Turkey is experiencing an economic downturn that is hitting the real estate markets. According to the Financial Times, the government is putting in stringent measures to try and combat the falling value of the lira – something which is making property more affordable. For many people around the world who have fallen in love with Marmaris, Turkey, that presents an opportunity to build a permanent home in the town. However, as with all foreign property markets, there are certain tricks and nuances that need to be mastered in order to get a good deal. Knowing where to buy is the first step.
Finding a community
Not every corner of Marmaris is the same. It’s important to remember that the nightlife and glamor of the beachfront is maintained by thousands of workers, and moving into a residential neighborhood alongside them will offer a quiet and pleasant stay, but not one you might associate with a holiday trip in the city.
Furthermore, when expats start striking out on their own, with little knowledge of the local language and the culture going on behind the resorts, it can be difficult – the BBC recently highlighted just that situation following the wildfires.
A good option is through expat housing communities. Housing communities provide shared amenities and a local consensus on how homes should be maintained, preserving property prices; this will make life a lot smoother when making the change permanent.
Is it time?
The global cost of living is rising and it’s no different in Turkey. Inflation rates have risen to 70%, according to Al Jazeera, and measures to tackle this have been half-baked. However, this doesn’t mean property is expensive.
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According to Middle East Eye, property prices are facing historic lows despite the hubris of 2021, when the average price rose by roughly 25%. As a result, it’s a good time to buy, and probably something to focus on before economic changes start to come in and make a difference to property prices.
Navigating the market
Turkey’s real estate market can be a bit of a wild west. Solicitors are not mandatory, according to SpotBlue.com, yet will be able to spot issues such as an ipotek – a debt on the property – which may not surface without legal help.
Furthermore, while it is not law to notarize every contract, courts will not accept non-notarized copies – another factor to consider. You will save money by not using solicitors in Turkey, but you may well end up losing far more money in the long run from not meeting the various regulatory demands involved in real estate.
Make sure that you meet these demands before starting to even look for a home – you won’t regret it.
Making Marmaris a second home – or perhaps even first – is a dream for many visitors to Turkey. The conditions are ripe to make that dream a reality, but it’s essential that anyone looking to get involved knows exactly what they’ll be involved in.