Should I Buy Property in Turkey?
If you are asking yourself the question of “should I buy property in Turkey?” we can answer that. As a real estate agent with offices all around the country and plenty of years’ experience, our in-depth knowledge of the market includes current trends, making an investment, moving here, buy-to-let rentals, or simply owning a holiday home for family vacations.
Now, given our connections to the housing market, some might say we are biased but don’t just take our word for it. In 2019, more than 45,000 foreigners bought an apartment or villa. Some headed to Istanbul, the country’s most prominent city for business, education, and tourism, while many others purchased in the Aegean and Mediterranean coastal resorts like Antalya, Bodrum, and Fethiye. So, let’s look at the reasons why people buy Turkish real estate.
Should I Buy Property in Turkey?
1: Current Exchange Rate
Anyone following the history of the Turkish lira will testify that its value has dropped significantly over the last three years. While this is not good for investors of the currency, it is excellent news for home buyers. In 2015, buyers would get 3 liras for every dollar. Fast forward to today, and that has doubled. Yes, of course, house prices have risen, but with an unusual exchange rate like this, foreigners get more Turkish lira now than ever before.
2: Cheaper than Spain, France, or Portugal
Buyers who want an overseas holiday home often narrow down their choices to Turkey, Portugal, Spain, or France. However, out of all these, Turkey comes up trumps for prices, making it an ideal choice for bargain property hunters or those looking for a long to mid-term investment. Prices start from roughly £40,000 for an apartment in a seaside location. Yes, you can buy homes in Spain for half this amount but look closely. They are all rural properties, located inland and in dire need of renovation and repair.
3: Cost of Living in Turkey
Take the other three countries above and compare their living costs with Turkey, and once again, we have an outright winner. Cheap water and electricity keep costs down, as does the council tax and there is no TV licence to pay, so when measuring up how much it will cost to run and maintain a home, buyers easily understand the lure. According to the number-crunching experts Numbeo, Turkey overall is 51% cheaper than Spain, 61% cheaper than France and buying in Portugal will be 46% heavier on your pocket.
4: Citizenship by Investment Scheme
Many countries have a citizenship by investment scheme. This is when investors buy real estate or set up a business to gain the rights to live and work like a local. Turkey’s system quickly draws in buyers, with one of the lowest entry levels. To apply, buy a home worth $250,000 or more and keep it for three years. Compare that to Portugal’s golden visa scheme which is a lot more costly, and takes longer to complete, and it is easy to see why more than 9,000 people have so far received approval.
5: Modern Property Architecture
Before 2000, the choice of housing was dire. Most of it was old and in need of repair. However, just a few years later, the government set out to rejuvenate the market, through new modern housing featuring the latest in architecture and modern lifestyles. Whatever you want, you will find include economy efficient, green living, and contemporary millionaire homes—investors like Istanbul, especially, the outskirt European districts. Here, off-plan housing offers attractive prices with much potential for capital appreciation, but also a wide choice of brand-new homes.
6: Buy into the Lifestyle and Weather
In 2019, Turkey attracted nearly 52 million tourists. Additionally, it also has large expat communities who live here all year round. What is the primary lure for all these people? Well, the ideal weather climate of hot summers and cool winters plays a large part, but the Turkish lifestyle, especially for non-working expats, wins them over. The relaxed ambience combined with an emphasis on outdoor living boosts the mind, body and soul and easily explains why tourists return year after year. The friendly culture of locals, as well as delicious food, gorgeous beaches, and thousands of historical sites and attractions, also get buyers hooked.
7: Choice of Destinations
Most foreigners buy in Istanbul, but many also head to Aegean and Mediterranean coastal regions. Here, towns, villages and cities all offer something unique. Antalya’s reputation stems around the best beaches, while Kalkan boasts of large, luxury villas offering the best in upscale living. Belek is the golfing capital, while Calis beach draws in the Brits who love the vibrant sunsets and low prices. Coming around to the Aegean, Yalikavak commands respect as an international sailing hub where millionaire homes take centre stage. At the same time, Didim, nicknamed “little Britain,” is ideal for those on a budget. To see homes for sale, browse our portfolio of apartments and villas. Each listing includes the location, price, home features, photos, and an enquiry button/telephone number to find out more or arrange a viewing.
8: Easy and Safe Buying Process
Naturally, when buyers look overseas, they are cautious, simply because the buying process is different. However, the good news, especially for those coming from western countries is to expect a simplified and easy process. We advise you to use a lawyer, even though Turkish law doesn’t require it. Additionally, the law does say, you need a translator for legal documents so you are fully aware of what you are purchasing. This is to safeguard the buyer. If all your finances are in place, and the home you buy is resale or ready built, you can expect the title deeds and to put your key in the door within as little as three to six weeks.
Also of Interest
Expat Life in Turkey: Some people who ask should I buy property in Turkey, also have a dream to live overseas. For some, this is in their retirement years, while others are remote workers and location independent. In this article, we outline what to expect as well as tips and advice for making a smooth transition.
Contact Us: To speak to a local agent about the buying process, the housing market, making your money work for you, or ideal destinations to own property, call or email us today. We will answer your questions, and offer further tips and advice on becoming a homeowner in Turkey.