5 myths about buying real estate in Turkey: Real stories and what you need to know

It can be quite stressful for those contemplating purchasing property in a foreign nation. Turkey is a common destination for the Americans, but there is a lot of misinformation. If you want to buy property in Turkey, you will have to digest certain facts about it. 

Myth: Foreigners are allowed to invest in Turkish property.

This is probably one of the biggest myths in people’s understanding of Turkey today. This discourages a lot of would-be clients even before they commence on the hunt. But this is absolutely a false statement. People in Turkey real estate do not prevent the acquisition of real estate from outsiders.

Truth: Foreigners are allowed to buy property in Turkey. Millions of Americans and Europeans have homes in Istanbul, Antalya and other cities.

Real-Life Example: Emily, who works as a teacher in New York, has always wanted to own a holiday house in the city of Antalya. ”Due to wildly swaying and rolling the language of English, I was like, How am I going to have a property as a foreigner? But it was not as complicated as I thought. It was all completed by my real estate agent. At the moment, I own a beautiful apartment near the sea.”

Myth: The Buying Process is Complicated and Risky

Many people have a conception that the buying of property in Turkey is complicated or risky. However, in Turkey, there are laws specifically designed to protect the homebuyers.

Truth: It is often made easy to purchase real estate when you get a good real estate agent. It is the agents that deal with legal checks, paperwork among other tasks therefore making it easier.

Real-Life Example: A software engineer Michael from California was fearful of incurring unexpected expenses. “Once I got a trustworthy agent, the rest of the transactions went smoothly. The transaction was no more complicated than buying a home in the U.S.”

Myth: It is Not Profitable to Invest in Turkish Real Estate Property

Some people say that if they buy property in Turkey they cannot recoup their investment. Nevertheless, a property in hot markets such as Istanbul and holiday resorts makes a lot of money.

Truth: The real estate market in Turkey is expanding. Especially in the tourist areas, the yield on investment is quite significant due to the high demand for holiday home rentals.

Real-Life Example: A marketing consultant Sarah from Florida acquired a villa in Bodrum. “I have been able to sell my villa for a better price than what I purchased it for and also earn rent payments from my residents. It’s been a very good investment.’’

Myth: To Buy Property, One Has to Learn the Turkish Language

Language barrier is another obstacle that many buyers have. While some Turkish is useful it is not imperative to speak the local language fluently.

Truth: It is easy to discover that most of the estate agents in Turkey are able to converse in English. You will have no problems trying to find a speaking agent who is able to assist you.

Real-Life Example: Retired John from Texas found it worrying because of the language. “Turkish is not my language, but the agency had an English-speaking team. They explained everything and made the process easy for me.”

Myth: The Only Interest in Purchasing a Property in Turkey is That of Tourists

There are some who believe that properties in Turkey are meant only for holiday resorts. The fact remains that many buy properties for the purpose of long term habitation or even rental. Turkey provides great living conditions with a low cost of living.

Truth: There are many people who purchase vacation property in Turkey only to find themselves permanently relocating to the country. Due to the extensive tourist traffic, it also provides an opportunity for excellent rental income.

Real-Life Example: Chicago businesswoman Olivia purchased a property outside of America, in Antalya, for vacation. “After the summer spent there, I was in love with the place and now I spend half a year in Turkey.”

This article was written in cooperation with Hayat Estate