Property Market in Belek

News agencies have summed up the results for the first half of 2022 on the real estate market. One of the leaders in buying real estate abroad among foreigners, as in previous years, has become Antalya, Turkey. Due to the military operation in Ukraine, foreigners set a record both in terms of the number of transactions and their value.

Most of the inquiries were received from wealthy investors. The first place was taken by the United Arab Emirates - Dubai and Abu Dhabi, where the aim of the purchase is also opening a business. But the Emirates have their own requirements: it is not so easy to get a residence permit there, and you can forget about citizenship as it is given only for special state merits, at birth or marriage with a citizen of the UAE.

If we take into account the statistics, the majority of buyers purchase real estate to obtain a residence permit and citizenship, with Turkey offering the most suitable conditions for this. In accordance with the latest amendments to the law, a residence permit for real estate ownership is issued upon purchase of a property unit with a cadastral value of $75,000 in large cities and $50,000 in small ones. The purchase can be made for a smaller amount if the purpose is to spend holidays and rent out.

Turkish citizenship through investment in real estate can be obtained without waiting by purchasing a property unit with a cadastral value of $ 400,000 or more (you can buy one or more units - the total cadastral value must be at least the specified amount).

The total number of real estate purchase and sale transactions with foreigners reached almost 30,000 in the first half of the year. Given the composition of investors in Turkish real estate, we can say that more than half of the transactions are made in order to obtain a residence permit and citizenship, the rest - for investment purposes. If Istanbul remains the investment leader, then the second place in terms of requests for real estate in Turkey is traditionally held by tourist Antalya. Given the changes in migration legislation (the closure of certain areas for obtaining a residence permit), investors are paying attention to new areas for investment.

According to statistics from the Knight Frank agency for the first half of 2022, the budget for more than 80% of purchases of Turkish real estate among foreign investors was up to $1 million. Investors with such a budget are buyers who are not used to saving on their comfort and trying to choose housing away from noisy tourist areas, such as affordable Alanya. In Antalya, Belek, offering luxury real estate, can be considered the best place.

What to do in Belek?

In just a few years, Belek has grown from a small village in the east of Antalya into a world center for tourism and golf destination, receiving the Best Golf Course in Europe award in 2008. Belek is also a famous congress destination with 204 conference halls in the area (in 2015, the G-20 summit was held here). The most famous events held are the Jazz Festival and the annual Opera and Ballet Festival. Belek is home to the largest amusement park in Turkey, Land of Legends. But the main attraction of the area is still the ancient city of Perge.

Why buy property in Belek?

Turkey's loyal policy towards foreign investors makes real estate in the country even more attractive. The advantages of the purchase are a residence permit or citizenship for the whole family and the opportunity to make a profitable investment. High-quality offers on the real estate market in Belek, including properties from the developer, allow foreigners to invest as efficiently as possible, using properties for permanent residence, renting out or speculating transactions.

The proximity of Antalya International Airport (it is only half an hour by car) and remoteness from noisy highways make Belek a paradise for lovers of a measured and elite lifestyle.

How much is real estate in Belek?

According to the latest data, the average cost per square meter in this area is 10,667 Turkish liras - about 585 euros (taking into account prices in the region of Serik, where Belek is included). The cheapest properties in Serik are sold for 44,000 euros, but cheap does not equal good. The maximum price presented by statistics of real estate portals goes over 400 thousand euros. For example, a one-bedroom apartment in a complex with a swimming pool and a parking area within walking distance of Land of Legends and the beach will cost 60-70 thousand euros, a detached house of 180 square meters will cost about 160,000 euros.

The popularity of real estate in Belek is also due to the growth in the quality of the offered objects. If earlier the majority of construction in the area were only hotels, now the market is filled with new buildings and new projects of the premium segment such as luxury residences and villas. Quiet Belek offers peace and tranquility: most of the objects are located both within walking distance from the beach and at a distance from large hotels. Investment interest in real estate also fuels project housing. Developers go towards buyers wishes and kindly offer installments up to two years. Another advantage of buying luxury housing is the opportunity to obtain citizenship.

Despite fluctuations in the national currency rate and rising prices for building materials that affect the final cost of housing, real estate in Antalya remains very affordable. So, for example, a detached house in Southern Cyprus will cost an average of 2.5 million euros.

Demand for real estate in Antalya is consistently high, despite the ever-increasing prices. Such transactions are considered the best investment tool that most effectively preserves and increases capital. Buying property in resort and tourist areas such as Belek is suitable for high income from renting out, resale or for vacation and permanent residence. Prices for villas in Belek, Antalya can reach 1,600,000 euros, but even they have its buyer audience.

So what are investors giving away that kind of money for? Luxury property means quality, comfort and growing value of housing. Good neighborhood, availability of parking spaces, closed territory and other amenities are the criteria that distinguish such a property. Finishing is made with high-quality natural materials.

Activity in the secondary real estate market is the result of the popularity of objects under construction. Foreigners willingly purchase project real estate in projects at the earliest stage in order to resell it upon completion of construction and lock in profits at the level of 40-50%. For example, an apartment in a complex from a developer in Belek, bought for 120,000 euros at the excavation stage, can be sold for 168,000 euros.

Despite the constant changes in the real estate market in Turkey and the world as a whole, a positive trend remains: housing in tourist regions does not lose popularity. Affordable prices, easy obtaining a residence permit and citizenship, excellent infrastructure and a pleasant climate for many years have attracted the attention of not only tourists, but also investors. Buying real estate in Belek, you become not just the owner of a home by the sea, but you get to choose exactly the lifestyle that you deserve.