When is the best time to buy property in Turkey?

The best time to buy property in Turkey is December January and February as these are generally the 'off season' months in terms of property sales. During the spring, summer and Autumn, potential buyers flocks into turkey and there is no shortgage of money for estate agents, builders and developers. Those winter months though tell a different story.

The Turkish tend to have fingers in many pies, most that I know own estate agencies, buses, 'markets' (the corner shop to you and I) or bars, restaurants and shops geared towards the tourist,. All these businesses are geared towards the foreign visitor, so what happens in the coolest months of the year when very few are around?

The Dolmus buses, which can take up to 1000 lire a day in summer, run less often and takings drop to less than 100 TL a day, waiters & barmen are out of work and most go from the coastal resorts back to their home villages, most tourist shops shut befween October and March, and property owners and developers still have to pay their mortgages when no-one is buying. Basically, much of Turkey goes into 'poverty mode' during these 3 months.

Whilst these times are not good for the Turkish, these three particular months are the best times to buy property in Turkey. At no other time of year are you likely to secure such a bargain. I have seen prices drop by almost half during this time by some developers and many owners who haven't managed to secure a buyer during the busy months will be open to negotiation rather than wait another 4-5 months for the next buying season. Buyers will always prosper when a market is quiet as they have a much better chance of having a lower offer accepted.

It is also the best time to buy property in Turkey for those looking for a buy to let investment. Those looking for the best place to invest early in 2010 have been advised to consider Turkey, and Marks and Spencers Travel Money Report for the third quarter of the year put the Turkish lira third in the list of most sought-after currencies for sterling conversions, with the cheap cost of visiting the country making it a very attractive holiday destination. Buying and completing on your property by February/March will ensure that you have plenty of time to get your advertising in place for next years holiday bookings.

There are also some very reasonable mortgage products currently available:

Rate Range: From 4.36% Euros and From 6.4% in Sterling, Fixed and variable rates
Minimum loan: 30,000 Euros
Maximum loan: 75% in Sterling, 70% in Euros
Term: 20 years
Maximum age: 80 years
Currency: Euros or Sterling

The international mortgage firm Conti identified Turkey as a fast-growing market, noting that 13 per cent of its mortgage enquiries so far this year concerned the country, making it the third most popular buyer destination.

Towards the end of a year, we get a lot of enquiries about properties ready for a planned visit in spring, but my advice if you are looking for a bargain is to visit beforehand. The best time to buy property in Turkey is now.

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See Guide to buying propery in Turkey >>

There are still fantastic investment opportunities in many areas of Turkey and certainly the potential for excellent rental returns in any of the resorts along the Aegean or Mediterranean coastlines as well as the city of Istanbul. Obviously getting the best deal now will result in a higher return when it comes to selling. If you are planning a visit to buy property in Turkey, please contact us with your requirements.