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Buying Property In Turkey 2022 – Costs, Pitfalls, Tips & Market Analysis

Turkey is a very popular tourist destination. It represents an interesting combination of ancient history, oriental culture, and modern infrastructure. The biggest city is Istanbul, which is the biggest city in Europe with more than 15 million people living there.

Also, there are places like Bodrum, Antalya, Alanya, and more, that are perfect for your summer vacation. All of these places are close to Greece, Italy, and Spain, and have similar features, while the prices are usually much lower when you want to book a hotel there. That is one of the reasons why real estate in Turkey is booming.

An important reason to consider buying a house or apartment there is the potential of increased value over time. If you are interested in buying property in turkey, it is important to choose a reliable agency like the one that you can hire if you check this site. In this article, we are going to introduce you to some important details about real estate market in Turkey.

Prices

Source: expatra.com

There is a huge difference in values depending on the part of the country where you want to buy the property. The average price of a medium house is around $70k. However, if you are interested in Istanbul or some popular locations in the southern parts of the country near the beach, prices are usually well over $100k.

For example, a one bedroom apartment in Antalya will cost you around $100k, while a house with more rooms can be over $200k. It is important to note that prices are going up each year, and that there was a significant increase during 2022, of over 20%. That represents a crucial factor since your investment could provide a great profit over time if you decide to sell it at some point.

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When it comes to additional expenses, they are not as high as it is in some European countries and the US. The tax is under 0.5% while fees, when you are completing the buying process, are very low as well. Also, a foreigner can buy a house or apartment there without any additional requirements. Besides that, as an owner, you can apply for residence that last for a year, and it can be easily prolonged all the time.

Potential Downsides

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The biggest issue you could face is when you are making quick decisions without proper research. Since the popularity is booming, there are numerous agencies that are promoting cheap apartments. However, you have to be aware of potential scams. The best way to avoid that is to hire a reliable and well-known agency that will introduce you only to legit sellers.

Another potential issue is related to their currency, which is facing a big inflation. Be sure to set some terms in advance and pay only in popular and stable currencies like US Dollar or Euro. That will help you avoid additional expenses during the conversion to Lira.

How To Make the Right Choice

The key is to spend more time researching the market and look for advice from professionals in this area. While there is a chance to complete the process online, that is never a good idea. If you go there and check the place in public, you can be sure about what you are buying. Also, always hire a lawyer that will protect you from potential frauds.

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Another important thing is to check different factors that can affect the value of the selected property. For example, buying a small house close to the beach sounds great, but there is maybe a plan to build a road next to it, or something else that will ruin the ambient and significantly lower the value in the future. There are some standard procedures as well, such as checking the condition of the structure, installations, water, electricity, internet, and more.

There Are Many Benefits

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One of the main advantages is that you will have a chance to buy a house or apartment for less than $200, which is located near the sea or in the biggest city in Europe. When we compare it to Italy and Spain, the value is significantly lower, while the potential is even higher. When we check the charts in previous years, the prices are constantly going up, and if this trend continues, investing now might provide you with a double value in less than 10 years.

There are benefits of choosing to live in Turkey as well. It can be especially interesting to people who are working from home. The main reason for that is related to lower prices of food, bills, and many other things. As we already mentioned, getting a residence is quite simple when you buy a property. Also, the location is great because it is close to popular European countries.

When it comes to detailed analysis of the real estate market, it says that we can expect that the values of properties in popular locations will increase by nearly 10% each year. The conclusion is that the value of the apartment that you pay $100k will be over $200, in the next 10 years.

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The Bottom Line

Another important advantage of Turkey when compared to other popular destinations is that you can enjoy modern infrastructure since it is a highly developed country. Even though the majority of population is Muslim, there are no restrictions like it is the case in some other places, especially when it comes to alcohol.

In the end, the point is to avoid making quick decisions and always research and consult with experts. When you do that, you can expect to find a property on a great location where you can spend your vacation or decide to live there all the time. The climate is great, while prices are much lower than in European countries. Also, if your main focus is on turning your investment into profit, you can buy a house and rent it by using online platforms like Booking, while the value of that property will increase over time as well.

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