Houses in Turkey

House in Turkey: an investment in wealth and peace of mind

The collapse of cryptocurrencies, the depreciation of the dollar, the turmoil in the stock market … With proper investment, these events will not affect the well-being of your family.

If during the rest you get out of the hotel with a private pool in the mountains and take a walk through the Turkish coastal towns and their environs, you can find many houses or Turkish villas for rent. A large part of these houses belong to foreign citizens, and their number is only growing every year.

HAYAT ESTATE, as an active developer and international real estate agency, recommends saving and increasing funds by investing in houses in Turkey or villas.

Reasons why foreigners love to invest in Turkish property

Let’s look at what are the reasons for the increased interest of travelers in Turkish real estate. And what house benefits and advantages do they receive?

About 5-10 years ago, foreigners were actively buying houses with private pool near mountains in Italy and Spain, but in recent years the number of such transactions has decreased significantly. More and more buyers prefer to invest in houses in Alanya or Bodrum.

Why has Turkish real estate become more attractive to foreigners than real estate in Spain and Portugal? Here are the main reasons:

1. Availability

Turkish houses have been on sale since the very beginning and remain currently inexpensive compared to small apartments in Spain.

In Turkey you can easily find apartments in a residential complex with a gym, swimming private pool, children’s playground, and excellent sea views for 1,000 euro per sq. m, which is impossible to imagine in European cities.

How much does housing cost? The minimum house price is 280 thousand euros. This is how much townhouses and small twin houses in already developed residential complexes cost. A large villa in Turkey will cost 450 thousand dollars minimum. The house prices are comparable to the price tags for villas, cottages, and houses in the European countries, but instead of the bustle of a big city, you will get a private house on the seashore or near a pine-covered mountains. You can buy a detached house for sale, or in a residential complex. It is on a separate plot, but with common infrastructure and security.

2. Climate and culture

The pleasant climate, original culture, and delicious food attract many foreign citizens to buy villa in Turkey by the sea every year. And the foreigners, who especially appreciate the sunny Mediterranean climate, are no exception. You can enjoy 300 sunny days a year in your private pool in the villa. Add to this + 20 degrees Celsius of the average annual temperature, the beach season from April to November by the sea, and it becomes clear: buying a house in Turkey, or a villa in Turkey for sale is buying a modern home that you want to return to again and again. That is why millions of tourists visit this beautiful country every year. Many companies spend here a long villa vacation with their family lasting 3-4 months.

Having visited this splendid country as a tourist, people decide to buy villas in Turkey or even move here with their family for a permanent cottage.

3. Low cost of living

Apart from the affordable villa in Turkey by the sea fees, there are many other financial benefits of living there. The cost of products and various modern services, low taxes, and in general the cost of villa living in Turkey is much lower than in Europe and America. This allows many middle-class people to move to this marvelous land and buy more comfortable living conditions.

4. Great location

Foreigners generally prefer to purchase houses for sale in Turkey near the beach or villas overlooking the sea. The choice of such modern objects on the Turkish Mediterranean coast is impressive. At the height of the beach season, 80-95% of beach houses, and beach villas for rent are occupied. Many prefer living in private houses, and beach villas in Turkey and resting in hotels. In the cottage, no one will disturb the peace of vacationers. And during a pandemic, you can limit contact without reducing the quality of life – sunbathe, swim, admire the mountains and greenery outside the city – enjoy life! The villa experience of HAYAT ESTATE states: that in a year you will return 9-11% of the funds invested in the buy of a house or a Turkish villa. If the villa in Turkey for sale is not a place of permanent residence, it can be a good source of passive income.

Buyers on an above-average budget are particularly drawn to purchase villas in modern areas such as Belek or Boazkent. Located here on the Mediterranean coast, the villas often have beautiful gardens. In addition, these house areas are relatively sparsely populated and are currently in high demand during the pandemic. If you are looking for a quiet villa where you can retire and spend the summer calmly, then these areas are perfect.

5. Turkish citizenship

In September 2018, the Turkish government made it easier for foreign investors to purchase citizenship. To do this, it is enough to invest in villas in Turkey an amount equivalent to $ 400,000.

