Why Turkey?
If you are looking for good reasons or wondering why buying property in Turkey attracts the interest of many foreigners, then take a seat and sit down because Turkey offers much potential to first-time and repeat buyers of many different nationalities.
Indeed, in the last decade, the Turkish real estate industry has grown tremendously, and foreigners have played a substantial part in its growth. But why is the Turkish property market attracting foreigners, and what lucrative incentives are on offer?
10 Reasons to Buy Property in Turkey
1. Excellent Value Per Square Meter
Did you know that it is nearly eight times more expensive to buy a property in London than in Bodrum? Come away from the busiest city in Turkey, and prices get even cheaper. Property prices in Bodrum start at 60.000 Euros, and this gives the mass potential for lucrative long-term investment. With the current exchange rate of the Turkish Lira versus foreign currencies, now is also an ideal time to buy because you get more for your money. Customers looking for a guaranteed rental investment property can also find lucrative opportunities.
2. A Diverse Portfolio
In the last ten years, the overhaul of the Turkish property market in the last ten years has boosted its portfolio of studios, apartments, and villas to unbelievable sizes. Whether you want a resale home or are interested in off-plan and new construction, the sky is the limit. You will find what you are looking for, ranging from beachfront locations to urban living to remote hideaways.
3. An Easy Buying Process
Buying property in Turkey was a drawn-out process with a long wait for title deeds ten years ago. However, the Turkish Government has streamlined the process and made it easier than ever before. The whole process can be completed in as little as a week. But we should warn that it is easy but with a professional and reliable company if you are not familiar with the purchasing process in Turkey.
In this sense, Bodrum White has a professional team of local agents who guide buyers through the whole journey from choosing the home of their dreams to signing for the title deeds and settling in. Since 2017, we stand out for our Zero Failure principle by offering a smooth and easy process.
4. Structured Payment Terms
The real estate sector in Turkey is pretty investor-friendly by offering a wide range of properties, which are suitable for all budgets, with easy payment terms. You can consider buying a property in Turkey especially for a profitable investment at affordable prices.
If you want to buy an off-plan or newly constructed home, you can also tap into structured payment plans ranging from 6 to 60 months. That means that in some cases, you have up to five years to pay for your home but can move in and sign for the title deeds before. For first-time buyers on a budget, this is also a great incentive because there is 0% interest to pay.
5. Low Cost of Living
Undoubtedly, wherever in the world you are thinking of buying a property, the cost of living is a driving factor that helps you decide. When we consider the living conditions in Turkey, you may be surprised to see how you can achieve high living standards at affordable prices. We prepared detailed data to give you an idea by comparing;
• The cost of living in Turkey is 57.36% lower than in the United States on average.
• Rent in Turkey is 85.04% lower than in the United States on average.
• Restaurant Prices in the United Kingdom are 250.59% higher than in Turkey.
• Groceries Prices in Germany are 90.64% higher than in Turkey.
• Consumer Prices in Finland are 141.09% higher than in Turkey (without rent).
Of course, the costs may vary depending on the city you live in, but if we speak for the middle and middle-upper life segments, the above difference will be very apparent in Turkey.
6. Easy Access
Turkey attracts investors’ attention especially with its unique geographic position, lying partly in Asia and partly in Europe because it is easy to travel to and from their home countries. Also, Turkey has an extensive transportation network that offers various ways to travel comfortably without spending too much, such as airlines, ships, etc.
The Turkish Government has invested in airports in the country, and the airlines in Turkey, such as Turkish Airlines, have frequent flight schedules all year round. During summer, there are regular ferry services to all the Greek Islands. Turkey has also invested in modernization and upgrades of its highways to make driving quicker than ever before.
7. The Mass of Interest and Activities
One of the lesser mentioned but still significant reasons to buy property in Turkey is the mass of interests and things to do. In all major cities, residents can tap into the cultural and art scenes, while the coastal resorts on the Aegean and Mediterranean have the added benefit of the seaside living, so much of daily life happens in the great outdoors.
Skiing centers are popping up all over the country, Bodrum have earned themselves a reputation as a hot summer destination. Lastly, although it is cliché, we must mention the gorgeous climates. Think summer evenings dining alfresco style and days spent by the poolside.
8. High Investment Profile
In 2020, Turkey ranked 14th in research that listed the 25 most favorable real estate investment markets by outpacing countries like Spain, Portugal, and Greece. Also, The Ease of Doing Business Report 2020 conducted by the World Bank ranked Turkey at 33rd among 190 countries. The main motivations of this growing interest are affordable prices, growth projections, and a stable tourism market.
Turkey has safe investment legislation that complies with international standards and offers equal treatment for all investors. In this system where the priority is to protect the benefits of investors, Turkey made a few amendments to encourage foreign direct investment.
According to the Union of Chambers and Commodity Exchanges of Turkey (TOBB), In 2019, 80.000 companies started operating in Turkey. 12.634 of these companies (around 15%) were foreign-based companies. The newest reports show that the investment rate in Turkey has increased 9 times compared to the last 10 years.
9. Healthcare System in Turkey
The most influential aspect that makes Turkey stand out is the healthcare system. In Turkey, “Everyone has the right to social security.” Both public and private health services are easily accessible and affordable for everyone. Especially private hospitals in Turkey are preferred by foreigners for their prices and high service quality if compared to Europe and North America. Thanks to this interest, health tourism is also advanced in Turkey.
10. Turkish Citizenship by Investment
With the regulations published on 19.09.2018 and 07.12.2018 on the Turkish Official Gazette, Turkish citizenship will be given directly to foreigners who buy at least 250.000 USD of real estate, which can be ready-to-move or under construction, in Turkey and give a commitment to buy a property worth of 250.000 USD from the notary. The approval for citizenship takes up to 7 days to be approved if you meet the conditions. Visit our citizenship in Turkey page for more detailed information and FAQ.
Since 2017, Bodrum White Villas is a professional real estate company with the necessary knowledge and experience in citizenship. We have delivered many title deeds with Zero Failure to hundreds of customers from 15 different countries. Our expert team guides you through all steps from purchasing the property to providing the furniture service with our pre-sales and after-sales services.
Why not take a look at our Bodrum property lists? Alternatively, contact us today if you would like to speak to a sales representative about buying property in Bodrum.