Buying property in Turkey is rapidly becoming an international trend in the worldwide business markets. Many reasons get behind that pattern, however, the most agreed upon probable cause is that such Real Estate investments are generally suitable for both businessmen and individuals at the same time. Especially since Turkey is relatively new to this kind of commercial activity. Besides that, the potentiality of growth is quite high in correspondence with the plans outlined by the country authorities aiming for upgrading the current economy to get along with veteran competitors.
Real estate Professionals' predictions came true as well. In 2021, real estate prices in Turkey are expected to escalate by at least 50%, yet this value may vary according to property market criteria.
According to the Central Bank of the Republic of Turkey's statistics shown above, the housing Index in Turkey has increased to reach 165.50 in March from 161.70 points in February of 2021 Whereas, looking at the graphic below, collected from the Turkish Real estate indexing website (Endexa) up until April 2021, the prices of house sales have increased by 31.68% in the last year. Given, that the average area of sales properties reached approximately (130 m2) and the average Unit Price is (2.920 ₺/m2).
The prices of flats and apartments in 2021 according to the number of rooms can also be found in the breakdown below, however, other factors can affect those values such as location, property views, and other quality-related features.
As for luxury residential units which include detached houses, villas, and compound properties, the price ranges are quite large based on property market values and the age of the building itself.
- (3.000.000 - 10.000.000₺) for Detached House and Villa Properties,
- (6.000.000 - 50.000.000₺) for Sea View apartments,
- (5.000.000 - 5.523.306,00₺) for Compound flats and Penthouses.
What are the Popular Places for Buying Property in Turkey?
Turkey is famous for having attractive geographical, economic, and cultural standards, alongside the rewarding flexible property rights law alluring foreign investors and property owners to buy real estate with ease of mind. That's why while answering the question of which country to buy property in?, Turkey is often mentioned as the easy answer. Great weather, beautiful landscapes, a unique mix of history and modern architecture, developed medical and education systems, tolerance of social society, and diverse work opportunities are amongst the numerous factors that participate in placing Turkey within such criteria.
The frequently asked question of where to buy property in Turkey? probably pops into everybody's head while purchasing Real Estate in the country. According to national statistics and worldwide listings, the top 4 places to buy property in Turkey are (Istanbul, Izmir, Antalya, and Bursa). Many reasons led to such categorization, specifically for foreigners who seek easy access to airports and being around western ambiances. The below-detailed list of popular places to buy property in Turkey will surely provide heads-up during answering that inquiry.
Property in Istanbul
Istanbul, Turkey's largest province and the country's icon of tourism, modern life, and dynamic center of business and commerce brings together two of the world's largest continents (Europe and Asia). The sizable transformation projects, world-class logistics; health, and education sectors, attract in-city foreign workers, businessmen, and Turk nationals to purchase their next residence in Istanbul and benefit from those metropolitan privileges.
Hosting three of the world's most active Airports, international brand shopping centers, modern art, and social forums encourage foreigners to buy a house in this vicinity to spend entertaining vacations or retirement residences. When you buy Istanbul real estate, you also make an amazing investment, due to the continuous upgrade plans for the city's most sought-after neighborhoods like Beylikduzu, Esenyurt, Bagcilar, Kucukcekmece, and Sariyer. Investors opt for off-plan-based projects which yield potential market value growth and periodic rental income. During the past 15 years alone, more than 50,000 foreign property sales deals were made in Istanbul. This puts Istanbul amongst the most important places in Turkey to attract real estate purchases. This also resulted from the versatility of residential units where homeowners can choose among Ottoman mansions and villas overlooking the Bosphorus, or in-complex luxury flats and penthouses, to budget-friendly apartments and resale units. Not to mention the modern business-oriented project and office properties that come in different sizes and costs.
Beylikduzu
Located in the western parts of the city, and as one of the most aspiring neighborhoods in the European side of Istanbul. Hosting dynamic shopping centers, reputed universities, and landscaped parks. This area is famous for the huge number of new housing projects being built every day with flexible budget options. Location features also include accessibility of transportation and proximity to highways.
