Buying property in Turkey 2022 I Moving to Turkey for permanent residence

How to make a great deal in buying property in Turkey 2022

Over the years, Turkey has continued to prove its status as a great resort country, where everything is set up for comfortable recreation and life.

The Republic of Turkey attracts foreigners not only because of its bright sun, beautiful nature, landscaped beaches, unique attractions, and high level of service but also to the opportunity to make profitable investments by purchasing real estate.

Every year, analysts note an increase in sales of Turkish residential and commercial property to foreign nationals.

Despite the pandemic and consequently, the crisis in many sectors of the global economy, foreign investors' interest in real estate in Turkey has not subsided.

So, already in the second half of 2021, the number of transactions of purchase and sales have considerably increased and as a result, has justified all expectations of experts of a branch.

Turkish Property's Prices 2022

The forecast for Turkey's property prices in 2022 is pretty much unambiguous with almost all analysts - they will continue to rise.

One reason is the shortage of properties due to the fact that a significant proportion of flats and houses have been sold out. There is no doubt that in the near future new projects will enter the market. They are currently under active construction and sales will start quite soon, but this will not have a significant effect on the price of housing.

Also, the developers themselves will increase the price in order to adjust the costs of construction materials and works. Although developers have been working hard to slow inflation and keep the price tag the same, this is unlikely to happen in new projects under construction.

Some financial analysts and heads of leading construction companies in Turkey predict the stabilization of the exchange rate in 2022, which will not only help the economy as a whole but also the active development of the construction sector. At the same time, they believe that real estate will remain an important financial instrument for saving. Even those investors who previously preferred to keep their savings in gold or currency will prefer to buy homes.

Rising property prices are noticeable in major cities such as Istanbul, Antalya, Bursa and Izmir and the capital Ankara. Dynamic development has been noted in these cities.

Property prices vary from city to city and vary according to the type of property.

All Turkish cities also register an annual rise in property prices, which varies from city to city.

The same applies to rents. It can vary depending on the area in which the property is located, its technical characteristics and the size of the property.

The September issue of the newspaper reported a steady rise in house prices across the country. Turkey's housing index rose from 192.60 points (from 8,332 units) in August 2021 to 198.80 points (from 9,689 units) in September.

Will Property Prices Fall in Turkey in 2022?

According to Knight Frank's Global House Price Index, property prices in Turkey increased by 25.7% in the second quarter of 2020, 27.3% in the third quarter and 30.3% in the fourth quarter.

The first quarter of 2021 showed an increase of 32 % and the second quarter 29.2 %. According to analysts at Knight Frank, this trend will continue into the first quarter of 2022.

With the rise in property values in Turkey, in addition to demand fueled by the pandemic, a jump in the price of building materials. The most active property sales are observed in the resort regions, mainly in the south of the country. This is where foreign homebuyers who want to relax on the seaside are heading.

Residential property prices have increased by an average of 40% nationwide (and sometimes more than 50%, depending on the region).

In Istanbul, housing prices jumped by almost 39%, in Ankara by 36% and in Izmir by around 40%. The province of Antalya, as a popular resort region, has shown a rise in price by approximately 40%, but in some of its most popular areas, this figure is much higher. The cost of rent has increased by 100%.

Major infrastructure construction around the country - new transport projects, bridges, underground lines, airports - has a big impact on the price increase and this in turn will lead to a local increase in rental prices. This fact is especially important to consider for those investors who are planning to make money from reselling acquired property.

As has been noted, there is increasing buyer interest in land in 2021, as the land may be used to build detached houses with an individual design. If done properly, this could be cheaper than, for example, buying a flat in a modern residential complex in a prestigious area. At the same time, houses with balconies, terraces, and a large yard are coming to the fore. This trend is likely to continue over the next couple of years.

Many of Turkey's big metropolitan area developers are already focusing on building flats that are as spacious and isolated as possible - the "whole house in a flat" format. The trend is beginning to be embedded in projects including high-rise buildings, which were previously favoured over compact apartments. Investors in resort areas in Turkey are still able to buy not only large properties but also compact apartments with a well-thought-out layout for recreation and residence. 

Online real estate purchases are gaining popularity in 2021, thusbuying property in Turkey 2022has become easier and pleasant.

The government as well as experienced, successful real estate agencies in Turkey have thought through and worked out every step of this procedure, which allows foreign investors to carry out a risk-free remote purchase of the liquid property.

Advantages of buying property in Turkey 2022

Turkey's geographical position has an important strategic impact that, among other things, contributes to the demand for buying property in Turkey in 2022. In this regard, most investors buy real estate in Turkey for purposes such as:

●commercial investment or opening a branch of their company;

●personal residence;

●Turkish citizenship.

