Things to Consider When Buying an Apartment in Turkey
When purchasing an apartment in Turkey, there are various considerations to consider. Turkey, with its abundant resources and stunning scenery, offers a variety of unique projects to fulfill your needs. The most popular residences today are living complexes where the vast population of Turkey lives in multi-story apartments. So much so that the construction industry is racing to differentiate these development projects and provide additional options to individuals looking to buy a home. In this way, you can buy modern or more traditional apartments in Turkey.
Below are some of the factors that you should consider when buying an apartment in Turkey.
- Real Estate Agent
- Whether the house has basic connections such as water, natural gas, electricity
- Whether the structure is resistant to earthquakes
- Right neighborhood (Location)
How Are Apartment Prices Determined in Turkey?
The real estate in Turkey is a business that has grown at a record pace lately. With this great success, apartment prices also vary depending on the increase and improvement of the option in the market area. In addition to the development of apartments, and the development of the infrastructure of residential neighborhoods, many factors contribute to the growth of the real estate sector, especially modernist structures, with the perspective of modernity that Turkey has reached. However, the determination of apartment prices is not only related to the growth of the real estate market. Real estate prices vary according to the location of the building and even from floor to floor.
Therefore, many factors affect the price. Let's examine these factors below.
- Location within the city
- A square meter of property
- The height of the floor
- View of the balcony or window
- Opportunities such as sports clubs, swimming pools, Turkish baths, etc.
What are the Price Ranges of Apartments in Turkey?
In Istanbul, where the heart of the Turkish economy beats and which is one of the world's cosmopolitan cities in terms of population, you can buy a good apartment for 165,000 dollars and this investment can reach approximately 1.095.700,00 dollars depending on the market.
According to The Times, average real estate prices in Turkey are 50-60% lower than in Eastern Europe and 80-90% lower than in Western Europe.
Foreigners often prefer to buy a house in Turkey, as Turkey offers better real estate opportunities to foreign investors compared to other Mediterranean countries in terms of price. Turkey is among the highest in the region with its 5.4% rental income.
As a result, it can be said that you can buy a good flat for 165,000 dollars in a big city like Istanbul.
If you look for a house in a different holiday city, you can find stylish, modern, and luxury apartments between 250.000 and 950.000 dollars. This means that some buildings and districts will appeal to every budget in Turkey, and all you have to do is decide on your wishes and budget to buy a house and contact a real estate agent.
What are the Advantages of Buying an Apartment in Turkey?
Turkey offers you many opportunities to become a homeowner. The advantages of buying an apartment in Turkey, a country that always attracts foreign investors with its natural and cultural richness, advanced transportation network, geopolitical location, advanced transportation network, tourism, trade, entertainment, and transportation are listed below.
- Obtaining Turkish citizenship: Foreign investors who buy a house in Turkey for a certain amount can obtain Turkish citizenship in return for investing in the country. In this way, they can open a business in the country or enter their existing business into the Turkish market with tax deductions.
- Residence permit: Foreigners buying a house in Turkey, can easily get residence permits both for themselves and their families for 3 years.
- Cheapest real estate in Europe: Turkey is a European country that offers luxury and modern-designed apartments at the most affordable prices. Almost all of the new apartment projects have luxurious social facilities such as a swimming pool, spa, and gym.
- Excellence return on investment: Profitability of the investments made in a short time due to the changing exchange rate and the continuous development and increase of the market.
- Low life cost: Compared to most European countries cost of living in Turkey is a lot low. Thus, foreigners coming from abroad can live a comfortable life in our country due to the exchange rate.
Who can Buy an Apartment in Turkey?
If we look at who can buy a house in Turkey based on the law, we can state that foreigners are allowed to acquire land and property in Turkey, but these properties must be kept outside of villages, rural areas, and military zones.
If you wish, you can buy a house from apartment complexes located in more tourist areas, or you can buy a house in the main cities such as Istanbul, the heart of the economy, in the districts that are suitable for you.
In Which Cities Can I Buy an Apartment in Turkey?
In provinces where the population is vast, apartment projects are carried out more widely, so there are more house options in these provinces with the Istanbul Property.
Below is the list of many city options and locations for you to get the best apartment.
- Istanbul: Istanbul is the most densely populated city in Turkey. So most of the modern and huge projects are made here.
