Potential buyers of Turkish property often wonder which cities, locations, and villas prices in Istanbul in Turkey have the most affordable housing. The official source is Turk.Estate analyzed this topic and prepared up-to-date information that will come in handy when looking for the perfect apartment for leisure or business.
Investment property in Istanbul
One glance is enough to assess the prospects and speed of development of the Istanbul real estate market. Houses for sale in Istanbul bring together buyers and sellers from all over the world. Istanbul is steadily expanding the suburbs of the European part, attracting many international investors.
The properties for sale include every type imaginable. Here you will find apartments, townhouses, detached houses, and mansions for the price of a villa (from $1 million). However, locals and foreigners prefer to invest in off-plan projects, some of which offer long-term interest-free payment plans for up to five years.
Property in Bodrum
Bodrum is a resort city located in the south-western part of Turkey, in the Mugla province. It is a popular tourist destination and is known for its luxurious real estate, which is sought after by both locals and foreigners. Previously, it was not a popular destination for foreign investors, but was rather purchased by wealthy Turkish citizens such as politicians, businessmen, officials, and celebrities. Owning property in Bodrum is considered to be an indicator of prestige, on par with owning luxury cars, yachts, and other symbols of wealth.
Of course, luxury houses are also built in Bodrum. New buildings with the maximum conveniences, villas, “smart houses”, to live in which it is a pleasure. There are on the market and offers for secondary real estate, you can buy apartments different in area and year of construction. Now foreigners are actively buying houses in the city, by the way, it is forbidden to buy property in Bodrum for citizens of Arab countries and Iran. But Europeans, and recently the Russians, are very active. Bodrum ceases to be a city where only locals buy real estate. It becomes multinational. In a city, by the way, work Turkish courses, there are schools and kindergartens, all that is necessary not only for rest, but also for usual everyday life.
It is quite clear that real estate in Bodrum can not be called cheap. But this is the case when the money you spend will not be sorry. In addition, when buying a home as the object’s under construction, there is an interest-free installment plan. All new homes are delivered with full finish, and you can move in and leave immediately. A house in the secondary market is often sold even with the furniture. By the way, real estate in Bodrum is very profitable to rent. It is a variant of passive income, which is used by the Turks and Europeans: they live in the city for a while, and the rest of the time renting out their apartments, receiving for this good money.
Property in Alanya
Many Turkish property buyers often consider Alanya as a potential residence. Alanya has a well-maintained urban infrastructure, many active and cultural recreation places, and high-quality housing facilities. The cost of apartments starts from $50,000. The most favorable area for living is Mahmutlar, which shows great prospects for long-term growth in value.
The active development of the Alanya real estate market is due to the comprehensive support from the state and a set of measures to attract tourists.
Buying property in Turkey: how to save and increase capital
How to save and increase capital:
- Sale of real estate. There are 2 owners: those who seek to preserve their home for other generations and those who want to resell it as soon as possible. Sell your property: Some people are looking to preserve their family home for future generations, while others are looking to sell it in the future. The key here is to maximize capital growth; consider buying a home in terms of medium and long-term financial sustainability. To guarantee the benefits, ideally, it is necessary to keep the property for 5 to 10 years so that the object pays for itself as much as possible.
- Purchase of real estate for rent. Many foreign investors seek to monetize the purchase of real estate by renting it out for the short and long term. Some people buy a property with a mortgage and then repay it with long-term rental proceeds.
A short-term lease helps the owner to be more mobile in making decisions: cover current expenses and, if necessary, live in the purchased house on their own.
The only thing important to know when buying a property in Turkey to rent out is that each landlord must be legally registered with the relevant authorities. In contrast, the rental property is subject to income tax.
Operating and maintenance costs
Many foreign buyers mistakenly believe that owning a home in Turkey is only limited to having a title deed. However, this is different. Like any other country, buying a home in Turkey means annual maintenance, upkeep, and renovation costs. Household bills in the Republic of Turkey are lower than in other countries; however, this is fully offset by the annual maintenance fee for real estate and communal premises.
Accordingly, if the homeowner wants to enjoy swimming in his pool, he must pay yearly for its cleaning, maintenance, and cleaning products.
Before buying a home in Turkey, it is important to clearly understand the upcoming costs and prepare for them in advance.
During the home search phase, some buyers deliberately look for cheaper options to renovate further. They find a profitable object and begin to plan its further reconstruction. Ultimately, a home bought with the hope of saving money becomes the most expensive investment you can afford.
Some houses, especially objects of the old housing stock, are an order of magnitude cheaper than others due to their inconsistency with modern building standards and the banal obsolescence of the structure. They need the necessary certificates, including Iskan, which prove the building is habitable.
Property sale costs
All home sales in Turkey require the payment of legal fees and taxes. This must be taken into account when budgeting. Costs include land registration fees, notary fees, translation services, attorney fees, real estate appraisals, and taxes.
Nuances of buying property in Turkey
In Turkey, buying a property to rent out is much cheaper than most countries. However, it is worth remembering that buying an apartment is an important investment on which your financial well-being depends, so you should approach the choice with a cool head and not chase the lowest prices. To buy real estate in Turkey and avoid making a mistake, Turk.Estate specialists will tell you where the cheapest real estate is located in Turkey and what nuances should be taken into account when choosing an object.