Turkish citizenship obtained through investment provides many advantages to the owners: it facilitates their movement between countries, making it easier for them to negotiate business within and outside the country.

The real estate sector in Turkey is also one of the fastest-growing sectors compared to other countries in the world. This country has a strong advantage over other countries thanks to its transparent economy and legislation. It also provides a safe environment for investors who can buy and sell property here with confidence.

Property prices in Turkey are considered to be affordable compared to European countries.

Real estate investment provides some financial return in the long term and is the safest type of investment. Moreover, real estate prices in Turkey are increasing year by year, which is why Turkish real estate attracts many foreign investors.

Real estate investment in Turkey also offers many different benefits, such as the possibility for a foreign investor who owns property in Turkey to apply for a residence permit with his family. After living in Turkey for 5 years, one can get Turkish citizenship and enjoy all the benefits of being a citizen of the country, such as having a Turkish passport, the right to vote, etc.

A foreign investor looking to the future of real estate investment in Turkey for 2022and buying property in Turkey 2022 can find several options, ranging from studio flats to luxury villas in the primary, secondary or under building housing market.

Prices of Apartments in Turkey 2022

What are the main reasons for the change in property prices in Turkey in 2021 as well as the forecast for 2022.

1.After the pandemic crisis, an imbalance has developed between supply and demand due to the closure of projects started before COVID-19.

2.Permission from the Turkish Government to buy real estate online. Remote transactions have boosted prices as demand has maintained its share in the face of declining supply.

3.The desire of many foreigners to obtain Turkish citizenship by buying property in Turkey.

4.The announcement of new infrastructure projects, such as the Istanbul Canal, as these projects have an impact on the real estate sector, playing an important role in driving up the prices of nearby homes.

5.The return of tourists, which has resulted in Istanbul being ranked number one in terms of holidaymakers in 2021.

House price index

To compare year-on-year price growth trends, here is the data published on the website of the Central Bank of the Republic of Turkey.

Source: Central Bank of the Republic of Turkey

Despite systematic price increases, real estate in Turkey remains affordable in resorts and even in major cities. The lowest prices are recorded in the secondary housing market, in particular for houses built more than two decades ago. Such objects can be found, for example, in Antalya and Alanya - their cost starts from 400 euros per m2.

Flats renovated housing funds are more expensive - around 700-900 euros per m2. In this case, the price justifies the quality. The cost of housing in big cities, such as Istanbul, is higher than in resort cities.

When looking for a suitable property, it is important to objectively assess your financial capabilities. It must be understood that to find a flat or house for a family cheaper than 65,000 euros is not possible. A spacious villa will cost 150,000-300,000 euros.
See below brief info about  Turkey property prices in 2022.

The current price of flats in Turkey. Property prices in Turkey today

Current land values in Turkey

The cost of commercial real estate in Turkey

Procedures for buying a property in TurkeyTolerance Homes provides a variety of services to our clients before and after the property sale. We will guide you through the entire process, accompany you every step of the way and help you with the necessary paperwork.

Our specialists will provide you with comprehensive information about settlement and the nuances of home ownership in Turkey.That's why signing an contract with us means you can secure and secure the deal. We also take care of all the paperwork involved in registering the sale with the Land Registry Office.

So, lets see step by step how the procedure of buying a property in Turkey in 2022 can be easy and pleasant with the team of experts and professionals ToleranceHomes.

Step 1: Choosing a property on the Tolerance website You can find the widest range of quality Turkish properties on our website. Choose a property that suits your needs or you can contact one of our property advisors and fill out a real estate request form. Our team will quickly find suitable properties and get in touch with you.

Step 2: Arrive for your free property tour. Tolerance offers the unique opportunity to come on a property viewing tour with accommodation in one of our luxury residential complexes with excellent hotel facilities. Contact our property managers to arrange arrival dates and accommodation. A property viewing visit allows you to see flats and villas in Turkey " in real life", assess the quality of finishing, get acquainted with the infrastructure of the residential complex and the surrounding area.

Step 3: Processing the deal. Your chosen property will be fully inspected before the deal is done. Our specialists will check that the property has all the necessary permits and registration documents, and that the property is free of any possible charges or judicial orders.Generally, a sale-purchase contract is made between the real estate agency handling the sale of the property and the buyer, or a trilateral contract can be made between the seller of the property, the buyer and the agency.

