What are the current trends in the Turkish real estate market after the elections?
- New trends in the real estate market in Turkey: what can investors expect?
- How are real estate prices rising and what opportunities are opening up in Turkey?
- Real estate in Antalya: attractive offers and investment opportunities
Recently, there have been significant changes in the real estate market in Turkey. The earthquake that occurred in February had a strong impact on public opinion, and the prolonged electoral process, accompanied by lively speeches from the opposition candidate, created additional tension for potential investors. Despite this, Turkey continues to be attractive to Russian citizens, and with the onset of a new era under Erdogan's leadership, it is expected that this trend will continue.
Investments by foreign citizens
Among investors actively exploring the Turkish real estate market, there are many citizens from Iran, Iraq, and Pakistan who are focused on acquiring properties to obtain residence permits, gain citizenship, open bank accounts, and enhance their businesses through close ties with European and American markets. Interestingly, as a result of the pandemic, the volume of Chinese investments in this sector has doubled.
Local residents and capital protection
Moreover, local residents are also trying to invest their savings in real estate, aiming to protect their capital from rising inflation. In such conditions, purchasing real estate serves as a reliable and stable asset. For the Turkish authorities, attracting foreign investment in the real estate sector is an important task, as this sector constitutes20%The overall gross domestic product of the country. After the disaster, the authorities realized that it was necessary to raise the standards for quality control of construction materials and technologies, which will affect the cost of housing in the near future.
New opportunities in the real estate market
As of today, the real estate market in Turkey is opening new horizons for purchasing property. According to data from the Endeksa platform, by April 2023, the cost of real estate in lira has increased by132%compared to the previous year. The highest price increase is observed in areas where foreign investors are actively operating:
It is expected that price growth in major cities popular among investors will continue, although sharp price fluctuations like those in 2022 are not predicted; rather, it is likely to be a stable increase at a certain level.10-15%annually.
Factors of price growth
Factors contributing to the rise in real estate prices include:
- Inflation, which leads to an increase in construction costs;
- Constant demand from foreign buyers;
- Programs for renovation and demolition of unsafe housing;
- Migration of the population from small towns to large megacities.
Where to track the news
Key events and news in the field of foreignreal estate can be tracked in specialized Telegram channels, where fresh information about changes in the market is published. Investors interested in new developments can expect significant returns: when purchasing property at the off-plan stage, they can increase its value up to70%By the time the construction project is completed, investments in the already ongoing real estate can yield25-30%In addition, rental income is also showing rapid growth, making the real estate market in Turkey particularly attractive to investors.
The rise in housing prices in Turkey
Property owners in Turkey are witnessing a significant increase in housing prices, prompting many people to raise the value of their assets. In 2022, rental prices in the country surged by an impressive 85-120%.
Citizenship and residence permit programs
One of the most discussed topics is the possibility of increasing costs for programs that provide citizenship or residence permits (RPs). Although specific figures vary, it can be confidently stated that the authorities will seek to maintain a balance that attracts foreign clients.
It is expected that a transition period will be implemented, allowing those who plan to make a last-minute purchase to take advantage of the previous terms.
Rumors about the opening of new districts
Rumors about the opening of new areas for obtaining residence permits, which were previously difficult, continue to circulate actively. However, there are no changes in the requirements for rented properties.
Foreigners wishing to obtain the opportunity for naturalization must ensure that the cadastral value of the property being acquired is at least $75,000 in large cities and $50,000 in smaller towns.
Money transfers and checks
As for the transfer of funds, such operations are carried out exclusively through banking institutions that have not been subject to sanctions. It should be noted that Turkish banks have become more stringent in their document verification process.
To avoid potential issues, prospective buyers need to provide a wide range of documents from the developer that confirm the compliance of transactions with the current currency legislation.
Many Turkish construction companies are striving to simplify the process by opening accounts in banks that have branches in Russia. This allows clients to make payments and transfer funds to the developers' accounts in the Russian Federation.
New investment projects
New investment projects are actively emerging in the residential real estate market. Among them:
- Complex in the Oba areaThe starting price is from €162,000, with various layout options ranging from 1+1 to 4+1, completion of construction in the fourth quarter of 2024, and a yield of 40% per year.
- Complex in the Avsallar areaStarting price from €112,000, layout options from 1+1 to 3+1, construction completion scheduled for the second quarter of 2025, similar yield of 40% per year.
