How Much Is a House in Turkey?Wed, Jul 27, 2022, 12:43:14 AM
If you are planning to buy a property in Turkey, then it is quite natural to think about how much is a house in Turkey. Probably, you heard about this beautiful country when one of your neighbors or colleagues invested in real estate.
Without a doubt, there is an increasing trend to invest in Turkey in every part of the world. This is mainly because real estate prices and rental fees are increasing as more and more investors prefer to invest in real estate in the country.
Today, the country is looped in a vicious cycle and experts believe that this trend will continue for at least five more years. Thus, we have compiled some valuable information for you. Below, you can find detailed information about everything you would like to know before investing.
This includes whether you can buy a house in Turkey or not, is it still profitable to invest in real estate, and the average real estate prices. Do not miss your chance to check out this information before making any decision.
Can I Buy a House in Turkey?
The Turkish government does not put any limitations on who can buy a house in Turkey. In fact, there are some limitations, which are also implemented by other countries when a foreigner wants to buy a house in their country.
First of all, if you have been involved in any kind of terrorist organization or event in the past, the Turkish government will not allow you to own land or real estate in the country. In addition to this, foreigners cannot purchase land next to military complexes and areas.
Moreover, the total amount of land surface a foreigner can buy should not exceed 30 hectares. You can buy as many houses as you want up to 30 hectares in total. Other than these, there are no limitations that prevent you from buying real estate.
On the contrary, you can apply for Turkish citizenship when you buy a house worth $250,000 and keep it for at least three years.
Is Real Estate Cheap in Turkey?
In fact, real estate prices are not cheap at all in Turkey. However, the Turkish Lira lost great value in the last three years. Thus, the prices became highly affordable for many foreigners. Today, 1 dollar worth more than 11 Turkish Lira and 1 Euro worth more than 12.50 Turkish Lira.
Considering these facts, real estate prices can be quite cheap especially for those who are living in countries with a strong economy. Due to the currency difference, you can literally purchase a luxurious holiday villa with a sea view for the quarter price of an old flat in any country.
Therefore, every year more and more investors are investing in Turkey. In fact, most of these investors are newly retired people who cannot afford anything at all with their current salary.
Of course, not all people are retired. Many students also visit Turkey for cheap education, a better healthcare infrastructure, and business opportunities.
In short, Turkish real estate prices are highly expensive for locals but due to the cheap cost of living in the country for foreigners, the prices are highly affordable.
Is It Profitable to Invest in Real Estate in Turkey?
Only in the last year, real estate prices increased by 30% on average in the country. This increase reached 50 to 60% in large cities. Turkey also ranks number one in Europe in terms of annual real estate and rent price increases for three years in a row.
Therefore, it is highly profitable to invest in Turkey especially in these years. The prices have not reached their peak yet and experts believe that this trend will continue for at least five more years. You can enjoy a huge deal of profit with almost no taxing.
As you can invest in real estate and make a profit while selling it, you can also rent your house to locals or foreigners through systems such as Airbnb. If you buy real estate in cities such as Antalya, Istanbul, Mugla, or Izmir, you can also rent your house during the peak tourism seasons.
What Are Average Real Estate Prices in Turkey?
Just like in all other countries, the average real estate prices vary depending on numerous factors. Thus, we have grouped these average real estate prices under three criteria for you. Below, you can learn about these prices in major cities, small cities, and cities with the coast.
Depending on your preference, the average prices may greatly vary but you can still make money by investing in any group. We believe the following information can be a great guide for you to make your decision.
Average Real Estate Prices in Major Cities
Some of the major cities in Turkey are Istanbul, Ankara, Izmir, Mugla, Antalya, and Bursa. As you can guess, the average real estate prices in these cities are much higher than the others. Some of these cities also have a coast that multiplies the value of the real estate. However, on average, the average price per square meter is around 5000 TL, i.e., $500.
Average Real Estate Prices in Small Cities
We do not recommend investing in small cities since you may not be able to find people who speak English. In addition to this, these cities have the lowest annual increase. However, the average price per square meter is around 2000 TL, i.e., $200.
Average Real Estate Prices in Cities with Coast
As you can expect, the cities that have a coast are slightly more expensive than other cities. On the other hand, we have already covered some of the popular cities with the coast in the major cities section. Some of these are Mugla, Istanbul, Antalya, and Bursa. As we noted before, the average price per square meter is around 5000 TL, i.e., $500.
However, the number of luxurious real estate in these cities is quite high. As a result, you can find much more valuable real estate that is worth millions of dollars. Although they will be still cheaper than their equivalents in other cities, you can still consider buying them to increase your profit share.