In Turkey, the property market is perceived to be one of the most reasonably priced in comparison to Europe, other countries of Central and Eastern Europe, as well as Russia and other former USSR countries. The demand for the purchase of villas in Turkey has increased considerably since 2020. And it is not surprising, as in the current complicated circumstances, that having a house to live in is a guarantee for owners of the utmost convenience and privacy on their own land.
While the demand for villas is growing, investors are still very interested in buying low-cost flats and spacious flats. In addition, foreign citizens are attracted by the favourable climate, its sandy, picturesque beaches and high quality of life in Turkey.
When planning the purchase of holiday property, many buyers from other countries ask the question: ” What is better to choose – a cottage or a condo in Turkey? So, the very first thing to do is to understand the goals of the purchase. Do you buy a property for a holiday or a family residence, or to get a passive income from the rental, or resale? In the process of deciding which one to purchase, you’ll need to consider a number of factors and features.
Please find in this publication the main advantages, disadvantages and features of holiday flats and villas in Turkey.
The growing popularity of holiday homes in Turkey is directly related to the Pandemic and Quarantine Restrictions. Most people, after spending most of their time in four walls, have found out how comfortable it is to live in their own private cottage with a garden and swimming pool and to be able to spend time in the fresh air while staying in full safety.
A vacation villa in Turkey is an excellent option for an apartment in a residential complex, and offers a number of benefits:
- More privacy for each member of the family. Generally, all houses in Turkey have a 4+1, 5+1, 5+2 etc layout. Both adults and children have enough personal space to do their work and enjoy their leisure time.
- Own backyard area for outdoor walks, sports and leisure activities.
- Private property ownership in Turkey allows you to apply for Turkish citizenship for your investment in the property. The cost of villas in Turkey is reasonably higher compared to the cost of flats. The purchase of such an object at a price of $ 400,000 would allow you to easily apply for a second passport under a simplified and accelerated procedure.
- The cottages in Turkey are well suited for permanent residence, as well as for seasonal vacations, investment and making money from renting or reselling. The premium quality properties that are bought for the rental market give the owners a very good return on their investment. Although the rent prices are rather high, there are always wealthy tenants who are willing to pay a pretty high price for their holiday in the comfort and privacy of such properties. Detached cottages are also in demand among foreign tourists who come to rest with their families in Turkish resorts. As a matter of fact, to rent a certain private villa is very often significantly less expensive than to book a number of rooms in a hotel.
Useful tips you should need to know about buying a house in Turkey
In addition to the guaranteed benefits, buying a villa in Turkey has a number of characteristics that for many people may be crucial in making their choice. Foreign investors should be familiar with such aspects:
In the resort areas of the country, most Turkish holiday villas can be found in the following two types: free-standing and part of a residential complex. Complexes of villas are basically detached villages connected by a common area. In some of them, there is also internal infrastructure including swimming pools, SPA-salon, children’s playgrounds, barbeque areas and sports gyms. Typically, the territory of the complex is secured and under round-the-clock security surveillance. Landlords have to pay a fixed monthly fee for the maintenance of the public area, the amount of which is directly correlated to the quantity and quality of the infrastructure. It is recommended for buyers to check the maintenance fee in advance and plan their budget.
Detached luxury properties in Turkey are located out of the residential estates. These properties are typically constructed on a large plot of land and are located at a significant distance from each other. The main disadvantage of living in a detached house is that the responsibility for the maintenance of the common parts of the property lies upon the property owner.
The greatest drawback of detached villas in Turkey is their price. The cost of a property in Turkey depends on its location and other parameters such as the size of the house and land, the overlooking panoramic views, the distance to the coast, the design of the property, etc.
The pros and cons of buying a flat in Turkey
Apartments in Turkey will guarantee foreign investors a number of significant benefits:
- Condos in Turkey resorts are mainly situated in new modern residential complexes with their own inner infrastructure: swimming pools, sports and children’s playgrounds, underground parking for cars, round-the-clock security and video surveillance. Dimensions, quality and diversity of public amenities are dependent on the size and status of the residential complex. The residents have everything they need at their hands without having to leave the complex.
- Reasonable prices and a wide range of options are the main distinguishing features of the flats in Turkey. Any customer would be able to choose a satisfying property according to his or her budget and goals of purchase. However, the majority of proper in Turkey are presented on different levels and vary in price according to different criteria: their location, the distance to the beach, the floor plan, the floor and the view, and the type of the object – new development, completely finished housing, secondary housing, and so on.
- Owning apartments in resorts in Turkey with a suitable location will allow you to earn a passive income from long-term or short-term rentals. Profits from rents are on average between 5 and 10% per year.
When buying at the initial stage of construction, foreign investors have the opportunity to save approximately around 30-40% of the cost of finished housing, as well as make an instalment payment interest-free from the developer. The lowest prices on flats under construction are at the beginning of sales. After the completion of the building, you can earn on the resale of the completed apartments.
The purchase of a property for sale in Turkey guarantees the owners of the property a residence permit and the ability to apply for a Turkish passport if the investment conditions under the legislation of Turkey are fulfilled.
A conditional drawback of buying a property for sale in Turkey, as in the case of the villa, would be the payment of an Aidat. Aidat is charged to all owners, independently of residence. The future maintenance fee has a direct effect on the cost of the property for sale in Turkey. So, a more expensive residence, as a rule, the more comprehensive and high-quality housing complex infrastructure, and therefore a higher monthly cost of the Aidat. Check the information beforehand and make sure you have sufficient funds in order to cover not only the purchase price but also the cost of living.
Flats or villas in Turkey – completely depend on your own wishes and the goal of the purchase. The property market in Turkey offers foreign investors a wide range of properties with different specifications and costs.
In order to choose the best property, and conclude the deal without risk and loss of personal time, it is recommended to apply to a licensed real estate agency Tolerance Homes. Our certified real estate agents will help you to make the right decisions on all issues related to buying property sale in Turkey and will accompany you at each stage of the sale and purchase process and afterwards within the wide range of after-sale services. Do not hesitate – contact us today to become happy owner of your dream home tomorrow!