Turkey real estate: luxury resorts and profitable investments

Everyone knows about Turkey’s popularity as a holiday destination among the residents of Russia. This country really has everything you need for a comfortable, unforgettable vacation: a mild climate, a large selection of resorts, including ski resorts, clean beaches of the Mediterranean, Black, Marmara and Aegean Seas, a developed tourist infrastructure, a huge number of attractions. Therefore, it is quite possible to speak of Turkey as a state in whose economy the tourism sector plays a large role..

The advantages of real estate in Turkey include, in addition to the favorable, close geographical position of the country, the fact that Turkish builders use European standards in their activities and have long had a reputation as one of the most responsible and successful developers in the world. This guarantees the high quality of real estate objects, in addition, many developers in the country are managed by foreign investors, therefore, they are focused primarily on meeting the interests of European buyers and meet all modern requirements..

Also an important factor that increased the demand for real estate in Turkey was the positive changes in the country’s economy. To date, the inflation index in the republic has been stabilized, there is a significant increase in the volume of construction and foreign investment.

In addition, buyers from Russia and Ukraine are attracted by a favorable visa regime (from April 16, 2011, a visa-free regime began to operate between Turkey and Russia), as well as the possibility of obtaining a residence permit, and after 5 years of citizenship..

Experts note that today investments in Turkish real estate can be called the optimal solution, since the republic seeks to join the European Union and, although the visa-free regime with the Russian Federation did not allow Turkey to become a member of the EU last year, the country’s authorities hope for a favorable solution to this issue by 2014 year. Due to this prospect, the value of real estate in Turkey will grow.

The most attractive cities for buyers in Turkey

Istanbul remains the leader in the Turkish real estate market, in particular, in terms of the number of transactions with foreign buyers. This city attracts investors primarily by its unique business opportunities: located at the intersection of three seas, former Constantinople is the trade center of the republic, and the mild climate and rich history of Istanbul are additional attractive factors for buyers.

Apartments on the coast of the city and in its historical center are also in demand among foreign buyers. The cost of real estate in Istanbul largely depends on the location of the house or apartment and the class of the housing itself. Thus, the most expensive are villas on the “first line” of the Bosphorus, whose cost can be up to $ 20 million, on the “second line” you can buy a private mansion for 8 million, and the cost of villas on the “third line” usually does not exceed 1 million dollars. On average, the cost of 1 square meter in Istanbul is about 2 thousand euros, an apartment in the center with an area of ​​80 to 100 square meters will cost the buyer 150-200 thousand euros. In the suburbs of the city, you can find more affordable offers – the minimum cost of a two-room apartment can be 40 thousand euros.

The most attractive cities for buyers in Turkey
Lyakhovich Sergey. Alanya. Turkey. 2010

As the statistics of real estate agencies show, buyers from Russia are most often interested in real estate on the southwestern coast of the country – from Bodrum to Alanya, there are such resort cities as Antalya, Kemer, Side, Belek, Alania, Bodrum, Fethiye and Kusadasi. In summer, over 1 million Russian tourists come here, and the choice of offers on the local real estate market is quite large.

Among the features of Turkish real estate, it is worth noting the almost complete absence of apartments with a small area, since it is customary in the republic to live in large families, including several generations, and one-room apartments are not in demand. In addition, the number of rooms in Turkish apartments is counted by the number of bedrooms. Thus, a typical Russian three-room apartment in Turkey by realtors will be called a two-room plus a living room (often combined with a kitchen).

However, among foreign buyers, the highest demand is not for apartments, but for villas, preferably in close proximity to the sea. Interestingly, with the average cost of housing in resort cities from 500 to 2 thousand euros per square meter, real estate located on the Aegean coast – in Marmaris, Kusadasi and Bodrum, has a higher price than villas and apartments on the Mediterranean coast. This may be due to the fact that villas on the Aegean coast of Turkey are currently in demand among the British and Dutch, which has caused an increase in value.

The cheapest real estate among the resort towns of the southwestern coast of the country is marked in Alanya, here an apartment with a sea view can be bought for only 40-50 thousand dollars.

