Why Buy A Property in Turkey?

Why a property in Turkey

The number of investors sliding towards investing in overseas real estate has been increasing steadily every year, it’s no longer thought of as a trend but more of a deserving benefit of 21-century life. So now we are seeing investment in overseas real estate as the new norm and Turkey is one of the top countries for overseas real estate investment. So Why Buy A Property in Turkey?

Covid 19 has played a big part in changing our lives in one way or another. It has caused a significant impact on our emotional, physical and phycological health and way of thinking. Now with lockdown restrictions across the world easing, people are able to revisit future plans once again, and some people may even be considering a whole new plan on how to live life altogether!

It’s only natural that many of us will be focusing on the quality of life that we are living and giving more thought in what changes we can make in our lives to achieve a positive difference. Among these changes many potential homeowners will seek the knowledge & benefits in buying property abroad, they will be looking for information that will help them decide on where & what will be best to invest in, and inevitably come across Turkey.

Turkey offers so much potential to first-time as well as repeat buyers of all nationalities. Within the last decade, the Turkish land industry has grown tremendously & foreigners have actually played a considerable part in its growth. So, what incentives does Turkey offer that sets it apart from everywhere else?

If you’re wondering why buying property in Turkey is attracting the interest of many, here we have some top reasons for just that:

1. Housing Is More Affordable

The real estate market of Turkey was late to enter the international market; hence the low prices of homes quickly attracted foreigners from many different nationalities, and Turkeys low house prices have enabled many people to pay for their property upfront without a mortgage or bank credit.

This is probably one of the strongest advantages of buying a property in Turkey, and one that is always considered when looking to buy any property. Turkey is well known to offer foreign investors good value for money.

I know good value for money can change from one person to another, however, I’m sure everyone will agree that Turkey has a great & expanding range of properties suitable for all budgets with competitive price tags.

2. You Can Enjoy Freehold Ownership

Whenever you buy a property in Turkey, you buy the whole property and get the full ownership of it!

This means you are not buying just a share in the property, or just taking over the lease of a property, or renting it out for an X number of years from the local government.

Another super advantage of buying in Turkey is that the Turkish government have made the laws & regulations regarding buying a property exactly the same for foreigners as they are for full Turkish citizens. You will have full ownership & rights of the property as well as the land that it is built on until you choose to sell it. If you will own a Villa or house, you will have full ownership of the land that this villa or house is built on, however, if for instance you have an apartment, you will have a share on the land where the complex has been built on.

3. Residency & Citizenship Benefits & Rights

One of the easiest & safest ways to secure a permanent residency in Turkey is through property investment.

Current laws allow anyone owning a property the right to apply for a permanent residency. This right given applies not only to the person whose name is on the title deed, (AKA TAPU in Turkish) but also to their spouse & children under 18yrs of age. Moreover, unlike some other countries, the Turkish government doesn’t place any restrictions on foreign settlers to have only one citizenship. If you’re happy to keep your existing citizenship you’re more than welcome to do so and enjoy the best of both.

4. A Quick & Easy Ownership Process

It wasn’t until 2001 that foreigners were able to start buying property in Turkey and ever since then authorities have continually been revising & simplifying the process. This in turn attracted more foreign investment in the housing market. Turkey has made it so easy for foreigners that they are even subject to the exact same laws and regulations given to Turkish locals. So, owning a property, the procedure and completion can take a as little as a few days providing you have all the relevant documents prepared. Need help? Have questions? Don’t worry, Turkey Property Beys are here to walk you through every step of the process to owning your own home in Turkey.

What better than knowing that the ownership of your dream home abroad is just a few days away from reality.

5. Living Costs Are Lower

When it comes to living comfortably on a budget, Turkey is definitely the best place to be. From day to day food shopping and utility bills to eating out, luxury shopping sprees & enjoying pretty much all aspects of life, it’s fair to say, Turkey is relatively cheap and offers a competitive advantage compared to other European countries especially UK.

One reason for buying property in Turkey for most Brits living here is the low cost of living. Pensioners, for example, are especially getting a good deal because the exchange rate from their currency into Turkish lira is allowing them much more than the average cost of living.

There is no TV licence needed in Turkey and the council tax is just a fraction of what it is in the UK, on top of that, your water bill can work out to be as little as £7 a month depending on usage and electricity is much cheaper too. You can spend even less on your weekly shop by visiting the local markets for fresh fruit, vegetables, cheese and olives. So, you can enjoy eating healthier and it works out to be more affordable as well.