When buying a property in Turkey, the contract specifies the details of the buyer, seller, and real estate agency that will act as your guarantor of the deal, give information about the object of purchase, its price and conditions of payment.It should be emphasized that after the contract of sale is signed, you can use the purchased real estate on its basis, and by mutual agreement with the seller, without any restrictions, even if the process of registration in your name is not yet fully completed. 

Step 4: Submission of the documents.After the contract is signed and all the necessary procedures to start the registration of the property the agency by the power of attorney of the client submits its documents to the Department of Tapu and Registry Office of the city and district where the purchased object is located.

Step 5: Payment for the property.Payment for the property is made in accordance with the contract of sale. Transfer of money through banks and private financial structures to pay the price of the real estate (with or without foreign exchange), as well as funds received as proceeds from the sale or operation of the real estate is not subject to any restrictions.

Step 6: Obtaining a certificate of ownership.Upon receipt of positive answers from the relevant inspection authorities for foreign nationals and payment of the appropriate taxes and fees, the Buyer receives the main document registering ownership of the property - the TAPU, which certifies that the transfer of ownership from the seller to the new owner has taken place. 

The TAPU title means the establishment of an untimely and absolute right of ownership, which once the sale-purchase transaction is completed, cannot be challenged in a court of law. The property may be owned by one or more natural or legal persons.

Real Estate purchase tax in Turkey

Property purchase taxes in Turkey remain the same in 2022. 

The tax on TAPU (the main owner's document in Turkey) is 4%.

It is paid in a lump sum and is based on the value of the property as shown in the valuation report. Usually, this amount is less than the real price, so the fee will be small.

It is paid to a state-owned bank and the costs are usually covered by the Buyer. Also should be mentioned that  costs associated with registration of property rights ( passport translations and notary certification, granting power of attorney, various fees) usually do not exceed 600-700 liras and usually covered by the Buyer. 

There is also an Annual property tax in Turkey. The tax ranges from 0.2% to 0.6% of the cadastral value of the property. The tax can be paid in two equal instalments (the first instalment by the end of May, the second by the end of November).

The amount depends on the type of property (residential or commercial) and its location. The scale is progressive, the better and bigger the property, the more prestigious the location or the bigger the city, the higher the tax will be. 

Also, if the apartment is bought in an apartment complex, which is the majority of sales, the owners pay Aydat. This is a fee for the maintenance of the infrastructure of the estate. For cleaning the swimming pools, keeping the public areas clean etc The bigger the complex and the more services there are, the higher the Aidat is.

The total sums come out not very much. The current scattering of utility prices for Antalya for monthly maintenance of properties and their surroundings ranges from 40 to 250 lira (the latter for houses with heating or complexes with extensive infrastructure).The only condition is that the rent must be paid, whether the owner lives in the flat or has moved out for a few months.

DASK. Another compulsory payment: state insurance DASK. It is insurance against earthquakes. It is paid annually throughout the country, even in places where earthquakes do not occur. The amount of the annual payment also depends on the type of property and how seismically safe the property is. On average, the annual policy will cost €80 in 2022.

Tips and cautions before buying a property in Turkey

Property in Turkey can be rented out and you can earn a passive income. But not everything is as simple and pretty as it seems at first glance. There are pitfalls everywhere. And if you've already looked at a good option for a low price, do not rush to invest your money in it. Let's get into why you shouldn't be in a hurry and what you need to know to buy a home in Turkey without risk.

1.Cheap accommodation and dishonest real estate agents

For example, you have found a very cheap accommodation in Istanbul or Antalya. With a minimum budget, there is very little chance of buying a decent house or apartaments. Instead of taking a risk, it is better not to buy anything at all in this country. Good properties cost more, as is logical. If you are renting cheap accommodation, you are likely to spend more than a thousand dollars on the improvement of your flat or house.

There is a great risk of encountering dishonest real estate brokers, who work on a variety of schemes. For example, scammers can deliberately underestimate the price of your property before you buy it in Belek, Bodrum, or another corner of Turkey.

The ideal way out: come to the Republic of Turkey in person, take a decent deal, making sure that all consistent with the information from the seller / realtor. True, there are two "buts". Firstly, not everyone can come to Turkey just to buy. Secondly, the average person does not know the local laws or the language thoroughly. So the best option is to do the deal with the help of a reliable estate agent.

2.Buying a property under construction

When a person buys a property in instalments during the construction phase, the price does not seem that high. The most dangerous thing in such an investment may be the bankruptcy of the builder. As a result, you will have a whole package of documents and the flat in the unfinished house, in which you'll never be able to move in.

You can pay 10% right away and the rest when you transfer the ownership rights. But there can be a catch everywhere. The only way to avoid the risks is not to take the hire purchase, because anything can happen from bankruptcy to the death of the seller.

