Buying a property in Alanya: a complete guide

All sources have been thoroughly verified for credibility. Furthermore, a local real estate expert has reviewed and approved the final article.

Yes, the analysis of Alanya's property market is included in our pack

Considering buying real estate in Alanya? You're not alone!

Alanya's stunning Mediterranean coastline lures many to fantasize about owning a sea-facing villa or a stylish beachfront condo in this Turkish resort town.

Is it a wise investment, though? Are property prices increasing in Alanya? What is the price per sqm? Is it more profitable to buy in the city center or beachside? Is there any hidden tax? Can I get a very good rental yield? Where?

We have all the answers you need.

The Investropa team has thoroughly explored this market. Actually, we've compiled all our findings in one pack. Get it now.

In this article, get ready to receive valuable insights from us.

How's the real estate market in Alanya?

How is the property market faring? Let's gather and interpret the data to know for sure.

Property types

In Alanya, there are various types of properties available for sale to suit different preferences and needs.

These properties include apartments, villas, townhouses, and land for development.

Apartments are ideal for individuals or small families seeking convenience and shared amenities, while villas offer more space and privacy for larger families or those who prefer a standalone dwelling. Townhouses provide a balance between apartments and villas, often with shared facilities and a semi-detached layout.

Additionally, land for development offers opportunities for building custom homes or commercial projects.

Whether you seek a cozy apartment, a spacious villa, a practical townhouse, or land to build your dream property, Alanya has a diverse range of options to explore.

What's better: buy or rent?

(If you're keeping it for yourself and not renting it)

Whether you're considering settling in Alanya or already living there, you might be pondering the buy vs. rent decision in this charming Turkish resort town.

Usually, buying is better than renting in Alanya due to its desirable climate and stunning landscape, making it a great place to invest in a property.

That said, renting provides the advantage of flexibility for those who want it.

Property pricing in Alanya

On average, according to the last data from Central Bank of the Republic of Turkey, purchasing a property in Alanya should cost you around $3,200 per square meter.

Of course, there are noticeable differences. An apartment in Alanya might have a different price per square meter than a villa in Mahmutlar. We actually give you a more detailed breakdown in our pack for buying property in Alanya and in Turkey.

To give you a better idea, it means that, instead of buying an apartment in Paris or London, you can afford 4 properties in Alanya.

Also, housing prices in Alanya are 29% cheaper than in Bodrum.

The most expensive neighbourhoods in Alanya are probably Kestel, Mahmutlar, and Oba, whereas the cheapest are likely to be Tosmur, Demirtas, and Kargicak.

Trends

First and foremost, we have to acknowledge that Turkey is, nowadays, a relatively stable country. The last Fragile State Index that has been reported for this place is 78.1.

This is important to remember when wondering if it's a good investment to buy a property in Alanya.

Besides that, if we look at the IMF's GDP forecasts, Turkey's economy is expected to soar by 13.9% in the coming 5 years, resulting in an average GDP growth rate of 2.8%.

If you intend to invest in real estate in Alanya it's a good thing because a growing economy usually means people earn more, so they can buy property for themselves or as an investment, causing property demand (and then prices) to increase.

Also, in Turkey, the average GDP per capita has changed by 17.2% over the last 5 years. Very few countries have achieved superior results.

These are positive signals showing that property prices in Alanya might increase in 2024 and during the coming years.

Looking for more updated data? We've done a big-picture study to find out if it's a good idea to purchase property in Turkey right now.

Buying property in Alanya

It can be difficult to buy property in Alanya due to the lack of reliable and up-to-date information about the market. That's why we have created the pack to buy property in Alanya and in Turkey.

Buying process

In the pack of documents we have built, we've covered everything about buying a property, from the contacts you'll need to the taxes that need to be paid, and even where to look for available properties.

Now, we're presenting a simpler version to make it easier for you to understand and follow along.

