The honest answer is it is always a good time to buy property in Turkey. The misconception is that during the winter months the prices are reduced and this simply is not the case, do the property prices go down in the UK during the winter? I think not. Winter is an ideal time because it’s a little quieter so if you decide to buy a property or land in Turkey the process will be quicker with waiting times in the banks and Notary Office reduced.
It is true to say the summer months are busier due to the number of tourists who visit Turkey for a holiday, fall in love with the place and decide there and then to purchase a property. Across Turkey Government buildings and banks etc still close for lunch, this can be up to two hours especially on Fridays which is Turkey’s religious day, taking a chunk out of the day.
Figures released by global estate agents Knight Frank show that Turkey has the fastest rising house prices in the world. This is due to very strong levels of foreign investment, an increasing population and a slow down in the construction industry which explains the upturn inflation on prices.
Nevertheless, the property and land prices across Turkey remain very affordable and it is why so many foreign investors and overseas buyers are attracted to the Turkish property market.
Foreign property sales increased by 70% with 2,677 units sold in October 2017 alone.
Taking the lead again is Istanbul; this city really is a hot spot for investment and continues to prove popular with 1,321 property sales to foreign buyers in October. In second place is the ever popular city of Antalya in the Mediterranean with 465 units sold and in the northwestern province of Bursa 121 units was sold and Yalova had 108 sales. The Aegean province of Aydin saw 93 properties sold.
Property sales figures are released each month by the Turkish Statistics Institute (TÜİK) it shows the trend of which foreign country is in the lead with buying in Turkey, which location they buy in and it also gives the number of sales to foreign investment and to the local Turkish buyers.
If you are buying in Turkey what do you want the property for? If it’s for investment then possibly look in Istanbul it’s the current “hot spot” and your investment will work well for you. If it’s a holiday home, where else can you buy a 2-bed apartment with sea views for currently less than £40,000?
Increasingly we are seeing holidaymakers and tourists opting to rent an apartment or villa for the duration of their stay in Turkey. Whether it’s sightseeing in Istanbul, Bursa or Yalova or spending 2 weeks soaking up the sun in Bodrum, Antalya or Fethiye a rental is the preferred option. It affords more space, freedom of movement and privacy, when you are not using it yourself why not consider renting it and out earn rental income!