While foreign buyers are interested in property in Turkey in many cities and districts, Istanbul, Antalya and Mersin remain the most popular picks among foreigners.
Given the high demand, local property is liquid, which makes reselling easy. So, which of the three cities should you choose? We will briefly highlight the main pros and cons of all three locations.
Content:
Istanbul
Istanbul is an economic, financial, and cultural hub. Life is booming for 12 months of the year, not stopping for even a day. Property is constantly in demand by tenants, especially for a short period. Many tourists come to Istanbul to explore the ‘history of Constantinople’. Another critical factor is the convenient link with major European cities via air.
While there is no beach area in Istanbul, coastal recreation can be found on the Princes' Islands, Shile, and Urla among others. It is also easy to reach key Turkish resorts from the city with two airports located on either side of the area. Planes depart almost every hour to various cities of the country, including resorts. It is even possible to do a round trip in one day.
Investors can diversify their assets and invest in residential and commercial property, such as offices and shops. Shopping centre areas in Istanbul are especially in demand and are quickly becoming more expensive, making them easy to rent out with rental rates steadily increasing.
Another great option is buying an apartment complex managed by a large hotel chain, preferably international. Such residential complexes function as hotels, so there will be no problems with renting, repairing and controlling payments. The management company takes care of all maintenance, even including the replacement of burned-out light bulbs. In addition, when buying such a ‘hotel room’ or even several apartments in Turkey, you can outline in the contract the specific dates for which you'd like the room. This means you can come to Istanbul for a few weeks a year and live in your own ‘room’ for free. However, this investment has two important conditions. First, the increased commission of the management company, and second, such investments do not provide the property ownership right to obtain a residence permit.
The main benefit
Year-round demand for short-term rentals provides a high rate of investment return.
Major downside
Of the three cities discussed in this article, Istanbul is the most earthquake-prone. However, this disadvantage can be overlooked if you carefully choose a developer and residential complex, check the documentation, and take out suitable insurance for housing with full coverage. In Turkey, some insurance policies provide compensation for household utensils, including crockery.
Antalya
A recognised favourite among international buyers, the capital of this province holds the same name, Antalya, and the second resort town nearby is called Alanya. Antalya has long been a city, and Alanya is rapidly expanding. Despite its resort status, it is convenient to live and work here all year round.
A special advantage of the location is a large community of foreign-speaking migrants. There are international kindergartens and schools, well-thought-out social infrastructure, and a primarily rich cultural life (although not as rich as in Istanbul). The city is adapted to foreigners with signs and menus in English, and euros and dollars are accepted by most exchangers at a reasonable rate. Payments with European bank cards can be made in many shops as Turkish businessmen accept card payments.
In the summer, houses in Turkey are easy to rent to tourists. Recently, it has become easier to find guests, as local hotels have rapidly increased in price, so flats in Turkey are in high demand.
Another benefit is that Antalya and especially Alanya are located in an area with relatively low seismic activity.
Two airports receive daily flights from other countries.
The location's essential advantages include the beautiful beaches and impressively long promenades. The city offers many opportunities for sports, primarily cycling.
The only disadvantage is that properties in the most attractive locations (close to the sea and essential infrastructure) don't fall under the areas allowed for obtaining a residence permit under TAPU. This means that after several years of residence here, you cannot apply for a Turkish passport on general grounds. For the last few years, it has been challenging to obtain even a tourist residence permit because of the influx of foreigners in the province of Alanya. According to the law, there should be no more than 25% of foreigners in each district. Immigrants flooded the region, but they are gradually leaving because of visa difficulties. Additionally, Syrians are slowly leaving Turkey to return to their homeland. Therefore, according to unofficial data confirmed by realtors, obtaining tourist residence permits has already become easier. As for the closed areas, there is a chance that they will be reopened in the foreseeable future, as the number of foreigners living there is decreasing.
The main benefit:
Maximum convenience of life for foreigners because the region is adapted to them.
Main disadvantage:
Several areas of interest to investors are still closed to obtaining residence permits by right of ownership, but they may be opened in time.
Mersin
Mersin is rapidly gaining popularity and fame, partly due to the construction of Turkey's first nuclear power plant, Akkuyu. As a result, crowds of professionals have flocked here.
Given the increased migration, the location began to develop rapidly, with schools, kindergartens, and other social institutions. The largest industrial park will soon be constructed in Mersin, and there are branches of major universities in the city. At the moment, many foreigners living here appreciate the beauty of Mersin, which has a very long embankment coupled with the latest modern complexes built using hotel infrastructure.
The opening of the Chukurova International Airport last summer also influenced Mersin's development. The airport is about 40 kilometres from the city. Previously, the only way to get to Mersin was either by connecting flights via Antalya or Istanbul or by rare direct flights to Adana International Airport, which is about 70 kilometres away.
That is why many tour operators are now anticipating Mersin's imminent transformation into another popular Turkish resort. Moreover, there are plenty of beaches and natural beauties here, even though they are not in the city centre. This means that local housing prices will soon soar.
The few disadvantages are the considerable number of migrants (including those from Syria) and the lack of useful services, including currency exchange points. There is also no abundance of international restaurants in the city. Positively, however, the international-speaking community is quickly emerging.
A very important factor for many foreigners is that Mersin and Alanya are located almost in the calmest seismic area, making them as safe as possible. Compared to both cities, even Antalya is more susceptible to earthquakes.
The main benefits:
Of the three cities considered in this article, the city boasts the cheapest residential property, which is rapidly rising in price. Favourable neighbourhoods are still options for obtaining a residency permit.
The main disadvantage:
There are too few international services, establishments, shops, and cafes in the city. However, this situation is gradually improving.