Tips for first time buyers in Turkey
Low prices are a reflection of its late entry onto the international property scene, and a massive building spree across the country ensures all potential buyers have an extensive portfolio at hand. Expats looking to relocate to the country will also find an alternative lifestyle comprised of coastal living, healthy eating, and lots of sun.
Putting the benefits aside, we understand that first-time property buyers in Turkey will be nervous. Navigating the real estate market in a country other than your own is a whole new life lesson. With that in mind, we put together some tips that we have used to walk previous customers through the process to buying their first Turkish property.
Time is on your side
The Turkish real estate market quickly lures potential buyers with attractive prices. They visit the country for the first time and fall in love with it, mostly because of the scenic landscapes and hospitality of Turks. The hype and anticipation can evoke a sense of urgency, though, resulting in a rush purchase. A few estate agents sense this and also apply hard sell tactics to secure a deal.
Once the excitement of owning a Turkish property wears off, the customer then realises they have made the wrong purchase for their needs and wants. Be aware of this pitfall and take your time. Here at Turkey Homes, we do not practise hard sell or use hassle tactics. We believe in matching the customer up to their ideal property instead so that they go into the purchase with 100% confidence that it is right for them.
The best type of home for your needs
Be certain of your main reason for buying property, so you know exactly what to look for. If you want a long-term financial investment, off plan property presents an attractive return. There are also some exceptionally well-priced resale properties.
If you are looking for a buy-to-let property, this market mainly centres on the tourism scene. In which case, your future property needs to match this by being close to bars, restaurants, and shops. It should also be near the beach or have an onsite swimming pool.
Expats looking to relocate to the country for a permanent living prefer spacious properties in a town that is active all year round and not just during the tourism season. By knowing your reason for buying in Turkey, it will be so much easier to browse through the thousands of properties for sale.
Price brackets and location
Much the same as in any other country, each location has a property price bracket. The small resort of Altinkum on the Aegean coast has attracted many English expats because it is one of the cheapest places to buy property. The price of a 1-bedroom apartment starts from roughly £22,000.
The lower price bracket is because Altinkum is a late starter regarding development and improving infrastructure. In the last few years, money has been spent on roads and cleaning up the resort. A marina in the third beach area also lured in yachts from the Turkish Riviera, and there is much potential for the future.
Meanwhile, on the Mediterranean coast, the coastal resort of Kalkan specialises in state of the art, modern villas and prices average around £250,000. A lack of available land surrounding the resort has boosted home values, and there is a unique upscale ambience and vibes. Hence Kalkan attracts many business professionals.
Istanbul is the most expensive place to buy property in the country because it is a hub for business, finance, and tourism. This city is also receiving much attention from real estate and construction companies because the market is concentrating on modern properties designed for working professionals.
Get your finances in order - how much can you afford?
Some people fall in love with a particular property and try to fund it but we are firm believers in that real estate investment should never stretch you to your limits. Be realistic, and this will prevent you from having to sell quickly at knock down prices in the future. Have a good blueprint of your existing financial situation, decide on your budget first, and then look at portfolios that fit into this range.
At the same time, planning for your future financial status while owning a property in Turkey is advisable. This article details the annual running costs that you will need to factor in. The good news is that the cost of living in this country is lower, so buyers have favourable prices for yearly outgoings such as council tax and Internet provision.
We try to provide potential customers with as much information as possible. This includes property details but also extensive facts about the Turkish property buying process. At the same time, however, we realise that this can be information overload for some people and urge potential buyers to ask questions, so you go into your property purchase with full confidence and knowledge.
Visit our contact page, including address, email and telephone numbers. We respond to all questions within 24 hours. Alternatively, if you are ready to start searching for properties, our portfolio lists thousands of apartments and villas for sale in many areas around Turkey.