In the last two decades, Turkey’s real estate market has gone through a high number of changes. At the beginning of the century, it wasn’t in the best condition. It started rising slowly but surely until 2008 when it collapsed again. Since 2008, we can see that it has become better and better, and today, it is in the best shape in decades.
Therefore, you can be certain that investing in Turkish property is the sort of investment you should take a look at in 2024. According to the report conducted by a government institution that handles this market, we can see that almost 750k new contracts were signed since the beginning of the year. If this is not the indicator of a healthy state of the market, we don’t know what is.
One of the most interesting things we have seen in one of these is the number of foreigners who have done the same. Therefore, so many people out there are interested in finding an answer to the question “how to buy a home in Turkey?”. Here, we want to shine a light on the local market.
Without further ado, let’s begin.
Market Overview
There’s one interesting statistic we have seen in the report we have mentioned. In 2024, around 178k housing units, or apartments were sold in the country. The number of those who were bought by foreigners was almost 8k. While it may seem that this is a small percentage to some, we beg to differ.
When you think about it, it makes perfect sense. We mean, how often do people purchase property outside their country? We can all agree that this doesn’t happen often. The figure we’ve presented you with becomes even more impressive when you know that this number was increased by almost 40% when you compare it to 2020.
What’s the secret to this increase? Well, besides the country itself offering good conditions for foreigners, it needs to be said that the prices of apartments are significantly lower than a vast majority of its neighboring countries. The highest percentage of foreigners who bought these apartments came from Iran.
Appropriate Standard of Living
One of the primary reasons why so many foreigners choose Turkey for this sort of investment is the decent standard of living. The country is widely known for its reasonable living costs and affordable prices. Also, it has a good infrastructure, which makes it possible for it to compete with many countries on the old continent.
Not to mention that you will have a chance to choose from a wide array of different properties. From villas, apartments, hotels, shops, and even land. That diversity guarantees that people from all backgrounds can have enough funds to invest. The best way to describe the country is that it combines the best aspects of Western and Eastern standards.
Important Steps to Conduct
Now, we want to provide you with some important steps anyone interested in purchasing a property in Turkey should conduct.
Study the Market
Before you are ready to make any move, you should take a look at the market carefully, and see what the options are. Since we are talking about a foreign country, you should study all the aspects extra carefully. Only by doing that, you will have the right picture of what you can expect when you make the purchase.
Determine the Budget
Naturally, an important step is to determine your budget properly. When you understand how much you can spare, then you are ready to take a look at all the opportunities around you. Determining the budget represents the fine line between whether you need to borrow some money to make a purchase or not.
Look for the Help of Professionals
The final one we want to address is to seek the help of local professionals who can help with finding the best opportunity for yourself. Locals will provide you with all the relevant information, and present it clearly to you. That’s why their help is an absolute must.
The Most Attractive Parts to Buy Property in
Turkey is a vast country with a significant population of roughly 80 million people. Therefore, it’s needless to say that there are a lot of regions and towns where it is appropriate to make this sort of investment. When it comes to the most popular one for foreigners, we would say Basaksehir, Istanbul.
For those who are not well-versed in matters of geography, we are talking about the European part of the city. With so many infrastructure projects undergone in that part of Istanbul, all the experts are saying this is the prime spot in the whole country. The next spot is in the region of Canakkale.
We are talking about a small village known as Assos. Many would ask, why is a small village a great investment opportunity? Well, the village of Assos is the first settlement in Turkey, which is completely self-sufficient thanks to solar energy. For that reason, numerous foreigners are interested in investing here.
Government Support
We’ve mentioned that the country’s government offers significant support to the market. We are not just talking about the investments it makes in the market itself. We are also talking about motivating foreigners to invest in the country. One of the ways they motivate foreigners is to grant them a simpler procedure for obtaining citizenship.
Of course, this is nothing new, and we can see numerous countries that have utilized this approach. When we mean simpler conditions, we mean that they need to fulfill certain conditions when it comes down to investing in a country. It needs to be said that there are different categories of investments.
For instance, the amount is much lower when we are talking about individuals who are interested in purchasing a home. At the same time, business owners who are looking towards expanding their business into the country can count on a higher level. But when you take a look at these standards, they make complete sense.
Summary
Investing in a property in Turkey is a good move in 2024. Here, we’ve provided you with all the information you need on this subject and we’re sure you will find them useful.
