Turkey is rapidly becoming a hot spot for real estate investing, especially for foreigners looking to move for permanent residence or retirees seeking an affordable yet comfortable lifestyle abroad. But with so many options available, it can be challenging to choose between resale apartments in Turkey and new construction properties. Here, we introduce the pros and cons of each decision. What are your thoughts on which option might be better for you?
Resale Real Estate in Turkey
One of the best reasons to consider investing in a resale property is the lower price point. Since these properties have been previously owned, they often come with a reduced price tag compared to new constructions. Additionally, resale properties are located in established neighborhoods and communities, making it easier to find amenities and services within walking distance.
Another advantage of buying a resale property is the potential for renovation or customization. When it comes to transforming a home, there are so many ways you can customize your property’s unique features or layout. It’s important that the style you ultimately choose fits your personal preferences as well. However, buyers should also consider the potential need for repairs or maintenance, which can add up to hidden costs over time. It’s important to thoroughly inspect any resale properties before signing on the dotted line.
New Construction Turkish Real Estate
New construction real estate offers modern amenities and features that will set them apart from older properties. Additionally, buyers of new construction properties can customize floor plans and finishes fitting their specific needs and preferences. The new construction industry is starting to incorporate sustainable design practices, which can save homeowners money in maintenance costs. In addition, these energy-efficient designs are better for the environment, and it can save you on your power bills.
However, newly built real estate come with a higher price tag compared to resale properties. The possibility of delays in completion or construction issues can also pose a challenge for some buyers. Finally, new construction properties lack the established community and neighborhood feel that comes with purchasing a resale property.
Types of Housing
Turkey boasts a wide selection of real estate options for buyers who want either permanent residence or an investment property. Whether you’re short on time & want to skip searching through listings, or are looking for something unique, Turkish properties are worth exploring.
Flats & Apartments in Turkey
Flats and apartments are popular choices in Turkey, especially in larger cities such as Istanbul and Ankara. Resale flats and apartments are often more affordable than new construction properties, making them ideal for first-time homebuyers or investors looking for a lower entry point. These properties are typically smaller in size, but they offer convenient locations and easy access to essential amenities.
New construction flats and apartments in Turkey offer modern design and technology, with many offering luxurious amenities such as gyms, swimming pools, and concierge services. New construction flats and apartments are also built with energy-efficient designs, making them eco-friendlier and more cost-effective over time.
Houses in Turkey
Houses in Turkey come in various sizes and styles, from traditional stone houses to contemporary villas. Resale houses can be found throughout Turkey, with some properties offering unique features such as scenic views and spacious gardens. However, buyers should also consider the potential need for repairs that come with an older property.
New construction houses in Turkey offer modern design and customization options, with some properties offering smart home technology and five-star amenities. These properties often cost more than resale homes, but they offer the advantages of brand-new construction and modern design.
In summary, whether you’re looking for a flat, apartment, or house in Turkey, there are both resale and new construction properties available to meet your needs. Buyers should carefully consider their budget, location preferences, and personal lifestyle needs when deciding between these options. With careful research with listing websites such as Turk.Estate, buyers can find their dream property in this growing market.
Factors to Consider When Choosing Between Resale and New Construction Properties
When deciding between resale and new construction properties in Turkey, buyers should consider several factors. Budget is a crucial consideration, as new construction properties will typically be more expensive than resale homes. Location is another essential factor to consider, as the location can impact both the price and availability of properties. Additionally, buyers should consider their timeframe for moving or investment, as well as their personal preferences and lifestyle needs.
Special Considerations for Foreign Buyers
Turkish real estate is an excellent option for foreign investors interested in nearby, high-quality real estate. There are several special considerations to take into account before signing the dotted line on a property purchase, but this is something that could dramatically increase your returns.
One day after the Turkish government’s changes towards foreign investors were announced, real estate in Istanbul was sold to foreign investors in record time. However, there are still legal requirements for foreign ownership that must be followed. It’s always important to be aware of the law, but in order to ensure a smooth and legal transaction, it’s best to familiarize yourself with these regulations.
Second, visa and residency requirements must also be considered. If you’re looking to move to Turkey permanently, you’ll need to obtain a residence permit. For those intending to visit Turkey for short periods, a tourist visa may suffice. It’s important to research and understand visa and residency requirements before investing in the property industry of Turkey.
Finally, foreign buyers should consider potential tax implications when purchasing property in Turkey. Taxes can vary depending on factors such as the location of the property and the nationality of the buyer. Consulting with a tax professional can help buyers navigate local tax laws.
Additionally, foreign buyers should be aware of offers from developers and property agencies. While some of these offers may provide unique opportunities, it’s important to research them thoroughly to avoid scams or fraudulent activity. As with any major investment, foreign buyers should conduct extensive due diligence and seek guidance from professionals before making any decisions.
Summary
In conclusion, there are benefits and drawbacks for both purchasing resale properties in Turkey. Resale usually offers lower prices and are already established in the community but may require repairs or maintenance. On the other hand, newly built properties offer highly desirable amenities, but come with a more expensive price tag and less established communities. This can make it difficult for buyers to choose which option is right for them based on the level of comfort they need. For successful property investments to happen, people will need a lot of information about what they want and need, and professional advice to help them make the best possible decisions.