In recent years, Turkey has attracted the attention of Foreign investors and other communities for buying houses and investing, to the point where, based on various statistical sources from reputable Turkish government sites and offices, Foreign investors have been ranked first in recent years. They have purchased property in this beautiful country and have registered a new record of investment.
It is interesting to note that apart from Foreign citizens and Turkey’s neighboring countries, from wealthy European countries such as Germany and Russia, and other communities from well-known countries in the world, they have chosen this Eurasian country for living and investing. This is certainly unique in its kind, and significant.
There are many reasons that have provided for such significant foreign investment in this country, which we will briefly mention as follows:
Life in Turkey is cheaper and more convenient than other European countries based on the facilities it offers to its people, and the per capita expenses of a property hold in Turkey are definitely lower than a country like Germany. It should be noted that many European and Asian countries suffer the high cost of housing, while in Turkey this issue is controlled in a way and the per capita housing price is much lower in both the rental and purchase sectors.
On the other hand, in the past years, Istanbul has become one of the most popular tourist cities in the world, with its natural and economic beauty. It has been able to provide many significant reasons for attracting foreign visitors, while a population of over 30 million of tourists visit it from different countries of the world per year. This provides for a spectacular economic turnover, which is unique in its own.
With easy access to two continents, Istanbul enjoys a competitive advantage, which attracts anyone intends to invest and live. Additionally, the world’s top construction companies have entered in the real estate market of Turkey in the past years, providing for the economic growth of Istanbul. This in turn led to construction of luxury and significant residential complexes in this city, which has been successful in attracting foreign investment.
Considering above-mentioned as robust reasons for investing and buying a property in Istanbul, Turkey, we are always faced with the question of when is the best time to purchase a property and invest in this beautiful city. We will discuss it below.
The factors that make it a good time to purchase a property or invest in a metropolis like Istanbul include:
1 _ Quarterly review of the best time for real estate purchase
2 _ Social and political factors
3 _Paying attention to the exchange rates for Turkish Lira against other foreign currencies
4 _Investigating the performance of construction companies in Istanbul
Property Purchase in Istanbul
1_ Quarterly review of the best time for real estate purchase
Best time to purchase is one of the most important factors that investors and applicants for property purchase anywhere in the world always pay attention to and are mindful for a safe purchase. To purchase a property in a country like Turkey, one should consider the best time for purchase. With a good time management, and timely taking advantage of current situation, you will certainly enjoy this profitable market.
Considering the touristic structure of the whole country of Turkey, of which Istanbul is considered the main pole, the construction developers, both residential and commercial, always try to manage their construction program and projects in such a way that they complete the project in March. A month when many developers prepare for the introduction and wide sale of the projects. Therefore, the top holdings will complete their residential projects in the winter and cold season with a large number of people and on a full-time basis, until they start in the spring season for marketing and extensive sales of their apartments.
So, as above-mentioned, in the spring season or the days of Iranian Nowruz, you should closely observe the projects in which the construction affairs are close to the completion or are being complete. In this way, you will be among the first who apply for purchase of a property in your desired project. Of course, the main difference between those who set their schedule this time of the year and other buyers who visit these residential projects in the summer is the price difference, which they take full advantage of.
Because in the summer season, when a large number of home buyers come to Istanbul, the price will definitely increase by several percent compared to the cold season of the year and the spring days.
According to our years of experience in buying and selling property in Istanbul, we suggest you to purchase a property in Istanbul in the winter season and before the completion of the projects that will be completed in March and April, and take full advantage of such difference in prices during these three golden months for completion of the residential projects.
The points that we mentioned so far in the field of time management for buying a property in Istanbul were mostly in the section of houses under construction and renovated apartments that will be put on the market in the future. In the section of second-hand houses and projects in which the construction work has been completed in the past years, we will also mention a few things for those who are thinking about the right timing to purchase a second-hand house from projects. There is also a time schedule for such purchasers to be considered.
According to our experiences and objective observations during different years, especially in the city of Istanbul, the price of houses both in the purchase and rental sectors increases sharply from May to the end of September. This is due to various reasons such as the warming weather, increase of foreign customers after school closures and other things, which may be very effective in increasing the price of second-hand houses in Turkey.
According to these tips for buying a second-hand house, our suggestion is to purchase a property at a reasonable price based on the customer’s budget in the winter and cold season of the year, which provides for a better price than in the summer. It should be also noted that due to the stagnation of the market and the recession that occurs due to the decrease in the number of applicants for winter season purchases in Istanbul, real estate agencies relatively offer better options for their clients, and therefore, the customer buying a second-hand house is faced with more options for buying a property, opening the more room to choosing the best option.
2_Social and political factors
Among the issues that determine the best and most appropriate time to purchase a property in Istanbul are the social and political factors. Turkey also experiences social and political privileges, which are considered important for the applicant to purchase a property or invest.
Due to the strategic location of Turkey on the world map, this country has always attracted the attention of investors in various economic fields, and the good political relations of this country with its neighbors and other countries of the world have also influenced the social and political prospects of this country.
Therefore, in some cases, it is required to consider the political and social events of the investment destination country, aiming at not to lose this great opportunity and purchase your desired property based the most appropriate strategies and presence in the city of Istanbul.
Among the social and political factors, is the available schedule and accessibility that is granted by the government of Turkey to foreigners to receive a passport and citizenship of this country. At the current time, by investing and buying a property for the amount of 250,000 dollars, you will be able to enjoy the option for citizenship that the Turkish government. This is not always the case, which should be definitely considered under social and political factors affecting a decision to purchase property in Turkey.
3_Paying attention to the exchange rates for Turkish Lire against other foreign currencies
In the discussion of timing and investment for buying a property in Istanbul, we have many things, but one of the things that can be mentioned in the scheduling for buying a property and investing in Turkey is paying attention to the foreign exchange rates and currency value. This should be taken into consideration for the applicant to purchase a property so that one can make the best decision at the right time.
Turkey, like any country, experiences daily changes in the price of its foreign exchange rates, the most important of which is USD/Turkish Lira. The exchange rate is also determined by political and economic issues. considering that the foreign audience intends to purchase and invest in the city of Istanbul, the lira to dollar rate is one of the most important things that should be taken into account for determining the best time to purchase a property. Further, the conversion of dollars to lira and vice versa should be also considered, which can have a significant effect on your profit and loss in the transaction. This fully depends on the time and tact of the buyer for purchase of a property in Turkey.
4_Investigating the performance of construction companies in Istanbul
Considering the long-term activity of our group in the field of real estate in Istanbul and our objective observations during these many years, it is highly important to review performance of the construction projects that are under construction or completed, in addition to the schedule for purchase of a property in the city. For example, you are looking for a three-bedroom house in a specific area and you have already obtained complete information about the area and the neighborhood and the projects that have been built or are under construction, and definitely, the average price of the area. Sometimes a construction project offers attractive prices to receive cash so that it can compete with other neighboring projects at some point of the year. What you do, you can purchase your comfortable property with a very suitable price range by being present at the time of presenting the offers of various projects that usually happen in the cold and winter season. In many cases, by obtaining information, you can create a very suitable schedule for buying a property that makes the best use of an opportunity.
