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If you are looking to buy a house in Turkey as a nonresident, there are a few things you should keep in mind when it comes to legal matters. From the documents you need to understanding what you’re looking for, here is a simple guide on where to start*

With its spectacular history, culture, nature and climate, Turkey has always been a desirable destination for many an expat to while away the years. These characteristics for leading a healthy and happy life are now more important than ever in this era of safely navigating through a global pandemic. However, it can be daunting to make the big move to another country and especially if you don’t know the language or where you are going to live. Luckily, I am here to give you some guidelines to get started on, if like me, what may be your lifelong dream.

Despite a decrease in terms of units sold during the pandemic, Turkey’s real estate sales to foreigners are expected to hit $7 billion due to an upward trend in buyer profiles, a sector representative has said.*

“We have been selling real estate to foreigners since 2010. We also organize promotional activities and events abroad to attract investors to Turkey,” Real Estate International Promotion Association (GIGDER) Board Member Fatih Ergüven told Anadolu Agency (AA) on Friday.

Ergüven, who is also the chairperson of the real estate company, Inhouse Global, said Turkish residential sales to foreigners significantly increased since the 2013 reciprocity law, contributing to the country’s real estate sector. He added that significant numbers were recorded during that period despite all the challenges.

“For instance, despite the pandemic, some 26,000 units were sold to foreigners during the January-September period this year,” he said.

“Figures for October have not yet been announced. However, the data we receive from the sector is very good. We think the figure will be around 6,000 units. We can easily pass 35,000 and reach even 40,000 over the course of the year.”

Ergüven pointed out the high potential of Turkey’s real estate sector and said by using real estate investment funds more actively and carrying out more effective promotion events, higher figures can be reached easily.

“The customer profile of new foreign real estate buyers is way higher compared to the previous years,” he added.

“This year more Europeans are buying houses in Istanbul than ever, primarily due to the exchange rate advantage and perks like Turkey’s robust health care system.

Ergüven noted that there has been an increased interest from Swede and the German buyers this year. “Besides the Europeans and Iranian buyers, who are one of the main customers in the country, buyers from Pakistan, India and China are also showing an interest in the Turkish real estate market,” he said.

Antalya, Muğla, or Aydın provinces along the Mediterranean and Aegean coasts are among the No.1 destinations for European buyers, he said.

Ergüven said the interest from Africa and South America is also on the rise but is still below their actual potential. He noted that buyers, regardless of where they’re coming from, choose Turkey because they love it here. The country offers high living standards at affordable prices, he said.

“We expect the average real estate sales value to be around $170,000-$180,000 especially with the increase in sales from regions like Antalya and Bodrum, and the arrival of high-potential buyers,” he said on year-end expectations.

Ergüven added that Inhouse Global has offices in Kuwait, Jordan and Dubai, apart from the ones in Turkey.

“We’re also opening offices in Egypt, Libya, Algeria, Tunisia and Sudan. Opening up to the North African market will bring a significant number of buyers to the country,” he added.

He said they act as intermediaries in more than 500 sales annually. “We have brought in nearly $500 million worth of foreign exchange in Turkey through those sales in eight years,” Ergüven said.

*https://www.dailysabah.com/business/economy/turkish-real-estate-sales-to-foreignersexpected-to-hit-7b-in-2020

Sixty Istanbul mansions located along the Bosphorus, including 30 historical ones, are currently on sale with a price range from $4.5 million to $95 million.*

There are currently 600 waterside mansions—which are on the top of the list of luxury properties—on both sides of the Bosphorus and 366 of them are historical, Demirören News Agency reported on Sept. 25.

In addition to 60 mansions, around 40 mansion flats are on sale varying between a price range from $1.7 million to $12 million.

The most valuable place on the Bosphorus is between the Bogaziçi and Fatih Sultan Mehmet Bridges. The mansions in the Bebek and Yeniköy neighborhoods on the European side and in Vaniköy, Kandilli and Anadoluhisarı on the Asian (or Anatolian) side are the most desirable ones.

The interest in waterside mansions (called “yalı” in Turkish) have spiked after a fall in the value of the Turkish Lira, with the biggest demand coming from Qataris.

“Foreigners have the following idea: The value of the dollar has risen, so our money has become valuable against the lira and the properties here [in Turkey] are sold on a lira basis, so I have more of a chance and can buy a much better property,” Sinem Ayıkcan Yılmaz, an Istanbul-based real estate investment consultant, told the agency.

Yılmaz also touched upon the recently issued decree that requires using the lira for buying, selling and renting real estate in a fresh step to support the local currency.

“There is a new law now, we can no longer sell [mansions] based on dollars or euros, so we have to convert all [sale] figures liras,” Yılmaz said, adding that the recent spike in the value of the United States dollar against the lira has resulted in an appreciation in the value of mansions in terms of liras and thereby has led domestic buyers to ask for a discount on the prices.

“Domestic buyers are demanding discounts of 40 percent and 50 percent. This is not just the case for mansions. This is the case [for all the properties] along the Bosphorus line,” Yılmaz said, emphasizing that mansion owners, however, are not giving discounts to foreign buyers.

Mansion owners “are categorizing those living in Turkey and abroad” differently, according to Yılmaz.

“There is mostly a demand from Arab countries. And it is especially from Qatar that we see a demand,” she said.

Yılmaz also urged potential buyers to consult the Development Directorate of the Bosphorus. “Even if you are to paint the exterior walls and building façades of properties located along the Bosphorus line, you need to receive permission from the Development Directorate,” she said.

On top of the Development Directorate of the Bosphorus, a further visit to the Council of Monuments is inevitable for potential buyers of mansions that have a legal status of “historical,” as such mansions are subject to additional laws, said Yılmaz.

Elegant and historic, the Bosphorus has long been the most desirable residential area. The estates and mansions along the Bosphorus reflect the city’s longevity.

Some of these waterside mansions are historical buildings dating back to the 17th century. During the Ottoman period, these mansions were called “Sahilhane.” A family who owned a waterside residence would spend some time in this usually secondary residence located by the seashore, as opposed to the “konak” or “köşk.”

*https://www.hurriyetdailynews.com/60-bosphorus-mansions-up-for-sale-137204