Esenyurt
Being part of the Buyukcekmece district, neighboring Beylikduzu, Esenyurt is considered one of the rapidly surging areas in the real estate market of Istanbul. Affordable commercial-style property projects suitable for corporate environments and buy-to-let apartments are prominent trends in this area. Luxury compounds of fully services facilities are among the dominant options found with competitive pricing.
Bahcesehir
As part of the Basaksehir district, Bahcesehir is one of Istanbul's most sought-after neighborhoods, by investors and homeowners due to its central location, proximity to universities, and vast green spaces. The area is full of family-friendly housing complexes, modern shopping malls, and entertainment facilities. The diverse property styles in the area led to increasing the real estate market values of Bahcesehir.
Sisli
This district features a charming combination of ancient Istanbul and modern urban life. In Sisli you can find vintage local bazaars, contemporary art galleries, and vibrant nightlife. Sisli is perfect for real estate investment opportunities since the area is very expat-friendly and full of hotels that cater to international tourists. Being right at the center of Istanbul, surrounded by luxury amenities and transportation channels is a significant quality of this dynamic area as well. Moreover, the district offers permanent residence attractions as well within its brand-new housing complexes and elite villas.
Property in Alanya
This Mediterranean beauty, located in Antalya province, sitting gorgeously on vibrant blue beaches, extended white sand coasts, and one-of-a-kind lush green nature, is increasingly gaining an attractive position in the property market of Turkey for both local and foreign sales. Those statistics have been noted especially during the past decade. The special geographical characteristics of Alanya being surrounded by the world-famous Taurus Mountains and magnificent blue rivers the favorable sunny weather almost all year; the diverse culture and social fabric of the community, are considered vital incentives for home buyers to opt for Alanya real estate. Not to mention the versatile range of price options that may conform to almost any budget level.
Another privilege of Alanya's location in the east of Antalya city is the fact that it's bordering both Konya and Karaman cities. Thus, the district has an important place among the highways used during the transition to other cities.
Mahmutlar
We can say that Mahmutlar is Alanya's most dynamic and populated region. This area features a notably active real estate market due to the sizable rate of investors seeking long-term profitable investments. These investments aim to include both local and international tourists. This applies to clients who desire to buy a vacation house for summer holidays and family-concept properties for permanent residence.
Kargicak
As Kargicak is located outside the town center, the countryside elements attract people who appreciate a quiet lifestyle with a settled daily pace as well as the relaxing scenery of fruit trees plethora and fresh village-like air breeze.
According to the escalating requests of foreign homebuyers, recent construction trends in Kargicak aim to establish luxury residences with international styles, as this area is preferred by foreign tourists
Kestel
This part of Alanya provides multiple options for home seekers desiring to buy either apartments or luxurious villas. Kestel is located about 15 min away from Alanya's city center. Although the pricing level in Kestel is noticeably higher than in Mahmutlar or other areas in Alanya, it's a great option for people seeking to own a fancy penthouse with captivating views over the sea.
Oba
The Oba region is considered a decent life center for people looking for quality social standards with a light tourism feel. Oba is about 3.5 Km away from Alanya's center, yet it has dynamic shopping centers full of local markets, and restaurants as well as a vital transportation system. Oba also serves moderate tourism by hosting a bundle of hotels and daily rental apartments. The majority of visiting tourists come from England and EU countries.
Property in Bursa
Bursa province is located in the northwestern part of Turkey between Istanbul and Ankara provinces, therefore, Bursa real estate gives a wide range of advantages. Overlooking the magnificent Marmara Sea fronts which yield thriving tourist attractions that result in boosting that city's local economy and urban reputation. Bursa combines historical ancient values, being the capital of the Ottoman Empire during certain times, with modern life elements by undertaking major construction and industry projects as Turkey's largest industrial city with a massive contribution to the local market.
Statistics show that in 2014, Bursa came No.6 on the list of the most popular spots to buy property in Turkey. However, the city's rank went up in the past 5 years allowing Bursa to come third on that list. That was a result of the increase in property purchases made by both investors and homeowners, especially from the middle east region who are fascinated by the city's overall culture and social heritage which quite resembles their home's traditional customs. Not to mention the refreshing weather and opportunity to enjoy skiing along the downhills of Uludag mountain during winter times.