- Bursa: Bursa intertwined with nature, known as Little Istanbul, is a paradise that stands out with its luxury apartments.
- Antalya: Antalya, Turkey's first city that comes to mind when it comes to summer tourism, will offer you the most magnificent home opportunities with its wide nature and magnificent sea view.
- Alanya: Alanya, another holiday paradise of Turkey, may be of interest to you in the modern real estate market, which is rapidly increasing with the popularity it has gained in recent years.
- Izmir: Izmir is the most contemporary city in Turkey with its different authentic and modern structures, rich business opportunities, and various real estate projects carried out in this city.
Can I Become a Turkish Citizen by Buying an Apartment in Turkey?
Many foreigners who want to buy an apartment in Turkey are asking if they can get Turkish citizenship. The answer to this question is yes due to the Turkish citizenship program. This program allows buyers to invest in property for citizenship. This program may be known as the Golden Visa scheme, and lots of other countries also use this program. Thousands of foreign investors can become citizens of the Republic of Turkey by purchasing a house and applying this program for themselves and their families.
Is There an Apartment Tax in Turkey?
The Turkish Ministry of Finance and Treasury currently charges Turkish homeowners with annual property tax, which is 0.1% of a property's value. If you ask what are the annual property taxes in Turkey, the property tax in Turkey varies between 0.1% and 0.6%, depending on the type of property and also the city in which it is located. Therefore, a 0.2% tax applies to ordinary properties such as apartments or buildings near major cities.
Do Foreigners Pay Apartment Tax in Turkey?
While Turkey taxes its residents on their worldwide income, non-residents are only taxed on their earnings originating from Turkey. Income tax is levied on taxable income at increasing rates after certain deductions. Plus, there is no special tax regime for expatriates.
What are the Features of Apartments in Turkey?
With the developing real estate market in Turkey, many project apartments are produced to suit every lifestyle and customer's taste. Let's take a look at the styles and types of apartments in Turkey (Turkiye).
Penthouse apartment types are distinctive apartments on the upper floors, usually located on the upper floors of high-rise buildings and skyscrapers in large cities. The most striking feature of this type of house is that it offers you a panoramic view of the whole city. Another important feature of the apartment is that it spans an entire building. There are no neighbors on the same floor, giving the user complete freedom, and luxury style in the city center.
Luxury homes in Turkey with modern entertainment systems serve you wonderful views, vast green spaces around, and lots of opportunities. Thanks to smart command systems, you can control these houses and all the appliances in the house remotely with a single app, and you can experience your comfort at the highest level.
Since Turkey is a special country surrounded by sea on three sides, one of the most important features of the house you will buy in this country is that it can have a sea view. When you wake up in the morning, drinking coffee on your balcony with an island view will help you get rid of all your stress.
What is Life like in Turkish Apartments?
Since Turkish people are accustomed to living in communal living areas and are warm-blooded people, they will not make you feel like a stranger to their neighbors. Especially in Istanbul apartments, as the city hosts many foreigners from around the world. Turkish buildings, regardless of the social class of their owners, are built on similar foundation stones. The most important factor in apartment life is safety.
Are There Social Activities in Turkish Apartments?
The plus of the apartments to the social life is that there are many activity areas in the living complex. In these activity areas, there are special halls reserved for sports, basketball courts and tennis courts, a swimming pool, a jacuzzi, and Turkish baths. In this way, it is ensured that you have both a quality and enjoyable time.
Are Turkey Apartments Suitable for Children?
All structures in Turkey have child-friendly lifestyles for the simple reason that Turkish people are 'family-oriented' people. Not only do they love children and design the surroundings of the apartment to suit them, but Turks also enjoy family outings with their children when they go out. So this shows that no matter which apartment you live in, you will be able to raise your child in a safe area, as most of your neighbors will be families or families with newborn babies.
Is it Safe to Buy Apartments in Turkey?
Buying a house in Turkey is quite safe when done legally. Of course, if you have thoughts about the security part, it is also related to which real estate office you purchased with. We, as Istanbul Property, are working to provide you with superior and safe service. If you are thinking of buying an apartment in Turkey, you can go to the Istanbul Property project page and get information about the most suitable house for you. If you wish, we can safely complete all the purchases with you.