Real estate in Turkey

Turkey is a modern, developed country located in Eurasia, with a developed economy, a large, active population, a pleasant climate, a developed tourist infrastructure, as well as numerous historical monuments, as well as cultural, historical, architectural and natural attractions.

Currently, the Republic of Turkey is among the six most attractive destinations for international tourism, which is facilitated not only by the excellent climate, record-long coastline and many hotels in different price ranges, but also by its favorable geographical location.

This factor also contributes to the development of the trade sector, which makes a significant contribution to the country's GDP.

How to choose a reliable developer and agency for buying real estate in Turkey: customer reviews, company ratings?

The economy of the Republic of Turkey is steadily growing by several percent per year, the main economic contribution is made by the service sector, trade, tourism, construction and real estate, as well as industry. The country's tourism industry is at a high level, more than 2 million people work in this sector. The construction and real estate industries also make a significant contribution to the welfare of the Republic of Turkey, and the number of people employed in these sectors has exceeded one million people.

Real Estate Market in Turkey

The Turkish real estate market is characterized by activity and serious dynamics. The vast majority of real estate transactions occur between citizens of the country, with foreign capital accounting for less than 5% of real estate sales. At the same time, the number of transactions with foreign capital in the elite Turkish real estate sector is significantly higher than the market average.

Turkish real estate attracts foreign investors with its fairly high quality of construction and finishing, its location in a pleasant climate on one of the four seas to which Turkey has access, and the possibility of obtaining a residence permit and citizenship by investment.

The Republic of Turkey has a program for obtaining citizenship of the country for investments in residential or commercial real estate in the amount of more than $400,000. During the program, more than 40,000 foreign applicants have become citizens of the country.

Turkey is a member of many international organizations: the UN, NATO, UNESCO, WHO, IAEA, ILO, IMF, Council of Europe, CERN, Economic Cooperation Organization.
The construction industry in Turkey employs over a million people, the number of companies has increased significantly over the past 15 years and now amounts to over 130,000 companies. There are over 200,000 real estate agencies in Turkey and individual real estate agents specializing in Turkish real estate. They provide support to clients in purchasing, selling and renting real estate and ensure compliance with all legal procedures. The activities of construction companies, as well as real estate agencies, are subject to mandatory certification by government authorities.

Turkey is a democratic country, a presidential republic, located in Eurasia. It is a member of a large number of international organizations: the UN, NATO, UNESCO, WHO, IAEA, ILO, IMF, Council of Europe, CERN, Economic Cooperation Organization.

The country has a favorable geographical location, allowing it to receive colossal income from trade and tourism. The permanent population of the country is more than 85 million people. Turkey is located in several climatic zones, including the Mediterranean climate zone on the coast of the Aegean and Mediterranean Seas, where the main resorts of the country are located. The total length of Turkish beaches exceeds 7,200 kilometers, and the number of hotels is approaching 3,000, which allows up to 700,000 tourists to be accommodated at a time. The tourism industry has a colossal impact on the economy of the republic and is a place of work for more than 2,000,000 people.

Turkish Real Estate: Advantages and Features

Another important sector of the Turkish economy is the construction industry and real estate, where more than a million people work. Turkish real estate is represented by a huge number of objects in the residential and commercial sectors. This sector of the Turkish economy is very dynamic and is constantly replenished with new, modern buildings. In addition to buildings that are designed, erected and sold at the initiative of private developers, Turkey has a state program for the renovation of old buildings, according to which many buildings are demolished and new ones are erected in their place. Thanks to this, the appearance of Turkish cities is changing significantly and corresponds to the modern spirit of the country.

The majority of transactions in the Turkish real estate market occur between citizens of the country, but slightly less than 5% occur with the participation of foreign capital.

Many of the foreign buyers of real estate are interested not only in purchasing a good quality apartment in a pleasant climate on the seashore, but also in obtaining a residence permit or Turkish citizenship for investing in residential or commercial real estate.

According to the terms of the state program, which has been in effect in the country since 2017, to obtain Turkish citizenship, it is necessary to invest $400,000 or more in real estate. The number of foreign applicants who have acquired Turkish citizenship under this program has already exceeded 40,000 people.

Property prices in Turkey

Approximate cost of Turkish property:

• Apartments in Antalya/Alanya from €70,000;
• Apartments in Izmir from €80,000;
• Villas by the sea from €200,000;
• Apartments in Istanbul from €100,000 to €250,000 (depending on the area);
• Apartments in Mersin from €30,000.

Property developers and real estate agencies in Turkey

Turkey's developers are more than 130,000 Turkish and international construction companies that annually design, build and sell a large number of residential and commercial properties in different cities of the country. The most active construction is carried out in Istanbul, Antalya province (including the city of Alanya), as well as in Mersin.

