5 ways to evaluate homes in Turkey

We will review five common ways to evaluate homes in Turkey, as by understanding these methods and using them correctly, buyers, sellers and investors can get an accurate estimate of real estate value and make informed decisions, whether you are looking to buy your dream home or sell your current property, understanding how homes are valued can help you reach positive results that meet your needs and goals.

Learn about 5 ways to evaluate homes in Turkey

In the following, we will learn about 5 ways to evaluate homes in Turkey:

Professional real estate appraisal:

This type of evaluation involves the use of professional real estate experts, who visit the house and provide a detailed report that includes an estimate of the value based on various factors such as location, technical condition, space, and infrastructure.

Market assessment:

This method is based on comparing the house in question with similar properties that were recently sold in the same area and the prices of sold and offered properties for similar properties are analyzed to determine the estimated value.

Tax assessment:

This type of assessment is used by government agencies for the purpose of determining the tax value of the property, usually based on estimates of area, location and use.

Rent Rating:

This method is based on the expected income from renting homes in Turkey, the value is calculated based on the expected rental value and the percentage of return on real estate investment in Turkey.

Self evaluation:

Homeowners can estimate the value of their homes based on personal knowledge and research on similar prices for properties in the area, however, this type of appraisal may be less accurate than professional appraisals.

The reasons for the rush of foreigners to buy homes in Turkey 

1. Turkey offers attractive programs to grant citizenship to foreigners who invest in homes in Turkey with specific amounts, which enhances the attractiveness of investment.
2. Turkey's economy is enjoying strong and steady growth, which makes it an interesting destination for investors looking to buy homes in Turkey.
3. Turkey offers a low cost of life compared to other European countries, which attracts foreigners looking for affordable living.
4. The Turkish lira keeps its fluctuations, which can present opportunities for foreigners to get additional value when buying real estate in Turkey.
5. Turkey offers a variety of landscapes from seas to mountains, catering to diversified interests of buyers.
6. Turkey has a rich cultural and historical heritage, which attracts culture and heritage lovers.
7. Large government investments in infrastructure enhance the attractiveness of the real estate environment.
8. Areas such as Istanbul are witnessing rapid real estate development, offering various options to buyers.
9. Turkey's location between two continents makes it an easy access point for travelers from different countries, as there are various types of transportation, including: tramway, metrobus, ferries, dolmus.
10. Turkey enjoys investment policies that encourage the inflow of foreign capital.
11. Investors can choose from a wide range of properties in Turkey, ranging from apartments to villas and farms.
12. Turkey offers a good level of health services and education.
13. Excellent logistics and flexible trading bases make Turkey a good place to do business.
14. Turkey seeks to improve its technological infrastructure, making it an attractive region for technological companies and innovative youth.
15. The country enjoys relative political stability compared to some neighboring regions.
16. Economic growth opens job opportunities for foreigners.
17. Flexible real estate laws and clear regulations that facilitate buying and selling for foreigners.

Papers needed to buy houses in Turkey

1. The passport must be valid for at least six months, and it must be translated into Turkish and notarized by a notary or notary.
2. Real estate appraisal report, this report is extracted in a short period, and is one of the conditions for buying a house in Turkey, as the process cannot be started without it.
3. A home insurance policy against earthquakes must be provided in Turkey.
4. One photograph of the seller and two photographs of the buyer must be provided.
5. A bank receipt for the buyer stating that the price of the property has been paid from the investor or buyer’s account, and it must be stamped with a bank seal.
6. A bank receipt for the seller, stating that the price of the property has been received from the seller's account, and it must be stamped with a bank seal.
7. The title deed to complete the process of transferring the ownership of the house and registering it in the name of the buyer.

Forecasts about house prices in Turkey

The expectations of economists and real estate analysts indicate that house prices in Turkey in 2023 are on the rise, and this trend is attributed to the activity of the Turkish economy in general, as it has become one of the strongest economic levels in the world and this growth has been greatly enhanced by the Turkish state's plan for the year 2023, which aimed to establish huge economic and investment projects, which contributed to the rise in house prices in the country.

These remarkable improvements in the Turkish economy and its increase in stability may represent a strong motive for increasing the demand for home purchases in Turkey, and according to the theory of supply and demand, the increase in demand results from the increase in house prices in 2023.

An important real estate advice comes in this context: Now is the right time to buy real estate in Turkey, this golden opportunity gives individuals the opportunity to buy homes for housing or for investment, and in either case, it is believed that the expected financial return will be good and very high.

Is it recommended to buy homes in Turkey?

Yes, it is recommended to buy homes in Turkey for several reasons, Turkey has an active real estate market and witnesses many modern residential projects that provide a wide range of housing options, ranging from luxury apartments of various kinds to rustic villas, and in addition, real estate prices in Turkey are still reasonable compared to some other countries such as Spain or Greece, as Turkey is a beautiful place to live and has a rich culture and ancient history, moreover, Turkey receives a large number of tourists annually, which means that investing in homes for rent can be profitable to generate huge and huge returns.

Buying a home in Turkey is a very safe investment. Investing in real estate in Turkey is one of the most guaranteed and safest options, as Turkey's real estate is considered one of the most desirable real estate destinations on a global level.

What are the conditions for obtaining Turkish citizenship by buying homes in Turkey?

1. Buying a property in Turkey with a value of 400 thousand US dollars and its equivalent in the Turkish currency according to the exchange rate in effect at the time of sale, the buyer must be of nationalities included in the decision to grant Turkish citizenship in return for owning a property in Turkey, as these nationalities include all except for some specific nationalities such as Korea North and Syria.
2. The buyer of the property in Turkey must not sell it for a period of 3 years from the date of purchase, as foreigners must obtain a real estate appraisal report from a company accredited by the Turkish government for real estate appraisal and the property must be registered in the Land Registry Department in Turkey in a legal way and the buyer can pay the value of the property in Turkey through a legitimate bank transfer and the property must be purchased from a Turkish citizen or from a registered Turkish company.

Is it possible to obtain real estate residence by buying homes in Turkey?

Yes, foreigners can obtain real estate residence in Turkey by purchasing homes, as the Turkish government has passed a law that allows foreigners to obtain long-term residence based on the purchase of real estate in the country.

Currently, foreigners who buy a property with a value of no less than $75,000 can obtain family residency in Turkey for a period of one year, subject to renewal and this residence permit qualifies you and your family members (wife and minor children) to live and work in Turkey, and it must be taken into account that there are some requirements and conditions that must be met to obtain real estate residence, and these requirements may be changed from time to time, and therefore, it is always preferable to seek the assistance of a specialized company or lawyer to assist in the procedures for obtaining real estate residence in Turkey.

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