Which Properties To Buy in Turkey?
Buyers can expect a healthy range of choices when looking at property types in Turkey. Rising foreign demand coupled with record levels of tourism means Turkey is one of the strongest global players in the real estate market. Foreign investors are prominent in places like Istanbul, while holiday homeowners look to residential properties on seaside coastal resorts of the Aegean and Mediterranean.
For a sound real estate investment, expect vast opportunities and, with a quick transfer of ownership, become a homeowner in as little as a week. Home styles and architecture vary from region to region. In part, there are cultural reasons behind this, but as Turkey changes with the times, architectural standards also change. So, in this article, we look at the available property types and what types to expect from region to region.
Types of Property in Turkey to Buy
City Living for Young Professionals
Prime locations for urban lifestyles include Istanbul, Ankara, Bursa, Trabzon, and the large city of Antalya on the Mediterranean coast. Despite impressive growth rates, property prices remain a bargain in major cities compared with other global-standard cities. In addition to foreign investment, local demand is enormous. Half the population of Turkey is younger than 30 years old and flock to cities for work opportunities.
Due to a strong economy and low unemployment, more people are buying homes. In the heart of cities, the trend is apartment and penthouse living, with commercial properties on your doorstep. Land for buildings is scarce, so expect to pay high prices per square meter, but landlords receive high rental yields.
Stylish Suburbs for Families
Suburbs are fashionable hubs for more affluent Turkish people and overseas buyers, many from the Gulf. Families also like the suburbs for green spaces and family-friendly environments away from the hustle and bustle of city centres. Generally surrounded by agricultural land, suburbs have lower prices than city centres, and working professionals just make the commute. Here, there are many apartments in buildings, although the trend has geared towards residential complexes with onsite amenities like a communal swimming pool over the last ten years.
Luxury Apartments and Villas
Thanks to a string of celebrity endorsements, Turkey is a luxury destination easily matching the likes of the French Riviera and Monaco. Bodrum has emerged as a new luxury lifestyle destination rivalling the South of France. Big names come to Bodrum to enjoy their super yachts. Bodrum Yalikavak Marina is a wealthy billionaires' playground, although the secret locations of their yachts always keep their privacy.
Two other high-profile luxury destinations on the Mediterranean coast are Gocek and Kalkan. The first specialises in yachting. The second is known for its high-end, luxury villas with infinity swimming pools. Turkey's most expensive luxury real estate is homes surrounding the Bosphorus strait in Istanbul.
Golfing Destinations
Although Bodrum sometimes appears as a golfing destination, Belek is the only place to truly immerse yourself in a golfing lifestyle, which belongs to Turkey’s Antalya region. Some people built their golfing villas thanks to affordable costs. Some real estate investors have also bought into hotel concepts, renting their studio apartments back to the international hotel brand for a profitable investment.
Traditional Ottoman Mansions and Yalis
Ottomans used to build their houses from wood, which was fine until a fire broke out, and then whole neighbourhoods burned to the ground. The use of timber was then banned, making the wooden mansions perfect cultural heritage relics. Hence, real estate prices for these original Ottoman mansions are enormous, and several are under protected status.
Additionally, all along the shoreline are Ottoman mansions that belonged to flying members of society and, in some cases, the Ottoman royal dynasty. Known as Yali houses, the purchase price is often over 30 million dollars at least.
Stone Turkish Houses
People built their houses on the Aegean and Mediterranean coasts from what was available in the surrounding lands. In most cases, this was stone. Some villages even took stones from ancient ruined cities, as seen in villages surrounding the ancient site of Aphrodisias. Popular locations for stone houses include Kayakoy in Turkey’s Fethiye region and the old whitewashed houses in Bodrum.
Over in the tea plantations of Rize, they built houses with stone on the bottom half and wood on the top. Likewise, to stop the spread of fires. Some foreigners would like to own these Turkish houses, but renovating and bringing them up to current regulations makes them a financial drain.
Modern and Old Villas
Villas are popular in Turkish property markets. These appear in rural neighbourhoods, either as new modern villas with private swimming pools, belonging to a gated community with shared swimming pools, or old-style villas that belong to what is known as a site. The problem with Sitesi villas is that old buildings often need new windows, damp proofing, new roofs, etc. So, to modernise the villa, new owners are usually at a loss compared to the market value.
Off-Plan Properties
For affordable apartments, some buyers look to off-plan properties. In several places, Turkey is still modernising its real estate market. In some areas, developers are building outwards as the population grows. An off-plan apartment for sale presents significant cash discounts, and if you enter into a verified construction agreement with a government-backed developer, your investment is safe.