There are over 200,000 Turkish real estate agencies and individual real estate agents specializing in Turkish real estate operating in the country's real estate market. The activities of construction companies and real estate agencies are subject to mandatory state registration.

For safe real estate investments, it is recommended to:

• Carefully study the developer's reputation and customer reviews;
• Personally inspect the property;
• Seek independent legal advice.

An experienced, professional real estate agent not only helps clients buy, sell and rent real estate in compliance with all legal norms and rules, but also increases trust between participants in the real estate market, reduces the number of fraudulent actions with real estate, which attracts new, conservative, local and foreign investors in real estate.

This, in turn, contributes to the development of the construction industry, the transition to more modern standards of construction and energy efficiency, the use of higher quality building materials.

How to buy Turkish real estate

Stages of purchasing/selling/renting real estate with the help of real estate agencies:

1. Choosing a real estate agency and signing a cooperation agreement;
2. Selecting real estate properties and organizing viewings;
3. Concluding a preliminary purchase and sale agreement/short-term or long-term lease;
4. Exchanging foreign currency for Turkish lira;
5. Translation of documents and making an advance payment;
6. Registration of ownership (TAPU);
7. Registration of subscriber numbers for the provision of utilities.

Where to buy real estate in Istanbul

Istanbul is the largest city in Turkey and the world, as well as one of the fastest growing cities in the world. The city has 39 districts, each of which is very different from the others in terms of investment attractiveness, transport and social infrastructure. It should be noted that real estate within the districts is heterogeneous and both prosperous and poor non-prestigious neighborhoods can be neighbors.

Besiktas is one of the most fashionable districts of Istanbul, located on the banks of the Bosphorus Strait in the European part of Istanbul. The district is home to several luxurious palaces, as well as hotels of famous world hotel chains. The Besiktas district is famous for the fact that it is here that most of the prestigious Istanbul neighborhoods are located: Bebek, Levent (a business district with a large number of high-rise office buildings), Etiler (a residential district with elite real estate, large, modern shopping centers and prestigious sports clubs), Ortakoy, Ukus. Such developers as Emlak Konut GYO, Kiler Gyo, Dap Yapi, Astas Holding, MM Project, Seba Insaat, Polat Insaat are building their projects here.

Beyoglu is an elite district of Istanbul, located near Besiktas. It is connected to the European part of the city by the Galata Bridge. The main architectural landmark of the area is the Pera Palas Hotel, built in 1892, where passengers of the Orient Express, a passenger train running between Paris and Istanbul, stayed. The area is home to many foreign embassies, including those of Great Britain, Sweden, the Netherlands, Germany, and Russia. The area has several shopping streets and boulevards with supermarkets and expensive boutiques. The most prestigious neighborhoods of the Beyoglu district are Gumussuyu and Cihangir. The area is characterized by high prices for the purchase and rental of real estate. The area is the tourist center of the city, so short-term and medium-term rentals are in demand here. Such developers as Ofton Insaat, FTG Development, Isas Insaat, Nar Yatirim, Gap Insaat, Piyalepasa Gayrimenkul Gelistirme are building their projects here.

Sariyer is a picturesque area of ​​the European part of Istanbul, offering an excellent view of the Bosphorus. The area is distinguished by the presence of a large number of beaches, as well as cafes and restaurants. The Sariyer district includes such prestigious quarters of Istanbul as Sisli, Maslak, Nisantasi, Zekeriyzkoy. Real estate in the Sariyer district is in demand among wealthy citizens of Turkey and foreigners. There are both multi-apartment residential complexes and a large number of cottage villages. Such real estate developers as Invest Insaat, Makropoli Insaat, Kilic Insaat, Artas Insaat, Dap Yapi, Sinpas GYO, Pak Holding have their projects in this area.

Fatih is a district that is the cultural center of the capital of Turkey. Such world-famous historical sites as the Hagia Sophia, Topkapi Palace, and the Istanbul Archaeological Museum are located here. Among the prestigious districts of Fatih, one can highlight Laleli (a district with a large number of retail outlets aimed at foreign businessmen), Sultanahmet, and Eminonu. Given the dense development of the district, developers rarely build new, modern real estate here. Such real estate developers as Ege Yapi, Maksem Yapi, and Dogan Yapi have their projects in this district.

