Must reading for foreigners seeking to buy property in Turkey
Despite worsening relations between Turkey and the western world, real estate sales to foreigners seem to have largely increased especially after some favorable changes in legal code. It is noteworthy to see that there was a significant boost in certain coastal provinces on top of major towns such as Istanbul, Izmir and Antalya, in specific.
To provide a rough idea for instance, it is interesting to see that in the property owned by foreigners in the past 11 years, Antalya (especially Alanya) has had a share of around 30 percent, Muğla 14 percent, Istanbul 11 percent and Aydın (especially Kuşadası) 11 percent.
On the other hand it is also observed that out of the total real estate that was sold to foreigners, 51 percent was sold to Germans, 10 percent to the British and another 10 percent to Austrians. Out of the total, 5 percent belongs to the Greeks. In other words, three quarters of all sales have been made to four European country citizens. Then again, it is not easy to say though that Turkey has the capability to cope with all this capacity at once as it is reported that “construction to meet foreign demand” has also caused plunder, unplanned urbanization and environmental problems, especially on the coastal strip of the country in the west and south. And last but not the least, the unregistered management of property bought by foreigners in our coastal cities and their usage to obtain unregistered tourism revenues seems to be another issue that has been subject to heavy criticism and needs to be attended to at once.
The good news in the meantime is several real estate agents/companies dealing with Turkish properties in specific have been established and started to operate in said market with good knowledge and reputable service quality. Among these we can name TURKEY HOMES owned and directed by Mr. TOLGA ERTUKEL with offices in London and Istanbul. Turkey Homes is also in possession of a large clientele with good references about said company.
To recap, a real estate investment in Turkey seems to offer good prospects provided one does not fail to work with a reputable agent with good references.