By Justin Mays:
Buying a property in a foreign land can be both an exciting and overwhelming decision. However, it can also be a stressful process, especially if you are not a national resident. Whether you’re planning to relocate or invest, Turkey could be a golden opportunity. This amazing country offers glorious weather, lively cities, and beautiful coastal resorts.
If you're interested in finding a good property in Turkey, you'll have to consider many factors. Of course, finding the right property is not going to be painless, but it might not be as daunting as you think if you do it the right way and with the right help. Searching for a suitable property is time-consuming because it requires quality research. But before we jump to the tips to find the right property, let’s learn what kinds of investment properties are out there.
How do I choose the perfect property?
Also, any property is not perfect by itself. It’s all about finding the investment property that best fits your needs. Once you discover it, then it becomes perfect. Turkey’s architecture reflects a fascinating mix of Eastern and Western tastes. You’ll find everything from magnificent Ottoman-style townhouses to modern European-style coastal villas.
With more timber-built houses in the north and stone-made homes in the west and south, property styles differ for every region. The most common property type in Turkey is apartments. Foreign buyers prefer it the most. But where you want to put your money relies on what you are looking for, what your budget is, and the location where you’re buying.
Investment Property Types
Commercial Properties – Commercial real estate is the one that is rented out to businesses mainly as workspaces, retail spaces, and warehouses.
Residential Properties – A residential property, as the name says, is for residing whether long-term or short-term. It comes with apartments, houses, and villas to choose from.
Both of the options have their set of pros and cons. But again, it's upon the investor what one is looking for and wants in the future. A careful selection and the right decision can prove great for rental returns and capital growth
How is the property market in Turkey?
Since Turkish property is been in huge demand over the last few years, it's mainly a seller's market. But on the brighter side, there has been a recent boom in housing development and regeneration projects in the country. This means many options to choose from!
Is it safe to invest in Turkish property?
Due to unfamiliar legal and buying processes, investing in a property in a foreign land will always feel intimidating and risky. To make things easier and safer for foreign investors, the government has been taking many measures and tightening controls to protect buyers from any real estate fraud.
Different ways to invest in property for profit
- Invest in a property that is predicted to give you future gains, you can buy it for reselling at the moment.
- You can also buy a worn-out property at a lower price that you can renovate and see for profit.
- Simply buy to rent! Leasing the property for continuous income is a good idea.
All these options are safe and will give you good returns. Just be sure of the one that will help you the most towards maximizing your profit. There are many promising projects in larger cities like Istanbul that guarantee future returns. But we suggest that the clients with limited budgets look for equally good and profitable properties in different areas of Turkey to invest. We, at Prime Property Turkey, are here to help you with diverse options until you are confident with your choice.
Does a Property in Turkey qualify you for residency?
Yes! Foreigners who invest in Turkish property can apply for a residence permit. In 2013, the government decided to do something for the investor’s convenience and declared that those investing in a Turkish property would be eligible to apply for a residence permit in the country.
But you can also buy property in Turkey and get citizenship, provided you spend at least $400,000. As soon as you buy your home, you’ll get a permanent residence card so you can apply for Turkish citizenship right away. You could also receive your Turkish passport in 3-6 months.
Though if you don’t plan on living in the property and intend it to be only a holiday home, you don't need a residence permit. You can just visit for holidays whenever you wish on a tourist visa. Also, You can renew the resident permit for as long as you wish to live on your property and for as long as the property is still under your name.
Most popular cities in Turkey among foreign buyers
Istanbul
This vibrant, hectic, and lively metro city is one of the most popular amongst foreigners to buy a new home or other investment property. For it's one of the prime locations rich in food, culture, and history but not the most affordable place.
Ankara
The capital city of Turkey can be a good alternative to Istanbul to invest. The city has all the shops, restaurants, and attractions you could want as a resident therefore there are many working expats and international business owners.
Antalya
Being the second most popular amongst foreign property buyers, the city offers relatively reasonable property prices. You will find a large expat population and a lot of tourists.
Fethiye
Fethiye blends the modern and the traditional sides presenting an interesting culture and an enjoyable lifestyle. The city offers beautiful coastal landscapes, a great climate, wonderful nature, a cosmopolitan atmosphere, a prosperous heritage, and travel spots.
Bursa
If you’re looking for affordability and scope for a bargain then Bursa it is! The city is just an hour’s drive from Istanbul and offers affordable property. Bursa boasts captivating historic sites, majestic mountains, lush green parks, and thermal baths.
Bodrum
It might not offer the cheapest properties but Bodrum is still known for its diversity. This fashionable city on the southwestern coast of Turkey is ideal for luxury space hunters. The vast portfolio and proven rental incomes attract buyers.
Taksim
One of the most central districts in Istanbul, Taksim is where you’ll find a lot of old architecture and some of the oldest mosques in Turkey. This old district has a huge tourist footfall and modern neighborhoods.
Things You Should Know Before Buying Property in Turkey
The process of buying property in a foreign place is not very complicated if you can break it down into simple and careful steps. By walking with caution you will be able to secure a very satisfactory deal.
Figure out your "what", "why" and "where"
The first step is to what type of property you are looking for and why you want to buy it. Do you want to live in it or want to invest? Specify how fancy, basic, premium, or affordable property you would like. Once you know this, you can decide better where you want to buy and of what type.
The suitable location
You can only make a successful purchase by deciding on the location. We at Prime Property Turkey will help you with an area guide so you know the proximity of the amenities around (public transportation, hospitals, schools & shopping spots).
Return on Investment
If you plan on making an investment for future income, investing in areas with the most viable regions for real estate will be a great idea. At Prime Property Turkey, we help you facilitate many prospective properties to ensure the best deal possible.
The right agent
There are all kinds of people everywhere and while making such a big decision, you must trust only the certified and the most reliable. Prime Property Turkey Property is known to bring honesty, experience, and licensed services to the table. You can trust us for the right consultation.
The negotiation
It's very common to negotiate the price. There's always room for bargaining and you don't have to just settle on the quoted offer. We at Prime Property Turkey are experts at bargaining with the edge of having a multilingual and multicultural team. Hence, no communication problem.
Found it? Reserve it!
Once you have found your desired property, the first thing you should do is make a reservation. Get a reservation contract ready expressing your interest and consent. After the reservation is made, the buying process becomes smooth.
What to avoid while buying property in Turkey?
- Avoid an off-plan property. Do thorough research and don’t book anything before its complete construction.
- Don’t invest in areas where the rental gains are low.
- Don’t avoid careful inspection of buildings. Always check the quality of the construction.
- Never try to do everything by yourself. There are reasons experts are present.
- Keep off the military zones for buying or renting.
- Don't hire estate agents or solicitors without making sure they have the right qualifications and licenses.
Prime Property Turkey likes to offer you a decade-rich experience, professional services, and seamless support at every step to help you make the right choice. We hope you found this blog helpful. For any queries or assistance, feel free to reach out to us.
