When is The Best Time to Buy a Property in Turkey?
Sometimes, our clients ask when the best time to buy a property in Turkey is? Whether they are real estate investors or a couple looking for a holiday home, they want to take advantage of yearly market conditions to find their ideal home at an excellent price, a reflection of supply and demand business models. As an international real estate agent in Turkey, we see yearly buying and selling trends, but these are more about where people buy and not the time of year. Additionally, buyers’ nationalities also affect local real estate trends. So, let’s look Turkey’s regional markets, times of year and other factors to help you decide when to buy.
Best Time to Buy Property in Turkey
As Turkey’s most prominent and significant city, Istanbul never stops, nor does the property market. Many international real estate investors flock to Istanbul because of capital growth potential. Additionally, outskirt European districts are transforming themselves with large lifestyle property residences to replace old houses with a new, modern style of living.
These lifestyle residences go on the market at off-plan stages; hence real estate investors want to capitalise on those savings. Some lifestyle residences also offer long term interest-free payment plans of up to 5 years. As a result, these property buyers flock to Istanbul all year round. In addition, where we see a drop in western clients because of Christmas celebrations, Istanbul attracts many Middle Eastern buyers, who treat December as a typical month.
Aegean and Mediterranean Turkey
Many clients looking at Turkey’s southern or western coasts have a different reason for buying. They either want a holiday home, to live in Turkey all year round, or want a property to rent out to holiday makers. For this reason, most clients purchase property between Spring to Autumn, which covers the primary tourism season.
However, we also encourage all buyers to view during winter to see the town when tourism dies down. The population in a tourism-dependent city often triples during summer, leading to a completely different lifestyle. While this will not matter for holiday home buyers who visit in summer only, it does for our clients who want to move to Turkey.
Can You Get a Better Price in Winter?
Putting an offer on a property is accepted in Turkey; hence some people say you should buy in winter when there is less demand, so sellers are more likely to accept your offer. However, this belief isn’t always true. For example, in Istanbul, where local markets operate all year round, and many homes for sale are newly constructed apartments, developers won’t drop prices simply because off-plan prices and staged payment plans already reflect savings.
Additionally, even with private resale homes across Turkey, sellers only drop prices if it suits them. We have known a few sellers who drastically overpriced their homes, will not accept any offers, and the property is still for sale two years later. To grab a bargain with this line of thinking, you must find a seller who needs fast cash. With such a strong domestic and international buyers’ market, home sellers in Turkey generally wait to receive their asking price.
Local Developments and Property Prices
Local infrastructure developments always affect Turkey’s regional property markets. When local councils or developers announce a new shopping mall, golf course, marina or transport links, real estate interest increases from investors simply because once developments finish, property prices rise. The best example is some European Istanbul districts, where local councils invest heavily in metro links and road infrastructure. Hence if you are looking at an area in Turkey with planned regional projects, buy property now rather than later.
Current Events and News in Turkey
2021 turned regional property markets on their head. The Turkish lira dropped in value by 40%. This attracted many foreign real estate investors eager to take advantage. Additionally, property and rent prices rose drastically across Turkey as construction materials increased, and domestic buyers turned to coastal areas to lessen the chances of catching COVID in big cities. For the first five months of the year, property sales also slowed as Turkey was in a lockdown. Regional markets constantly changed at every point; in some ways no one could have predicted. Hence, when it comes to buying property at the right time, look at current news and events that shape how the market performs.
Summary of the Best Time to Buy
So, as you can see, the best time to buy property in Turkey depends on numerous factors, not just the time of year. Rather than looking at markets and trying to buy simply because of the time of year, we recommend you set a budget and list what you want from a property. The Turkish real estate market operates all year round, with sales every month. In addition, new homes often come on the market, and in some towns and cities, the enormous choice ensures you will find the home you want, at the price you want to pay.
More about Turkish Property
How to Buy Property in Turkey: Deciding to buy Turkish real estate is an important life event. No one does it on a whim. Making a lucrative investment or a strong desire to live overseas lays root to the property buying process in Turkey that, for first-timers, can seem daunting. This article includes advice for research, organising finances, and choosing property, as well after-sales information such as yearly running costs and tax laws.
Where to Buy Property: Certain areas within Turkey are popular destinations for foreign buyers, mainly because of excellent infrastructure, easy access to airports and western-style attitudes. Most of these areas centre in Istanbul and along Turkey’s Aegean and western coasts.
Talk With Us: We offer independent, impartial, and expert knowledge about property and Turkey by giving homebuyers a wealth of information to make informed decisions about buying either investment or lifestyle property. In addition, our network of contacts and relationships with developers and partner offices ensures buyers have complete peace of mind. So, call us today to know more about organising a viewing or the best time to buy property in Turkey.