Kadikoy is a district of the Asian part of Istanbul, where the Turkish middle class lives. The district has a developed retail infrastructure, as well as cozy cafes, restaurants, and bars. There are no endless crowds of tourists here, the district is cozy and safe. The second airport of Istanbul named after Sabiha Gokcen is located near the Kadikoy district. The Kadikoy district is connected to the European part of Istanbul by ferry, high-speed train Marmaray and metrobuses. The Kadikoy district includes such neighborhoods as Caddebostan, Kozyatagi, Moda and Fenerbahce. The following developers are located in this district: Aydogan Insaat, Agro Arti Insaat, Selimoglu Group, Sefa Insaat, Vartas Yapi, Kilicoglu Group, Kentpark Yapi.

Kartal is a densely populated district of the Asian part of Istanbul, located between the districts of Maltepe and Pendik. Currently, the Kartal district is developing as a bedroom community of economy class. At the same time, there are several elite apartment complexes on the coast, as well as villages with luxury villas. The following developers are located in this district: 2B Global, Enes Bozkaplan, Artas Insaat, Neva Yapi, MSY Yapi, Akar Yapi, Demirli Grup Insaat.

Bakirkoy is one of the main shopping and residential areas of Istanbul. It has a well-developed shopping infrastructure, cafes, and restaurants. Residents of many neighboring areas come here to shop. The most prestigious neighborhoods of Bakirkoy are Atakoy and Florya (one of the most fashionable areas of Istanbul with predominantly low-rise buildings). This area is home to real estate projects by the following developers: MH Group, Teknofen, Nivak Group, Emiroglu Group, Tas Yapi, Gul Insaat, Agaoglu Insaat, Kiler Gyo, Dimar Yapi.

Beylikduzu is a district of Istanbul with a predominantly local middle class. The district is famous for its developed urban infrastructure: schools, parks, hospitals, sports facilities, universities, shops, restaurants. The real estate of the Beylikduzu district is represented by a large number of new, modern apartment complexes. The real estate renovation program is especially active in this district, according to which old houses are demolished and new residential complexes are built in their place within a few years. The following developers are located in this district: Batibeyler Yapi, Kelesoglu Insaat, Yildirim Yapi Grubu, Elit Insaat, Mert Holding, Beyler Insaat, Lotus Yapi.

Ataşehir is a business district on the Asian side of Istanbul, where the new Istanbul Financial Center (IFC) is located, with offices and headquarters of state and private banks and other financial organizations. The government has established a special tax zone for IFC resident companies, which should attract a large number of foreign companies. The total capacity of the new financial center is more than 50,000 employees. In the Ataşehir district, there are a large number of commercial real estate objects of various purposes (office buildings, retail and warehouse space, production facilities). There are five schools in the district. Ataşehir is considered a good area for families with children. Such real estate developers as IGYG, Lens Yapi, Sinpas GYO, Dundar Insaat, YCK Insaat, Bof Yapi, Kilic Insaat, Erko Insaat have their projects in this area.

Küçükçekmece is a large and diverse in terms of the composition of the inhabitants developing district in the European part of Istanbul. Many multi-storey residential complexes have been built here, but there are not enough necessary urban infrastructure facilities. This district began to be massively built up in the 1980s, so the real estate objects erected in this location are among the youngest in Istanbul. The following real estate developers have their projects in this area: Altin Saray Group, Teknofen, Sega Insaat, Kirimli Insaat, Enes Bozkaplan, Muhsin Yapi, Tutku Insaat, Demas Insaat, Ihlas Yapi.

Esenyurt is a district in the European part of Istanbul, where more than 1,000,000 residents permanently reside. The district is known for its large number of parks with thermal springs. The best areas for living in Esenyurt include Guzel Yurt, Ataturk, Cumhuriyet, Namik Kemal. The E-5 highway passes through the district. There are several large shopping centers here: Marmara park, Mall of Istanbul, Torium AVM, Merkez Park AVM, Venezia Mega Outlet, Family Mall. The following developers have real estate projects in this area: Makyol Insaat, Kilic Insaat, ER-EK Insaat, Gul Insaat, Olcaylar Group, Ozkanca Insaat, Yeditepe Yapi, Ozyurtlar Insaat, AKIS GYO.

The Largest Construction Companies in Istanbul

There are several thousand construction companies operating in Istanbul. Among them, there are several large companies that are distinguished by high quality construction and finishing, punctuality in the delivery of real estate, and a good price-quality ratio.

Ağaoğlu is a Turkish construction company founded in 1981. One of the largest developers in the country with more than 30,000 properties. The developer strives to build real estate in accordance with strict construction standards, use advanced technologies and build real estate with developed infrastructure. One of the main projects of the Ağaoğlu construction company in Istanbul is the My Home Maslak residential complex, which consists of three residential towers with a unique design.