The most “Russian” city in Turkey can be safely called Antalya, which even has Russian-language schools. The cost of a three-room apartment in this resort town with an area of ​​80 square meters in a building under construction reaches 52 thousand dollars, that is, 650 dollars per “square”. Housing in an apartment building that has already been put into operation will cost a little more. Turkish apartments are offered to buyers with ready-made finishing, installed plumbing fixtures, built-in kitchen furniture, plastic windows and a metal entrance door..

The cost of a villa with an area of ​​250 square meters, with a small garden and a swimming pool, located on the “first line” in Antalya, Kemer or Fethiye reaches 450 thousand euros. Such offers are in high demand. The cheapest real estate among the resort towns of the southwestern coast of the country is marked in Alanya, here an apartment with a sea view can be bought for only 40-50 thousand dollars.

The most attractive cities for buyers in Turkey
Zybin Alexander. Back streets of the Bosphorus. 2008

The real estate market of young ski resorts in Turkey such as Palandoken is just beginning to develop. Experts note that there are ample opportunities for the development of ski resorts in the country, which is traditionally considered a summer “health resort”. At present, mass construction of cottages and villas is underway in the areas where ski slopes are located, the rent and purchase of which is already in a certain, still low, demand..

In general, the choice of apartments, villas, apartments in multi-storey residential complexes in the cities of Turkey is quite wide, and the range of prices allows us to speak about the availability of proposals and the category of economy class and luxury real estate.

The procedure for buying real estate in Turkey

Although the procedure for buying real estate in Turkey by citizens of other countries has already been simplified, it still remains one of the most lengthy and difficult. This feature can be called the main factor that reduces the popularity of purchasing Turkish real estate among residents of Russia.

Buying an apartment or house in Turkey usually involves the following steps:

  1. Inspection of the object, the choice of an apartment, house, villa, apartment in one of the cities of the country. You can also do such an important matter as choosing a suitable property during a short-term visit to the country, for example, on a tourist voucher..
  2. Signing a sales contract, which is usually drawn up in two languages.
  3. Obtaining a certificate of currency exchange performed in Turkey, which is necessary to obtain a residence permit.
  4. Obtaining an individual tax number, without which you cannot open a current account in a Turkish bank. TIN is not required to draw up a sales and purchase agreement
  5. Opening an account in one of the banks in the country.
  6. Payment of the amount of the deposit, which is included in the total cost of the property and must be indicated in the contract. Usually it is from 1 to 10 thousand euros, depending on the total price of the house or apartment.
  7. Translation of a passport and certification of the translation by a notary.
  8. Obtaining a residence permit for a period of 6 months, usually takes 5 days, is made at the local Security Office, in a special department for working with foreigners. Will cost the buyer about 140 euros.
  9. Full settlement for the purchased object, that is, the transfer of the cost of the house or apartment remaining after the payment of the deposit.
  10. Sending documents to Izmir. This stage can take quite a long time – up to 3 months. The Turkish Ministry of Defense, which is based in Izmir, checks whether the facility is located in the territory of strategic importance.
  11. Sending documents to Ankara, to the Main Cadastral Department. Only after the military department has confirmed that the house or apartment can be sold to a citizen of another country, all documents are sent for registration to the Cadastral Department. A procedure costing about 55 euros can take more than 6 months.
  12. Obtaining certificate of ownership of Tapu. This certificate – TAPU – is issued at the local department of the Cadastral Office in the presence of the seller, buyer and officials, information on the transaction is entered into all cadastral books, while the value of the object is determined, which will become the basis for calculating a one-time tax on real estate transactions. In Turkey, the rate of this tax is 3% of the value of a house or apartment indicated in the Cadastral Books.
  13. Each owner of real estate in Turkey (as well as his family members) has the right to renew the residence permit, and 5 years after the purchase, apply for the citizenship of the republic. By the way, a residence permit does not entitle a foreigner to work in Turkey..

The above steps in the procedure for buying real estate in Turkey may change, for example, in the case of purchasing a villa or apartment on a mortgage loan.

Turkey has every chance to take one of the first places in the ranking of countries whose real estate is in high demand among Russians and residents of other CIS countries: a close location, relatively affordable prices, excellent climate, the opportunity to earn money by renting out or reselling property real estate object after a while. And the simplification of the purchase registration procedure and the growth of construction volumes in the country will make the purchase of real estate in Turkey even more popular..

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