In 2024, property sales to foreigners in Turkey have declined. Developers in resort regions have to fight for every client. As a result, there are conditions that one could only dream of a year ago. So, let’s talk about discounts, instalments and other bonuses that you can get when buying a new building by the sea in Turkey.
In 2022 there was a seller's market in Turkey, in 2024 there was a buyer's market.
The number of transactions with foreigners dropped sharply. Back then, guests from abroad dealt with 4-5% of all properties in the country (up to 30% in the Antalya region), now it is less than 2%. By this indicator, we are at the level of 2017.
Developers in resort regions, where foreign demand has traditionally been concentrated, have found themselves in a stalemate situation. They cannot lower prices, as the cost of construction has increased dramatically over the years. And they have to sell somehow.
As a result, unprecedented conditions have developed in the property market: each company is trying to come up with its own sales driver, which only benefits buyers. What can and should be negotiated with Turkish property developers now?
Discounts and Bonuses for Buyers of New Buildings
Developers are ready to negotiate individual terms with everyone - literally. Two years ago this was out of the question! They did not want to listen to us. And now it is almost always possible to agree on bonuses - from 5 to 15%.
For example.
...if you are ready to pay 100% of the cost of the new building at once, you can count on a discount. Companies give as a gift a set of household appliances or installation of warm floors. The cost of issuing a TAPU (certificate of ownership in Turkey) can now also be transferred to the developer.
Favourable Citizenship Packages
Until two years ago, it was difficult to find properties in the resort regions of Turkey suitable for citizenship for investment. The majority of new buildings had underestimated cadastral value, which did not allow them to participate in the state programme.
Now the problem is less relevant: there are options with high cadastral value on the market. Moreover, it is possible to choose several objects in the complexes for a total amount of $400 thousand.
Moreover, developers have begun to compensate buyers for the cost of registration of TAPU and lawyer's services - and this is a saving of about $40 thousand.
Properties With Guaranteed Rental Income
Another way to attract buyers is to offer a guarantee of rental income.
There are complexes that offer a guaranteed payment of 4 to 10% of the price of the property. The contract is usually signed for three years, payments are made in euros and begin immediately upon signing the purchase agreement. That is, the buyer does not even have to wait for payments, he immediately receives them in the form of a discount.
Minimum Down Payment
In 2022, to buy a new building in Turkey, you would have to make a down payment of 30 to 50 per cent. Now you can get a flat with only 10% down payment at the start. The remaining amount is given in interest-free instalments until the end of construction.
Instalments for Ready-Made Apartments
You can even get an interest-free instalment plan for finished properties. This option is suitable for those who do not have the full amount on hand or for investors who do not want to invest all at once.
For example, right now the developer of Mersin is offering a promotion on four almost ready projects - interest-free instalments for a year. Studios there cost from €37 thousand, you can split this amount into 12 instalments and pay monthly by €3 thousand.
TAPU on the Construction Project
It is now possible to obtain a certificate of ownership of the building under construction - after payment of 50% of the cost and with instalments until the end of construction.
This is an important advantage for buyers who want to apply for residence permit in Turkey on TAPU. This type of residence permit is now issued if the property is located in an open neighbourhood and the cadastral value of the property exceeds $200,000.
It is important that the object had one owner, maximum spouse(s) can still be included - but the residence permit can be obtained and family members: spouses in lawful wedlock and children under 18 years of age. After five years, holders of this status are eligible to apply for Turkish citizenship.
Timeshare System
This is another new way to buy an apartment in Turkey inexpensively.
Turkish law allows you to own property in shares with other owners. The developer divides the apartment into 12 shares, the owner of each gets the right to use the property for one month a year.
The cost of a share, or rather a month (you can buy any month or several) - from € 9.9 thousand. The price includes the full equipment of the flat. In this case, we are talking about a premium complex with a rich infrastructure.
Your month can be rented out, given as a gift or inherited.
Holiday in Turkey in this case will cost much cheaper than staying in hotels. In addition, the share can be sold on the secondary market.
Most property developers in Turkey have not rewritten their official price lists, but the market situation is now playing into the hands of buyers. Negotiate terms and conditions, negotiate discounts - and we will help you with this.