Nilufer
Located in the heart of Bursa, the new projects carried out in this district enabled it to become the new city center. Nilufer is the No.1 choice for those who plan to invest in real estate and land purchases. Homeowners are also attracted to the green landscapes in the area and the peaceful atmosphere that adds to the area's cultural status.
Osmangazi
One of the oldest districts of Bursa. The most populated part of this area is the part closer to the city center. The district's boundaries are quite vast and include verities neighborhood styles. Where there are several sophisticated neighborhoods as well as suburban spots, which means there are different options for different budget ranges.
Property in Antalya
One of the Turkish Rivera's most coveted beach areas is in Antalya, where residents may enjoy sunny refreshing days all year long, swim in the gorgeous waters of the Mediterranean, and spend spectacular times in the area's entertainment facilities. Konyaalti provides endless choices of local restaurants, cafes, hotels, and shopping centers that satisfy all tastes. Bestsellers in the vicinity are flats, apartments, and luxury penthouses with unique panoramic views over the Sea. Overall, Antalya real estate is a thing that you should consider.
Konyaalti
Antalya's second most famous beach town with high foreign property purchases and profitable buy-to-let investments. That is a result of the available exclusive world-class hotels and resort compounds in the area that allure tourists during summer vacation times and participate in escalating the commercial value of the properties.
Lara Beach
Antalya's second most famous beach town with high foreign property purchases and profitable buy-to-let investments. That is a result of the available exclusive world-class hotels and resort compounds in the area that allure tourists during summer vacation times and participate in escalating the commercial value of the properties.
Property in Izmir
The third-largest city in Turkey is also known as the Pearl of the Aegean. Located in the western part of the country neighboring the Gulf of Izmir, with a population value exceeding (4,300.000), rich historical background, and a sophisticated metropolitan structure. Overlooking a spectacular blue coastal line of more than 620 km, having settled climate across all lands, thriving commercial and construction sectors, friendly society standards, availability of modern life amenities and transportation channels, Izmir is becoming a hot touristic spot as well as a place to buy a permanent property and live in a pleasant life. It's not hard to find Izmir property for sale, just contact us.
Competing with Istanbul, Izmir hosts dynamic automotive, textile, and food industry sectors, producing more than %13.5 of Turkey's annual deliverables. Moreover, the versatile real estate market distributed across characteristically diverse neighborhoods guarantees to provide a suitable offer for each budget. Starting from Deluxe Villas and reaching economic flat units. This promising market also serves both investors and homeowners simultaneously, due to the potential growth of real estate values as new projects are commencing every day.
Balcova
Balcova is located 8 km away from Izmir's city center. Surrounded by the Konak district in the east, Narlidere in the west, and Izmir Gulf in the north. Balcova is 18 Km away from the Airport. The district is famous for its green landscapes, beautiful nature, thermal hot springs, and touristic trips to the cable car ride yards. Alongside the availability of modern construction sites and housing projects in the area, all the previously mentioned properties, attract hundreds of people to choose Balcova for their real estate purchases.
Cesme
This spectacular beach town in Izmir is surrounded by the Aegean Sea on three sides, north, south, and west, and the Urla district on the east. The stunning extended blue shores, golden sandy beaches, and amazing weather led to making Cesme a highly visited tourist destination by locals and foreign residents in the region. The different entertainment activities like surfing, diving, and cycling encourage more visitors to come back every year. It's no surprise that property sales in Cesme are popular among foreign buyers.
Bornova
Surrounded by Kemalpasa district to the east, Buca to the south, Konak, and Bayrakli to the west, Bornova is the third largest district in Izmir. Bornova is the home to thousands of students that join its reputed universities every year. A sizable number of visitors enjoy the vintage architecture, huge shopping centers, and museums during their trips to Bornova's neighborhoods. Those features participate in promoting the property for sale in Bornova as profitable real estate investments.
What Affects Property Prices in Turkey?
The property market in Turkey is witnessing a proactive surge day by day, especially under the flocculating global economy and market values in comparison with the relatively stable circumstances in Turkey. Not to mention the escalating demands for buying property in Turkey induced by the increasing number of prestigious projects being built every day, in correspondence with world-class quality standards. It's easily expected that this dynamic commercial environment's values are to be controlled by a set of leading factors.
