Buying Purchasing residence in Turkey does not always mean purchasing a comfortable residence for personal use for permanent living or just visiting from time to time for some vacation, sometimes it may be a valid investment in the prospective market for long term gain or even for generating small profit every month.
According to the Global House Price Index, the third quarter of last year real estate in Turkey showed the biggest growth pricewise among all countries that took part in the research. We have to mention that part of the growth was caused by the high inflation ratio, but the high level of buyer’s interest plays its part as well.
That attracts a large number of possible investors who would like to try out this market where minimal risk is involved, and they are wondering: “Where is the cheapest place to buy property in Turkey?”. So we would like to get a better understanding of what influences the level of evaluation, and what can help you pay less and potentially gain some substantial profit in time.
What factors influence the evaluation of property in Turkey?
If you would like to find for the cheapest city in Turkey to buy property – you definitely should not consider Istanbul, Antalya or several other popular places and resorts. In general your location and proximity to sea and popular tourist attractions and resorts, also the level of infrastructure will be a massive influence as well.
For example, you may find much more affordable proposals and buy real estate in Gulluk, instead of the Bodrum – with the access to the international airport and all the resorts and infrastructure of the peninsula for a much better price.
As another obvious reason we can name the size of the apartment or house. But it doesn’t always correlate with the convenience of the residence, so you should always check the planning of the property and the whole amount of useful space.
The overall condition of the offered proposal plays a big role in forming the final price as well. Are there any furniture, the quality of built-in utilities, any home appliances. If you are looking for low prices you might get the residence in bad condition, and you would have to spend some extra in order to get your purchase to your standard of private residence.
Another key element is infrastructure. The level of prices of the real estate depends on the quality or even the presence and availability of the infrastructure in your residential complex and the neighborhood as well.
For example flats in a residential complex that has a pool, sauna, gym, children’s playground, security post and parking would definitely cost much more similar size property in the residential complex without such utilities. The availability of shops, schools, hospitals and other services affect the pricetag.
So you may find the cheapest places to buy property in Turkey – the areas with bad infrastructure that are located far away from popular resorts and economic centers as well.
How can you pay less for a good property?
There are several advices that could help you find much more interesting proposals:
- Invest in your future flat early. When the residential complex is under construction you may purchase a nice and big residence with a substantial discount. The flat in the residential complex or a villa that is still under construction may cost up to 40 % less than that same apartment after the construction is done. But you definitely should consult with professionals and do your due diligence of the construction company, cause investment on such early stage may be a risky investment.
- Try to look for properties in the new and developing regions and areas of the large cities. The prices over there would be much lower in comparison with old districts, but in time the infrastructure would be there, and you would have access to all the infrastructure and activity a big city could offer.
- Stay on the lookout for last minute deals. From time to time you may find a proposal for a quick deal because the owner of the property wants to sell it fast and is willing to set a lower price to make a deal happen as fast as possible. These kinds of deals are often known by specialized agencies in the first place, so it would be wise to ask this kind of agency for help.
In conclusion, we may point out that if you are interested in the cheapest places to buy property in Turkey you have to be willing to make some kind of compromises with location, quality of infrastructure or be willing to make a high risk investment. In every case you should ask for some professional advice in order to minimize the risk and potential downsides of the purchase.