The complex in the Oba area is located just three kilometers from the sea and offers the opportunity to obtain a residence permit upon purchase and citizenship upon meeting the minimum investment requirement of $400,000.
Living conditions and infrastructure
The new residential complex offers all the conditions for comfortable living:
- Pools
- Traditional Turkish bath
- Gym
- Children's playground
- Rest areas
- Cinema
- Cafe
In addition, buyers have the option of installment payments with an initial down payment of just 25%.
Real estate in Antalya
Real estate in Antalya attracts buyers with its diverse infrastructure and leisure opportunities. The residential complex features three large outdoor swimming pools, a poolside bar, children's playgrounds, mini-golf, as well as sports facilities for tennis, basketball, and volleyball.
The developer has just started selling properties, which provides an opportunity to set minimum prices for purchases. The installment payment option makes the offers particularly attractive.
This project may interest those who are considering obtaining Turkish citizenship, as the developer offers prices at about 90% of the cadastral value, which is a rarity for the Alanya area.
New residential complex
A new residential complex in Antalya offers apartments starting at €173,000. The living spaces range from 48 to 146 square meters, with construction scheduled to be completed in the second quarter of 2025.
The complex will be located in the central part of the Altyntash district, where the following will be built in the future:
- schools
- college
- tennis court
- medical institutions
This makes it especially attractive for families with children. The distance to Antalya Airport is only three kilometers, and nearby are the beaches, the IKEA shopping center, and Terra City. Installment plans are available with a 30% down payment.
Development of the Altyntash area
Altyntash is actively developing, and a new neighborhood is planned to feature a long shopping street with a variety of shops and restaurants, as well as the relocation of the city administration and a branch of a well-known university.
Housing prices in this area start at $120,000, and many developers offer 100% of the cadastral value, which gives investors confidence. Over the next five years, Altyntash has every chance of becoming a prestigious neighborhood that will be convenient for both living and renting out property.
Unique project of villas and residences
In Antalya, there is also a unique project of villas and residences starting at $208,700. The area of the apartments ranges from 49 to 265 square meters, and the completion date for construction is set for 2023.
This business-class complex is located just seven minutes from the airport and includes:
- 42 residences
- four villas
The area includes pools, terraces, green spaces, and property management services. The price includes furniture and appliances. Owners have the option to transfer their properties to the management of the well-known hotel chain Ascott. This project also allows for the acquisition of Turkish citizenship, as the market and cadastral prices match 100%.
Long Beach in Kusadasi
Townhouses and villas are for sale on Long Beach in Kusadasi, starting at €555,000. The project includes 162 villas, of which 70% have already been sold, offering various 4+1 layouts with an area starting from 160 square meters.
The complex has already been completed, and the expected yield is 5% per year. It is located in a beautiful area, not far from Bodrum, on the first coastline, and includes:
- private garden
- an open parking lot
- three swimming pools with relaxation areas
The beaches, shops, cafes, and restaurants are in close proximity, and the distance to the center of Kusadasi is only 6 kilometers. One of the main advantages of the project is the affordable price for premium-class properties on the Aegean coast and the possibility of obtaining citizenship.
Conclusion
In conclusion, despite all the challenges Turkey has faced, including the February earthquake and uncertainties related to political elections, the country's real estate market continues to be attractive to foreign investors. The increase in inflation, losses from natural disasters, and the demand for quality housing have spurred a rise in property prices, which seems likely to continue in the coming years.
It’s no surprise that Turkey maintains its popularity among Russians and also attracts investors from other countries such as Iran, Iraq, and Pakistan. These factors ensure a steady demand, which in turn will contribute to the rise in housing prices. The interest in acquiring real estate not only for living but also for obtaining citizenship shows how the perspective on investment opportunities in Turkey has changed.
Government measures
The government, recognizing the importance of foreign capital in the country's economy, is actively implementing measures aimed at improving the quality of construction and regulatory oversight, which helps to increase investor confidence. The strategy to enhance conditions for foreign buyers, along with quality checks, positions Turkey as a reliable destination for investments.
Why is it worth investing?
A look at the Turkish real estate market shows that now might truly be the right time for investments. Investing in new developments with well-thought-out infrastructure solutions and attractive purchasing conditions can not only improve one's financial situation but also provide a great opportunity for obtaining citizenship.
I hope that the data provided will help you better understand the market and make an informed decision about your next investment move.
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