Are beach houses ever a good investment
Is Buying Property in Turkey a Good Investment?
Customers often ask if buying a property in Turkey is a good investment? Given that the focus of the regular real estate market has shifted from looking for a home to solid financial commitment over the past few decades, this is a good question.
Terms such as home renovation, capital appreciation, and liquidity are factors that home buyers consider. To answer this we have to look at the current development of the Turkish real estate market. Domestic sales have been delayed due to high interest rates, but foreign sales are at record levels.
In 2018 foreigners from different countries bought 40,000 houses in Turkey. This trend will continue until 2019 and, according to industry experts, shows no signs of change. The latter forecast an annual sale of 50,000 houses.
Why are investors massively focusing on the Turkish real estate market?
Why is buying a property in Turkey a good investment?
1: The exchange rate between the lira and other foreign currencies is at a record high, meaning buyers have more Turkish lira than ever before.
2: A surplus of housing in certain areas offers affordable prices per square meter compared to other countries that dominate the overseas real estate sector.
3: Many developers focus on modern buildings with cutting edge architecture and advanced building technology. An example of this are these three bedroom apartments for sale in Antalyawith smart home technology and communal facilities such as a sauna, gym and swimming pool.
4: Buyers who want to purchase properties worth $ 250,000 or more and keep them for three years can apply for Turkish citizenship.
So there are many options in the market, and it is worth doing your homework and maximizing your potential investment. After all, right now it's a buyers market and there are a few things to be aware of.
1: Property to be renovated: A valuable investment
Many people dream of renovating a traditional house and then selling it for a profit. However, the cost of modernizing old houses to modern regulations can be thousands of liras and in most cases does not add to the selling price.
2: Buy-to-Rent Real Estate in Turkey
Recent reports suggest that self-catering vacation homes make up 30% of the vacation market, testifying to their popularity. Investigate the area where you plan to buy. For example, in the Aegean resort town of Altinkum, the market is flooded with vacation rentals, so you'll need to do some extraordinary marketing to get a taste of it.
At the same time, there is a lack of long-term leasing; these generate a lower income. This is especially important as you will have to pay income tax. In addition to promoting your rental property, another aspect that you need to consider is management, such as: B. cleaning, repairing, maintaining and paying bills.
You also have to register every resident with the official system of government. Investors living in other countries often use a management team to arrange this for them. Instead of doing it yourself, you can consider rental guarantee properties where the administrative aspect is taken care of for you.
3: Financing Your Turkish Real Estate Investment
To fund your investment, you should avoid the Turkish banks, which apply high interest rates on their foreigner mortgage plans. A better option is to buy an off plan with repayment plans of 1 to 5 years. They are interest-free and offer you the option of joining at off-plan prices. See sample properties here.
More tips on investing in Turkish real estate
In conclusion, buying property in Turkey is a good investment. However, consider what is affecting revenue in a particular region and how much future potential there is for maximizing your financial portfolio. If you'd like to speak to a local sales representative for more tips and advice on the Turkish housing market, or to arrange a viewing, give us a call today.
See you too our extensive portfolio of apartments and villas for sale and fill out the application form or use the chat message function for more information on these topics.
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