This is the step-by-step process to purchase a property in Alanya:

1. Research the Alanya property market and local regulations.
2. Secure financing and set a budget, considering additional fees like property tax and title deed transfer tax.
3. Engage a reputable real estate agent with knowledge of Alanya's property market.
4. Select a property that fits your criteria, considering location, amenities, and future development plans.
5. Conduct a thorough inspection of the property, hire a qualified surveyor if needed.
6. Negotiate the price and terms with the seller, taking cultural customs into account.
7. Sign a preliminary sales contract (reservation contract), and pay a deposit, usually 10% of the property's value.
8. Hire a lawyer who is experienced in Turkish property law to review all legal documents, including the title deed (TAPU).
9. Obtain approval from the military authorities (for foreigners) before finalizing the purchase.
10. Transfer funds and pay necessary fees, including property tax, title deed transfer tax, and notary fees.
11. Sign the official sales contract (Title Deed - TAPU) in the presence of a notary public and the seller.
12. Register the property with the Alanya Land Registry Office to complete the purchase.

Also, if you're not from the country, you might want to check our article on how to buy property as a foreigner in Turkey.

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Where to find a property

Explore these websites to find properties in Alanya:

• Property Turkey - Offering a wide range of real estate options in Turkey, including properties in Istanbul, Bodrum, Antalya, and more.
• Turkey Homes - Specializing in Turkish real estate, providing guidance for property, investment, and lifestyle needs. They offer properties in various regions.
• Turk Estate - A platform offering a comprehensive selection of properties in Turkey, including apartments, villas, penthouses, and commercial properties.
• Turkey Expert - A well-established Turkish real estate agent and property developer guiding foreign property buyers interested in real estate purchases.
• Zingat - A real estate portal offering various properties for sale, such as apartments, villas, commercial spaces, land, and tourism-related properties.

Also, know that we have included contacts of real estate agencies, property lawyers, moving companies, expats communities and more in our pack for buying property in Turkey.

What you can get

As mentioned before, the average price per sqm in Alanya is $3,200. A 1-bedroom property with an area of 60 square meters would cost approximately $192,000, while a 2-bedroom property with an area of 85 square meters would cost approximately $272,000.

Obviously, property prices will change based on both the property itself and its location.

Prices tend to be higher in the top areas of Alanya. A residence in Kargicak could be around $780,000, while an apartment in Mahmutlar might be priced at $340,000.

Certain locations are not as costly. You may find a residence in Konaklı for $320,000, or a residence in Avsallar priced only at $200,000.

We give a more detailed pricing list in our full pack for buying property in Turkey.

Common mistakes

Here are the main pitfalls specific to buying a property in Alanya, Turkey:

• Failure to obtain the "Iskan" (habitation certificate) for new properties, hindering utility connections and legal occupancy.
• Overlooking the "Emlak Vergisi" (property tax) and potential changes in tax regulations.
• Purchasing property in a restricted military zone, leading to ownership and access issues.
• Not verifying the property's earthquake resistance due to the region's seismic activity.
• Not considering seasonal rental restrictions for tourist properties in certain areas.
• Underestimating the impact of local regulations on property renovations and expansions.
• Investing in properties with unresolved inheritance issues, causing complications in ownership transfer.
• Overlooking the "DASK" (mandatory earthquake insurance) and its coverage for the property.

We don't want this to happen to you, so we have included a full checklist for your property investment in our pack of documents. Avoid these mistakes and save a lot of money.

Everything you need to know is included in our Turkey Property Pack

Living in Alanya

Living in Alanya offers a unique combination of a laid-back Mediterranean lifestyle with all the modern amenities and attractions of a vibrant coastal city.

Cost of living

The cost of living in Alanya is generally quite affordable. Prices for basic everyday items are lower than in many other parts of Turkey, making it an attractive destination for those looking to stretch their budget.

Here are some examples to better understand the cost of living in Alanya:

• A "Kumpir" (stuffed baked potato) at a local eatery: $3.
• Rent for a one-bedroom apartment in the Cleopatra Beach area: $500 per month.
• "Adana kebab" meal at a Turkish grill restaurant: $8.
• "Ayran" (Turkish yogurt drink) at a café: $1.
• Groceries from the "Alanya Pazari" (local market): $25 per week for one person.
• Ticket to Alanya Castle: $7.
• Monthly membership at a local fitness center: $30-$50.
• A bottle of "Rakı" (Turkish anise-flavored spirit) at a liquor store: $10.

