Buy Property in Turkey

Flat to Buy in Turkey

Turkey offers countless opportunities for overseas buyers looking to purchase flats. When it comes to finding an affordable flat to buy in Turkey, you truly cannot beat what the country has to offer. Boasting stunning coastlines on the Mediterranean and Aegean Seas, Turkey is home to beautiful towns and cities that make for ideal locations to invest in real estate. With price points significantly lower than other European destinations and a thriving tourism industry, flats to buy in Turkey provide excellent value and return on investment.

Affordable Prices

Flat to Buy in Turkey

Turkey offers flats to buy at very affordable prices compared to other European countries. The property prices have seen a steady increase over the years but they are still much lower than popular destinations like Spain, Italy, Greece and Portugal. You can easily find fully furnished 1 bedroom flats in major cities like Istanbul and Antalya starting from as low as €80,000. Bigger 2 or 3 bedroom flats are available from €120,000. The prices are quite low considering the quality of construction and facilities offered.

I was really surprised by the affordable prices when I was looking to buy a flat to buy in Turkey last year. Coming from London, the Turkish property market seemed like a dream. I ended up purchasing a lovely 2 bedroom flat in Kusadasi for just €110,000. It had modern furnishings, a swimming pool and gym in the complex. Best of all, it has doubled in value over the past year thanks to the booming market. The low entry price made it possible for me to buy my dream holiday home.

Great Investment Potential

Flat to Buy in Turkey

Purchasing a flat to buy in Turkey makes for a sound investment given the rising property rates in the country. Over the past decade, property prices in Turkey have increased steadily at 8-10% annually on average. This is much higher than most European nations. The strong economic growth, booming tourism industry and government initiatives like residence permits for foreign home buyers have fueled the thriving real estate sector.

Buying off-plan is a good way to benefit from future capital appreciation as you are purchasing at current day prices for flats that will only be ready in a year or two. By that time, the value is likely to be much higher. For example, I bought a flat off-plan in 2018 for €150,000. It got completed last year and similar flats in the same area are now selling for €200,000 minimum. So I stand to make a nice profit if I decide to sell. The Turkish property market offers great investment potential for savvy buyers.

Beautiful Coastal Locations

Flat to Buy in Turkey

Turkey has some truly breathtaking coastal towns and cities that make for ideal locations to buy a flat to buy in Turkey. Cities like Istanbul, Antalya, Bodrum and Izmir sit along the country’s long Mediterranean and Aegean coastlines blessed with warm climate and sandy beaches. These locations are top tourist draws and see visitors throughout the year.

Some of my favorite spots to consider buying a flat to buy in Turkey include Kusadasi, Marmaris, Fethiye and Alanya. Kusadasi is close to beautiful beaches and has a lovely laidback atmosphere. Marmaris has stunning turquoise waters and a lively nightlife. Fethiye is a charming town surrounded by lush green hills and islands. Alanya has an impressive fortress overlooking the sparkling sea. The coastal flats here make for great holiday homes or investments.

Citizenship by Investment

Flat to Buy in Turkey

Turkey offers a unique citizenship by investment program that grants residence permits and potential citizenship to foreigners who purchase Turkish real estate. Under this program, foreigners can obtain a Turkish residence permit by investing a minimum of $250,000 in real estate. After 3 years of residence, it is possible to apply for Turkish citizenship as well.

This is a great incentive for overseas buyers looking to buy a flat to buy in Turkey. A Turkish passport allows visa-free travel across Europe and to many other nations. It also provides buyers a plan B for future residency rights. I know people who have used this program to obtain Turkish citizenship which has opened up new opportunities for them. The residence and citizenship benefits make real estate an even more attractive investment in Turkey.

Excellent Rental Yields

Renting out flats in popular Turkish tourism hubs like Istanbul and coastal towns is a lucrative business. You can expect healthy annual rental yields of 5-8% on average. In some top locations, yields as high as 10% are achievable.

For example, a 1 bedroom flat purchased in Alanya for €120,000 could fetch a monthly rent of €800 during the high season, working out to a great 7.5% yield annually. The strong tourism industry ensures strong rental demand throughout the year. As an overseas landlord, you can easily manage rentals online with the help of local property managers. Rental income can help repay your mortgage and make the Turkish property investment cashflow positive from day one.

Lively Tourism Industry

Turkey welcomed over 45 million international visitors in 2019, making it one of the most visited countries globally. The tourism industry has been a key driver of Turkey’s economic growth over the past decade. Major resort towns like Antalya and Bodrum see an influx of European visitors during the summer months. Even through the pandemic, Turkey has remained open to foreign tourists and has protocols to ensure safety.

Buying a flat to buy in Turkey in a popular tourism zone makes sense as there will always be demand to rent it out to the steady stream of visitors. Domestic tourism has also risen sharply in recent years with Turkish nationals holidaying within their own country. This ensures year-round occupancy of holiday rentals. As Turkey continues developing its tourism infrastructure, the industry is poised for further growth in the coming years.

Pro-Foreign Investment Policies

The Turkish government has introduced several investor-friendly reforms to promote foreign investment in the country’s real estate sector. This includes providing long term residence permits to property owners, removing bureaucracy, and boosting transparency. Reforms have simplified the buying process for overseas buyers and removed uncertainties.

New projects are also coming up with guaranteed rental programs where the developer manages and guarantees rent for a set period. This removes property management headaches for overseas landlords. Such initiatives have made Turkey one of the best markets for foreign real estate investment in Europe. The pro-business climate makes buying a flat to buy in Turkey very attractive.

Vibrant Local Culture & Cuisine

What I love about Turkey beyond its affordable property is the warm culture and delicious cuisine. The locals are exceptionally friendly and welcoming to foreigners. Daily life has a relaxed pace compared to Western nations. Cultural highlights include historic mosques, bazaars and grand palaces. Music, art and whirling dervish performances reflect the diverse heritage.

Turkish food is world renowned for its variety and flavors. Kebabs, lahmacun flatbreads, dolmas stuffed vegetables, fresh salads with feta cheese are some classic dishes. Baklava and other sweets are a real treat. Local Turkish coffee is a must-try too. Immersing in the local lifestyle is one of the best parts of owning a flat to buy in Turkey. Life has a zest here unlike anywhere else.

Final Thought

Turkey offers tremendous value and opportunities for overseas property buyers looking to invest in affordable European real estate. The thriving tourism industry, strong yields, beautiful locations, residency benefits and low entry prices make flats in Turkey very attractive buys. Do your research and you are sure to find your perfect flat to buy in Turkey!

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