The Most Popular Areas to Buy Property in Alanya
There is an opinion that buying property abroad is not safe. Some people prefer to invest in domestic housing, considering it a more reliable investment method. The stereotypes that have developed in relation to foreign real estate have been an obstacle for investors for many years. The high cost, poor infrastructure, and low standard of living in southern countries, the myth that only housing on the first line is profitable, the complexity of concluding a deal - all this is in the past.
How many properties are bought in Turkey?
Foreigners are buying more and more residential property in Turkey. 35,383 residential properties were bought by foreigners in Turkey from January to June 2022. This is 72.7% more than in the same period last year. The reason for the increased demand was the military operation in Ukraine, fluctuations in the Turkish lira and an increase in the minimum threshold for obtaining Turkish citizenship for the purchase of the real estate. Housing in this southern country is popular not only among residents of the capital cities, but also among other cities in the world. The redirection of capital from Europe (Spain, Greece, Cyprus) to Turkey increased the average value of transactions to a million dollars.
In 2022, foreigners made about 27 thousand transactions to buy real estate in Turkey. Among foreign buyers, the majority are Russians, followed by citizens of Iran and Iraq, Kazakhstan, Germany, and Afghanistan. In 2022, the number of transactions was a record for five years, increasing by 15%. The main destinations for buying property in Turkey are Istanbul, Antalya, and Ankara. Istanbul accounts for almost half of the demand (45%) followed by Antalya (21%).
Following the growth in demand, there was an increase in the value of the real estate. Considering that the Russians, Iranians, and Iraqis became the leaders among investors, Antalya and its regions became the most popular destination among them - almost 7 thousand properties were purchased there (every third house). Over the past year, the growth in housing prices in the country amounted to 70%, and for the first half of this year - another 20%. On average, apartments that used to cost 50,000 euros began to sell for 100,000 euros. The rise in prices has not bypassed Alanya, where most buyers are foreigners. The main reasons for the growth are the global and domestic economic environment (inflation in Turkey is currently more than 70%), high demand (which determines supply) and an increase in the purchase cost of building materials.
How much is the property in Alanya?
According to statistics, the cost of housing in Alanya has increased by 550% over the past 3 years. The average cost per square meter of housing is 18,000 Turkish lira, and for apartments with an area of 100 square meters - 99,221 euros. At the same time, the average rental income per month is about 450 euros. But despite this, investors choose Alanya every year as the city has become a new home for families and business owners, including those who conduct their business remotely.
Which property to buy in Alanya?
The Alanya real estate market has been formed not so long ago, so most of the offers here are modern residential complexes or houses. The Antalya region is considered one of the most seismically safe in the country, but even so, all construction is carried out taking into account earthquake resistance according to the latest engineering standards.
The most popular purchases in Turkey are one- or two-room apartments of standard and comfort class, but there are enough luxury and ultra-lux offers on the market. Recently, the demand for residential complexes with a hotel level of infrastructure and service has increased. There are real "mini-cities" with their own spa centers, a transfer to the sea and the city center. Relatively affordable real estate prices (a 1 bedroom apartment by the sea costs about 90 thousand euros), a warm climate, the availability of the necessary commercial and social infrastructure (shopping centers, hospitals, educational institutions), and a Europeanized population are the reasons why Alanya is chosen annually by thousands of investors from abroad.
As part of the program to reduce residence permit quotas for foreigners, from July 1, 2022, the Turkish Migration Directorate has suspended the issuance of documents to foreigners living in some areas of Alanya (Avsallar, Kestel, Mahmutlar and Kargicak). In other areas of the city, a residence permit by right of ownership can still be obtained when buying real estate with a cadastral value of $75,000 or more. Citizens of Iran and Iraq have the right to stay for 90 - almost half of buyers of housing by the sea buy real estate precisely for the purpose of spending a vacation. While out of the country, an investor can rent out the house, receiving passive income.
This does not cancel the state passport program - a foreigner has the right to obtain Turkish citizenship by investing from $ 400,000 in real estate.
The most popular areas in Alanya to buy property
When it comes to Alanya, the first district that comes to mind is Mahmutlar. The area, which was a fruit plantation 15 years ago, can now be compared to Miami. High-rise residential complexes, located on the first coastline, let you forget that you are in Turkey. Business and elite class real estate prevails here - residential complexes occupy an area of up to 35,000 square meters and have an infrastructure that is competitive with a hotel. A large international community is another distinguishing feature of the area.
Mahmutlar is one of the most expensive areas (the price per square meter has reached 18,000 liras). Real estate here is highly liquid: the average rental income is 450 euros per month, and the average depreciation period of a property is about 16 years. The popularity of the area has led to the activity of developers, constantly bringing new projects to the market.
This suburb of Alanya is developing at a rapid pace. Now Avsallar can be safely called the new investment center of the city - the area is rapidly being built up. Untouched nature, coniferous forests, the world-famous Incekum beach are the trademarks of the area. Avsallar is preferred for family living due to its peace and quiet. Despite the calmness, the infrastructure here is well developed, and the location between the international airports of Gazipasa and Antalya makes Avsallar an excellent place for investment. Housing prices here start from 70,000 euros: by investing in real estate at the stage of excavation, an investor can make a profit of up to 40% after the commissioning of the object.
Center of Alanya
In the center, the main pricing factor is the lack of land, which is almost gone by the sea. Thanks to the housing renovation program, construction companies are buying up plots with worn-out buildings and building new ones. The average price per square meter here varies from 13,000 to 16,000 liras. The center of Alanya consists of several districts (Saray, Sekerhane, Güller Pinari, Sugozu and others) and is the home of the main government institutions. The purchase of commercial premises is popular here - a large throughput allows you to get a high income. The transport accessibility of the center is one of the highest: there is a bypass highway at the top, and a bus station is located in the western part, from where you can get to anywhere in the country.
The area, combining the dynamics of the city and the charm of the resort, continues to grow. The lack of land near the sea, occupied mainly by hotels, has become the reason for developers to come the upper part of the district, located behind the bypass road.
Ten years ago, the bulk of the population in Oba were citizens of Germany, Scandinavia and the UK, but now they are competing with people from all around the world. The opening of a public hospital, large shopping centers and the construction of a new municipality indicate that the area will soon become the new city center. A square meter is more expensive here than in Mahmutlar, and exceeds 19,000 liras, while the rental yield per month is about 400 euros.
While construction in Mahmutlar limits the proximity of the Taurus ridge, there is no such problem in Oba, as the area of the district allows the construction of residential complexes 3 and 4 kilometers from the sea.
While Avsallar, Mahmutlar, Kestel and Kargicak are closed for residence permits, investors' attention has turned to Demirtas, located just 20 minutes from Gazipasa International Airport. Its main differences are clean ecology, beaches and the sea. Here you can buy not only housing, but also a land plot for construction - prices per square meter of land start from 300 lira. Foreigners have the right to buy land in Turkey for construction or farming up to 30 hectares.
Alanya is a hospitable city that can compete with Antalya. There are all opportunities for both investment and vacation, education and permanent residence. Realtor Global always offers only quality properties - find your new home by the sea with us!