When’s best to buy a property in Turkey ?

During the current global economic and health crisis, property has become a safe haven for foreign investors. Nevertheless, what is the best time to buy a property in Turkey?

In the following article, prepared by Properties Gate, we will provide the best answer to the aforementioned question. In addition to some important data on the Turkish real estate sector.

Why real estate investing in Turkey?

Turkey enjoys a strong infrastructure, in addition to its wealthy natural resources that attract individuals seeking a comfortable life and safe investment.

Furthermore, the opportunity to obtain Turkish citizenship in return for a real estate investment of $ 250,000. Indeed, it is a reasonable amount compared to other countries granting nationality through investment. In addition, foreign investors will have full benefit from the purchased property, whether for living, vacationing, leasing, and even reselling after a period of 3 years.

Some experts believe that the best time to buy a property in Turkey is linked mainly to one of the four seasons. For example, some might recommend buying real estate in Turkey during the spring break. While others think that the winter is the most appropriate season for buying real estate, due to low demand on property sales, as well as the decrease in national tourism.

However, rationally speaking about the Turkish real estate market, we find that the right time for property investment, at an attractive price, both in residential and commercial units is linked to many factors. Such factors put you on the threshold of a safe investment with a high return.

So, if you are in favor of the idea of buying an apartment in Turkey, but you do not know the right time, follow us through the following paragraphs to learn more details.

When is the best time to buy a property in Turkey?

Every now and then, special discounts are offered on the prices of real estate units in Turkey. Consequently, you should seize the opportunity and the right time to achieve your goal of buying a property. Regardless, whether it was for living, catching up best prices, or investment and profit.

Taking into consideration the large amount of offers on residential and commercial units by real estate companies, you will increase your chances of getting a property at a lower price. Usually, the increase in offers is conforming with a decrease in prices.

These offers cover the payment system in installments, with total reductions of up to 40% on the official property price. In addition to a special discount on cash payments.

Should I buy under construction properties in Turkey?

It is worth mentioning that by buying a property under construction, you will have a major preferential advantage in the price and payment plan. In other words, its price after the completion of construction will increase, and thus you will achieve a guaranteed profit in the event of resale. Moreover, you will have real savings in price that may exceed 35%, if you do not have to utilize the property directly.

On the other hand, some construction companies offer additional benefits. For example, gifts of furniture upon handing over the property, or a guarantee on construction materials, kitchens and ceramics. In addition, a number of under construction projects are under government guarantee. That is to say, a guarantee that the project is delivered on time, as well as within predetermined standards and specifications.

Best time to buy an apartment in Turkey

Economists argue with investors in the real estate market, about the best time to buy an apartment in Turkey; Some economists claim that keeping monetary assets during this period is better than investing them in real estate. Due to the fluctuation of the Turkish lira exchange rate.

However, investors with experience in the Turkish real estate market have a different opinion. They consider that the decline in the Turkish lira’s exchange rate against the US dollar is a reason for an investment that reaps abundant profits for its owner. Especially if the investor is a foreigner, paying his installments in dollars from abroad. In other words, there will be a decrease in the premium over the years.

Indeed, some buyers have achieved amazing savings, as the price of the apartment under construction that is paid for in installments has become less than the cash price if the value is calculated in dollars.

According to the Turkish Statistics Institute, there is an increase in apartment prices in Istanbul and other Turkish cities during the current year 2021. Thus, a safe investment for new entrants to the Turkish real estate market can be guaranteed.

The statistics indicate that this rise in prices will be gradual, and in some cases, it may reach 50%; As a result of the increased costs of construction and building materials.

Consequently, the current stability in property prices in Turkey is due to the decrease in construction operations of new houses, matched by a steady increase expected during the coming months of 2021. Therefore, buying a property today, even remotely from abroad due the precautionary health measures, is considered a golden opportunity for future real estate investment.

Figures and statistics prior to buying property in Turkey

The Turkish Statistical Institute revealed, in its latest report, a major recovery in the real estate market at all levels, disclaiming any stagnation in buying and selling process.

The statistics indicated that there was a noticeable increase in foreign investors’ purchase of property in Turkey during the month of February 2021. In fact, up to 2,964 housing units were sold.

As for real estate sales in Turkey during the year 2020, the report indicated that last year witnessed 12% increase in sales, compared to 2019.

Furthermore, the report highlighted that sales in 2020 reached up to 1,499,316 housing units, including 112,483 apartments during the month of November.

In the same context, the percentage of apartments and new homes sales reached up to 31.3%. Whereas, the rate of old houses sales was around 68.7%, by 1,029,000 units.

The report of the Statistics Institute on real estate sales in Turkey reflects the extent of real estate market’s resilience facing the economic challenges around the world.

Indeed, Turkey has achieved a difficult number in the real estate market, proving its strength in facing and responding to crises. This is reflected in the sale of more than 1,000,000 properties during the past year 2020, despite the global health and economic crises.

Seize the right opportunities at the right time!

Eventually, the best time to buy a property in Turkey is linked to seizing the appropriate opportunity. In other words, whether by taking advantage of special offers and discounts on recent apartments in some projects, or investing in projects under construction, or seizing opportunities related to the seller’s circumstances.

There are many owners who offer their properties for sale under urgent circumstances. Consequently, the unit value becomes very low, due to the urgency of sale, either because of the seller’s need for cash or due to sudden travelling.

All the above-mentioned information about the appropriate time to buy a property in Turkey is provided for your convenience by our company. We seek to assist you in seizing the best offers and opportunities available as per your requirements.

All you have to do is communicate with Properties Gate’s professional team. We have the expertise and competence to provide consultancy, starting with advice, accompanying clients on free real estate tours, or virtual tours via remote visual communication, to review options within the best Istanbul residential complexes.

In addition to our assistance in property purchasing, completing ownership transfers, issuance of the title deed, post-sales services, obtaining real estate residency or Turkish citizenship and a Turkish passport. All that can be done remotely, while you are in your country. Contact us today for a safe, profitable and comfortable real estate investment.

Source: Turkish Statistical Institute

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