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Is Now a Good Time to Buy Property in Turkey?
It is a good time to buy property in Turkey. Purchasing real estate in Turkey is a wise long-term investment. Despite the global COVID-19 pandemic, the sector presents many opportunities for foreign investors.
Turkey continues to grow in popularity. It is one of the most popular destinations for foreign real estate investors. The sector's growth rate rose particularly with the rule that went into effect in September 2018. This rule lowered the threshold for obtaining citizenship by investment to 250.000 USD.
During this time, steps were also taken toward the institutionalization of the sector. This was done with the help of civil organizations. The overcrowding in the sector began to be alleviated through new legal arrangements.
Turkey's building and real estate markets are continually evolving. Several new infrastructure projects have recently been launched by the government and private developers. The developments include new hospitals and schools.
There is also the 330-kilometer highway connecting the Marmara, Black Sea, and Mediterranean Regions. It is expected to open in time for the country's Centennial celebrations in 2023.
New investments are linked to measures of optimism in Turkey's economic growth. Turkey's economy is one of the fastest-growing in the world, with an annual GDP growth rate of 5.5%.
Several foreign investors find real estate prices favorable because of the drop of the Turkish Lira against the US Dollar. Timing is important when it comes to foreign exchange. The Turkish Lira has lost 30% of its value in a year. A 30% decline in currency value equals a 30% discount. This is why a good time to buy investment property home in Turkey is when the Turkish Lira is weak.
What is the Ideal Time to Buy Property in Turkey?
When answering the question: “When is a good time to buy a house?” We can answer by saying it is a good time to buy a house when you locate the right property, in the right location, at the right price, and within your budget.
However, there are other factors to take into consideration when looking into the best time to buy a house in Turkey. These can be as follows.
Time of the year
Spring and summer seasons are the most popular times to buy a house in Turkey. However, the best time of year to buy a house is in the winter. There is less competition in the market and low demand, making it easier to negotiate and get better deals.
This, however, is not always the case. In Istanbul, for example, where local markets are open all year with many new properties for sale. Developers will not lower prices merely because off-plan prices and staged payment plans already represent savings.
Off Plan Properties
Developers sell buildings off-plan to minimize financial risk. This sales technique assists the developer in raising funds. It also provides the developer with less expensive financing than borrowing from a bank. When purchasing off-plan, the property buyer bases their decision on their research, due diligence, and the developer's reputation.
The benefit of buying an off-plan property is the customization of a brand-new property according to your own preference. There is also a building guarantee when you buy directly from the developer.
For investors looking for a quick return, buying off-plan allows them to sell before completion. They take advantage of the early-bird discount and potential capital gains throughout the construction period.
Property Prices and Local Developments
Local infrastructure developments always have an impact on Turkey's regional real estate markets. Investors have become more interested in real estate when local governments or developers announce the construction of new development. This is because property prices rise once the development is completed.
Some European Istanbul areas, where local authorities invest extensively in metro linkages and road infrastructure, are the best examples. If you are considering purchasing property in a region of Turkey with planned regional developments you should do so now rather than later.
As you can see, a good time to buy a house in Turkey is determined by a variety of factors. So instead of looking at markets and attempting to buy based solely on the time of year, we propose that you set a budget and make a list of what you want from a house.
Buying real estate in Turkey is a smart long-term investment. Despite the worldwide COVID-19 pandemic, the market offers a wonderful opportunity, particularly for international investors interested in purchasing Turkish real estate.
Feel free to contact us for more information on buying a house in Turkey. Our devoted and multilingual team will be happy to assist you.
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Created: 31.03.2022, 15.39Updated: 16.08.2024, 12.15
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