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Buying Property in Turkey
Are you considering purchasing a property in Turkey? Turkey might be just what you’re searching for!
Massive improvements have taken place in several Turkish towns in recent years, and the value of Turkish real estate has reached a point where it is being observed internationally. Turkey’s construction industry has been booming to create some of the most luxurious buildings in some of the most attractive locales.
We recognize that purchasing a home overseas may be daunting, which is why we are here to assist. Here are things to consider when buying a property in Turkey.
Although housing prices are an important consideration, purchasers should also consider other expenditures when setting a budget. Despite the fact that the Turkish government does not require the employment of a lawyer, we recommend that every house buyer in Turkey do so.
You’ll also need to pay for translators, property taxes, land registration fees, notary costs, DASK insurance, and changing or connecting your utilities. Finally, estimate closing expenses at 9% of the property price as a reasonable guideline.
Before we get started, here are some related articles for further reading:
Purchasing Property in Turkey
Specify Your Property Requirements
Even if you’re buying a house or an investment property in your own country or overseas, understanding what sort of property you want and why you want to purchase is critical.
Understanding what you want to invest in should be the first element of your plan, whether it’s a modest residential apartment, a fancy apartment, sea-front villas, city view penthouses, or a beachfront family home.
Also, understanding where you want to purchase is a wonderful question to ask yourself; the answer is based on what region of Turkey you see yourself living or investing in; is it a charming spot surrounded by nature or a property with a spectacular view of the city? Our property expert specialists will guide you to the best property for you based on their years of expertise.
Choosing the Right Real Estate Agent
Selecting the proper real estate agent is difficult when you are not in the country. With such a diverse range of clients, we think that each client’s requirements are distinct.
As a result, our real estate experts cater to the very best, providing you with the greatest service available. Purchasing a property in a foreign nation is a major life transition that must be carefully considered, and selecting an agent that understands your requirements is critical. Contact us to schedule an appointment with one of our pros, who will spend time getting to know you and your interests.
Which City in Turkey Suits You? Or Your Property Requirements?
The location of a property is quite important when determining which and how to purchase. Quiet surroundings with plenty of facilities and property near to important regions are essential requirements for any property purchase.
We recognize that you may not be familiar with the cities and areas of the nation. Therefore we do extensive study to pass on our expertise so that you may make the best decision possible.
In Istanbul, prime neighbourhoods are more profitable investments than costly houses in the suburbs that have been highly advertised. Even still, these houses in Istanbul’s best neighbourhoods are pricey.
As a result, we urge investors to choose regions in different cities, such as; Antalya or Bodrum, that are similarly feasible. We’ll make sure you see as many houses as you like to get a sense of your preferences and opinions so we can make the best recommendation for you.
Property Purchasing Expenses in Turkey
Buying a property in Turkey involves various steps that might take several weeks to complete. The whole procedure may take anywhere between 12 and 16 weeks, and purchasers must be informed of all fees that must be paid; fees normally range from 7% to 10.5 per cent of the property’s price.
A large portion of the money goes to the Turkish government in the form of property taxes, and then there’s stamp duty and legal fees, as well as other costs like the real estate agent’s commission, which you’ll have to pay to the agent. Purchasing property in Turkey may be substantially less expensive than in other European nations, making it an excellent investment opportunity.
Rental Returns, ROI and Capital Growth
Investors are motivated to make decisions based on their return on investment (ROI) and the expansion of their initial capital. Istanbul is a fantastic city to invest in since it is one of Turkey’s most promising real estate districts.
As a result, picking a suitable property becomes crucial. Many projects in Istanbul advertise a guaranteed return, and if this is the case, investors might consider flipping their properties for a bigger profit than they first paid.
We recommend commercial real estate owners invest in office space to rent out to multinational corporations based in the city for a higher investment return.
Go on Inspection Tours
A comprehensive examination is the greatest approach to learning about the property you wish to purchase. When purchasing a property in Turkey, it is essential to examine the property, the location in which it is situated, the local environment, and the local lifestyle.
You should request an inspection trip and visit the area to look once you’ve narrowed down your list of properties to view. This assessment will also assist your real estate agent in gaining a better understanding of your preferences.
Giving Yourself Different Options to Choose From
When it comes to property purchases, it is important to have a variety of possibilities. As a result, having the correct real estate agent may improve your purchasing experience by a factor of ten; we endeavour to provide you with a better experience by showing you various properties to consider.
