Apartments for sale in residential complex in Turkey

Apartments in residential complexes in Turkey

Before you begin selecting apartments for sale in Turkey in residential complexes, it's important to conduct thorough research and understand the specifics of the local property market. One of the most crucial factors affecting both comfort and return on investment is location. The best places to consider for purchasing property include:

1. Istanbul: As the largest city in Turkey and one of the most densely populated metropolises in the world, Istanbul is located on the Bosphorus Strait and serves as a hub for trade, culture and tourism. The local property is diverse, catering to a wide range of budgets. Whether in the central areas or the suburbs, you'll find small studios, standard flats and luxury penthouses;
2. Ankara: As the nation's capital, Ankara is a major centre for politics, education and industry. Local housing tends to be more affordable compared to apartments and villas in Istanbul. The city features several new developments, offering modern designs and a wide range of amenities;
3. Antalya: Located on the Mediterranean coast, Antalya is one of Turkey's most popular tourist destinations. It's known for its beautiful beaches, historical landmarks and natural scenery. Due to the mild climate and first-class holiday conditions, local flats are in high demand among foreign buyers and tenants;
4. Bursa: As the fourth largest city in Turkey, Bursa attracts tourists with its many cultural sites, including the Ulu Jami (Great Mosque) and the Green Tomb. Accommodation here offers excellent value for money;
5. Izmir: The third largest city on the Aegean coast, Izmir boasts an optimal climate and high profitability for studio flats, making it attractive to foreign investors.

A deposit of 10-25% of the purchase price is typically required when signing the sales contract to purchase a new-build flat in Turkey. To avoid fraud at this stage, buyers should seek reliable legal advice.

While having a lawyer to process the transfer of title is not a legal requirement, it's highly recommended. Notarisation of any property in Istanbul and other cities in the country to foreign nationals is mandatory. A lawyer can act on behalf of the buyer through a power of attorney to finalise the transaction without the buyer's physical presence.

After signing the contracts, the specialist will ensure that all changes and titles are registered in the buyer's name. The final step is to register the property ownership certificate (TAPU) at the Land Registry. The entire purchase process, from finding a suitable flat in a new building for investment or living to finalising the transaction, typically takes two to four months.

Investments in apartments by developers in Turkey

As reported by the Central Bank of the Republic, the prices of flats in new projects in Turkey have been steadily increasing for five consecutive years. In May 2024, they surged by 42% year-on-year. In 2023, residential property prices rose by an average of 71.7%, in 2022 by 178.6%, in 2021 by 64%, in 2020 by 32.6% and in 2019 by 2.9%.

Many investors purchase local apartments as part of a buy-and-hold strategy to achieve long-term capital appreciation. To maximise resale profits, they often secure a deal in the early stages of a property's construction, when its value is discounted by 15-30%.

Renting out flats is also a profitable investment strategy. As per the Q2 2024 data, the average annual rental yield for housing in the country is 7.13%. The highest income is generated by daily rentals of properties offering easy access to beaches and attractions.

Buy an apartment in Turkey in a residential complex

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