When buying secluded cottages, you can apply for a residence permit, and if a house or a Turkish villa is more expensive than 400 thousand dollars, then you may get citizenship. We are talking about the cadastral value of the property including apartments, houses, and villas. The right to a residence permit extends not only to the owner of the house but also to their spouse and children, even if they do not have a share of the villa. Zealous Europeans have long appreciated the advantages of Turkish laws and documents:

• access to quality healthcare and education;
• the opportunity to work for hire and start your own business;
• rent houses in Turkey for rent and make a good profit.

6. Accommodation for summer holidays

Not all foreigners want to move there for permanent residence, but many may be interested in buying property in Turkey as a summer residence. There is a long swimming season here, it will be enough not only for a good rest with your families but also for renting out your property and generating additional income.

And let’s not forget about the beautiful beach houses that you can see and visit every day!

7. Source of additional income

Many foreigners invest in Turkish villas for one good reason. Namely, to have a reliable and secure source of income that brings good profits every year. In 2020, the country ranked first in the world in terms of rising property prices, including Turkish villas and houses. And this trend has continued for years. As a rule, people buy house or villa in Turkey as a place for permanent or temporary residence. But if your plans change, you will be able to profitably resell housing, earning 15-40% of the original cost of the secluded house, or villa.

You can enjoy your vacation as you wish, and the rest of the time you can rent out the villa. The best part is that you don’t have to do anything yourself. It is enough to hire a reliable and experienced villa management agent, and he will do everything for you!

8. Noise isolation characteristics

The real estate market is represented by mostly beachfront objects in the primary and secondary markets. And if among the “secondary housing” not in all townhouses you can not hear the neighbors, then new solid residential complexes are being built with increased requirements for the level of sound insulation.

Turkish soundproofing of walls in new villas is performed in different ways. Budget villas, unfortunately, not all can boast of good soundproofing – the noise from the street and from neighboring apartments is heard quite well. In this case, it is important to competently approach the choice of a developer who, despite the economy class of real estate, tries to make every effort to increase the level of comfort for future residents.

In more expensive villas, construction companies provide good soundproofing performance. For this, new building technologies and materials are used. In particular, it is planned to treat the walls with materials that absorb sound, and double-glazed windows of high quality.

Annual Property Tax in Turkey

Annual property taxes in Turkey for foreigners are the same as for Turkish citizens. The amount is fixed and is paid by all residents and owners of apartments in Turkey. The villa tax is calculated based on the cadastral value of the villa and depends on its type, development of the area, and location. A residential villa is subject to a duty of 0.2%. Payments are made to the account of the municipality of the city or region in two convenient options to choose from:

• a breakdown of the contribution into two equal parts, each of which is paid at the end of May and in November;
• payment of the entire amount at once, preferably at the beginning of the year.

Villa taxes in Turkey for non-residents are no different from those for Turkish citizens.

Real estate insurance

Turkey provides compulsory property insurance and insurance at the request of the owner, that is, voluntary. This practice is present in most civilized countries.

A compulsory insurance policy covers residential and commercial property. In the Republic of Turkey, it is called DASK (Dogal Afet Sigortalari Kurumu) or earthquake insurance. It has been operating since 2000 and covers all costs associated with damage caused by an earthquake, fire, landslides, and explosions that occurred due to this natural disaster.

DASK is considered the best earthquake insurance program and its implementation are relevant for Turkey since some areas of the country are in a zone of increased seismic activity. The number of insurance premiums will depend on the seismic zone in which the villa is located, its type (stone, brick building, reinforced concrete structure, etc.), and its area development. For example, in Alanya, there is a zone of low probability of an earthquake due to the geological features of the territory, so such an insurance policy is cheap here. On the middle, this item of expenditure costs residents between 60 and 300 liras per year.

The amount of the DASK payment is calculated upon the occurrence of an insured event and damage to the villa, based on the cost of real estate declared with TAPU.

Registration of voluntary insurance in Turkey allows you to protect your villa from any troubles: theft, fire, flooding, mudflows, hurricanes, etc. You can issue a policy at any of the country’s private insurance agencies, where various insurance programs are presented at the client’s choice. The final cost will also depend on factors such as area, TAPU fee, location of the villa, etc.