Turkey Property Sale: How to Navigate the Market as a US Buyer

While the process of buying a property abroad can be exciting, it can also be quite intimidating. Strangers on an affordable Turkey property sale are ready to gobble them at a moment's notice. Hence, to make the most out of Turkey’s soon to be saturated real estate market, US buyers need to be meticulous about the local procedures and laws. Fret not though as I will explain how Turkish real estate is successfully marketed towards American buyers.

Turkey is one of the countries that has a diverse selection of regions that cater to the specific needs of American customers. If one looks closely, the coastal cities of Antalya and Bodrum serve two purposes, one pleases real estate investors looking to buy vacation homes and the other makes an excellent choice for people looking to rent out properties. Istanbul is known to have the highest metropolitan city in Turkey and tend to attract tourists and foreign residents having a focus on urban living. With all these regions available, focusing on US investment goals would streamline the options offered and paint the best picture.

Although Turkey has made it easier for foreigners to invest in properties, there are a set of rules that US citizens must abide by. The silver lining? Americans face minimal challenges when acquiring real estate in Turkey. With a Turkish TIN number, foreigners can do property transactions, aside from that, certain military controlled areas in Turkey are forbidden to foreigners.

Engaging a local legal practitioner who specializes in property law will simplify the process of purchasing a home. These professionals can assist you with contracts, tax issues, and other legal requirements that may arise.

Selecting a reputable real estate broker is extremely important when buying property in Turkey. A seasoned broker will not only help you market the property and find potential buyers, but also handle negotiation, sign the requisite documents, and other legal work. These brokers should have very good ratings from clients and should have experience working with foreign clients since it’s likely that they understand the difficulties American investors will deal with.

The total amount invested will depend on the fluctuation of the currency. Check the exchange rate of dollars to the Turkish lira before making any purchases. Also include in your calculations additional expenses such as notary fees, property tax, and legal fees. Other investors also prefer to open bank accounts in Turkey to facilitate payment for regularly incurred costs relating to the property.

There are also added advantages that Turkish authorities offer to foreign investors. Through the Turkish Citizenship by Investment program, foreigners who acquire specific property investments are eligible to apply for citizenship. This is a favorable incentive for people who are looking to invest in the country in the long run. Additionally, rental properties in tourist hotspots can generate significant income during peak seasons.

US buyers are interested in Turkey’s real estate market because it is diverse and offers anything from city apartments to seaside villas. The process is slightly convoluted but with the assistance of local professionals and an informed legal system, it can be simplified. With detailed planning, it is easy to see how investing in Turkey is profitable personally, and in investment.