Property Price Overview - Is Property Cheap or Expensive Turkey?
As Tekçe Overseas, one of the leading real estate companies in Turkey, we have been in the Turkish real estate market since the year we were founded. We are always ready to answer all the questions that come to our investors' minds thanks to the knowledge and experience brought by years. Investors and buyers often ask us about 'Property Prices in Turkey'. These questions are usually such as 'Is Turkey the Cheapest Country to Buy Property? and ‘Why is Property So Cheap in Turkey?
It will be more advantageous for you to buy real estate in foreign currency since all costs are determined in Turkish Liras when buying real estate in Turkey. The VAT and other fees you encounter in this process will be at a more affordable level compared to most European countries and the USA.
In addition, the answer to the question of why you should buy real estate in Turkey is that Turkey is a very suitable country in terms of its wide range of real estate, flexible installment options, affordable prices, ease of purchase, and living costs.
Is Property Cheap in Turkey?
Despite the fact that the increase in property prices in Turkish Liras, they are still at an affordable level for foreign investors due to the exchange rate difference in the last five years. The mass depreciation of the Turkish lira against the Dollar and Euro has turned into an opportunity for foreign investors, and investors who aim to earn high income in the long term, have started to buy more real estate from Turkey.
In addition, the new improvement regulations of the taxes applied by the current government, the cost reductions, VAT exemptions, and the reduction of the lower limit for obtaining Turkish citizenship by purchasing real estate to 250,000 USD has greatly increased the number of foreigners on the Turkish Real Estate Market.
Is Property Expensive in Turkey?
The prices of the properties in our country are primarily dependent on the location, condition, and view of the property. For example, if you want to live in a mansion with a Bosphorus view, equipped with the most luxurious features, you have to go to expense it. Living in Turkey's three largest cities, such as Istanbul, Ankara, and Izmir, is always more expensive than other cities. But that doesn't mean you'll never find affordable property in those cities. If you want to find affordable housing in such big cities, it would be useful to look at the newly developing districts. In these districts, the apartments in a complex with very affordable prices and installment opportunities have been built recently thanks to urban transformation. If you want to take advantage of these affordable opportunities, you can reach our page by clicking here.
You can also look at other big cities in Turkey such as Antalya, Bursa, Muğla, and Trabzon if you are looking for more affordable properties with more features. Many investors and buyers can easily own real estate as the prices are slightly more affordable in these cities. For more detailed information, you can take a look at our Real Estate Listing page on our website.
If you do not have time to come to Turkey, you can also handle your transactions remotely by using our TeleProperty and TeleMortgage services.
Will Property Prices Rise in Turkey?
The latest economic indicators show that the prices will increase, but since the exchange rate increases with the prices, buying real estate with foreign currency will make you save a lot of money. For example, even in 2019 and 2020, which passed in the shadow of COVID-19, there was a tremendous increase in real estate sales. According to the data in 2020, 1,393,000 houses were sold during the year.
It is estimated that there will be certain increases in prices due to the increase in construction costs for 2021 and the following years. All these increases are not expected to affect the housing sector negatively, on the contrary, it is thought that there will be a great increase in housing sales after the pandemic is over. But still, buying your new property before prices rise up can be a very profitable opportunity.
To learn more about the real estate purchase process, you can contact us here.