Living There
Apart from the obvious attraction of spectacular scenery and a Mediterranean lifestyle that Turkey offers, other reasons for its popularity in recent years are its low cost of living coupled with the affordability of real estate throughout the country. An equally impressive climate has among other things, ensured year on year increase of visitors, especially to the southwest coast. Turkey is unique among the recently emerged markets, as it is a progressive country with an established and constantly developing infrastructure that includes quality medical and educational facilities.
Economy
The majority of Turkey’s economic revenue comes from tourism and industries such as textiles, steel, cement, and agriculture. Turkey is the 16th largest economy in the world, also ranking high in other realms of industries. 1/3 of the workforce is employed in the agriculture sector. Turkey is ranked 7th on the list of major trade partners with the E.U. The country’s economy having undergone revision in the last decade, has stabilized and flourished since.
Mortgage
The recent introduction of Turkish mortgages for foreigners has been a welcome development in this emerging market. It’s initiation and anticipated progression makes this an even more appealing and accessible place to invest. The current mortgage providers in Turkey are Deniz Bank and can be contacted for further details.
Politics
Turkey, despite being a Muslim country is a secular state, basically meaning that religious and political activities are conducted separately. The political identity of the country is a representative democratic republic and is headed up by the prime minister of the elected party.
Buying Guide & Process
The purchase of property in Turkey is straightforward, provided there is a reciprocal agreement between the buyer’s home country and Turkey. Buyers are advised to retain an independent solicitor and give the power of attorney, allowing him/her to represent them at the relevant Turkish governmental offices to oversee the purchase.
Investment Facts and Guide
The property market in Turkey has been enjoying an ongoing surge in investment speculators recently, with the market growing steadily and property prices increasing alongside demand year on year. With a consistent average annual appreciation of 20%, investors can expect exceptional returns on their capital. Also, the recent introduction of a mortgage for foreigners has shown early indications of a further increase in demand for investments in Turkey.
Price per Square Metre
Prices vary greatly from area to area; in Istanbul you may find a one bedroom apartment from US $62,000 off-plan, whereas on the ever popular southwest coast prices for a two bedroom apartment can range from US $79,000 to US $176,000 depending on location, build density, and property size. The average cost per square meter on the southwest coast ranges between US $1,600-2,000.
Rental Yields
Overall countrywide achievable rental yields net around 10%. This is a result of the continuous improvements to the current infrastructure of the country that has drawn in more investment and in turn, more interest, leading to higher levels of tourism every year.
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