Neighbourhoods

We want to show information in a way that is easy to understand. So, we made a table that shows the different areas in Alanya. For yields, prices and rents, check our property pack.

Life in Alanya

Alanya is a popular tourist destination that has experienced a wave of economic growth in recent years. The city boasts a diverse economy that includes tourism, light manufacturing, and agriculture.

What expats usually like the most in Alanya are the beautiful beaches, stunning views, and vibrant nightlife. They also appreciate the city's wide range of activities, ranging from water sports to historical tours.

Access to healthcare in Alanya is good, with a variety of hospitals, clinics, and pharmacies available.

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Renting out in Alanya

This section is for you if your goal is to buy a property and rent it out to generate income.

Long-term

Tenant Profiles in Alanya

According to the data reported by Wikipedia, the home ownership rate in Turkey is 58%, which is not much.

It means that, if you decide to buy and rent out in Alanya, there will be a lot of people who can become your potential tenants.

If you decide to buy and rent out to long-term tenants, you should target professionals, retirees, and expats who work in the tourism industry in Alanya. Alternatively, you can focus on vacationers looking for short-term rentals.

Here is a little summary table we've made for you.

Rental yields

Nowadays, the rental yields you get in Alanya are between 5% and 7%. There are some opportunities. So you know, a "good" rental yield is above 7%.

Properties with high occupancy rates, such as those in popular tourist areas like Mahmutlar and Kestel, tend to have the best rental yields in Alanya. These areas offer a wide variety of amenities and attractions, which makes them attractive to both tourists and long-term renters.

For further explanation and a more detailed breakdown, you can check the reports and analyses we have made.

Finally, be aware that rental incomes in Alanya are taxed at 27%, which is average.

Short-term

You could also decide to rent short-term to holidaymakers, expats, or students looking for a temporary place to stay in Alanya. You could also rent short-term to digital nomads, business travellers, or those who are in town for events or conferences.

If you decide to go with that option, look for properties in Kestel, Mahmutlar, Avsallar, Oba, and Tosmur. These areas are popular for their close proximity to the beach and other attractions.

Is it worth buying real estate in Alanya then?

Absolutely, buying a property in Alanya can be a fantastic idea in several situations. If you're planning to make Alanya your long-term home, it's a smart move. The cost of living is reasonable, and owning a property provides stability and potentially lower living costs compared to renting.

For retirees, Alanya's pleasant climate, affordability, and quality of life make it an ideal destination. Owning a property here can offer a comfortable and budget-friendly retirement home. Additionally, if you're an investor looking for rental income, especially in popular tourist areas like Mahmutlar and Kestel, you can expect decent rental yields ranging from 5% to 7%. These areas tend to have high occupancy rates, making them appealing for investors.

Also, with Turkey's stable economy and positive GDP growth forecasts, investing in Alanya's real estate market can be profitable as the economy grows, leading to potential capital appreciation.

However, there are situations where buying a property in Alanya may not be the best choice. If you're planning a short-term stay, like a few months or a year, renting is more practical due to the significant upfront costs of property acquisition. Managing property-related expenses like maintenance, property tax, and utilities can be challenging if your financial situation is uncertain, so renting may be a better option.

Additionally, if you overlook vital details or fail to conduct thorough research, you could face costly mistakes. Alanya has specific challenges related to property ownership, such as obtaining necessary certificates, property tax, and military zone restrictions, which can lead to complications and financial setbacks if not addressed properly.

Therefore, it's crucial to consult local experts and engage with reputable real estate agents to make an informed decision when considering property purchase in Alanya.

Make sure you understand the real estate market in Alanya

Don't rush into buying the wrong property in Turkey. Sit, relax and read our guide to avoid costly mistakes and make the best investment possible.

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The content provided here is for informational purposes only and does not imply endorsement or advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information, including text, images, links, or other elements in this material. Following the content and analyses presented here does not assure specific outcomes. For guidance tailored to your individual circumstances, it is recommended to consult with a professional, such as a lawyer, accountant, or business advisor.