Bodrum, Kusadasi, and Istanbul, the country’s financial and cultural centres, have attractive properties. Please make an appointment with one of our specialists to see some of Turkey’s most promising property investments.
Getting a Residence Permit in Turkey
Did you know that foreigners may apply for a resident visa in Turkey if they purchase a property in Turkey? Yes, the Turkish government makes a concerted effort to encourage and assist international purchasers of Turkish real estate.
In 2013, for example, the Turkish government announced that an investor would be allowed to apply for a residence permit in Turkey that would be renewed as long as the property remained in the purchasers’ name. You will not require a residency permit if you do not intend to live in Turkey and are merely visiting for vacation. In that case, a tourist visa is sufficient. Also, if you invest 250.000 USD, you can get Turkish citizenship.
Negotiations Are Important When Buying a Property in Turkey
Don’t worry if you believe you have to compromise for one price. You don’t have to! Our specialists are excellent negotiators, and we work hard to obtain you the finest bargains feasible. Because of our relationships with local builders, we can bargain on your behalf to obtain you the greatest price possible, allowing you to profit.
Several things must be considered while negotiating; for example, real estate developers may provide a particular package that includes furnishings and other utilities for a single fee. Other companies will offer consumers a better bargain by allowing them to choose from various payment options.
All-in-all, when buying a property in Turkey, don’t forget to make negotiations.
Reserve the Property You Wish to Purchase
The greatest thing to do when you’ve decided on your ideal property is to reserve it. We will prepare a reservation contract for you after you have confirmed your interest since we recognize that the Turkish real estate market is dynamic. Fantastic deals must be taken when they become available.
After you’ve booked your reservation, you may start the purchasing procedure. The sum supplied for the reservation is subtracted from the total agreed-upon price; however, this reservation fee is non-refundable if you choose not to continue with the purchase process.
Professionals at OutlookTurkey and MGC Legal have extensive knowledge of numerous properties that may fit your requirements. They will go above and beyond to ensure that you make the best decision possible.
Our professionals’ considerable experience in this field will prove to be beneficial in smoothing out your requirements.
Related Article: Useful Tips From Experts in a Brief Introduction To Housing.
How Much is Property in Turkey? House Prices of Apartments and Villas For Sale
Potential purchasers could narrow their search to a certain location to get a more exact response to how much properties cost in Turkey. The purchasing price fluctuates from village to town to city, as it does in many other real estate markets.
Turkey is the 37th biggest country in the world, so any property buyer has plenty of options. Many purchasers wonder whether the property in Turkey is affordable. We always say yes, particularly when compared to other markets such as; the United Kingdom and the rest of Europe, America, or Spain.
The market’s lower end averages out at £40,000 when all housing prices are fixed in Turkish lira. However, when it comes to luxury residences, the sky is the limit, with some mansions in Istanbul and Bodrum costing seven figures.
Buying in cities is more costly. Other variables, however, have an impact on the house price index. To maximize their potential financial gain, new property purchasers should study the location they wish to invest in.
How Much is Property in Turkey? And Why Are Houses in Turkey So Cheap?
The first thing to realize is that Turkey’s real estate industry was just recently modernized, roughly 20 years ago. New buildings were uncommon at the time, and mortgages were not accessible.
As a result, the market is still in its early stages. Second, pay attention to the destination; places with a lot of new development have a lot of properties, which plays into the supply against demand business model.
Finally, building supplies and legal fees are less expensive than other nations, lowering the price index.
Buying a Property in Istanbul
A residence in one of the established centre neighbourhoods, like Fatih or Beyoglu, will cost at least £1000 per square meter. Other neighbourhoods, such as Sariyer, are known for their luxury residences and, as a result, have higher property prices.
On the other hand, Istanbul is redefining its property market with new buildings in outlying European areas. These areas, which have updated metro and transportation connections, are an excellent alternative for people who wish to invest in real estate in Turkey’s biggest city but have a limited budget.
First-time Turkish and international purchasers will be attracted to the £50,000 starting price for a one-bedroom flat.
The new airport and proposed canal route, which have drawn property investors from all over the globe, have generated a lot of buzz around these locations. Local governments, on the other hand, have spent millions in making their communities more family-friendly.