An independent lawyer will ascertain whether there is insurance in case the developer goes bankrupt. The purchase process takes one to two years, depending on how much construction is left to complete, and payments are often staged. Some developers offer discounts for cash payments or interest-free, long-term payment plans lasting up to three years.
Gated Lifestyle Communities
Look to high-traffic places like Istanbul and Antalya for gated communities with modern apartments for sale. Property owners here own their apartments and an equal share of all the communal land on which the gated community is built. The range of flats will vary from one-bedroom to five-bedroom penthouses. Joint ownership for apartments is allowed, and all apartments pay a monthly fee, known as Aidet, for the maintenance and upkeep of all communal services.
Hotel Apartment Concepts
This type of sales contract is popular in places like Bodrum, where large, five-star hotels operate under international branded companies. It is not like timeshares. Instead, the buyer leases their contemporary apartments back to the brand for rental income. Due to current rental regulations, which are very strict, it is an easier way for investors to tap into the tourism industry.
Most hotels often have onsite facilities, including restaurants, bars, spas, gyms, and private beach access; hence, this type of property purchase suits investors and holidaymakers. The lease agreements typically state how long the legal person can use the apartment and the deal in return for guaranteed or non-guaranteed rental income.
Yayla Wooden Houses in Turkey’s Kackar Mountains
These types of houses only appear in the mountains of the northeast black sea region. Typically made from wood, thanks to surrounding forested areas, they are sometimes on stilts. This was to stop wild animals like bears and wolves from entering the home. Real estate ownership for foreigners, and even Turks from other regions, is rare. These are rural communities that rarely sell to outsiders.
Can foreigners buy homes in Turkey?
Most nationalities, including US, UK, European, and Middle Eastern citizens, can buy or rent homes in Turkey. Out of 195 countries, only citizens of five cannot buy. They include Syria, Armenia, North Korea, Cuba, and Nigeria.
Can you Get Turkish citizenship by Buying Property?
Yes. The minimum investment is $400,000, and buyers must sign a purchase agreement with the land title registry office, agreeing to keep the investment property for at least three years. The scheme applies to a wide range of products. It must be government-approved, so check with the land registry office before buying. The citizenship by investment scheme aims to boost housing markets, but only on new properties, so it doesn't apply to resale title deeds. Regardless, this is a wise investment for maintaining long-term ties with Turkey.
What are the Best Types of Turkish Houses to Buy?
There are several types of immovable property. However, the best kind depends on your budget and living preferences. To date, our most popular sales are apartments on lifestyle residence complexes. These reflect average property prices and suit everyone, including investors, holidaymakers, and those looking to live in Turkey all year round. If you buy, check that a management plan is lodged with the local council, per the condominium ownership property laws.
Is Now a Good Time to Buy?
Any time is a good time. The market is solid, and despite experiencing turmoil after COVID-19, economic growth is predicted to bounce back like other countries. Consumer prices are returning to normal. It is worth noting that from the sale-purchase contract to signing the deeds, it takes as little as a week. Hence, worry less about the buying process and spend time researching the market to find exactly what you want.
How to Buy Property?
Legal processes state foreigners can buy up to 30 hectares of land. Most use Turkish lawyers for the due diligence process, which isn't required by law. Start now by browsing our range of properties for sale in most areas of Turkey. There are various types of apartments and villas and attractive choices. Use the contact details on the listing to find out more via email or telephone or to arrange viewings of any listing.
When you decide on a home, we will help you open a Turkish bank account, get a Turkish tax number, and obtain valuation reports. When the public registry is ready, you will be called to sign for the transfer of title deeds. If you are not in Turkey, appoint a power of attorney. Don't forget there will be additional costs like the translator, notary office, and taxes. The type of title deed you will receive depends on what you buy.
We will help connect and transfer utility ownership into your name. From there, just pay your property taxes twice a year. The entire process is that simple. We hope we have answered all your questions, but to know more about the types of property in Turkey to buy, call us and speak with an agent who can answer a wide variety of questions about investing in the country.
More About Turkish Property
Is Turkish Property a Good Investment? Your question should be how to make good returns from the real estate sector. Turkey is vast; some areas are complete duds regarding the Turkish property market. Thanks to their potential, other areas attract investors from near and far. Making a wise investment involves what you know, not who you know. With that in mind, we put together this helpful guide.
Where to Buy in Turkey: If you have already visited Turkey on holiday, you may know where to buy property. If you have not, you might be confused because Turkey is a vast country. Moreover, Turkey's real estate market fluctuates from region to region. Still, the great news is that many districts have impressive portfolios of apartments and villas.
Bodrum
