Cheap property is a real estate that is low in price, especially when compared to similar properties. The price range of properties in Turkey varies according to their location, features, and amenities.
Turkey is one of the top countries that offer properties at a cheap price. Not only does the advantage of foreign currency exchange make the properties more affordable, but also a large selection of property projects causes cheaper options in Turkey.
Big cities may be more expensive compared to smaller cities but that doesn’t mean they don’t have affordable properties. It is easy to find inexpensive properties all around Turkey, even in big cities like Istanbul and Izmir, as well easy to find best place property in Turkey.
Apart from the property price, additional costs from the buying process must be considered to determine if a price is cheap or not. Luckily, the taxes, household bills, and maintenance fees in Turkey are quite affordable compared to European countries.
In Turkey, the features of cheap properties are no less than properties that have a higher price. A cheap property owner can benefit from a wide range of features. These features commonly include security systems, indoor and outdoor car parking, a swimming pool, sports facilities, a children’s playground, and a fitness center. The cheap property also means cheaper stamp duty, cheaper title deed fees, and cheaper maintenance fees.
Above everything, it is important not to confuse low price with value. For investors, a cheap property can be a fantastic opportunity. The key is to know what to search for and when a reasonable price is available.
Before you buy cheap property, make sure to research well and calculate the pros and cons of buying cheap real estate. Look for developing areas, visit as many properties as you can, and most importantly, work with a trusted real estate agent before finding the house.
What are the Features of Cheap Properties in Turkey?
Cheap properties have a ton of features despite their low-cost prices. Here is a list of the features of cheap properties in Turkey.
- 24/7 security systems
- Indoor and outdoor parking
- Kids playground
- Fitness and gym
- Turkish bath
- Swimming pool
- Basketball, volleyball, and tennis courts
- Walking trail
- Biking path
- Sea, lake, green landscape, and city views
- Commercial units
- Restaurant and cafe
- Shopping center
- Modern, stylish flats
- Fully fitted kitchen
- Smart home system
- BBQ area
How to Buy Cheap Property in Turkey?
Cheap real estate can be purchased in a variety of places in Turkey. While investors have a number of alternatives depending on their planned business, foreigners can buy cheap houses. Here are the steps of buying cheap property in Turkey.
- Conduct research: The Turkish real estate industry is constantly expanding. Begin by conducting extensive research. In Turkey, there are plenty of cheap properties for sale, as well as real estate agencies.
- Find a trustworthy real estate agent: It is vital to find a trustworthy real estate agent before beginning the buying process. Agents who have been in the industry for a long time are more likely to be reliable. Make sure they understand what you are looking for. Buying real estate in another country is an important lifestyle decision, therefore the agent you engage with must be experienced to fulfill your needs. Although there are many real estate agencies out there, cheap real estate can be bought safely and easily with Realty Group. Develop a positive relationship with your real estate agent so that you may acquire the finest available deals.
- Travel to Turkey: Take a trip to Turkey to inspect the properties. You would want to know about the area, the neighborhoods, and the surroundings before buying cheap real estate. Explore your options as much as you can.
- Negotiate the purchase price and terms: You can negotiate the real estate price and terms, then reserve and freeze the property’s price. During this process, you can use a lawyer’s help for legal advice.
- Payment stage: A number of Turkish banks offer mortgages to foreign people who are interested in buying real estate in Turkey. However, payment by cash is more likely going to happen since the property price is cheap. By power of attorney, appoint a solicitor to complete the transaction.
- Obtain your Turkish title deed (TAPU): Receiving your Turkish TAPU is the last step in completing your purchase in Turkey. Your real estate will be registered on your behalf and you will obtain the title deed (TAPU) for your new property in Turkey once all of the paperwork and contractual responsibilities on both sides have been met.
There are some special conditions that should be mentioned for foreigners who want to buy real estate in Turkey, as follows:
- Foreign nationals can only buy a total of 30 hectares of property in Turkey and can only acquire restricted rights.
- Foreigners are prohibited from purchasing or renting a property in military prohibited zones and security zones.
- Persons of foreign nationality may acquire property or a limited in rem right in a district/town up to 10% of the district/total town’s area.
Who Can Buy Cheap Real Estate in Turkey?
Almost every nationality in the world can buy cheap real estate in Turkey. Citizens of North Korea, Syria, Cuba, Nigeria, and Armenia are the only nationalities that can’t buy property in Turkey.
Nationals of some countries have restrictions on buying real estate in Turkey. These countries include Israel, Jordan, East Timor, and Fiji.
Foreign nationals from Russia and Ukraine are not allowed to purchase property along Turkey’s Black Sea coast.
Greek nationals are prohibited from buying real estate on Turkey’s Black Sea coast and in some Aegean provinces.
There are some restrictions that take place for the type of property, affecting citizens of 31 countries. For instance, Moroccan, Latvian, and Egyptian nationals can’t buy agricultural land in Turkey.
Citizens of Afghanistan also can’t buy agricultural land in Turkey and they need to obtain a permit to buy other types of real estate. Albanian nationals are only allowed to buy office and residential property in Turkey.
How Much is Cheap Property in Turkey?
The average price of cheap property in Turkey is US$42,500 for a 75 square meter apartment. These cheap properties for sale can be found in Antalya, Alanya, Mersin, and Bursa in Turkey.
In Istanbul, expect to pay US$45,000 on average for a 75 square meter cheap apartment. These properties are usually located in the Esenyurt and Beylikduzu districts of Istanbul.
