Undoubtedly, Turkey has become the first choice of residence and vacation for people from all over the world. It combines Western culture with Eastern Islamic customs where you can find variety of options that satisfy all tastes and desires. Recently, there is a great demand of foreign investment and settlement in Turkey, for several political, social, industrial, and economic reasons, in addition to the great facilities and laws that the Turkish government issued to protect foreigners' right in terms of buying reals estate and investment.
As a consulting and real estate marketing company, we will answer your questions and concerns about the possibility of buying ready-made property or building a new one, in this article.
- Is it Safe to Buy Property in Turkey?
- Top Cities Foreigners Prefer to Live in Turkey
- Are Real Estate Prices Going to Decrease?
- Should I Buy a Property Now in Turkey or Wait for the Elections?
Advantages of buying a ready-made property
Do you wish to buy a ready-made property?
Of course, that would be the best choice because in that case you can focus on other important things:
- As a buyer you will save a lot of time and effort and give yourself the opportunity to focus on other important issues.
- You won’t have to deal with the municipality and license issue.
- You will never have to follow construction workshops and workers.
- There is another good aspect while buying a ready property, you don’t have to worry about the location because large real estate developers carefully select their project’s locations in terms of utilities, services, and closeness to transportation, so usually these strategic locations and desirable services and utilities are reserved for them. Therefore, this would result into variety of offers and you can easily choose the property according to your requirements.
Disadvantages of buying a ready-made property
One of the biggest disadvantages of buying a ready-made property is that you will be bound to a specific price range, finishing, and internal design of the apartment that could be done in a better way to suit your desire. However, we mentioned earlier that the huge number of real estate offers in Turkey made it possible for different designs and competitive prices. Thus, you can find the designs and finishes that you desire, or at least you may find similar to what you desire. Sometimes you may find it better than you had planned.
Another drawback is that there are a huge number of people living in residential complexes, so you will not only be ignorant of your neighbors, but you will not even be able to know their number. However, this matter is considered by some as an advantage in terms of getting to know friends and neighbors and enjoying wide and large social relations and cultural exchange that enhances social rapport of the individual.
Advantages of buying a piece of land and building a property on it:
There is another option if you don’t want to buy ready-made property, you can buy a piece of land and build a house on it. You will be free to choose the location of your building according to your budget. You can even buy it near any university and make it a student housing, the options are endless.
Pros of this option:
- This option allows you to design the apartment exactly the way you want. You can even build your own house with a garden.
- You can also build a building with special standards and specifications, then sell it with a high ROI that you may not be able to collect in the case of ready-made apartments.
- Sometimes you wish to live in a specific area, but there are no residential complexes in it, in this case you can buy a piece of land and build your own house on it.
- Designing, dividing, and finishing the apartment in this case will be according to your desire. You will have countless options, especially with the availability of the finest equipment, finishing materials and furniture in Turkey.
Disadvantages of buying a piece of land and building a property on it:
Most of the well served areas in terms of infrastructure and transportation are reserved for major real estate developers, like areas close to the metro line or near seaside. Moreover, dealing with construction workshops and construction workers, needs careful studies to understand the distribution of budget and expenses so as not to exceed what was planned.
House Sales Statistics in Turkey 2022
According to TURKSTAT real estate sales in Turkey exceeded 1,485,622 houses, in 2022. Istanbul had the highest share of house sales that reached 17.5% with a total of 259,654 houses. Ankara comes next with a share of 8.5% and a total of 126,166 house sales, then, Izmir, with a total of 83,502 houses sales, and a share of 5.6%. According to the report, real estate sales to foreigners in Turkey increased by 15.2% in 2022, with a total of about 67,490 homes.
Conditions for real estate ownership in Turkey
Among the new requirements related to the sale and purchase of real estate in Turkey, which has entered into force since the beginning of 2020, is obtaining an energy performance certificate, which is known in Turkish as "Enerji Kimlik Belgesi", setting up electricity and water account and registering in compulsory earthquake insurance known as "DASK".
In some rare cases, foreigners may have to obtain a military permit, which takes about a month to obtain, if the building they want to buy is close to a military base or strategic location.
Foreigners who intend to buy land are restricted to an area of no more than 30 hectares. It should be noted that there are strict regulations in Turkey regarding building permits on purchased lands. In July 2022 the Turkish government prohibited building “summer homes” on agricultural lands. In September 19, 2018 it was approved to grant Turkish citizenship to foreigners who buy real estate worth $250,000, yet the amount was raised to $400,000, provided that properties for three years.
Both options have pros and cons, you are the one who can determine the most suitable choice. Our qualified real estate experts are ready to offer you free consultation to help you make the best choice.
We offer you our services in the field of buying real estate in Turkey in three stages, before buying the property, after purchasing the property, and during the purchasing process. We also provide you with the latest real estate offers, in Turkey, that go with your desires and the specifications that you desire, including suitable real estate, offers to obtain Turkish citizenship through real estate investment, and purchasing real estate in Turkey within a standard period of 90 days.
Credibility, honesty, and speed are our motto. Do not hesitate to visit our company on the ground or online, in order to request various services at any time you want.
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