October 30, 2024 by RealtorGlobal

Affordable Bargains and the First Steps Into the Turkish Real Estate Market: The Best Places to Purchase the Cheapest Real Estate in Turkey

---

Cheap real estate in Turkey is the dream of many. What is Turkey usually associated with? 
With holidays, all-inclusive beach holidays, fresh products and a high level of comfort. What if you had the opportunity not only to extend this feeling of vacation indefinitely, but also to earn money while doing so?

 

Over the past few years, the acquisition of real estate in Turkey has become highly profitable for investors even with a limited budget. Housing in Turkey is of great interest to the middle class and pensioners from abroad. 

Taking into account the 2 years of the pandemic and the changes it inflicted in the political and financial world, the issue of moving abroad has become more relevant than ever. The foreign citizens traditionally tend to move closer to the sea where it is warmer: Turkey, Thailand, Cyprus, Spain and France.

Why real estate in Turkey?

Due to the COVID-19 pandemic and the subsequent reductions in the tourist flow, the price of real estate in many countries began to decline creating favorable conditions for investment. However, in most of the European countries, the property owners are not convinced to provide discounts. On the contrary, the cost of the most profitable properties (the ones in the central regions or by the sea for instance) increased. Moreover, the “problematic” housing burdened with debt are put up for sale.

Buying property for investment, residence or citizenship in Europe is also not cheap. For example, to obtain a residence permit through real estate investment in Spain, the purchase amount must be at least 500.000 €.

Considering all the factors above, the most suitable option is real estate in Turkey. The country's economy is on the rise thanks to several factors: The trade turnover with the countries of the EU and the Persian Gulf is increasing, the flow of investments and supporting government programs is growing and such developments improve the housing market. Additionally; a favorable climate -especially on the Mediterranean coast-, affordable housing and food prices, combined with decent living standards, refined medical services and well-established educational institutions make Turkey an attractive location for buying real estate indeed. Housing, especially in resort areas - for example, the real estate in Antalya - is suitable not only for own permanent residence but also for generating high rental income: During the peak season the prices traditionally rise leading to an increase in rental or resale profits.

Also, getting a residence permit in Turkey is quite simple: You can get a residence permit through investment in real estate regardless of the purchase amount. The real estate can cost as small as 30.000 $ or 300.000 $. A residence permit gives many rights and opens many doors in Turkish society: Getting an education and medical care, opening a bank account and much more. Additionally, the registration does not take much time and effort and is carried out within the framework of the requirements of the country's legislation.

The Turkish government encourages investing in real estate: After five years of owning a property you can apply for citizenship and when buying a property worth 400.000 $ or more a Turkish Citizenship is issued immediately (provided that you do not sell the property within 3 years). The most popular properties purchased for obtaining citizenship is the real estate in Istanbul.

How cheap is the property in Turkey?

The abundance of offers in the Turkish real estate market can take you by surprise. The housing segment is developing especially rapidly annually bringing hundreds of elite new buildings to the market. The demand for quality secondary housing is not far behind: The "secondary" remains attractive among those who are looking for housing for their own permanent residence.

Projects and new buildings are the best choices for those who are looking for the cheapest real estate. Its’ cost at the initial stages of construction is considered to be the lowest on the market. Thanks to convenient payment plans -interest-free installments or bank loans- becoming the owner of your own home in Turkey is much easier compared to other countries. Construction and the real estate market as a whole are carefully regulated by the state: In cases of default by the developer, the law acts on the side of the buyer, protecting his interests.

Construction in Turkey is distinguished by quality and reliability: The country is located in a zone of seismic activity, so construction is carried out taking into account the most modern engineering technologies and seismic resistance criteria. Particular attention is paid to the comfort and safety of residents - the adjacent areas offer various amenities, are securely guarded and are under round-the-clock video surveillance. It is worth considering the factor of multiple growths in the value of real estate as construction progresses - an additional argument in favor of investing.

Nearly half of the investors buy property for a holiday, a quarter of them buy for permanent residence and the other quarter for investment.

The minimum real estate value for citizenship is 400,000 US dollars. If your goal is permanent residence, then this is a perfectly reasonable choice. If your goal is an investment, then it would be more logical to buy ten apartments for 40 thousand and rent them out or resell them.

The cost of apartments depends on many factors ranging from the area and the number of rooms to the location (distance from the sea) and the availability of facilities available in a residential complex. Thanks to the most simplified and transparent procedure for buying real estate, the purchase of apartments that suit your criteria and budget is very simple.

Best Places to Buy Property in Turkey

According to the latest data from real estate experts in Turkey, the prices of the current period are much more profitable compared to the previous ones, especially if you take into account the current exchange rates of the USD and the EUR. Given that a few years ago the Turkish Lira was about half the value of the EUR; now, foreigners can buy not one but two apartments or buy a house that they could only dream of before.

The most popular region for investing in real estate among buyers from Russia and Northern and Eastern Europe was the region of Antalya and Alanya. Attracting investors with its advantageous location and relaxed lifestyle, this province and its’ regions give the residents a feeling of endless relaxation combined with comfortable living. Real estate in Alanya offers the opportunity to turn the acquired property into a highly profitable investment.

In third place is Mersin; a place that combines developed tourism and urban life on the South coast of Turkey. The Mediterranean tranquility, safety and golden beaches without any interruption from the well-established urban infrastructure.

Mersin is followed by Istanbul, a city that for many years has been a priority destination for both domestic and foreign investment. The growth in investment property sales in Istanbul continues to grow steadily accounting for approximately 20% of the total sales in the country per year.

Bodrum and Northern Cyprus also provide heavenly pleasure and the opportunity to live on a par with the elite segments of the population. These two regions are worthy competitors in terms of investment not only from other regions of the country, but also from European resorts.

Finally, the list is completed by Yalova; a small and rapidly developing city in close proximity to the sea and the largest cities in Turkey.