🇹🇷 Turkey Buyer Guide

📘 Property Buying Guide: How to Buy Property in Turkey

Turkey has recently been internationally renamed as "Türkiye". It is a transcontinental country located between Europe and Asia. Istanbul is the only city in the world situated on two continents. Turkey's central location makes it a transport hub where the main continents—Asia, Europe, and Africa—act as a bridge country. Istanbul is directly connected to 284 airports in 132 different countries. No other airline offers such a diverse range of destinations as Turkish Airlines does.

Turkey is one of the world's largest economies with a GDP of 1 trillion USD, making it the 19th largest economy in the world. With a young population of 84 million, there is a significant demand for housing. Turkey is the 4th most visited tourist destination in the world, with 51 million visitors in 2022. These numbers indicate a strong demand for real estate investments.

🏠 The Real Estate Market in Turkey

Turkey, known for its rich history and strategic location, has been a hub for foreign investors for many years. The residential sector in Turkey has seen a surge, especially with foreign buyers. In 2022, residential sales to foreigners reached 67,490 among total house sales of 1.25 million units per year. Istanbul, being the cultural and economic capital, leads the chart, followed by tourist destinations like Antalya and Izmir. The ease of property ownership for foreigners and the potential for high rental yields have made residential properties in Turkey a lucrative investment.

Here's a deeper dive into the factors driving the real estate market in Turkey:

• Affordable Property Options: Compared to many European countries, the depreciation of the Turkish lira has made properties in Turkey more affordable for foreign investors. This currency depreciation, combined with the potential for profit in a recovering market, has attracted many foreign investors.
• Tourism and Rental Income: Turkey, with its beautiful coastlines, historical sites, and vibrant cities, is a popular tourist destination. For many foreign investors, purchasing a property in Turkey serves a dual purpose: a low-cost vacation home and a potential source of rental income. Property management companies generate rental income through Airbnb and Booking platforms.
• Turkish Citizenship by Real Estate Investment: Turkey offers a residency program for foreigners who invest in Turkish real estate. This has been a significant factor in attracting foreign buyers, especially from countries like Russia, Iran, Iraq, and Germany.
• Strategic Location and Travel Benefits: Turkey's strategic location, bridging Europe and Asia, offers unique travel advantages. Moreover, its proximity to various European and Middle Eastern countries makes it a preferred choice for many investors. The allure of Turkey's rich history, combined with its modern amenities, attracts many from the EU and the US. For them, it's not just about the property but also the experience of living in a country that offers a blend of the East and the West. Turkey's cultural and geographical proximity to countries like Russia, Iran, and Iraq makes it a preferred destination for real estate investment. The ease of travel and the familiarity of the region play a significant role.