Although a housing shortage keeps costs low, any first-time buyer planning to stay in their dream house for at least ten years will find an opportunity for capital growth. Beylikduzu, Esenyurt, Basaksehir, Buyukcekmece, and Buyukcekmece, all on the western face, are worth seeing.
Most Expensive Place to Buy Property in Turkey
If money is no problem and you want to be a part of Turkey’s wealthy and powerful families’ social circles, the Ottoman Yali palaces on the Bosphorus are the place to go.
Millionaires, billionaires, Saudi princes, and long-established Turkish families whose names often appear on Forbes’ list of the world’s wealthiest individuals will be your new neighbours. Know that Ottoman yalis attract a premium price for two reasons while looking at all homes for sale.
During the Ottoman Empire, several were erected by affluent and prominent persons typically linked to the Sultan. Second, their timber architectural style is no longer employed, making these houses antiques with flair and refinement for sale: the Erbilginler Yali, a large home, sold for a remarkable 100 million euros in 2015.
How to Buy a House in Turkey?
The first step is to start looking for a property to invest in. Use the chat option on the bottom right-hand screen to set up a time and date for seeing properties in any part of Turkey.
Start your search right now by looking through our listings of available apartments and villas. Each item has information on the neighbourhood, images, the number of bedrooms and baths, a description, and a map location. Contact us to obtain more information about purchasing a house.
Buying Rental Property in Turkey
To pay their purchase expenses, some purchasers consider investing in rental properties. If you go down the purchase to let path, you’ll need to conduct a lot of research. To achieve high occupancy rates, advertising apartments for rent as vacation home requires unique marketing abilities.
Furthermore, many seaside tourist locations are swamped with short-term rental properties, so you’ll have to forego any possible rental revenue.
Long-term lettings need thorough tenant screening, and landlords must comply with legal tenancy responsibilities. Renting for a long or short period necessitates the payment of income tax as well as the filing of declarations that tenants are present in your home.
Property management companies in various areas provide rental property services to landlords who do not reside in the same nation. Kalkan is now the holiday-let location in Turkey with the greatest rental yields.
Property Investment in Turkey
Turkey has piqued the attention of international property investors due to its cheaper property costs than well-known destinations such as Spain and Portugal. However, if you want to make a lucrative real estate investment, now is not the time to consider home flipping. Because many areas in Turkey have a surplus of new homes on the market, yearly growth is moderate.
When purchasing an investment property in Turkey, look at it as a mid-to-long-term project. In addition, the kind of property makes a difference. Off-plan developments offer property investment investors a discount for purchasing early, while furnished resale properties offer yearly appreciation.
Average House Prices in Turkey
According to the Central Bank of the Republic of Turkey, the average housing price in Turkey is now 4,054 Turkish lira per square meter. This growing cost results from two factors that have caused substantial changes in the real estate industry.
The first is a rise in the cost of building materials, particularly those imported from outside, and an increase in demand for houses in rural rather than urban regions. However, keep in mind that this is the average cost for the whole country of Turkey.
Drill down to areas to guarantee a healthy, prudent investment with plenty of capital appreciation possibilities when investing in Turkish real estate. This is when our assistance comes in handy.
Our local experience and skills help us to evaluate what is a sensible purchase and what to avoid as a nationwide estate agency with offices in prominent locations around Turkey, including Istanbul, Bodrum, Antalya, and Fethiye. So, let’s look at what foreigners looking to purchase property in Turkey should know about regional housing pricing.
Istanbul, The Hub of The Real Estate Market in Turkey
Istanbul is the most popular destination for foreigners looking to purchase property in Turkey year after year, and it’s easy to see why. Despite the fact that it is not Turkey’s capital, Istanbul is the country’s commercial, business, economic, educational, and health centre.
According to experts, if Istanbul were to fall apart, the whole of Turkey would follow suit. Rather than luring tourists searching for a vacation house, Istanbul draws real estate investors looking for a long-term investment opportunity.
They were drawn by rapid growth on the European side and huge projects such as; the Istanbul Canal project. When inflation is factored out, property prices increase by 4% year over year, bringing the average cost to 6,312 Turkish lira per square meter.
However, Istanbul is such a huge metropolis that, besides having affordable property, it also has the Bosphorus, which has the most costly properties in Turkey. Some, such as the Yali homes, are even the most costly globally, selling for 115 million euros.
