So, you are wondering where the best place to buy property abroad is and are probably overwhelmed with choices. The world of real estate is now an international market, attracting property investors seeking holiday lets, Golden Visa schemes, and retirees looking for an idyllic lifestyle. Countries now openly welcome foreign house buyers, whether for mountain retreats, sea views, urban landscapes, or rural properties. So, how do you choose where to buy?
We say Turkey should be your first choice. Having lived and worked in the country for many decades, we have gained a wonderful insight into the culture, history, traditions, and day-to-day lifestyles. As estate agents, our inside knowledge of the real estate market is second to none. Now, you might accuse us of biases, so let us look at some official stats.
Why Turkey is the Best Place to Buy Property Abroad
In 2019, foreigners of various nationalities bought 45,500 apartments and villas in Turkey, up 14.7% year-on-year, proving that Turkey’s allure is just too much to ignore. Some destinations like Istanbul, Antalya, and Bursa came out on top as favourite places to buy, while nationalities varied from Iraqis to Brits to Russians and Germans. The country has turned into quite the little United Nations, but why do people choose Turkey?
1. Prices Lead the Way
Affordability drives the foreign housing market in Turkey. Compare the price of an apartment in Spain to one in Turkey, and the massive difference always wins the day. Prices per square metre vary, but a starting point is £50,000 for a freehold apartment and £90,000 for a villa with a swimming pool and garden. Istanbul offers delightful, cheap properties thanks to mass development on the European outskirts. If you are looking for a bargain property with long-term capital appreciation and high liquidity, Turkey ticks all the boxes.
2. Easy Buying Process
Turkey boasts one of the most simplified and straightforward buying processes in the world. If your finances are in place and you buy an already built property, the entire process can take as little as three weeks. While Turkish law does not require a solicitor, we recommend using one to ensure everything is in place and completed as soon as possible.
3. Affordable Payment Plans
Istanbul is the top spot for foreign house sales, thanks to its affordable payment plans. Examples include a 30 to 50% deposit followed by interest-free monthly payments ranging from one year up to five. Investors save on mortgage interest rates and tap into discounted off-plan prices, giving them an excellent start in raising their property value.
4. Low Cost of Living
Many foreigners arrive in Turkey to live out their retirement years, attracted by the low costs of living and running a property. Council tax is a fraction of what people pay in the UK, water costs can be as little as five pounds per month, and house insurance is affordable. While smoking, drinking, and running a car can be costly, the affordable prices of food, medicine, and other daily necessities provide plenty of opportunities to save money.
5. Weather and Lifestyle
Turkey delivers an idyllic overseas lifestyle, with its seven different climate zones. The Mediterranean and Aegean regions offer hot summers and cool winters, perfect for outdoor living and alfresco dining. For the best climate, choose the Antalya region, where people swim in the sea in December.
6. Beaches Galore
Turkey’s long sandy beaches, hidden coves, and scenic bays are a dream come true. The Mediterranean coast is home to beautiful beaches like Cleopatra’s in Alanya, Lara and Konyaalti in Antalya, and Kaputas. Many Blue Flag beaches boast cleanliness, toilet facilities, and a wide range of amenities.
7. Citizenship by Investment Scheme
Turkey’s Citizenship by Investment scheme allows you to apply for citizenship if you spend more than $250,000 on a home and agree to keep it for at least three years. Many people have taken advantage of this system, with 5,000 people approved to date. Compare Turkey’s golden visa system to places like Spain or Portugal to see the benefits of quicker approval times and cheaper entry levels.
8. Portfolio of Homes on the Market
Turkey offers a vast portfolio of modern, resale, off-plan, and new build homes. Architectural trends, green living, and smart technology play a part in the property market. Luxury six-digit mansions in places like Kalkan and Yalikavak in Bodrum lead the way with one-of-a-kind architecture. Browse our portfolio of homes on the market to see a range of styles and themes.
9. Tourism, Cosmopolitan Vibes, and Foreign Languages
Turkey ranks as one of the world’s top ten countries for tourism. Most tourism happens in Istanbul and along the Aegean and Mediterranean coasts, creating a multicultural feel in most towns and coastal resorts. The language barrier is rarely a problem, as locals often speak many languages, including Russian, German, English, and Arabic.
10. The Turkish Riviera
Turkey’s stunning Turkish Riviera, also known as the turquoise coast, attracts yachts from around the world. Sailing routes and historical sites lend their weight to Blue Voyage trips ranging from one night to two weeks. During summer, daily boat cruises allow you to tap into Turkey’s sailing atmosphere.
Ready to Invest?
At Aegean Locations Real Estate, we specialize in guiding clients through the process of buying property in Turkey. Our expert team will assist you every step of the way, from selecting the right property to handling all legal and bureaucratic requirements. With our extensive knowledge and experience, we ensure a smooth and efficient journey towards owning your dream home in Turkey.
Investing in Turkish property is a significant decision with substantial benefits. Let us help you navigate this process with ease and confidence. Contact us today to learn more about how we can assist you in making Turkey your new home.