If you do go down this route it is important to check both the company and the property.

Or, for example, the property may be in escrow. And, until the debt is repaid, no one will allow you to register for ownership. The smart way out is to hire a good lawyer to accompany your transaction from beginning to end. But also do not forget that in the bases of real estate agencies with a good name only verified objects, including offers from developers. Cooperation with such a company is a guarantee of capital protection.

3.Forming a power of attorney for ownership

As the sale of flats in Turkey is very attractive to foreigners, scammers play on this. In some cases, a power of attorney is issued instead of a certificate of ownership. This is done deliberately when they can see that the buyer does not understand the Turkish language. By law, the transaction is accompanied by an interpreter provided by the Turkish side.

The deal is done verbally, where the interpreter deliberately omits important details of the contract. If the deal is unsuccessful, you will not be able to prove exactly what the interpreter was talking about. The solution is to make an audio/video recording of the entire property transfer process. However, you should never do this without permission as it is against the law and may incur additional costs in the form of fines.

Before the deal, you should prepare thoroughly and get a document allowing audio/video recording in advance. Do not settle for free interpreters and do not hand over any money before the deal is finalised, no matter how much the seller persuades you.

It is easiest to proceed with the deal by enlisting the help of a reputable real estate agency. Such companies provide a full range of services, from finding an option to accompanying the contract procedure.

4.Important features of checking property documents.

Before buying a property in Turkey, carefully study all the documents relating to the property you have chosen. The first thing to do is to find out whether the property is pledged.

Sometimes in Turkey, and it is possible that you can sell someone else's flat. For example, a Landlord who has a certain amount of land enters into a contract with a developer to build a house on his land. Accordingly, the landlord owns part of the flats in the building.

But you don't know this and deal directly with the developer. You have to be very careful here, as the developer may have already sold his flats and you may be offered the landlord's flat. In this case you should ask for all the documents that prove the ownership (TAPU) as well as the state acceptance document (ISKAN). If there are no such documents or nobody wants to show them to you, the property is probably not all clear.

But checking the papers won't seem easy to a visitor either. After all, you need to be fluent in Turkish and understand the legal aspects. When working with a real estate agent, you do not have to worry about that. Moreover, the company takes care of the hassle, and its client does not get nervous and does not waste personal time checking documents: he is confident that the deal is secure.

5.Fixed costs after purchase: property maintenance in Turkey

If you are lucky enough to buy a cheap flat in Turkey, you will have to pay a monthly maintenance fee for it. You cannot "mothball" in this country, even if your property is completely empty and there is nothing in it. You should remember to pay a monthly service charge when you leave your accommodation for an extended period. And if for some reason you don't manage to pay the fee, be prepared for your property to be opened up and sold. If there is nothing to sell, it will be rented out and the profit from the rent will go to pay off debts.

The conclusion to all this

It's worth remembering that a quick and cheap deal doesn't always mean safe and risk-free. For the seller it will be over as soon as the cash is received, but for you it may just be the beginning of a "headache".

Tolerance real estate services for those wishing to buy a property in Turkey.

The Turkish property market is actively developing despite all the challenges. After all, real estate abroad has been and remains one of the best investment vehicles. Choosing a good real estate company is an important prerequisite for a successful purchase of apartment in the Republic of Turkey. We always recommend working with a professional estate agent. This is very important as you could run into attempts at fraud.

You should use a trustworthy and reliable agency with a license. Often on holiday, tourists can drop the phrase "I will definitely buy a property in Turkey! - And immediately there is a crowd of "helpers" of taxi drivers, waiters or tour guides, wishing to sell a better flat.Somehow they find a realtor they know, usually a brother, a friend or an uncle, who builds and sells flats. Such "helpers" work for a commission, but as their business is unofficial, they have no interest in protecting buyers' rights.

We know that in order to build a strong and trusting relationship with a client, it is important to provide them with all the information on time and in full.

Are you looking for a property from a developer in Turkey? Many properties are presented on the website of ToleranceHomes. Here you will find the best deals from one of the largest developers in the Antalya region and we will share with you all advantages of buying property in Turkey 2022. If necessary, you can get detailed advice from professionals in the Turkish real estate market. The manager will choose a suitable property based on your needs and possibilities.

If you are planning to buy a property in Turkey, contact ToleranceHomes now by WhatsApp number +905321584244

We guarantee you:

●Professional support and financial advice;

●Individual approach to each client;

●Free overview tour;

●Support at every stage of the sale transaction;

●Check the legal purity of title documents and the exclusion of any risks.

●A wide range of after-sales services.

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