How to buy property in Turkey: 6 Tips

If you have decided to move to Alanya, whether permanent or for a few months per year, finding a home is one of the first things you need to do. Home Catcher provides you with our best tips to avoid bad property investments or legal pitfalls.

Many tourists who visit Alanya have felt the temptation to buy a house in this beautiful region. Especially when the price of real estate in Turkey can be very attractive due to the foreign exchange rate favouring the currency of the buyers. People often get enamoured with this beautiful destination though, which interests them in buying property as a way to spend more time in Alanya. Others are simply interested in investing in real estate, because there is a good chance that its value will increase over time.

Moving to a new country is a process with many tasks, with as main task your housing situation. Whatever motivation you might have to buy an apartment or villa in Alanya, the following tips can help you to have a positive experience in doing so.

1.    Know what prices do in the local house market

Global property price trends do indeed occur, but this doesn’t mean the prices in Alanya act the same way as in your hometown. It is possible that the market in your home country decreases while at the same time property values are rising in Alanya and surrounding. Investors of course want to buy near the bottom, to later on sell near the top of a cycle.

Also, just as any other country, Turkey has some restrictions for real estate ownership by foreigners. For example, you can’t buy near a military base or a mosque as a foreigner. Home Catcher knows exactly what the market does and which restrictions apply on you. We have done our homework about the real estate market in Alanya and are glad to advice you before you put in your money.

2.    Buy from Home Catcher as a real estate company

Buying a house abroad directly from its owner can result in a great deal. Or it might not... Especially if you are unfamiliar with a country’s real estate market, it will pay off to purchase through a professional real estate agency. We can provide you with useful guidance to avoid many pitfalls when buying property in a foreign country.

As a certificated real estate company, we have the obligation to see that you are properly informed about the details of the purchase. And of course our own services even do more than that. We make an effort to complete the deal while assuring the satisfaction for our customers.

3.    Let us translate key documents about your property

Not every real estate company in Alanya does translate the key documents when you make a purchase. Of course, the legal purchase contract of your property is translated at a notary office, but we like to take it a step further. We provide you with translations of the properties of the building, the contents of the apartment, possible changes that are agreed upon and other documents. So that you are entirely comfortable reading all things you and the seller are agreeing to in words you can understand clearly.

4.    Saving money while paying for your villa or apartment

Once you have read and signed the papers of your property, you now will need to make arrangements to pay for it. When you transfer funds for a certain property, simply visiting a bank isn’t the best exchange solution. Unfortunately, some banks provide you with a poor service, such as very wide dealing spreads or limited transaction sizes. We will help you research what your options are and look for the best payment solution for you.

Using your retirement savings to purchase property in Alanya is similar to purchasing it with cash. You will probably be able to withdraw money from your savings in one lump sum. Notice though, that you could be paying penalties or other fees for withdrawing money early. You might also be limited to withdrawing up to a certain amount, depending on the type of your retirement account.

5.    Keep an eye on the exchange rates

Another thing that you should not forget to consider are the exchange rates. Because the Turkish Lira might lose value, most properties are put up for sale based on Euro’s. Therefore, exchange rates could throw a wrench in your plan to buy property in Turkey. If you plan to spend £ 45.000 or 500.000 NOK on your second home, you might find that you can’t afford it because that particular amount is only about € 50.000, which might not be enough to purchase it.

6.    Think about living in Alanya Part-time

If you have come up with the plan to live in Alanya only for a certain amount of time per year, you might need someone to look after the property while you’re in your home country. Consider whether it is an option to rent the place out while you’re away. Home Catcher would gladly like to help you with renting out your property, which will provide you with enough rental income to cover the property’s annual caring costs. For a small fee we provide you with our services such as paying the bills, checking on the property, supervise cleaning and oversee repair and maintenance work.

Professional guidance

Last but not least, it is important that you are aware of your legal rights and obligations if you are going to buy a property in Turkey. We have put together a real estate team that includes a real estate attorney, a real estate agent and a mortgage lender and are familiar with the current ins and outs of foreign real estate purchases in Turkey. In this way we can help the process go more smoothly.