Foreign investors are still bucking the trend and focusing on snapping up a diverse property portfolio across Turkey despite the recent troubles afflicting the country.
Latest figures suggest house sales to foreigners – rather than stalling or tailing off – are still growing at a healthy rate. Property buying in Turkey grew by over 32 per cent in June compared to last year’s rates.
Why’s that? And how do you overcome the preconceptions that you should sit on you money at the moment rather than buy in a potential warzone such as Turkey?
Let’s get the heavy stuff out the way first:
– Turkey is not at war with anyone.
– There have been, and there will probably continue to be, sporadic incidents, as was recently witnessed in Suruc in the south-eastern province of Şanlıurfa.
– Turkey for its part has carried out several raids and has also carried out airstrikes on terrorist organizations, Islamic State and the Kurdish armed wing, the PKK, in Syria and Iraq.
– Which all adds up to the fact: the rest of Turkey is largely peaceful, untroubled and going about its business as usual.
Hence, the data from the Turkish Statistics Institute (TÜİK) declaring that property buying in Turkey in June continued to increase. TÜİK said house sales to foreigners in Turkey rose by 32.5 per cent.
Istanbul was the first in house sales per province, with 718 sales in June, followed closely by Antalya, the popular Mediterranean resort; the Aegean province of Aydın; and the northwestern city of Bursa. A total of 25,000 properties are sold annually to foreigners.
So why are people still buying and wanting to buy? Here are a few pointers:
Turkey is still relatively affordable compared to the rest of Europe for property.
The buying process is now easier than ever.
Estate agents, such as TAM, have the investor completely at heart and will always source the best builder/property to buy
Turkey is full of potential, so the investment you buy now is likely to improve in value in the following years.
The great weather, the wonderful people, the diverse cuisine, the history of Turkey, it’s green and splendid coastlines, pristine beaches………….
The list is endless, but how do you go about investing:
Here are some quick tips:
Keep to your budget- Decide on the area/neighbourhood/resort or city you plan to invest in
- Get an idea of the area you want to invest in.
- Be true to yourself: How many weeks, days or months will you spend there.
- Should it be a living in home, a holiday haven, or a potential rental generator.
- Be aware of all the added costs involved in the move or buying process, eg. Property sales tax, estate agent’s commission, council tax, earthquake insurance.
- Be realistic
Thousands have engaged in the property buying process in Turkey since the government freed up foreigners buying in the country 12 years ago.
Where to start?
Why not give the guys at TAM a call and discuss with them your budget and the potential accommodation you’re looking for, and let them help you with the property buying process.
