north, Bursa was a late start in rejuvenating its once stagnant market; hence cheap property prices attract Middle eastern investors because of the similarities in culture and traditions. Mahmutlar in the Alanya district offers excellent prices per square meter, as does Dalaman over on the Mediterranean.
5: Legal Fees and Price Negotiation
As well as the house price, do not forget the closing costs. These will include the title deed tax, notary and translator fees, and land registry fee. See a full breakdown of how much to factor into your budget for these costs. Additionally, sometimes property investors ask us if negotiating over the price is acceptable in Turkey. It is, and as real estate agents, we liaise between buyers and sellers when this occurs. Please note that in Turkey, real estate sales happen quickly, and there is minimal chance of other buyers trumping your offer.
6: Your Property Search
Our portfolio of property listings includes houses for sale in all areas of Turkey, including Istanbul, Fethiye, Bodrum and Antalya. Before searching, decide what you want to buy. For example, a family home for holidays, investment property, or a detached villa for sale to live in Turkey permanently? Does a countryside location appeal, or would you rather live on the beachfront? How many bedrooms and bathrooms would you like? Also, consider the property type like a new build, off-plan, or fully furnished resale? Once you have decided, browse our portfolio. Each listing includes everything to know, including purchase price, location, home features and contact details to find out more or arrange a viewing. From our portfolio, buyers can also see destinations where cheap properties sell.
About Us: We are Turkey Homes real estate agent who operates all over the country. Our properties for sale including apartments and villas, for buyers who want a holiday home, place for permanent living, or real estate investment. Homebuyers can relax in the knowledge that our many years of experience in the housing market, alongside our local knowledge, means they are in safe hands. To know more about cheap property in Turkey, or speak to a local agent, contact us today. Alternatively, browse our Turkey blog that discusses the real estate market more in-depth, or follow us on Facebook to stay updated with property news and new listings.