About the Turkish Real Estate Market
International property buyers with a budget of 100k GBP or less would do well to look at the Turkish real estate market. As testament to its popularity abroad, in 2017, foreigners of 72 different nationalities bought just over 22,000 homes.
Even more impressive though, is that over the last 14 years, foreigners bought 42 billion USD of real estate in Turkey. That is an incredible amount of sales and money and to understand why Turkey is so popular with overseas real estate investors, you need to know the history of the market.
About the Turkish Real Estate Market
Before 2000, the Turkish real estate market was in a huge mess. Mortgages were non-existent, so generations of families lived in the same house and laws prohibited foreigners from buying. These two factors ensured demand was virtually non-existent.
Building standards were haphazard as well, with no defined government rules or regulated checks on new build constructions. In some areas, locals even built houses themselves.
This all changed 15 years ago, when the new Turkish government saw mass potential to reinvent the market, so they introduced mortgages and allowed foreigners to be title deeds holders. To ensure an equal match of supply for the demand, they set government regulations at each stage of building and modernised the market with new builds and off-plan constructions.
However, markets take time to catch up, and the price of property per square meterage is still a good bargain, especially for citizens of more established real estate markets who can find houses for a fraction of the price they would back home.
A tremendous amount of supply, especially in places like Istanbul is keeping prices down, but at present, there is also another bonus, because the weak value of the Turkish lira enables foreigners with currencies like British pounds, American dollars and euros to get more for their money.
Investors that plan to flip houses will only make a quick buck, but if you want a long-term ROI, the Turkish real estate market is a buyers dream.
Where to buy Property for under 100k in Turkey
Most foreigners looking for property under 100k, head to Istanbul or the Aegean and Mediterranean coasts. Kalkan that sits on the latter has a strong reputation as a luxury villa destination. A lack of land for building has also driven prices high, and you would be hard pressed to find anything for under 200k.
Likewise, on the Aegean coast, the Bodrum region has always been a place of luxury and hedonism. In smaller villages and towns outside of the city centre, apartments for under 100k are for sale, but they tend to be old builds with small bedrooms and bathrooms, and most need a renovation budget of at least 10,000 GBP.
Instead, other districts are worth looking at to find new build, spacious properties with all modern cons that you can move into straight away.
Belek: A Mediterranean Lifestyle
This small town has an international reputation for golfing, yet it is about much more than that. Beach lovers have easy access to long stretches of golden sand and of course, the beautiful Mediterranean Sea, but Belek also belongs to the Antalya region that is the second most popular holiday destination in Turkey and for a good reason.
It has many tourist attractions, historical sites and one of the best shopping and nightlife scenes in the country. If you are not beaching it, or soaking up nearby attractions, hotels in Belek offer world-class spa and wellness facilities.
Should you want to practise your swing though or even take up golfing as a hobby, take your pick from 16 world championship golf courses that have hosted some of the most famous players in the world including Tiger Woods.
With prices starting from roughly £50,000 for an apartment, Belek is an ideal choice for first time buyers in Turkey who either want to use the home permanently, or just for holidays and rent it out to recoup running costs. (Belek Property Portfolio.)
Fethiye: Live on the Turkish Riviera
This region covering the smaller towns of Calis Beach, Ovacik, Hisaronu, Oludeniz and the town centre is another area with a steady inflow of foreign buyers. Part of the credit can be given to its stellar reputation as a tourism hotspot, but it also offers excellent value for money because there is a massive amount of surrounding land to build on.
Buying property in Oludeniz is hard to do given its protected status, so buyers instead go back from the coastline to the smaller resorts of Hisaronu and Ovacik. Otherwise, those who want a coastal lifestyle, opt for Calis beach that has recently undergone significant works to its promenade and improved its aesthetic appearance at the same time.
Prices in this region start at roughly £50,000 for an apartment, with prices rising closer to the city centre and coastline. Fethiye’s scenic landscapes are another reason for its popularity. Places like Butterfly Valley, the Blue Lagoon and the backing Tauris mountains often grace mainstream travel magazines, and Fethiye firmly cements itself as a crucial point of the Turkish Rivera. (Fethiye Property Portfolio)
Glorious Istanbul: The Heart of Turkey
Prior to the turn of the century, only elite members of society could buy in Istanbul, given its status as the most expensive market in the country. However, infrastructure and urban projects have spread out into surrounding areas on the European side of the city, and they cater for budget and first-time buyers.
Buyers with a budget under 100k should look at districts like Esenyurt, Beylikduzu, and Bahcesehir. The bonus is many off plan and under construction projects include incentives such as affordable payment plans spread over 12 to 36 months, and you can tailor make the interior design to your preference. Transport links to all these areas are improving so even though you are buying on the outskirts of the city centre, everything is within reach. (See property for sale in Istanbul.)
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