If you are looking at property for sale in Turkey, it is important not to jump straight in with two feet. While we always say that a Turkish sale is quick and easy, especially compared to other countries, there are still things to know about Turkish real estate to ensure less stress. Additionally, you want to ensure you are pleased with your Turkish real estate purchase in the long term. Finally, while many people don’t consider their dream home an investment, you should.
The Turkish property is part of your net worth and will be an inheritance for your dependents in the long term. Every week, we receive many questions about apartments and villas in Turkey, locations, investments, Turkish citizenship, and more from buyers who arrive at our website. So, we’ve compiled them all into one easy-to-read article. If, in the end, you still have questions about properties in Turkey, give us a call.
About Houses for Sale in Turkey
1. Are Turkish Property Prices Falling?
No, property prices in Turkey are still increasing with no signs of falling. According to Eurostat, house prices in Turkey rose 35% in the second quarter of last year compared to quarter 1. Since 2015, they have increased by 482%. However, this housing trend isn’t country-specific because many countries have seen dramatic price increases for apartments and houses since COVID.
2. Is It Cheaper to Buy Property in Turkey?
Real estate for sale in Turkey is cheaper than in many other countries. However, remember to factor in location. For example, an apartment or villa in Antalya, Kusadasi, Bodrum, or Alanya is cheaper than in Istanbul. Buyers should also remember the purchase costs, roughly 8 to 10%. When people purchase an apartment or villa in Turkey through us, we provide a payment plan before they sign the sales contract, so they know exactly what to pay and when.
3. Obtaining Turkish Citizenship by Buying a House?
Yes, buyers can get Turkish citizenship through real estate investment. The property must be worth at least $400,000, and you pledge to keep the property for at least three years. Obtaining Turkish citizenship through this route also entitles you to a Turkish passport.
4. Is Buying Property in Turkey Risky?
Buying a home in Turkey is a good investment if buyers follow legal guidelines. These days, estate agents in Turkey need to be licensed and qualified to sell land, apartments, or villas. While a lawyer is not required, we recommend you use one to safeguard your investment. Additionally, don’t hand over money in cash; ensure the process is properly documented with a paper trail. Also, avoid properties without an iskan. This is a habitation certificate, and buying an apartment or villa without one can drastically reduce the value by as much as 50%.
5. Is it Worth Buying a Property in Turkey?
Yes, it is worth buying properties in Turkey for investment and somewhere to live or spend your summer holidays. The key to making a good investment in properties is location research. For example, investors in the Altintas area of Antalya have seen a healthy increase in apartment value thanks to a shortage of apartments in the Konyaalti and Lara districts. The surge in demand was seen long before it happened. Stay away from flipping old homes or villas. It never works in Turkey because building standards and regulations have drastically improved over the last twenty years. However, the old saying “location” still counts, so look at local developments, amenities, facilities, and infrastructure investment by local councils. Aside from that, property buyers can expect an ideal climate, a gorgeous country with beautiful landscapes, low living costs, an ideal lifestyle, and year-round accessibility through state-of-the-art airports, especially those in Istanbul.
6. What is the Average Price of a House in Turkey?
The average price of properties in Turkey varies depending on location and features. Like other real estate markets, a private pool feature, sea view, landscaped gardens, walk-in wardrobes, air conditioning, bedrooms, and apartments like penthouses make a difference. Istanbul is the most expensive place for real estate in Turkey, while over on the Aegean coast, Didim is known as a cheap place for apartments.
7. Does the Property Purchase Process for Foreigners Differ?
The only way buying an apartment or villa in Turkey becomes different for overseas buyers is that Turkish law legally requires them to use a translator at the notary office when formalising the contract. Also, when signing the paperwork to confirm the final sale at the title deeds office. Apart from that, everything else is the same, and if finances and paperwork are in place, buyers can complete the sale and get title deeds of homes or apartments in roughly 1 to 7 days.
8. What Do you Need to Buy an Apartment or Villa in Turkey?
All you need is a passport, tax number, and bank account. Any property sale in Turkey must be made through an official banking process, hence the account. We take all our clients to the local tax office for the tax number, and you will get your number quickly and easily.
9. What About Residency in Turkey?
You can quickly get a residency visa if you own a home in Turkey; however, do make sure to use an official estate agency that protects your interests; your property is registered in your name only. Only the named parties on the property title deeds can apply for residency in Turkey.
If you’re inspired to explore or buy property in Turkey, let Aegean Locations assist you. Our expertise in assisting foreigners with real estate transactions ensures a smooth and enjoyable experience. Contact Aegean Locations today to start your journey towards owning a piece of paradise in Turkey.