The list below details what affects property prices across the country:
The Turkish Economy and Urban Structure
As a result of the Turkish Government's dedicated endeavor aiming to keep the local economy in its best shape, the Turkish economy is still ranking No.7 in Europe and according to World Bank statistics, despite the proceeding worldwide recession conditions. Foreign investors from the Middle East like Iraq and Iran, Russia, and Europe are undertaking sizable shares of the real estate investments benefiting from the economic privileges and flexible tax rules.
The Fluctuation in Currency Exchange Rates
The fact that exchange rate instability is a common situation brings exhausting concern to everybody, not only businessmen in particular. Unstable rates that could lead to devaluating the Turkish Lira against the American Dollar and Euro are consequently feeding that fear. However, Turkey was able to survive a couple of similar setbacks in the past which opens the door for optimism. Moreover, researchers believe that this could be a blessing in disguise since high foreign exchange rates mean more property purchase opportunities.
Hesitation to Buy the Property Due to Unfamiliarity With the Sales Process
The reluctant behavior of buyers and investors to enter the property market in Turkey can also be a result of an inadequate experience in such a domain. As well as the language barrier that may add to such obstacles. This doesn't stop at sealing the deal but also surpasses to include After-sales routines. Collaborative efforts spent by both the government and independent real estate agencies to facilitate purchase procedures and eliminate fraud attempts are targeted to deal with this issue.
Fixed and Variable Factors about Property Features
Fixed factors like location and proximity to the city center, age of the building, the quality of construction material and finishing procedures, the plot of the real estate that can be part of a serviced; non-serviced or detached villa, the view, and height of the building which correlates to luxury levels and taste standards. Other variable identifiers are the status of construction progress and the potentiality of establishing new social facilities, educational institutes, and transportation channels.
Who Buys Property from Turkey?
The real estate market in Turkey is noticeably a magnet for homeowners and investors who are looking to discover new opportunities in one of the world's most vibrant spots for foreign property purchases. That applies to national Turks as well, considering the new transformational project commencing every day reshaping the country's urban schemes. Besides, the aspiring resort-style provinces attract locals and foreign buyers at the same intensity to spend relaxing vacations or choose them as their new hometown.
Generally, and due to obvious reasons diverse groups of people tend to head towards Turkey for purchasing real estate that can be classified into:
- Real Estate Investors: Investors can benefit from profitable sales, resale-based opportunities as well as buy-to-let style units with guaranteed rental incomes. Such deals are found in metropolitan areas where Istanbul precedes others like Ankara, Bursa, Izmir, and Aegean region spots Like Antalya province, Alanya, and Bodrum districts.
- Businessmen and workers: Versatile job opportunities and fertile grounds suitable for small, medium, and large size business projects push people to come to Turkey. The peaceful society, decent culture, and affordable living costs add up to that. This is witnessed in Istanbul and Ankara which contain a sizable population of the foreign working force
- People looking for a balanced lifestyle: The combination of beautiful nature, favorable weather, affordable living costs, and high social standards, urge small-medium-wage families to choose Turkey as their new area of residence, where they don't have to compromise quality living standards in the account of financial aspects.
- Luxury Seekers and Retirement Resorts: Turkey hosts elite real estate projects that satisfy special tastes. Deluxe villas are just a few steps away from dazzling beaches, exclusive penthouses with 5-star hotel services, and more. Those types of real estate draw the attention of VIP life seekers and retired civilians who dream about spending quality time with their loved ones away from the crowds.
What are the Advantages of Buying Property in Turkey?
The real estate market is exponentially surging and new provinces are entering the competition inside the Turkish arena annually. Foreigners from different destinations are following the trend of buying a house in Turkey, influenced by the success stories of satisfied homeowners who found what they are looking for after making this choice. That must be a result of what Turkey has to offer to those who believed in this opportunity. Below are some of the advantages of buying property in Turkey:
- The weather and beautiful nature across all of Turkey, attract homeowners and investors worldwide. Whether you enjoy sunny refreshing days on the Mediterranean beaches almost all year long in the Aegean region's districts like Alayna and Bodrum, or the cozy rainy vibes of Istanbul and skiing on the pearly white snow hills of Bursa, Turkey is unique for bringing the best of two worlds.
