Since Turkey decided to let foreigners buy property there, the whole Turkey property market changed. Resorts started popping up especially along the coasts of the Aegean and Mediterranean, golf courses were designed and the infrastructure developed rapidly. Roads between the airports and resorts were vastly improved and the affordable property prices lured foreign investors in their droves. Pre 2012 Turkey held rigid reciprocity laws in place that restricted many foreigners from buying property in Turkey unless, a Turkish national could, buy a home in that respective country.
However in May 2012 a new law was implemented by the Turkish government which saw a large amount of buying restrictions lifted and opened the Turkish property market to foreigners of over a 129 different countries. There are some rules and regulations that must be adhered to, such as real estate owned by a foreign national in a Turkish town cannot exceed 10% of the town’s land area and a foreign buyer cannot purchase more than 300,000sqm of land in Turkey without seeking approval from the ministry of interior in Turkey.
Property prices in Turkey are still low in comparison with most European countries and this is still the magnet for property investors to buy in Turkey. It makes the perfect investment as Turkey attracts millions of holiday makers, holiday home buyers, investors, tourists and visitors year on year. Property prices are based on two factors, the location and the quality of the construction. It goes without saying that location is absolutely paramount to any property price and the quality of the build is either good or luxurious.
Where do foreigners buy? South of Turkey along the Aegean and Mediterranean are popular for home hunters who want a holiday home in the sun by the beach. Also buyers who search for a retirement home are usually drawn to these areas too such as Bodrum, Fethiye and Kalkan are amongst the top locations. Istanbul is a favourite for people who want to be in the hub of city life with everything just a short walk away. Here they fill their days catching up with friends for lunch and visiting museums and art galleries, plus some of the most outstanding and easily recognisable buildings such as the Blue Mosque that dominates Istanbul’s beautiful skyline. If you are a culture buff who loves a cities impressive history, Istanbul is ideal for you.
Istanbul is still the heart of Turkey’s business centre and many foreigners relocate here for work purposes, aren’t they the lucky ones! The property in Istanbul is so diverse from old buildings in the city centre to new builds on the outskirts. It depends what you want from a balanced work and home life, holiday home buyers tend to want to be in the centre or close to it, whereas city workers often prefer to live on the outskirts just 30 minutes away. These complexes offer a superb lifestyle with excellent transport links and fabulous amenities within the complex itself. Young Turkish professionals are moving steadily away from the old traditions of once married, living with the husband’s family. Today they seek to rent their own property and then go on to buying a place of their own and as Turkey’s population is mostly under the age of 31, this young new working generation means the economy in Turkey will thrive in all areas.
The south coast of Turkey offers a different style of property, apartments, villas and luxury property that most would give their right arm for. Expat communities have built up in these areas and they tend to rub along nicely with Turkish locals. They have become used to our customs and join in, or if they don’t approve, it goes unsaid. The west of Turkey is heavily influenced by the west although that cannot be said of eastern Turkey and that’s why you won’t find many foreigners living there except those whose culture and religious beliefs are compatible with Turkish life.
As always before entering into the property market ensure you have your finances in order and you have chosen a solicitor to represent you whilst buying a house. Select a reputable property agent who can guide you throughout the whole process. Do not under any circumstances part with any monies until your solicitor instructs you to do so. The property which you wish to buy should be valued by an independent source and if you require finance in Turkey, the bank will do this. Welcome to the Turkey property market.
