While Turkey and Greece are two very different countries, property buyers looking to buy houses in the eastern Mediterranean will notice that they have a lot of similarities such as:
- Long stretches of coastal areas, beaches, and seafronts
- A common climatic zone
- Similar food interests- from sticky pastries to kebabs (gyros in Greece)
- Identical orientation to tourism
When consolidated, these factors sum up to a substantial percentage of economies and financial stability of both countries. Therefore, it is often difficult for real estate investors to choose between the two nations and settle in one.
In this article, we have summarized some of the key differences and real estate market comparisons between Greece and Turkey.
About Turkey
Turkey, officially known as the Republic of Turkey, is situated at the crossroads of the Middle East, Caucasus, Balkans, and the eastern Mediterranean. It is amongst the largest countries of the region in terms of population and territory, with a land area greater than any other European states.
Turkey is surrounded by coastal regions and sea on the three sides. The Aegean in the west, the Mediterranean in the south, and the Black Sea in the north. The Marmara Sea in the northwestern side includes the Dardanelles Straits and Istanbul and is the territorial water of Turkey. Spanning European and Asian continents, it preoccupies some of the world’s most magnificent landscapes and cities such as Mount Ararat and white sandy beaches. Turkey is a stunningly beautiful country with a mixture of modern and medieval architecture.
About Greece
Greece is known for its whitewashed villages, ancient ruins, Mediterranean cuisines, and beautiful beaches. Located in southeastern Europe, the country is divided into three geographical segments: the islands, the Peloponnese, the mainland and mountainous peninsula.
The scattered islands surround the Grecian peninsula, enclosing mesmerizing landscapes, cultural and historical places, and buzzing nightlives. The mainland has vast areas of forests, rugged mountains, and lakes and the longest coastline in Europe.
What are the differences between Greece and Turkey?
- Language is the first barrier between the two nations. The primary language is Greek in Greece and Turkish in Turkey. Fortunately, locals and a lot of tourists speak English apart from other foreign languages.
- Both countries use different currencies. This is where Greece possibly has an edge since it uses the euro, one of the most stable global currencies. Turkey, on the other hand, uses Turkish lira.
The prominent aspect of the lira as a currency is- the exchange rate makes Turkish properties cheap as compared to dollar or euro. That is a situation where investors have to decide whether the glass is half empty or half full!
Real estate market comparison between Greece and Turkey
According to the latest research, the price of the property in Greece per square meter is 77% higher as compared to Turkey. While everything depends on the real estate location, Turkey is comparatively less expensive.
Turkey
The higher levels of real estate development have led to an increase in the availability of new properties in Turkey. Foreign investors find that an annual yield is significantly higher and falls between 5 to 7%.
The most preferred type of residence is 3+1 houses with a buying rate of 66%. Next are 2+1 and 4+1 flats with buying interest of 13% and 12% respectively.
In Turkey, the most populated area lies around the Bosphorus and 20% of the total population resides in Istanbul. In Anatolia, cities are scattered and small except for Ankara which is the Turkish capital.
Greece
The cost of residential and commercial properties are high in Greece and so is the cost of living. Most of the commodities including housing projects in Greece cost between one and a half to three times what you’d pay in Turkey.
Refurbished properties over 30 years old, up to 90 sq. metres, and in a good condition are most preferred by real estate buyers in Greece. Across the country, approximately 88% of the residential properties were sold including maisonettes/detached houses and apartments while commercial units and lands accounted for 7% and 5% respectively.
In Greece, a majority of the population lives in metropolitan Athens and the regions surrounding the mainland city. The remaining public lives in small cities and islands.
For first-time property buyers, families, or foreign investors, getting their foot on the Turkish real estate ladder may be an intimidating endeavor.
From low-priced studio homes to luxurious villas and apartments, there are a myriad of projects to choose from.However, with every real estate developer and consultancy agencies popping up ‘home for sale’ ads, landing on the right property is often difficult.
Therefore, to assist real estate buyers in making the right purchase decision, we offer a full overview of our listed properties such as investment benefits, risks, project features, developer details, payment plans, and more.In a series of Turkish real estate conversations, our CEO Mr. Abdulhadi Alalouch interacts with Polat Tower Sales Manager and throws light on another remarkable project in Istanbul.
Watch him ask the important investment questions from a property investor’s perspective in this video.
Benefits of Buy Property in Uttarakhand.In Uttarakhand and its cities which include the part of Dehradun, Haridwar, Rishikesh, and Mussoorie have been the best investment destinations amongst investors and buyers from across the country.
There are some other cities such as Nainital, Mukteshwar and Chamoli are also on the radar of many home shoppers looking to buy a house or cottage in Nainital.
In the Winter Season, more people buy property in Nainital, property in Mukteshwar due to snowfall.
And In Nainital, Mukteshwar there is a beautiful Himalayan View from cottages you can see.
Buying a dream home is a challenging and hectic task.
But with the help of the best real estate company, searching for a home can be easier for you.
If you are looking for a house in Mississippi, then the expert team of Abide Real Estate Services will be there to guide you every step of the way so that you can fulfill your home buying dream with proper planning and research.
Are you planning to build your dream home?
If so, a construction loan may be the right option for you.
Construction loans are short-term loans used for new home construction.
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At the point when you are ready to make the vision of your new home a reality, let our experienced team assist you with arriving at your objective.
Buying or Selling a property involves too many aspects in it.
Getting the services from real estate professionals is necessary for finding the type of house you are looking for.
In buying a house, an agent is there to help you in finding a house that best suits your needs and within your price range.
For real estate services in Burnaby connect with Morteza Neeki to get the best real estate advice and find your dream homes.
Dubai is a popular metropolitan city that provides opportunities for several people as well as families.
Renting or during a house in Dubai can be difficult at times.
Therefore, there are certain reasons that would help to decide whether to buy or rent a flat in Dubai.
Thus, the time for waiting increases this is because the new project within the neighborhood can take several years to complete.
However, there are certain acts that need to be fulfilled before you buy or rent an apartment in Dubai.
Financial circumstances A differentiated value is estimated in the case of ready to move homes and under- construction homes.
