How much does a luxury property cost on average in Turkey?

The average listing price is around $1,300,000; you could expect to pay anywhere from $492,780 to over $198,220,853. The average price per square meter is approximately $4,377/sqm.

What are the top spots in Turkey for luxurious properties?

The most sought-after areas for luxury properties in Turkey include Istanbul, Antalya, Kalkan, Giresun, Muğla, Bodrum, Mardin, and Fethiye. These locations are popular due to their stunning natural beauty, rich history, and vibrant culture. Istanbul is particularly renowned for its luxury real estate market, offering a mix of modern and traditional properties with breathtaking views of the Bosphorus.

Which regions in Turkey are known for their high cost of living?

The most expensive regions in Turkey, known for their stunning landscapes and rich cultural heritage, are as follows:

1. Kastamonu: Explore the hidden gem of Kastamonu with its captivating blend of history and natural beauty. Experience the charm of its ancient Ottoman architecture and breathtaking mountains and forests. And guess what? The average property price is only $75,121 per square meter.
2. Kilis: Discover the cultural richness, delicious local cuisine, and warm hospitality of Kilis. Located near the Syrian border, it offers a unique blend of traditions and a vibrant atmosphere. And guess what? The average property price is an affordable $21,901 per square meter!
3. Amasya: Experience the enchantment of Amasya, a hidden treasure in the heart of Turkey. Be transported back in time by its beautiful Ottoman-era houses along the Yeşilırmak River. Discover the rich history of this region, all for an average property price of $25,150 per square meter.
4. Adiyaman: Prepare to be amazed by Adiyaman! Discover its historical sites, including the majestic Mount Nemrut. Immerse yourself in ancient ruins, traditional villages, and stunning landscapes. And the best part? The average property price is just $66,207 per square meter.
5. Aksaray: Dive into the rich history of Aksaray! This bustling city is home to numerous ancient sites, including the impressive Aksaray Museum. Immerse yourself in artifacts and stories of past civilizations. And the best part? The average property price is just $19,586 per square meter.

What factors determine the price of luxury real estate in Turkey?

Several factors determine the price of luxury real estate in Turkey. These include:

1. Location: Properties in prime locations such as city centres or coastal areas tend to be more expensive.
2. Property Size: Larger properties with more bedrooms and bathrooms typically command higher prices.
3. Amenities: Luxury properties often come with high-end amenities such as private pools, landscaped gardens, fitness centres, and security services, which can increase the price.
4. Construction Quality: The quality of construction and interior fittings also plays a significant role in determining the price.
5. Market Conditions: Real estate prices are influenced by market conditions, including supply and demand, interest rates, and economic factors.

What are the anticipated changes for the property market in Turkey in the future?

The Turkish property market has seen significant growth over the last few years. as mentioned above in the article, according to a report by Mordor Intelligence, the residential real estate market in Turkey was estimated at USD 89.11 billion in 2023 and is expected to reach USD 151.23 billion by 2028, growing at a compounded annual growth rate (CAGR).

This growth can be attributed to several factors, including the surge in real estate prices, which rose by over 50% between 2020 and 2023, providing substantial gains for investors. Additionally, there was a remarkable 16.7% year-on-year growth in house sales in July 2023. 

However, it’s worth noting that predicting the future of the market can be complex. Some professionals in global markets are estimating a downtrend for the housing market. Despite this, demand for real estate in Turkey has been steadily increasing over the past several years.

Experts and economic analysts predict continued growth and prosperity for the real estate market in Turkey for the year 2023. Yet, potential investors should consider that real estate prices in Turkey are unlikely to decrease in the foreseeable future.

Is it a good time to invest in Turkish luxury real estate?

The response to this inquiry can differ depending on prevailing market trends, economic circumstances, and personal financial situations. It is advisable to seek guidance from a real estate expert or financial advisor for tailored recommendations. To receive personalized advice, please contact a professional.

What other costs should I consider when buying a luxury home in Turkey?

When purchasing a luxury home in Turkey, there are several costs you’ll need to budget for in addition to the purchase price:

1. Agent Commission: Real estate agents in Turkey typically charge a commission fee of 2% of the sales price.
2. Property Purchase Tax: This is also known as the registration tax. It’s calculated as 4% of the property’s total value.
3. Registration Fees: These fees cover the cost of transferring the ownership of the property into your name.
4. Solicitors Fee: This fee covers the legal services provided during the property purchase process. It could be a fixed fee or a percentage of the property’s value.
5. Residence Permit Fees: If you’re planning to reside in Turkey, you’ll need to apply for a residence permit. The costs involved in this process vary depending on your country of origin.

Can foreigners buy luxury real estate in Turkey?

Foreigners can indeed purchase luxury real estate in Turkey. The Land Registry Law No. 2644, specifically Article 35, has been enacted to facilitate property acquisition for foreign investors in the country. Remarkably, non-Turkish citizens enjoy the freedom to buy multiple properties without any limitations on location or property type.

How does the process of buying a luxury property in Turkey work?

The process of buying a luxury property in Turkey involves several steps:

1. Determine the Purpose of Purchase: Whether you’re buying for investment, accommodation, or citizenship, it’s important to determine your purpose before starting the procedure.
2. Research: The first stage of the real estate buying process in Turkey is research. Detailed market research and due diligence are essential for making an informed decision.
3. Find the Right Agent: It’s crucial to work with a reputable real estate agent who understands the local market and can guide you through the process. You can trust European Property for professional and reliable services.
4. Property Inspection Trip: After you’ve found potential properties online, consider taking a property inspection trip to see them in person.
5. Negotiate the Price and Terms of Purchase: Once you’ve found a property you like, negotiate the price and terms of purchase with the seller.
6. Sign a Sales Contract: The property owner/developer and the buyer sign a “Sales Contract” before a Notary Public in most cases. This is an official document stating all the personal details of the parties, the details of the property, and the agreed-upon price.
7. Obtain a Tax Number and Open a Bank Account: The property purchase process in Turkey involves obtaining a tax number and opening a bank account in the country.

How can I find luxury homes for sale in Turkey?

Luxury homes in Turkey can be easily found through various online real estate platforms like European Property, as well as specialized local agencies or by seeking assistance from dedicated luxury property real estate agents.