Head to the outskirts of European areas to discover a low-cost house. Many projects sell off-plan, allowing for more appreciation potential, and long-term payment arrangements may frequently be as long as five years with no interest.
The City of Izmir and a Surge in Demand
Assume we’re travelling from the Marmara to the Aegean. In that scenario, we’ll go to Izmir, Turkey’s third-largest city and another great illustration of the country’s real estate market’s diversity.
In contrast to Istanbul, housing prices increased by a startling 21% last year. The current average price per square metre in Turkish lira is 4,911 lira. The city centre and adjacent beach resorts, on the other hand, are seeing a new trend. Many Istanbul residents have been trying to move out of the city in recent years, citing traffic congestion as a reason. They still want the city, so they go to Izmir.
Furthermore, in the face of the COVID infection, Turkish city dwellers flock to tiny Aegean and Mediterranean seaside resorts in Turkey for a more private lifestyle.
As a consequence, demand for villas with private gardens and swimming pools has increased. Places in Izmir like Foca, Cesme, and Alacati, on the other hand, have long attracted Turkish retirees and rich Turks looking for a vacation house.
Houses in Antalya City
Let’s look at housing prices in Antalya’s city centre, from the Aegean to the Mediterranean. For decades, foreigners have flocked to this location, and it shows as Turkey’s top beach vacation destination.
Furthermore, Antalya is the most popular destination in Turkey for foreigners searching for a vacation property rather than an investment. The city centre is divided into five distinct districts. Naturally, the closer a house is to the sea, the higher the price per square meter, yet the district’s average price per square meter is 4000 lira.
Antalya, on the other hand, is distinct in that it lacks the normal metropolitan sensations. Instead, tourist hotspots such as; Konyaalti and Lara beaches and the Kaleici old town and Setur marina offer a consistent stream of visitors for anybody wishing to invest in a buy-to-let property.
Antalya is also a 20-minute drive from Antalya Airport, which has a robust year-round airline schedule from various countries, making it simple to get here.
Where are the Cheapest Houses in Turkey?
If you’re looking at typical property prices to purchase one, you’ll be relieved to learn that many neighbourhoods stand out for their low pricing. Didim is another name for Altinkum, which is located on Turkey’s Aegean coast. This little hamlet has attracted British property purchasers for decades, earning the nickname “Little Britain.”
However, this has decreased over the last five years as new nationalities, notably numerous German Turks, have purchased at the resort. Didim remains relatively inexpensive compared to other places in Turkey, despite rising costs due to increased demand last year. The reason for this is the abundance of available resources.
Meanwhile, Trabzon and Bursa were late to modernize their property markets on Turkey’s northern shore, resulting in low pricing. Because of their shared culture and customs, these two places mostly attract Middle Eastern nationals.
Mediterranean Dalaman and Alanya’s Mahmutlar area are two more places to explore for affordable property in Turkey. Both have a bright future ahead of them and significant tourist sectors.
Other articles that might interest you for further reading:
- Receiving a Turkish Passport By Property Purchase in Turkey,
- Buying Agricultural Land in Turkey,
- Important Things You Need to Know Before Living in Turkey.
References
- <www.turkeyexpert.com>. (2020, September 29). 10 Things You Should Know Before Buying a Property in Turkey. Turkey Expert. Retrieved November 27, 2021, from: <https://www.turkeyexpert.com/property-guide/10-things-you-should-know-before-buying-property-in-turkey>.
- How Much is Property in Turkey? House Prices of Apartments and Villas for Sale. (2021, October 5). Spot Blue. Retrieved November 27, 2021, from: <https://www.spotblue.com/news/how-much-is-property-in-turkey/>.
- <www.turkeyhomes.com>. (2021, September 9). What Is The Average House Price In Turkey? From Blog – Turkey Homes. Retrieved November 27, 2021, from: <https://www.turkeyhomes.com/blog/post/what-is-the-average-house-price-in-turkey>.
This article was published on 27.11.2021 and last edited on 27.11.2021.
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This information is provided as a general guide and is based upon information provided by relevant local authorities and may be subject to change at any time with little or no notice. OutlookTurkey will not be liable for any inaccuracies in this information. Foreign nationals wishing to obtain any further information must contact the relevant local authorities.
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