- The affordable property price point that suits every budget, without compromising quality living standards. Compared to Europe, Turkey presents competitive real estate costs that come with fine value standards. It's so easy to buy a luxury villa with a private garden and exclusive swimming pool and quality finishing material, for half the price of a similar one in Europe with probably fewer privileges.
- Reasonable living costs including major social requirements and health insurance. Not only are real estate prices in Turkey flexible, but also it's not easy to find a place with a more affordable cost of living across the whole world. This includes food and entertainment facilities, monthly (Gas, Electric, and water) bills, transportation, home, and industrial equipment. Moreover, free education and affordable medical insurance plans.
- Developed Infrastructure facilities and accessibility to dynamic transportation channels:
Turkey has one of the largest, most sophisticated Metro station networks in the world, mainly within Istanbul province. There are also other transportation systems like Metro-buses, buses, tramways, and trains connecting each part of the country at cheap costs. Turkey also established sturdy sanitary facilities and electricity/gas supply systems. - Potentially of profitable investment projects and job vacancies for skilled/unskilled workers with reasonable career stability. Turkey produced several lucrative investment opportunities during the past 15 years including real estate, automotive, and other domains. Besides, there are potential job offers for skilled and unskilled workers alongside new markets for young entrepreneurs and small-size project managers.
- Obtaining residency and Turkish Citizenship comes with the privilege of easily roaming around the world. Although it's not mandatory to purchase your own home to get a residency permit, in case you are planning to live in Turkey for the long run, it's recommended you buy a property there to guarantee an extended residency permission period. Better yet, if you meet certain criteria you may even get Turkish Citizenship and benefit from the Turkish passport's privileges.
What are the Property Rights in Turkey?
One of the conducive attractions that led to people investing in Turkey's real estate market, is the flexible property law which gave the right of real estate ownership to 183 countries. This facilitates the overall property purchase process for foreigners. According to Norton Rose Fulbright's (inside Turkey) online business resources, below are the main headlines of the property law for foreigners:
- In general, foreign individuals and entities are generally entitled to acquire and own immovable property in Turkey,
- Immovable property may be acquired in the form of land, or independent sections of real property, such as flats, apartments, offices, shops, and depots, subject to condominium rights (kat mulkiyeti),
- Acquisition of title to real property or a mortgage thereon requires an official transfer deed drawn up by the title deed officer and registered with the title deed registry located where the real property is situated. Title deed registry records may be inspected by those individuals who can establish a legitimate interest in the relevant property,
- Individuals must be citizens of one of the white-list countries. Foreign individuals interested in acquiring real property in Turkey may request information on these countries from Turkish embassies and consulates, the General Directorate of Land Registry, and title deed offices.
How Much Property is Bought Every Year from Turkey?
Numerous factors affect property sale deals each year in Turkey. According to the Turkish statistics institute, the number of sold houses in Turkey throughout the past years is shown in the graph below:
As for House sales for foreigners, on the other hand, Istanbul ranked first with 19,175 sales in 2020. Antalya came second on the list with 7,735 sales. Antalya was followed by 2,746 sales in Ankara and 1,340 sales in Bursa.
Who Founded Istanbul Property?
In 2009, Istanbul Property was founded by the firm's CEO (Mr. Murat Padar) in association with a prestigious team of experts, specializing in the real estate markets of Turkey. The early form of this entity was a medium-sized agency dedicated to providing comprehensive support in property sales procedures and all the related legal formalities. The range of offered services continued to expand through 13+ years to include property selling, investing, management, financial, and after-sale support and eventually evolved to cover the complete process of issuing Turkish Citizenship for eligible clients.
Istanbul Property's main headquarters was established in Istanbul city, inside the dynamic heart of the Metropolitan, to ensure easy access to the firm's offices and reachability to its employees by visiting clients. New departments were launched afterward in different parts of the city to ensure the smooth flow of work and secure optimal results.
Istanbul Property is determined to induce its staff of 80+ employees to be constantly passionate about achieving 100% client satisfaction. This is performed by adopting the highest possible standards to retain a leading role in Turkey real estate market. Istanbul Property also aims towards making Turkey the number one destination for real estate buyers and investors all over the world and growing bigger and bigger aided by the positive feedback and recommendations of our trusty clients.