Turkey has always been a valuable location for foreigners. Its beautiful sunny beaches, never-ending entertainment opportunities, and role as the bridge between Europe and Asia put Turkey in the spotlight. Alongside the natural beauty, it has started to gain popularity in the real estate market.
In the last years, foreigners have shown increased demand for Turkish real estate. There are two main reasons behind this circumstance. The first one is the Golden Visa Program. Golden Visa Program is your ticket to Turkish citizenship for as low as $400,000.
What is the Best Time Buy Property in Turkey?
According to new legislation, the price is determined as $400,000 in June. For you to get the chance at this advantageous dual citizenship program, you should make your investment this month and save your hard-earned money.
The second one is the value loss of the Turkish Lira, causing an uprise in real estate prices across Turkey. As the situation continues to only get worse, you should not delay your investments and risk wasting your money.
All these make Turkey an attractive location to buy property, either for moving or getting a holiday home. The most preferred cities are Istanbul, holding almost half of all foreign real estate investment, followed by Antalya, Mugla, Ankara, Bursa, and Izmir. According to data on real estate published by TUIK (Turkish Statistics Institution), house sales to foreigners are only getting higher.
What is the Growth Rate of the Real Estate Market in Turkey?
Looking at the market overview, we can see that house prices in Turkey have increased by 4.3% in the first quarter of 2021. Yet, when we adjust for inflation, we can see that the prices remain almost unchanged. The economic crisis in Turkey makes for a great opportunity for foreigners, creating a one-in-a-million chance.
This upward trend in Turkey’s real estate prices continues in 2022, and it doesn’t look like it will be going down any time soon. Because of the government's monetary policies and the continuous decisions to keep the interest rates low, the prices are expected to go higher and higher.
How Has the Economic Situation in Turkey Affected the Real Estate Market?
Because of Lira’s decrease in value, real estate prices maintain the trend of going up. With prices more than doubled in the last 5 years, Turkey ranks first in Europe’s annual increase in real estate prices.
It would be a shock if the prices remained stable for a month. When the situation looks like this, it is easy to profit from real estate in the Turkish market. Make your investment now and you could easily move into profit in less than a year.
What is the Average House Price in Turkey?
There are different answers to this question since it depends on where you are planning to invest. When you consider touristic destinations such as Mugla or Antalya, the prices are likely to be higher than the average. Alongside these touristic cities, the bigger cities such as Istanbul, Izmir, and Ankara are a bit higher than the average.
The average for one square meter is around 3,000 Turkish Liras. However, when looking at popular and crowded cities, the average house price goes up to 5,000 Liras per square meter. Considering that one dollar equals 16 liras, the prices are still extremely attractive for foreigners.
Is It Easy to Buy Property in Turkey?
The Turkish government treats foreigners as they do their citizens. On the other hand, you should watch out for ill-intended people that might try to take advantage of your good intentions. So, it would be wise to work with an agency while buying a property in Turkey.
Turkey real estate agencies, with their low cost of consulting, will help you a great deal. Not only do they handle all the paperwork you need to fill out, but they will also stand by your side to help you take care of any problem.
Is Buying Property in Turkey a Good Investment?
These are the best times to invest in the Turkish real estate market. Alongside the foreigners, most locals are investing in real estate for easy profit. Of course, you should not forget that it depends on where you are planning to invest.
Turkey is also a great place for a retirement or vacation home. With its blue seas, friendly locals, and delicious cuisine, it is certainly an appealing place. When you combine all these with the value loss of the Turkish lira, Turkey is definitely among the best countries to invest in.
Advantages of Buying Property in Turkey
One of the most important advantages is getting Turkish Citizenship. With the Golden Visa Program, you can apply for Turkish citizenship. We should also note that Turkey allows dual citizenship. With this program, not only will you get Turkish citizenship and be treated as a local, but you will also keep your original citizenship.
It is also the cheapest real estate in Europe. Thanks to its developing real estate sector, you can buy a luxurious apartment in Turkey for a far lower price than in European countries. Most of these houses are equipped with smart home technologies, and almost all of them have access to social facilities like a pool, spa, and gym.
The Turkish real estate market also provides an excellent return on investments. With prices going up every day and the Turkish lira’s continuing decline, it is really easy to profit.
Low life cost also makes it possible for you to live a luxurious life for a small price, so much lower than you would need to pay in Europe. With just 20 dollars, you can feast like kings with your family or spend a wonderful day at the beach.
Best Time to Buy Property in Turkey
Now. The best time to buy property in Turkey is right now. The changes in house prices in Turkey are coming in less than a month. Time is against you, and you should be quick.
So, we advise you not to waste your time anymore and start looking for a property to invest in. Take a look at our guides, and feel free to contact us for a free consultation to get your real estate as soon and cheap as you can.