As the saying goes from various songs and poems, the foreign real-estate buyers are being drawn to the Turkish Real-Estate market like a moth to a flame. Understandably so since Turkey is one of the most prolific countries from various points of view. The people who have moved to Turkey, have nothing but nice things to say about the country and the people. Such elements are certainly enticing if looked at from a real estate investor’s lense. However, it is important to bear in mind the provisions of moving to a new place, be those in terms of cost or lifestyle. In contrast to its european counterparts, Turkey is certainly different. The difference of culture is obvious, but the difference in terms of cost of living is also quite significant. Here’s what we mean:
- To begin with, the cost of property in Turkey, specifically in the Istanbul and Antalya region, is $75,000 for an apartment and over $100,000 for a Villa. However, if one chooses to go for a rental property, rent for an apartment is from $450 to $600 per month, if the apartment is fully furnished and is situated in the urban areas.
- Next up, one must account for the Utility expenses, which entail costs of electricity, water and janitorial services. The combined cost for Water and electricity taxes can be up to $950 to $1000 annually. As far as the janitorial expenses go, the dwellers must reach out to the local council to know how much they have to pay. The maintenance expenses can go up to $200 depending on the community rates.
- The cellular expenses can reach $20 per month. However, given that expatriates can opt for service packages offered by the cellular services, the cellular cost can be slashed down to $16 a month, in which they can also use up to 2GB free internet, 500 free phone call minutes and 500 free text messages.
- If you dine out everyday, Food expenses can be a bit much on your wallet as a single meal can cost from $20 to $30. This cost can be reduced significantly if the food is cooked at home.
- Transportation costs are subjective to each person with respect to their particular travels. Although, the average cost of transportation can be around $300 per year.
The aforementioned figures are all subjective to each person’s way of living. However generally, Turkey is not a particularly expensive place to live. Plus, getting to call the land of hospitality and beauty your home is absolutely priceless. The government invites the foreign buyers by offering the opportunity to acquire the residential permit or even Turkish Citizenship by Investment in Turkish real estate. Given the said factors, now is the most opportune time for the foreign buyers to invest and settle in Turkey.