Investing in Turkey is a sound move given that it is one of the few global property markets still Turkey attracting buyers. Property prices are still incredibly low with 20,000 Euros buying a brand new apartment with a sea view. There are very few developed beach resorts that can offer pricing on such a scale and with EU membership in the pipeline prices are likely to grow substantially over the long term.
An Established Market
Turkey is not one of the new property hot spots. It has attracted foreign buyers in hordes over the last decade; in 2004 real estate prices rose by between 30% and 50% on the coast and it continued to provide double digit growth over the years that followed. Changes in the law allowing foreigners to own property in their own name and to obtain mortgages on Turkish property expanded the market significantly. Despite this growth and the country’s continued popularity as a holiday and investment destination, prices are tantalisingly attractive!
Off Plan for 20,000 Euros
Surely this is not possible - a brand new apartment for around 20,000 Euros? However in Turkey it is if you are prepared to buy off-plan. Developments with completion dates in 2009 still have one bedroom apartments for sale at this incredibly low price. Apartments of this nature generally offer around 55 sq m of living space and the blocks come with some fantastic communal facilities like a Turkish bath, sauna, shop and restaurant, swimming pools, 24 hour security, children’s play areas and a shuttle bus to the nearest town. The area to look in is around Didim and Altinkum, both popular beach resorts with plenty of entertainment facilities including Didim’s new mega sized yacht marina.
Renovation Projects for under 20,000 Euros
Not everyone’s dream of life in the sun revolves around a new apartment with a sea view. Many people want to own a rural retreat with a garden and miles of rolling countryside to gaze at. Renovation properties are nearly always located a couple of miles from the coast or further inland, but the price for around 15,000 Euros you can actually buy an old stone house 2 km from the sea but surrounded by rugged mountain slopes and lush farmland. Many of these properties used to belong to Greek people born and bred in Turkey, but forced to move when the Greek and Turkish governments signed a Population Exchange Programme whereby Greek speakers moved to Greece and Turkish to Turkey. Such projects should never be underestimated and you should check if there is a renovation permit before you go ahead as the property will be more of a crumbling shell than a place in need of a few ‘House doctor’ touches, however you will end up with a beautiful authentic Turkish stone house for very little money in the end.
Turnkey Villas from 40,000 Euros
If you don’t want the hassle of renovating but still want to live in a villa near the sea then prices start at an incredibly low 40,000 Euros! For this you can get a three bedroom detached villa with a sea view only 100 m from the beach on a plot in the region of 400 sq m. Some are based on complexes with shared swimming pools whilst others are located in coastal towns. Some villas in this price range are duplexes, this means that they are located in an apartment block, but instead of having rooms on one floor you have a staircase leading to the bedrooms and bathrooms upstairs and the general living and cooking area is downstairs.
Land under 20,000 Euros
Land prices are still exceptionally cheap but you must ensure that you can obtain planning permission before buying. Regulated land purchases mean that you can build your own dream villa with all of the luxuries you desire at a fraction of the price of buying new. Land prices start at around 6,000 Euros for a 300 sq m regulated plot and not one stuck in the middle of nowhere; some plots offer scenic views across Bafa Lake, which is a 20 minute drive from Altinkum. Whilst this land is in a national park you can still build a 2.5 storey high house on on 60 sq m of it giving you a beautiful retreat away from the wilds of the resorts yet close enough for days out should you wish. If your budget can stretch to around 15,000 Euros you can expect to buy around 700 sq m of regulated land an hour away from Bodrum Airport. Land in this area has planning permission for a dwelling covering 105 sq m of the total land size, which would leave masses of space for a large swimming pool and landscaped garden.
Grab Yourself a Bargain
Turkey’s popularity as a holiday home destination and a magnet for those looking to emigrate is growing rapidly. Buyers are attracted by the hotter climate, the warmth and hospitality of the local people and the low cost of living. Above all property prices are so cheap and 50,000 Euros still goes a long way to buying a dream property with stunning views close to local amenities. The property magazine Property Wire claims that it is such a hot spot for today’s foreign investors that $10 billion (£5.4 billion) worth of property has been purchased in the last five years. Changes in the law making it possible to buy property in your own name rather than have to set up a company has caused price rises in property even at the bottom end of the market. International property developer, Aston Lloyd describe Turkey as ‘an emerging market, which offers very competitive house prices.’ So before prices rise any higher why not grab yourself a property bargain.
