In our series of FAQs about buying property in Turkey, we look at where the best property deals in Turkey can be found, covering:
- Can I negotiate a discount?
- Are property prices rising, or even inflated?
- Away from the most popular areas, what other towns or villages should I consider?
We draw on our own experienced from the Turkish property market. We also factor in those views of our partners and views of holiday-home owners and expatriates living in Turkey.
There is a growing demand for property in Turkey from an international clientele. There has therefore been an effect on asking prices in many areas. Whilst still relatively cheap compared to the UK – and indeed other European countries – there has still been an increase in prices over the last couple of years. There’s no getting away from that. And that’s not a bad thing if you are buying for long-term capital appreciation.
Equally, do not overlook the impact of the pandemic, particularly on the effect of pricing in rural areas.
Many Turks are moving out of the large cities like Ankara and Istanbul due to coronavirus. The idea of country life with accessibility to nature is hugely appealing. Cleaner area, outdoor spaces and fewer people has driven an increase in domestic buyers of rural or semi-rural property. Furthermore, the recent earthquake in Izmir has made people look further inland or around the coast. All this highly unusual and unprecedented internal movement has had an effect on where the best deals can be found.
Another domestic reason for the increase in both property sales and prices is the value of the Lira. The falling value of the Lira has meant that many investors have pulled their money out of banks (with low interest rates for investors). Instead, they have placed it in property as a stable, long-term investment.
Can I negotiate a discount on a Turkish property?
The Turkish people love a good deal. It’s like a sport. So, just as in the UK, or indeed any country, how much you can negotiate depends on a number of variables, including:
- Vendor’s Finances: What is the vendor’s financial situation? Do they need to sell, or are they happy to wait for the price they have in their heads?
- Time on market: How long has the property been advertised for sale? If it is just a week or two, you may struggle to convince the vendor with a low-ball offer.
- Popularity of the area: Is the area you are looking in sought-after and super-competitive? If so, the vendor might be smugly waiting for the right offer, knowing it will come – and they’re probably right! Or is the area relatively unknown or up-and-coming? There may be more wiggle room in that case.
- Cash is king: Are you a cash buyer or getting a mortgage? The former gets you more latitude on price than if you are relying on finance.
- Chain gang: Are you in a chain? Are they in a chain? Has the vendor committed to buying another property? There might be a time pressure to sell, and you may be able to negotiate a better price.
- The right agent: Having a trusted agent to act on your behalf is hugely important. They should know the area well and have a good dialogue with the vendor can make all the difference to a negotiation.
Hopefully you have already done your research on the best property deals in Turkey. You may be able to see straightway that a property you like is overpriced – in which case, make an offer!
If your agent advises you that there is significant margin, put in an offer.
What are the relative property prices of areas?
Increasing property prices in Marmaris over the last few years are because there is relatively little land left! There’s usually always a buyer though, whether that is a Turkish or European buyer.
Bodrum and Marmaris are now some of the most expensive places to buy and live in Turkey. Areas like Yalikavak, one of the towns on the Bodrum peninsula, have always been at the pricier end of the market because of high land prices. If you drive an hour out of Bodrum, you will find that property prices are much more accessible. At the same time. you’re still within easy reach of the Bodrum resorts and the Airport. Don’t mind being further inland? Some of the best property deals in Turkey can be found within an hour of the major towns and resorts.
The Bodrum peninsula has always been the playground of the rich and famous, and was never cheap to begin with. One of its’ appeals is the building restrictions for only two storeys. Of course, the net effect of this is that more land gets used making it more scarce. Scarcity of land = higher prices.
Similarly in Dalyan, over the last few years developers have hoovered up many parcels of land, increasing property prices through supply and demand. It’s also a major tourist hotspot with some world-reknowned sites which will also have an effect on the property values.
On the other hand, some less-well-known areas have more accessible property prices. Areas in and around Dalaman and Ortaca for example offer excellent value. They might not offer the glamour or the cachet of other resorts, but you’ll get more property for your money.
Further along the cost in the Mugla region, Fethiye is one of the most popular, and affordable areas. Low cost of living and plenty of land means that property prices remain relatively affordable.
Which areas are less well-known which offer greater value-for-money?
As mentioned above, Dalaman (not to be confused with Dalyan) is worth considering. Dalaman is often thought of as the town with the airport which people travel through to reach their destination, but it has accessible property values and a decent town with everything you’ll need. It’s not as touristy as other areas, so if you are looking for a base with more of a traditional feel, Dalaman and surrounds areas could be for you. Whilst it isn’t on the coast, you’re never far from the Turquoise Coast. Beaches such as Sarsala Koyu, Sarigeme, Olu Deniz and Iztuzu are all within 20 mins drive.
Some of the villages around Icmeler are very appealing. Turunç for example is a beautiful little village along the coast just past Icmeler. It is an area easy to fall in love with, with friendly locals and expats and reasonable property prices.
Whilst Didim (also known as Altinkum) are very popular, go a little further out to villages such as Yesiltepe and Uzumlu and you can achieve excellent value for money and still be within easy reach of the main resort and beaches.
Between Didim and Izmir, the town of Kusadasi is less well-known but right on the coast and offers excellent value-for-property.
On the North-Western coast of Turkey, between Izmir and Istanbul, places like Ayvalik are practically unknown to Western buyers but offers a typical Mediterranean climate for a lot less money! Much cheaper than Bodrum but with attractive beaches and marinas, Ayvalik is within easy reach of Balikasir Airport and the Greek island of Lesbos is only 40 minutes away by ferry.
It is definitely worth looking outside of the well-known resorts to track down some of the best property deals in Turkey.
What should you watch out for?
Be careful that some unscrupulous vendors or agents haven’t added a premium on top of the valued property price. Some vendors, knowing it is a seller’s market, may add on an additional 10% or more.
Top Tip to get the Best Property Deals in Turkey
Best advice – visit out of season (winter) and dare to put in what might be considered silly offers, you never know!
