Turkey offers a golden opportunity for potential home buyers to invest in some of the best residential and commercial properties. The country has all you need for a fulfilling lifestyle. Turkey is blessed with beautiful cities that offer a large collection of charming coastal resorts. If you are looking to buy a property in Turkey, there are various options that you can choose from.
The Turkish property market
Turkey has a valuable real estate market which has seen an increased number of purchases in the last few years. In the past year, there has been a property price increase of 30%. The country has seen a massive boom in various housing developments which consists of new projects and refurbishments. Many foreigners have a high affinity for Turkish properties thanks to their low prices. While the demand for the property went down during the coivd-19 pandemic, it is rapidly picking up once more to pre-covid levels.
Purchasing properties in Turkey by foreigners
One of the best benefits of property ownership in Turkey is that foreigners can easily purchase real estate assets in the country. Buying a property there doesn’t mean that you have to be a Turkish resident or citizen. Then again, when you buy a property in the country, you don’t just get the right to reside in the location. This means that as a foreigner, you may still have to apply for a residence permit or visa after the property is purchased. As a foreigner, there are some restrictions to purchasing properties in the country. These include:
Foreigners are not allowed to purchase a Turkish property with a size of over 30 hectares.
Cost of properties in Turkey
When setting out to buy a property in Turkey, you need to have an idea of the price. So, how much is a property worth in Turkey? The cost of a Turkish property depends on the property type and its location. In general, buying a property in Turkey is a lot cheaper in comparison to a place like the United Kingdom. For instance, in Turkey, you can buy a city-centre residential apartment for about 781 pounds per square metre. In the UK, you will have to spend about 4,247 pounds per square metre for a similar property. The property prices for various cities in Turkey include:
Istanbul: The prices per square metre are 1459 Euros and 818 Euros, respectively, for apartments inside and outside the city centre.
Bursa: The prices per square metre are 1230 Euro and 1122 Euros, respectively, for apartments inside and outside the city centre.
Izmir: The prices per square metre are 899 Euros and 584 Euros, respectively, for apartments inside and outside the city centre.
Ankara: The prices per square metre are 808 Euros and 566 Euros, respectively, for apartments inside and outside the city centre.
Antalya: The prices per square metre are 782 Euros and 446 Euros, respectively, for apartments inside and outside the city centre.
The best Turkish locations to buy properties
In Turkey, you can choose from several lively cities, pretty countryside areas, and sun-kissed coastal resorts. The country has various perfect locations for people looking to buy city-centre apartments, holiday homes, or a simple retirement pad. Among foreigners, some of the most desirable cities in Turkey include:
Istanbul: Istanbul is the first choice when it comes to buying properties for foreigners, the city has all you need in terms of movement, working, studying, and leisure.
Antalya: Antalya is a desirable property location among foreign buyers. There are a lot of foreigners in this Turkish city.
Fethiye: There are a lot of British nationals in Fethiye. This is a tourist location with various amazing properties.
Bodrum: Bodrum is a great option for people looking for different properties to buy under most budgets.
Bursa: Bursa is about 60 minutes away from Istanbul and features various collections of cheap properties.
Ankara: Ankara is a good alternative for potential buyers who think that Istanbul is very expensive. As the capital of Turkey, you can get just as many amenities in Ankara as you would in Istanbul.