Almost everyone who is interested in investing in overseas real estate pays attention to properties in Turkey. Everyone is talking about real estate in Alanya so why this Mediterranean resort town has been holding top places in property popularity ratings?
Secondary or project housing in Alanya offers a wide range of investment opportunities for both locals and foreigners. Investing in real estate has already proven itself as one of the most reliable investment tools and ways to provide passive income sources.
In 2021, more than 60,000 real estate units were bought by foreigners in Turkey. Mostly Russians, but also Iranians and Iraqis. More Turks are working from home and fleeing to Mediterranean and Aegean towns and villages to get away from the crowded capitals. This rise in interest influenced supply and demand, resulting in a 35% increase in property values in some sections of Alanya due to the fact that construction material prices are rising as well.
House sales increased by 11.2% in 2020 compared to the previous year, resulting in a 1 499 316 properties. At the same time, the number of transactions with foreigners on the Mediterranean coast reached almost 25%. So why do investors choose Alanya?
Why to buy an apartment in Alanya?
The first reason why foreign buyers pay attention to Alanya is the wonderful sea climate, the complete absence of winter as such, the abundance of fresh fruits and vegetables and affordable real estate in Turkey.
Fruit gardens, sea breeze and clean beaches - the advantages of this city are endless. The favorable Mediterranean climate undoubtedly has a positive effect on the quality of life, but this is not the only factor for a happy life in this region. Real estate in Alanya is an excellent choice for those who want to experience all the delights of the resort town with minimal investment!
The Turkish government carefully controls the real estate market, both secondary and project. The construction is carried out in compliance with all seismic stability criteria and international construction standards and using modern engineering technologies. Usually investors in foreign real estate are worried about the fact that the property might be idle during the off-season: in Alanya there is no such problem due to the excellent climate, so the housing is in demand all year round.
Residential complexes (“site”) with internal infrastructure are especially popular, as some of them can easily compete with the best hotels. The richer the choice of amenities in the residence, the more profitable the property is considered. Alanya already has several residences that can be called "mini-cities": their infrastructure includes spa and fitness centers, restaurants with world cuisines, leisure areas for adults and children, and transfers to the beach and city center.
Currently, buying a property is one of the most reliable ways to save money. In order for the purchase to become profitable and bring income, it is impossible to make the right decision without help of a professional real estate agency. A licensed agent will help you find a liquid asset that meets your criteria. The purchase can also be made online: the contract is made remotely. Market trends create a favorable environment for investment with subsequent income from renting out or resale. This is facilitated by government support programs, which have already been appreciated by foreign investors buying real estate.
How much is real estate in Alanya?
The cost of housing and non-residential premises in Alanya has increased significantly. The first reason is the lack of land near the sea. Renovation of the housing in the central areas comes to the rescue: plots with worn-out buildings or hotels are bought out, the old object is demolished, and a new one is built in its place. Developers are forced to choose whether to offer real estate closer to the beach with a higher price or make more affordable offers closer to the mountains. Both locations have their advantages: apartments on the first coastline are more suitable for seasonal rental (the demand will be among vacationers from abroad), and the units further away from the sea are best for year-round renting out or permanent residence (local population or workers coming from other cities in Turkey).
Also, the rise in prices is associated with an increase in the purchase cost of building materials. Despite the relative cheapness of real estate, the highest requirements are imposed on construction: foreign materials, the prices of which do not decrease, are usually used.
Moreover, most of the new properties comply with the latest housing trends. Newest technologies such as smart home systems and floor heating, thorough waterproofing, the use of renewable energy (solar panels) and the creating of charging stations for electric vehicles are being applied.
Project real estate is considered the best choice for investment. This is one of the easiest ways to earn income: for example, invest at the construction stage and resell the object after commissioning with a profit of more than 20%. Prices for 1 bedroom apartments in the projects start from 50-60 thousand euro, besides, an interest-free installment plan of up to two or even three years is offered.
Housing prices in central areas are 30-40% higher than in those far from the city center. The most popular and, therefore, expensive are Oba, Mahmutlar, the center of Alanya and Cleopatra. The main pricing factors are the floor, number of rooms, proximity to the beach and attractions and the choice of amenities on the territory. For example, you can find an apartment from 70 thousand euro in the center of Alanya, while in Mahmutlar and Oba prices start from 60 thousand euros. The most budget friendly are Avsallar, Payallar and Demirtas, where you can buy an apartment for 50 thousand. You can make money on secondary real estate by renting it out.
Buying real estate is also an easy way to obtain a residence permit or citizenship of the country. According to the latest changes in legislation, when buying real estate with a cadastral value of more than 75,000 USD, you can get a residence permit based on ownership of property (with subsequent right to obtain citizenship), and real estate with a cadastral value of more than 400,000 USD gives you the right to become the owner of a Turkish passport right away. It is much easier and cheaper to obtain these residence documents in Turkey than in other European countries.
Where to buy an apartment in Alanya?
City Center: The most dynamic area, where historical landmarks and major government offices are. The combination of business life and the ease of the resort is the main feature of the area.
Real Estate in Mahmutlar, Alanya: famous for ultra-luxury residences, rapid development, social infrastructure, and a large international community. Proximity to the sea is the main factor of its popularity.
Real Estate in Oba, Alanya: this area is considered the second center of the city. The state hospital, the new city hall, the largest shopping centers are what makes Oba stand out. The region is one of the largest and is divided into two districts. The one closer to the beaches is preferred for vacations and hotel holidays, and the one above the ring road is chosen mostly for permanent residence.
Real Estate in Avsallar, Alanya: untouched nature, coniferous forests, the world-famous Incekum beach are the trademarks of the area. Avsallar is preferred for family living due to its peaceful and quiet atmosphere.
Real Estate in Demirtas, Alanya: A coastal town that investors have just begun to discover. Despite being a bit far from the city center, the area does not lack infrastructure facilities and has great potential.
Real Estate in Gazipasa, Alanya: Gazipasa is a separate administrative division, not connected to Alanya, but the town has long been considered its suburbs. The international airport, historical fortress, harbor and golden beaches contributed to the arrival of large developers and a breakthrough in the development of the city.
Do not hesitate to buy real estate in Alanya: today the city has become one of the economic and tourist centers of the Mediterranean, competing with Antalya itself. Hospitality, safety and tranquility make Alanya a great place to live and invest.