Real estate in Turkey
In recent years, foreign investment has flooded the Turkish property market. This has led to increasingly developed infrastructure and greater numbers of golf courses and resorts.
Property prices in Turkey remain low compared to other European countries, however, even with the high levels of foreign investment. This makes the Turkish property market an ideal investment opportunity.
Legally, Turkey treats foreign investors according to the principal of reciprocity: as long as their homeland allows Turks to purchase property, foreigners are allowed to purchase property in Turkey. In contrast to many countries, Turkey´s stance on foreign property investors is refreshingly simple.
The actual price of property is based on two major factors: property location and construction quality.
Property Locations
Areas where expats tend to settle are Istanbul (as Turkey´s business and cultural center), Ankara (for its political importance), and the south of Turkey (as a tourist region). The western, coastal part of Turkey is best for those who are more interested in culture and nature.
Istanbul: Istanbul is one of Europe’s largest cities, with a metropolitan area population of 12.6 million. It is a 24-hour city offering culture, business, and night life.
Although there is a large quantity of available properties, there is a shortage of properties that are both reasonably priced and well-maintained. Some properties are in such poor condition that letters must have superhuman confidence to put them up for rent. Certain districts are so far away from the city center that they are impractical for anyone who doesn´t work in them, while others are simply not friendly environments for foreign residents.
Istanbul is a city of contradictions, and therefore one finds enormous price differences – sometimes between streets that are only 50 meters apart.
All of this means that you should carefully research your property, its value, and the surroundings before purchasing it. While this is true of any place in Turkey, it is especially important in Istanbul.
