The attitude towards Russian customers in Turkey, as well as towards European ones, is calm and friendly. Antalya has a large Russian-speaking community, a consulate, a church, schools, kindergartens, newspapers and magazines in Russian. And all this with good real estate prices, excellent climate on the Mediterranean coast.
Market dynamics
The Turkish real estate market is quite active now. Demand is high from both Turkish and foreign buyers. It is also worth noting that last winter was very lively in terms of transactions involving Russian citizens. For the first time since 2003, when Russians, among other foreigners, were able to buy real estate in Turkey as an individual, Russian citizens came out on top in terms of the number of real estate transactions in Turkey, ahead of the British and Germans. In May, with the opening of direct flights from Russian regions, this trend will only intensify.
In total, 21,690 transactions involving foreign citizens were made in 2013. This is almost twice as much as in the previous year (13,495 transactions). Among the reasons for the increase in sales last year are the legislative changes adopted by the government at the end of 2012, which made it much easier for foreigners to buy real estate in the country, as well as the opportunity to purchase many types of real estate, the purchase of which was previously prohibited.
Investing in real estate is the best way to save your savings in an uncertain political and financial environment both in Russia and around the world. In this sense, the purchase of real estate in Turkey can be considered such an example of a reliable investment. For example, a TAPU (a document of ownership in Turkey) gives a guaranteed right of ownership.
Prices
After a period of stagnation, when the volume of construction fell sharply, there has been a revival in the Turkish real estate market recently. The highest price growth in 2013 was observed in Antalya. The main offer on the market is one-bedroom apartments for 45 000 – 50 000 euro, with two bedrooms for 70 000 – 90 000 euros and from about 110,000 euros for three-bedroom apartments.
Recently, the highest and lowest price segments have been especially popular among Russian buyers. At the same time, there is a large flow of large investors. Russians mostly buy vacation properties. Recently, the criterion of proximity to the sea has been increasingly losing its relevance. The most important factor is the quality of real estate, for example, large complexes with a swimming pool and developed infrastructure.
Prices for construction materials in Turkey are rising, which also affects the cost of new facilities. In addition, facilities for which a construction permit was obtained after January 1, 2013, are subject to VAT at 18%, whereas previously the tax was only 1%. All these factors increase the growth of real estate prices. However, due to the sharp fall in the Turkish lira, which occurred in 2013, prices in terms of euros have decreased for the first time in the last few years. This has become an additional factor attracting foreign investors
Changes in legislation
The latest changes in the legal field took place last autumn. Since October, the procedure for the transfer of ownership in transactions involving foreigners has been facilitated. Now, if the permission of the military department has already been issued to one foreign buyer who bought an object in a residential complex after May 5, 2011, other foreigners may not receive this permission when buying in the same complex, and property registration takes only 2-3 working days. This greatly simplified the procedure, shortened the terms of the transaction, and increased the confidence of foreign investors in Turkish real estate. Foreigners can also get a mortgage from any Turkish bank, while the interest rate is now quite low.
In addition, a new law on foreigners will come into force in April 2014, which has significantly simplified the possibility of obtaining a residence permit in Turkey. Now the work permit available to the foreigner can be used as a residence permit. Thus, foreign citizens legally working in Turkey no longer need to obtain an additional residence permit.
Daniil Burygin
HomesOverseas.ru
The editorial board of the portal thanks Anastasia Bakulina (Alaydin Yapi), Anton Parygin (Akdeniz Property Group) and Elena Steiner (Pinarlar Grup) for help in preparing the material.
