The Turkish real estate market is booming: foreigners actively buy houses because of the attractive prices and the possibility to easily get a residence permit.
'The Turkish real estate market has never been so attractive to foreign buyers as it is now,' said Anıl Ulash Övencoğlu, founder of Realtor Global, an Antalya-based real estate agency. According to Övencoğlu, the overall satisfaction rate of foreign property buyers in Turkey is now close to an impressive 83.2%.
'Due to quite low property prices and relatively high living standards, Turkey remains a very attractive option for foreign investors and those wishing to buy an apartment or house,' the expert said, and named Istanbul, Izmir, Ankara, Bursa and Antalya as the top five most popular places where foreigners buy property.
Demand for real estate in Turkey continues to grow.
In 2021-2023, there is continuing to grow interest in real estate in Turkey for several major reasons. Foreigners are attracted by a comfortable climate, favorable prices and the ability to obtain a residence permit without complicated bureaucratic procedures. According to the agency Realtor Turkey, in 2021 in Turkey 58,576 houses were sold to foreigners. The number of residences purchased by foreign buyers has increased by 43.5% in 2021 compared with 2020.
The perfect time for investments.
Anıl Ulash Övencoğlu of Realtor Global, which helps foreigners buy real estate, attributes Turkey's growing popularity to the country's good location and advanced infrastructure. 'Most newly built properties boast first-class amenities such as fitness centers and swimming pools. The country offers a range of interesting cultural and sports centers and numerous clean beaches that have been awarded the Blue Flag.'
Furthermore, the cost of living in Turkey, as well as real estate prices are much lower than in the U.S. and Europe. However, the expert notes that the country is excellent not only for those who want to migrate, but also for investors: 'The local real estate market is currently booming. That means that prices are likely to rise quickly, opening up profitable opportunities for long-term investments.
The founder of the real estate agency Realtor Global adds that now is the perfect time to invest. Real estate is especially profitable for people who buy in dollars or euros. 'The recent fall in the lira exchange rate means that high class residences in popular tourist destinations are now available to those who could not afford them before.'
The process of buying a property in Turkey is relatively easy, with most buyers receiving their documents just a week (or less) after the purchase is completed. In addition, foreign nationals who buy and own real estate in Turkey (valued at $250,000 or more) can quickly get a residence permit, and then citizenship, if they want to apply for it. And this is another key reason for the increased interest in Turkish homes and apartments.