How can a foreigner earn from buying property in Turkey in 2023?
Foreigners purchase real estate in Turkey for various purposes. Some relocate for permanent residency, while others see it as a means to obtain Turkish citizenship. For some, owning property allows them to visit for vacations at any time and for any duration. However, citizens of other countries have found additional "uses" for buying Turkish apartments and villas - the opportunity to earn income. There are two main ways to generate substantial income through Turkish property: rental and resale.
Rental: Rental prices in Turkey have reached record highs and continue to increase, driven by the massive influx of tourists. Previously, foreigners primarily visited Turkey during the summer season, with significantly fewer tourists in spring and autumn. However, now citizens of other countries arrive in large numbers even during the winter months. For example, in January 2023 alone, over 219,000 tourists arrived in the Antalya province. Moreover, an increasing number of tourists are choosing rented accommodation over hotels. Renting a property offers a more immersive Turkish experience and is more convenient, particularly for those staying in Turkey for several months. The heightened demand for rental properties presents an excellent opportunity for property owners to earn income.
Properties are always in demand and particularly sought after in resort cities like Istanbul, where not only tourists but also students and professionals rent accommodation. Rental prices are currently at the top of the global rankings in terms of growth. On average, rental prices in Turkey increased by 160% last year, with over 200% growth in the most desirable locations. Renting out a property provides a stable and highly profitable passive income. If you purchase property through our company, we can assist you in renting it out, taking care of all the necessary arrangements. You won't have to do anything yourself! We will handle tenant management, ensure cleanliness, and pay the bills. Rental income can yield approximately 5-7% per year, and in some highly demanded areas, the return can be even higher. With the expected record-breaking influx of tourists to Turkey this year, it is the perfect time to invest in property and earn income through rentals.
Resale: Another way to earn a substantial amount quickly is by reselling purchased property. Property prices in Turkey have also reached record highs due to high demand and increased construction material costs. In terms of global property price growth, Turkey claimed the top spot in 2022. Property prices are expected to continue rising, and it is clear that prices will not decrease or stabilize for at least several years.
This means that reselling property can be highly profitable. Typically, properties are purchased during the construction phase when prices are at their lowest. As the construction progresses, prices increase and reach their peak upon completion. Property on the secondary market, which is 2-3 years old, also sells exceptionally well. These properties are new but have been lived in, ensuring they have undergone the necessary testing for durability and comfort. Therefore, such properties can be sold at a favorable price. This is especially true in the current situation of decreasing housing stock in Turkey. Due to the price growth, property will not decrease in value, allowing for a significant profit upon resale. This is a lucrative method to generate a large sum of money quickly and serves as a genuine business opportunity for many.
Our company's specialists can assist you not only in purchasing but also in reselling the acquired property. We will help you earn money from buying property in Turkey, handle all the necessary documentation, and ensure transparent transactions. It is currently an opportune time to earn income, and by following our advice, Turkish property can become an excellent source of additional (or even primary!) income.
