Apart from having a wonderful vacation home you can visit at certain times during the summer seasons, there are a lot of reasons you should invest in a Turkish property, and these are not only financial. So, whether you’re investing in commercial or residential real estate, the benefits are many.
That’s why many real estate companies look to invest in growing communities where the tourism sector is booming. Turkey is a country that is experiencing a boom as you’re reading this. So, let’s see the reasons for investing and the reality about investing in a Turkish property.
Turkish Property Investment Reasons
Reasons to invest in a Turkish property are the cheap expenses, the fact that Turkey has a coastline, the cost comparison between other similar countries, the expansion of tourism, the property prices, and the return on investment.
1. Living costs
If we carefully consider how much we’re paying for something such as a meal at a restaurant, the utilities at home, or basic internet access, we’re probably going to be surprised when we see the prices in Turkey.
The most basic internet access package is less than $10 a month. Utilities for a decent apartment are around $70 a month, and buying food in the supermarket or grocery stores is cheaper than in most countries according to expatistan.
2. The coastline
The Mediterranean Sea offers a very gentle climate with great summers and pleasant winters, and Turkey is one of the countries that have the privilege of having a Mediterranean coastline. That’s why investing in a Turkish property can have other gains unrelated to finance.
You can have a vacation home for your family on the coast of Turkey. We know there are other countries that have amazing coasts and a pleasant climate, but they probably aren’t as cheap as Turkey.
3. Tourism expansion
Because of the climate in Turkey, cheap prices, a good transportation infrastructure, and Turkish hospitality, tourism is booming. It’s expanding at a rate like no other, and there are plenty of other reasons for that:
- Beaches: Most of the beaches are covered in fine sand, and the sea is as pure as possible. The water is quite clear and refreshing, and almost all the beaches have bars and cafes on them.
- Food: Perhaps one of the tastiest in the world, Turkish food is something everyone should try. The fact that it’s so tasty and yet very cheap is astonishing. It’s a perfect destination for foodies.
- Nightlife: Like any other tourist destination, Turkey has vivid nightlife during the season. Some of the major cities with universities continue to have vivid nightlife throughout the year. There are tourists visiting Turkey all year long.
4. Price of properties
A property anywhere near the city center can be around $870 per square. If it’s further away from the city center, it can cost around $560 per square. In Antalya, the current price per 100 square meters can be as low as $40,000.
However, according to the cost of living in Antalya, if we want to buy an apartment in the center of the city, we can pay up to $140,000. Like with any type of real estate, the price varies according to location.
5. Return on investment
The major benefit, of course, is the return we can get on our investment. We can invest in a Turkish property to become a rental for tourists. There’s a possibility to invest in an entire vacation complex.
There are vast opportunities to buy houses, buildings, apartments, and other types of properties that profit you during summer, or even throughout the year. Unlike most Mediterranean countries, Turkey is not that expensive.
The Reality About Investing in a Turkish Property
As you’ve already read, there are many gains to investing in a Turkish property. However, in reality, it’s not that easy to invest. There are two cardinal things we need to consider before buying a Turkish property.
Location price differs
We know that it’s the most basic rule of real estate, but the prices per square meter in Turkey are quite different based on location. Like in any other Mediterranean country, the prices differ on whether the property is near the coast or more inland.
There are properties you can find at a cheap price on the coast, but these often require us to do a thorough renovation. This is a hidden expense we shouldn’t overlook, so we need to be careful when choosing a location to buy our property.
Dependable real estate company
Another solid piece of advice is to pick a dependable real estate company. There are a lot of entities posing as real estate companies, and they are willing to commit real estate fraud. This means that you can be ripped off by someone pretending to do something in your interest.
We need to be extremely careful to choose a good real estate company that is really willing to cooperate with us. It has to be a company that knows the Turkish real estate market well. Also, consider looking through the reviews, and if you know anyone who’s already bought a Turkish property, it might be a good idea to gain some insight from them.
Conclusion
It’s important to get to know the reality of a country’s real estate market before investing in a property in said country. Therefore, it’s necessary to get some insight before we buy a Turkish property.
However, there are many benefits and multiple gains for us if we invest. Plus, when you’ve finally decided that you don’t want to rent out your property to tourists, you can easily retire to that home, and enjoy the rest of your retirement in a beautiful location in Turkey.