With its warm and sunny climate, breath-taking natural scenery and rich culture and history, Turkey has long been a favourite holiday spot for visitors from across the UK and Europe. Home to a plethora of lavish five-star resorts scattered along its vast swathes of golden sandy beaches, resorts like Antalya and Fethiye are popular with those seeking a little bit of sun, sea and sand and the chance to get away from it all – but increasingly, the nation is also attracting a slew of wealthy property investors looking to splurge on a luxurious second home.
Straddling both Europe and Asia, Turkey is a vibrant multicultural nation offering low cost of living, reasonably priced healthcare and a huge variety of housing options including opulent apartments and stylish villas, so it’s easy to see why it holds such appeal. And, when you add to that the fact that many of the high-end properties available offer excellent value for money when compared with comparable real estate in the UK and Europe – not to mention, the endless hours of sunshine – it’s a tempting prospect if you’re looking for a holiday home or second home abroad.
In order to be able to live in Turkey or spend extended periods of time in the country, it’s necessary to obtain Turkish citizenship – but the good news is that it’s easier than you might think to do so. By investing a minimum of $400,000 in real estate, you become eligible to apply, with the application process taking around 120 days from start to finish. If approved, you’ll then not only be able to come and go in Turkey as you please, but you’ll also have access to the burgeoning property markets in both Europe and Asia, so if you’re keen to continue expanding your portfolio, then this is a great way to do it.
If you’re considering investing in a second luxury home in Turkey in 2023 but are unsure where to start, then these three stunning cities are the top hot spots to look into.
Istanbul
Arguably the best city in the world to buy luxury real estate, cosmopolitan Istanbul is perhaps one of the most obvious places to begin your search. One of the largest and most visited cities in the world, it boasts a vibrant nightlife scene, great restaurants and a seemingly endless array of designer shops, and has its own airport, where numerous international and domestic flights arrive and leave each day.
Istanbul offers a diverse array of different commercial and residential properties for the taking. With the current house price growth being over 100 per cent, and given the great exchange rate in 2023 from the British pound, American dollar and the Euro against the Turkish Lira, now is a prime time to buy. With a rapidly expanding economy, growing population and great quality of life on offer, Istanbul also offers property seekers plenty of choice, with opulent apartments, sophisticated mansions and extravagant villas all yours for the taking.
Antalya
The second best city to buy luxury real estate in Turkey is Antalya, which offers the second largest property market and is also the second biggest selling province after Istanbul. Thanks to its spectacular sandy beaches and bustling resorts, Antalya tends to attract buyers looking for holiday homes or investment rental properties, with many investors coming to spend the summer months in Turkey or taking off-season breaks when the weather is still good but the crowds have died down somewhat.
A popular choice amongst British and European investors, the neighbourhoods of Konyaalti and Lara are of particular interest to those seeking luxury real estate in Antalya. It’s worth bearing in mind, however, that property prices in the centre of the city have increased by some 100 per cent over the past year, so pay attention to market patterns before deciding when to pounce.
Ankara
The Turkish capital of Ankara is another popular spot for international investors to consider and the third highest-selling province in the country. As the economic and industrial centre of the nation, it has plenty to offer – including advanced infrastructure and amenities, with excellent transport links to Turkey’s other major cities, as well as the rest of the world.
Property prices in Ankara are low compared to Istanbul, so it’s possible to snap up a luxurious bargain here and get more for your money. Rent and property prices, however, are also around half of what they are in Istanbul, so if you’re planning on generating an additional income stream through renting your high-end property out for all or part of the year, then there is likely more money to be made elsewhere.
