The Cheapest Place to Buy Property in Turkey
As a real estate-agent, homebuyers often ask us, where is the cheapest place to buy property in Turkey? Our years of experience in the real estate market means we can quickly answer this question. However, when purchasing a property anywhere globally, there is more to consider than the house-price.
In Turkey, leasehold properties for sale are by far cheaper than most countries. But buying a house is to invest in your financial future, i.e., your net worth. Therefore, we also use our local knowledge of the property market to advise people on more than just buying. In this article, we look at where the cheapest property for sale is and other factors about the housing market that buyers should consider.
Cheapest Places to Buy Property in Turkey
1: Property in Altinkum – Didim
Altinkum, also known as Didim, is a favourite destination for British holidaymakers and house buyers. With the average property-price starting from roughly $45,000, the district has a large community of retired expats, some of whom are renting while others embarked on a property search to find their dream home. Several reasons make houses for sale exceptionally cheap. First, there is an abundance of homes on the market and available land for building which keeps property prices down. Secondly, Altinkum was late to reinvest in its self as a resort. It is only within the last ten years that road and utility infrastructure has improved. Unfortunately, regional promises like a state-of-the-art golf course never materialised, but the marina puts it on the sailing map.
2: Places in Trabzon
Trabzon is an ideal place for property investment because, like Didim, they were late to invest in their property market. Additionally, Trabzon homes for sale don't receive as much attention as other destinations like Istanbul and the Aegean and Mediterranean coasts. The area is specifically different in that while Europeans flock to the south and west coastline, Trabzon mainly attracts Middle Eastern property buyers interested in family-homes because of the conservative atmosphere. A variety of neighbourhoods shine through with new build homes, some of which the duplex apartments have a terrace with a fantastic sea view.
3: Cheap Dalaman
If you want a quiet destination to retire to that puts you back in touch with nature, consider the Dalaman area. Most visitors know it because of the international airport, yet the area has done an excellent job constructing residential real estate with style. Any real estate investor or home buyer looking at prices need to factor in a starting budget of $45,000. This will net you an apartment on a complex, often with communal facilities like a swimming pool. European buyers looking at relocation will like Dalaman thanks to the international flights that the nearby airport offers.
4: Buy Investment Properties in Istanbul
One look at the real estate listings for Istanbul, and you will soon realise this is Turkey's most fast-moving housing market. Houses for sale in Istanbul bring together buyers and sellers from all over the world. Although there are time-honoured districts to buy a home in, Istanbul is expanding into the European side's suburbs, which has caught many international investors' attention. Real estate for sale includes every type you can imagine, including mansions fetching million-pound prices. Still, locals and foreigners invest in off-plan developments, some of which offer long term, interest-free payment plans of up to five years.
5: Homebuyers looking at a dwelling for the yearly vacation often choose Alanya, where prices start at roughly $45,000. Districts like Mahmutlar on the outskirts show much promise for long term value growth and because the local council has invested much into local infrastructure. Additionally, real estate sales are receiving a boost thanks to Alanya's endeavour to increase its tourism market. The increase in interest had a knock-on effect on the housing market.
Buying Real Estate in Turkey: Other Factors
Sell Your Property: Some people aim to keep their family home for generations to come while others look to sell in later years. The key here is for maximum capital growth; look at this as a mid to long term financial endeavour. Ideally, you should keep it for at least five years, more so 10, to make this home-buying venture work in your favour.
Buying Rental Property: Many foreigners look to make a rental income from their second-home. Some real estate investors specifically look for buy to let contracts, where they gain a guaranteed income to pay the mortgage. While those who have purchased a holiday home look to short term rents to cover running costs. However, know that every renter must be legally logged with the relevant authorities, and rented accommodation also incurs income tax over a certain profit.
Running and Maintenance Costs: Many a foreigner searching for the perfect home in Turkey thinks about getting affordability and signing for the title-deed, but it goes much further than that. Like buying a home in every other country, part of owning property means yearly maintenance, upkeep, and repair costs. Household bills are cheap compared to other countries, but for example, complexes with flats must pay their annual apartment aidet fee, which goes towards the upkeep of the communal areas. Likewise, a homeowner might delight in his private pool, but that incurs chemicals, cleaning, and upkeep fees every year. Before you buy a property, factor in the yearly running costs to prevent any headaches later.
Renovating Homes: In their quest to become homeowners, some people like the idea of a renovation project. They find a bargain property and start dreaming up ways to make it their dream home. However, this property type ends up being the costliest real estate investment you can ever make. Some old residential properties sell cheaply because the structure isn't in line with government regulations for building standards. The home for sale does not have the legally required paperwork like an Iskan certificate, which is proof that the building is suitable for habitation.
Closing costs: All home sales in Turkey have legal fees and taxes to be paid, so factor these into your budget alongside the price of your new home. Costs to consider include land registry fees, notary fees, translator, lawyer, valuation, and taxes.
Find Property for Sale in Turkey
We are Turkey Homes estate agency, and we have helped thousands of foreign buyers find their first-time home and advised those looking at real estate investing. Browse our portfolio of properties to buy in Turkey all areas, including Istanbul, Didim, Fethiye, Dalaman and Antalya. Including villas and apartments for sale, each list contains relevant information to know, including the number of bedrooms, bathrooms, status such as a resale, fully furnished villa, purchase price, living-space, and walking distance.
Also included are contact details to find out more via email or telephone or to arrange a viewing. Alternatively, contact us if you are looking at investment opportunities and would like more advice about the cheapest place to buy property in Turkey. Also follow us on Facebook to stay updated with expat, lifestyle, and property news from the country.