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Turkey! What associations do you have with this oriental country? The popular answers would be — warm waters of the azure sea, incredibly beautiful mountain slopes, European service, and, most importantly, low prices on food, entertainment, and housing.
Buying real estate in Turkey is a dream that can easily become a reality. Let's figure out why many foreigners find the Republic so attractive. What are some special features of the local real estate market, and what pricing policy is established in the most popular resort regions?
About Turkey. General information about the Turkish real estate market
Turkey is a unique place where East meets West. It stretches from the Asian region formerly known as Anatolia to the Balkan Peninsula. Its territory covers more than 783 thousand square kilometres of land.
The modern Turkish Republic has the best of both worlds. Lively cosmopolitan cities Istanbul and Ankara are filled with hustle and bustle of modern-day life, calm seaside cities Fethiye and Bodrum enchant with the peace and tranquility of their lifestyle. Famous ski resorts Saklikent and Palandoken attract adventure seekers. Flying balloons in Cappadocia mesmerise thousands of visitors daily.
It is no surprise that more and more foreign visitors are traveling to Turkey to feel its unique and incredible atmosphere. A few week-stay in five-star hotels are no longer enough to immerse into the culture and atmosphere of Turkey, so most tourists decide to settle down and buy their dream home here.
Since 2012, the Turkish real estate market has experienced a boom following the structural changes introduced by the government. Turkish authorities have implemented a successful policy to strengthen the economic position of the country and directed all the efforts to attract foreign investments. Thus, banking institutions have offered favourable interest rates for mortgages, and developers have developed a flexible system of interest-free instalment payments. The procedure of a buy-sell agreement has also been simplified for foreign buyers.
Benefits of buying property in Turkey
Turkey is an astonishing country. It offers an excellent environment not only for holidays but also for a long-term stay. Let's take a closer look at the main advantages of buying your own home in this sunlit country.
- Mild climate and pollution-free regions.
Turkey has a very mild Mediterranean climate pleasantly high temperature makes a stay here from May to October especially pleasant. During the summer months, the temperature ranges from +25 to +38 °C. In winter, it rarely drops below minus 15 °C. The pure air at sea resorts is high in negative ions. There is no grand industrial manufacture in the resort regions. In addition, Turkish beaches rank second cleanest in the world after Spain, and many of them have the Blue Flag award.
- Low prices for essential goods.
The Republic of Turkey is a very affordable country. It prides its agricultural traditions and grows citrus fruits, olives, nuts, tea, tobacco, cotton, and corn. Livestock raising is also well developed, so there will be no problems buying fresh dairy products or meat. You will be surprised how inexpensive grocery shopping can be.
The light industry is well developed. Many cities have textile and garment factories that offer high-quality goods that occupy significant niches in world markets.
Another pleasant surprise is low utility costs. The average monthly cost for water supply will be around 50 liras and about 250 liras for electricity.
- Developed infrastructure of resort regions.
Tourism is one of the main sectors of the national economy in Turkey, and the government prioritises its development. Most of the budget is directed to improve resort regions, develop city infrastructure, build new airports and highways.
- High-quality construction and developed infrastructure of the residential buildings.
Developers are building high-quality residential buildings that meet international standards. Almost all new buildings have a hotel-type structure. The modern residential building has well-maintained premises, security, swimming pools, Turkish hammam, sauna, fitness room, playgrounds, and other recreation areas. The apartments are sold with a full set of furniture, flooring, interior doors, and a built-in kitchen suite with a granite countertop. Bathrooms are equipped with high-quality plumbing equipment.
- Opportunity to get a residence permit and citizenship.
When purchasing real estate in Turkey, the owner has the right to receive a residence permit for himself and the members of his family. If you buy an apartment in Turkey for more than $ 250,000, you can use a simplified procedure to apply for citizenship.
- High investment potential.
Real estate abroad is often purchased to rent the accommodation afterwards and receive a stable income. Accommodation on the Turkish seaside is always in high demand, regardless of the season. The average profit you may gain from apartment rent in resort regions reaches 8% annually. If you purchase an apartment within walking distance from the sea, you can count on getting over 10% income.
Another option for a profitable investment is thermal estate resale. Over the past few years, the Turkish real estate market has seen a steady 10-15% rise in price. If you buy an apartment in Turkey, you can make up to 50% of the original cost of the object in 3-4 years.
Property prices in Turkey for foreigners
The relaxing atmosphere, mild climate, and long holiday season are good reasons to buy property in Turkey. But the main advantage is the relatively low cost of real estate you can buy elite accommodation at very reasonable prices.
The cost of real estate in Turkey is lower than in the European market. The highest prices could be seen in Ankara and Istanbul with 800 euros per square meter. Southern regions of the Mediterranean are considered to be the most profitable. Antalya and Alania attract many people from European countries. A square meter in this area costs around 500 euro. The comparison of the real estate costs between 2020 and 2021 clearly indicates a steady rise for a square meter. Guaranteed return on investment is one of the main reasons to buy real estate in Turkey.
Foreign buyers can take advantage of favourable terms of payment for real estate. Long-term mortgage loans with a reasonable yearly interest rate of 6-8% and interest-free payment in instalments from developers. These terms allow foreigners to buy real estate in Turkey, even when they do not have the required amount at the given moment.
The best cities and regions to buy Turkish real estate.
Turkish real estate on the Aegean coast is in high demand among European citizens. Marmaris, Fethiye, Bodrum, Kusadasi are some of the most popular locations.
Buying real estate in Turkey is an important step if you are determined to move to the sunlit Republic of Turkey. Whether you are buying a detached house or an apartment from a developer, you should understand that you will sign an agreement on the territory of a foreign country. It is reasonable to assume that there may be some difficulties related to a language barrier, some bureaucratic issues in the course of the agreement, and the peculiar features of the local market. Buying real estate in Turkey without intermediaries is not always an easy task.
NEW TIME Investment is ready to help you become the owner of accommodation on the Mediterranean coast. Our agents will select the best real estate, advise on mortgage options and residence permits, and assist you throughout the purchase process. You can find a catalog of real estate in Turkey on offer on our official website. Prices are indicated in rubles, dollars, and euros for every object.