Having a budget as low as US$50,000 would easily make you a cheap property owner anywhere in Turkey.
Is There Cheap Property Tax in Turkey?
Property tax is a type of tax levied on property owned by a person or a legal body such as a business. Property tax is most typically a real estate tax, which is considered a regressive tax. It is determined by the local government in the area where the property is located and paid by the property owner.
Property tax in Turkey is 2% and must be paid by both the buyer and the seller when the real estate is sold. These fees (totaling 4% of the purchase price) are based on an expert’s property evaluation report. Since the property is cheap, property tax will be inexpensive as well.
The buyer is usually responsible for the expense. The title deed office should receive the evaluation report, which is only valid for three months. The declared value of the property will then be this value. The claimed value of the property, however, cannot be less than the local municipality’s ‘tax value,’ which is also used as the basis for the local property tax.
The first and second installments of local property tax are due in May and November. For more information and payment options, you can contact your local municipality (belediye).
The tax is based on the property’s worth and is inexpensive. For real estate located within a metropolitan municipality area, residences are subject to pay 0.2%. For real estate located out of a metropolitan municipality area, residences are subject to pay 0.1%.
What are the Advantages of Buying Cheap Property in Turkey?
Every property buyer wants to get the best deal on a property. Low-cost real estate can generate a good rental income or can be re-furnished and resold for a profit. Is buying an inexpensive house a wise decision? Here are the advantages of buying cheap property in Turkey.
- It’s affordable: For the money you spent, you can get a lot of bricks and mortar. It appears to provide decent value, at least on the surface.
- Ideal for cash investors: The price may be low enough to allow for a cash purchase, which means no mortgage is required and the property does not have to match financing conditions.
- Low down payment, cheap monthly payments, and low interest rates: When a property is purchased with a mortgage, the mortgage will be smaller, lowering the cost of financing the project.
- Low risk: In general, less money invested indicates less risk for the investor.
- Value for money: Buying a house is a big investment. Even after paying for the property, expenses such as legal fees and taxes must be considered. Properties in Turkey are not only affordable, but they are also less expensive than in European countries. You can buy newly constructed properties that are fully equipped with the highest quality.
- Good rental return: Because prices are lower than in ‘expensive’ neighborhoods but rentals are similar, yields can be outstanding. It sometimes can result in double or even triple those in higher-priced areas.
- Investment growth: The most stable and secure way to invest in the real estate market is through residential property. Investing in cheap real estate pays off well for investors.
- Low property taxes: Buying inexpensive real estate will result in reduced tax payments since the rates are calculated by the property worth.
- Cost of living: Living costs in Turkey are much lower than in European countries. Taxes, electricity and gas bills, maintenance fees, groceries, and transportation costs are inexpensive and a lot cheaper compared to other countries.
- Turkish citizenship and residency: Any foreigner who buys a property in Turkey for at least US$ 250,000 can apply for Turkish citizenship and receive a passport that can be used anywhere in the globe. Within six months, foreigners can expect to become Turkish citizens. Residency permits will be issued to foreigners, who have bought a property in Turkey, including the spouse and children under 18.
In Which Cities Are the Cheapest Property in Turkey?
Cheap properties can be found in many locations in the country. Here is a list of cities that have the cheapest properties in Turkey.
- Istanbul: Istanbul makes it a popular option with real estate developments taking place. The city covers numerous properties for every budget, including a low budget. Starting from US$45,000, cheap properties for sale Istanbul houses can be found in Esenyurt, Basinexpress, Topkapi, Beylikduzu, Buyukcekmece, Sancaktepe, Basaksehir, Kucukcekmece, Bahcesehir, Avcilar, Gaziosmanpasa, Eyupsultan, Bagcilar, Kagithane, Umraniye, and Kartal.
- Bursa: Bursa is the fourth most populous city in Turkey that is close to Istanbul. Cheap properties in Bursa start from $43,000, located in Nilufer, Mudanya, and Osmangazi districts.
- Antalya: Antalya is Turkey’s top holiday destination for foreigners and domestic tourists. Antalya’s real estate market has transformed into one of the most fascinating cities in the Mediterranean, thanks to its climate, economy, and natural beauty. The property prices start from $38,000 in Muratpasa, Antalya. Other districts to buy cheap property in Antalya include Kumluca, Konyaalti, Kepez, Kundu, Lara, and Dosemealti.
- Alanya: Alanya is one of the most attractive and vibrant cities in the southern Mediterranean region, located between Antalya and Mersin. Alanya has various cheap properties as low as US$36,000. One of the best features of these properties is that they have panoramic sea views and are close to beaches. Cheap properties for sale in Alanya Turkey can be found in Kargicak, Kestel, Mahmutlar, Tosmur, Tepe, Oba, and Avsallar.
- Izmir: Izmir is the third-largest city in Turkey. Properties for sale in Izmir start from US$49,173 and go up to US$220,000, depending on the type of real estate. The most popular area to buy affordable property in Izmir is Buca county.
- Sakarya: Sakarya, also known as Adapazari, is a city in the northwestern part of Turkey, close to the Black Sea and Istanbul. The city is one of Turkey’s most major agricultural and industrial hubs. Expect to pay around US$59,000 for a 45 m² property in Sakarya.
- Mersin: Mersin is located in the south of Turkey, meaning sunshine year around. The city offers a number of cheap real estate deals in Turkey. The price of Mersin properties ranges from US$38,916 to US$228,703. The cheapest districts of Mersin include Tece, Mezitli, Yenisehir, and Erdemli.