6. Good Property Portfolio

For many years before 2000, Turkey’s property market was massively behind other countries in terms of modernisation and innovation. The fault with this lay in the domestic market because mortgages weren’t available, and generations of families lived in the same house. Trained architects unable to find a market for their skills often went abroad.

However, NOW, the growth of the real estate market & recognition of talented architects have changed all that & boosted Turkey’s property portfolio to an incredibly diverse position. Foreign buyers have broad choices of budget and luxury, off plan, new build, resale, as well as renovation apartments and villas. From the basic & budget to luxury homes with panoramic sea views and all the latest modern amenities, the diversity offers buyers the opportunity to not have to compromise on their dream home abroad.

7. Good Rental Prospects

Rental properties are always sought for and booked way in advance for holiday makers in which guarantees a pleasing income for all property owners. We are living in a time where touristic trends are changing and where many people including Turkish nationals are seeking a more private holiday and tour guide, this leads them to search for that ideal property to rent for their holidays & family breaks. Turkey is certainly a leading competitor for this with a strong position among them.

Another useful point to consider is the mass of young Turkish students, couples & families looking for an apartment to rent. This can also be seen as a strong income generator.

8. Good Long-term Investment

Buying a property in Turkey comes with many advantages for those looking for a long-term investment. Turkey offers prices that have the potential to offer a solid & reliable return, it also guarantees the rights acquired by owning a property by law.

Experts often recommend that the real estate market in general is the best long-term investment to make, however, buyers in Turkey have added advantages over other countries such as Spain or Cyprus, where property prices have already peaked. Alongside yearly maintenance & upkeep, a well looked after property in Turkey has great prospects for profit on long term investment.

9. Location & Rich History

Turkey is the 37th largest country in the world with a mass of seaside towns scattered from east to west that are mesmerising more and more foreign buyers. Among these towns is a place called Altinkum that has attracted the Brits to the point it is now nicknamed Little Britain. Antalya is another one worth mentioning that boasts a more European vibe in its lifestyle approach and we can’t forget the Bodrum peninsula in which is often visited by wealthy, international celebrities!

Aside of the amazing scenic mountains, the Mediterranean sea & coastal breath-taking views, Turkey is also known & respected for its history. Thanks to Turkey’s geographical location & position, it’s been home to many cultures throughout history, from Troy to the Ottoman Empire, Turkey has much to offer all history enthusiasts and curious souls. 

10. You can Still Enjoy All 4 Seasons

Turkey is among the few places where you can fully enjoy all 4 seasons all year around. Whether you are a summer or winter kind of person, each season is thoroughly experienced with all its comforts & joys in all parts of Turkey. Some areas may be hotter or colder than others so you can choose your preference & enjoy!

11. Multicultural & Welcoming Laidback Environment

Turkey is the meeting point of several different cultures and the living environment consists of beautiful communities built on many diverse beliefs living harmoniously together. The welcoming culture of the Turkish people has always been one of the many reasons’ tourists like to revisit and then eventually buy in Turkey. Turkish life is very laid back, much slower paced and people like to smile, help, socialise and share as well as learn more about each other.

Thousands of Brits have already bought homes in Turkey, as aside from the low property prices & low cost of living, the laidback lifestyle undoubtedly lures them here for a more permanent seaside living along the coastal towns of the Mediterranean.

Turkish culture & hospitality embraces foreigners like no other, they have an old proverb saying every stranger is a friend, and you certainly feel this in Turkey. Many nationalities feel welcomed & enjoy indulging in delicious Turkish food. Turkish cuisine focuses heavily on fresh ingredients to make mouth-watering homecooked meals, it’s very similar to the Mediterranean diet & often called the healthiest in the world.

Final Thoughts

We tried our best to summarise the benefits of buying a property in Turkey, however, the fact of the matter is, there’s nothing like the first-hand experience. There’s no way you can conclude all benefits as in my eyes there are so many. Additionally, what might be a good thing for one person can be a bad thing for another and vice versa. It really does depend on what you are looking for and why. Having said that though, Turkey Property Beys are here to help you find out just that, that is what we are here for so don’t hesitate to get in touch with us with any queries or extra information.

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