Artaş İnşaat is a Turkish real estate developer founded in 1977, which in addition to construction activities is engaged in projects in the fields of tourism, industry and energy. Artaş İnşaat is engaged in the construction of both residential and commercial real estate. The developer's portfolio includes many residential properties with a total area of ​​​​more than 11 million square meters and commercial properties with an area of ​​​​more than 1 million square meters. The company is engaged not only in the design, construction and sale of real estate, but also in the construction of hotels under the Radisson and Mövenpick brands. The construction company Artaş İnşaat is one of the most reliable developers in Turkey, delivering real estate without delays. When designing and constructing buildings, much attention is paid not only to the quality of construction, but also to the landscape design of the residential complex.

DAP Gayrimenkul (Eltes İnşaat) is one of the most sought-after construction companies in Istanbul, founded in 1981. During its more than forty-year history, the company has built more than 2.5 million square meters of real estate (more than 15,000 real estate objects). The developer DAP Gayrimenkul is engaged in the construction of both residential and commercial real estate (office buildings, hotel complexes, business and entertainment centers), as well as necessary urban infrastructure facilities (schools, hospitals). Some of the most famous projects of the real estate developer DAP Gayrimenku are Validebağ Mansions in the Uskudar district, as well as the Yeni Levent Hotel.

Emlak Konut is a state-owned Turkish developer founded in 1953. The construction company has branches in all major cities of Turkey. Especially many projects of the construction company Emlak Konut are located in Istanbul, Ankara and Izmir. The real estate portfolio of the developer Emlak Konut is extremely diverse and includes elite low-rise residential complexes, high-rise residential complexes, shopping centers, office buildings and business centers. One of the well-known projects of the construction company is the elite complex IstMarina with developed infrastructure.

Fuzul GYO is a state-owned Turkish construction company. The developer's projects are distinguished by high construction quality, high cost, and developed, well-thought-out infrastructure. The company is engaged in the design, construction, and sale of both residential and commercial real estate.

Kiler GYO is a Turkish developer founded in 1994, one of the most popular in the country at the moment. The company's most famous residential project is the Istanbul Sapphire residential skyscraper - the tallest building in Turkey and one of the tallest buildings in Europe. The Kiler GYO construction company is known for its careful approach to the selection of land plots for subsequent construction. The developer tries to comply with strict construction standards, use advanced technologies in the construction of buildings, and develop the infrastructure of projects.

Mar Yapi is a Turkish real estate developer distinguished by an innovative approach and high quality construction. Among the most significant projects built by the developer Mar Yapi are the Wanda Vista Istanbul hotel, the elite residential complex with the concept of hotel apartments G Plus, the residential complex G Hub.

Rams Global is an international construction company operating in many cities in Turkey, as well as in Germany, Thailand and Kazakhstan. The developer Rams Global specializes in the design, construction and sale of residential and commercial real estate, as well as the construction of urban infrastructure facilities, including residential complexes, hotels, hospitals, shopping centers, business centers. During its activity, the developer Rams Global has built more than 90 real estate objects with a total area of ​​​​more than 4 million square meters of real estate.

Sinpaş GYO is a Turkish construction company founded more than 50 years ago, specializing in the design, construction and sale of buildings in prestigious areas of Istanbul. In Istanbul, the developer Sinpaş GYO has built 15 residential complexes. The developer's projects are distinguished by high quality construction, as well as developed infrastructure. Fitness centers, swimming pools, and playgrounds are located near the residential complexes.

Toki is a state-owned Turkish construction company that builds social housing and meets up to 10% of the demand for real estate in Turkey. The Toki real estate developer designs, builds, and sells residential and commercial real estate, as well as the necessary urban infrastructure. Over the past 20 years, the developer has built more than 1 million square meters of real estate in Turkey. One of the distinctive features of this construction company is its affordable real estate prices.

Reviews of real estate agencies and developers in Turkey

Our website contains ratings and reviews of Turkish developers and Turkish real estate agencies left by real estate buyers. Studying reviews will give you the opportunity to form your own opinion about the reliability and quality of work of developers and real estate agencies, as well as make an informed decision about the possibility of purchasing certain real estate from developers and working with real estate agencies.

Purchasing real estate in Turkey is a serious decision that requires careful preparation. Reviews of developers and real estate agencies play a key role in assessing the reliability of companies and help to avoid risks. The developer rating contains both large holdings and local construction companies represented in popular regions of the republic (Istanbul, Antalya, Alanya, Mersin, Izmir, Bursa).

The Turkish real estate market offers a wide range of properties (from apartments to villas), developed infrastructure, and high-quality construction. The purchase process consists of six stages: choosing a property, preliminary agreement, registration (TAPU), payment, and connecting utilities.

Also, to make a choice when buying real estate in Turkey, you can familiarize yourself with the rating of Turkish developers. And if you are interested in a specific location, then read the reviews of real estate agencies in Istanbul and make the right choice.