Property in Turkey is very affordable, and the properties offer a luxury lifestyle. If you were to buy in European countries you would pay an arm and a leg for it. As Turkey is relatively new to selling to foreign buyers it is still finding its feet in some ways and overall you must take into account that Turkey is a vast country with plenty of lands to develop.
The major cities are developed but they still have undeveloped land surrounding them and all of this land is crying out to be built on. Land prices are more expensive around Istanbul and that is understandable, as it is a major city, however, just one hour away are the newly developing areas of Bursa and Yalova where there is currently a lot of interest as these areas are close to Istanbul but the property is very attractive and not as costly. Most other areas such as Antalya and Bodrum have plenty of coastal lands that at the moment it’s not pricey to build on whilst there is an abundance of it, in time that will change of course.
The infrastructure has to be put into place but the materials to build are fairly cheap and that’s why you will still see plenty of property being built. As the cost of living is cheaper and Turkey wages are a fraction of what people earn in the west it goes without saying that property prices must also be cheaper compared to that in the EU, it’s all relative.
The property market has continued to grow stronger and according to the Central Bank of the Republic of Turkey the house price index rose by 13.98% in 2016 due to investors buying property, commercial properties and land plots and they continue to do so.
If you have £40,000 to invest in a property you can buy a beautiful two-bedroom apartment on a complex with communal gardens, a communal swimming pool, children’s play area, gym facilities, WiFi, possibly a café bar or even a restaurant. The title deeds called a Tapu will be in your name and you are free to sell when you choose. These types of properties are at the lower end of the market but you are still getting a lot for your money.
A detached villa is at the higher end of the market and you can buy a four-bedroom private villa in its own plot with a garden and swimming pool for less than you can buy a one-bedroom flat in the UK. If you want the luxury end of the property market then its skies the limit, the ultimate in luxury is perhaps a seven-bedroom villa with seven bathrooms, large outdoor private pool on a 1,275sqm plot of land which is utterly private. The views are panoramic and uninterrupted from your infinity pool which is on the coast in an upmarket area with superb facilities close by.
Turkish real estate
The advantage of buying a property in Turkey is that everyone’s budget is catered for; it doesn’t matter if you are at the lower end of the property market you can still buy a lovely apartment with a great range of on-site facilities and be only around a 10-minute walk to the nearest beach. The luxury end is more than you can possibly dream of but if you can stretch to building your own villa you can design it yourself to your own specifications.
Don’t make the mistake of thinking that affordable property is cheap and not well built. Turkish property can suit all budgets it’s a great little investment.