Real Estate in Izmir, Turkey
Last updated on Nov 12, 2024
Summary: The average cost of a nice 2 bedroom home in Izmir, Turkey is around $150,000 USD. These properties typically include modern amenities such as air conditioning, central heating, and a balcony. A nice 3 bedroom home in Izmir will cost around $200,000 USD. These properties typically include modern amenities such as air conditioning, central heating, and a balcony. Foreigners are allowed to purchase property in Izmir, however, they must obtain permission from the Ministry of Environment and Urbanization. An expat should search for a home to buy in Izmir by researching the local real estate market, visiting the area, and speaking with local real estate agents. The most desirable neighborhoods in Izmir include Konak, Bornova, and Buca. These areas are known for their vibrant culture, excellent restaurants, and beautiful scenery.
How do I find a place to live in Izmir?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"One of the best ways to find a place to live in Izmir is to use online resources such as websites and social media. You can search for rental listings on websites such as Zingat, Sahibinden, and Emlakjet. Additionally, you can join local Facebook groups or search for rental listings on Twitter. You can also contact local real estate agents who can help you find a place to live in Izmir. Additionally, you can ask friends and family who live in Izmir for recommendations," said one expat who made the move to Izmir.
"I recently married a lovely Turkish man and he already has his own home in a very nice neighborhood of Karsiyaka. It's a 10 min. walk to the seaside and parks and there are ample corner markets, bakeries, pharmacies and grocery stores nearby. The post office isn't far away either, so we are in a good location," explained one foreigner living in Izmir, Turkey.
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What is a typical expat home or apartment like in Izmir?
"Expat homes and apartments in Izmir are typically modern and spacious, with large windows that let in plenty of natural light. Many of the apartments have balconies with views of the city, and some even have access to a shared pool or garden. The interiors are often decorated with contemporary furnishings and feature modern amenities such as air conditioning, high-speed internet, and satellite TV. Expats in Izmir can also find apartments with fully-equipped kitchens, making it easy to cook and entertain," said one person in Izmir.
"We live in an apartment ('daire' as they say in Turkish) which is of a good size for us (open kitchen and a decent size living room, one bathroom, two bedrooms and a balcony). I have met a few expats and they all have similar housing," said one expat who made the move to Izmir.
SJB-Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model. Our clients benefit from their country’s most favorable tax environment by utilizing the efficient investment vehicles we offer. Our commitment to quality service is reflected in our stellar reviews, with over 300 testimonials boasting 95% five-star ratings.
Click connect to have our partner contact you via e-mail and/or phone.
SJB-Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model. Our clients benefit from their country’s most favorable tax environment by utilizing the efficient investment vehicles we offer. Our commitment to quality service is reflected in our stellar reviews, with over 300 testimonials boasting 95% five-star ratings.
Click connect to have our partner contact you via e-mail and/or phone.
What is the average cost of housing in Izmir?
If you are thinking about moving to Izmir, cost of living in probably a key consideration. Expats commented about the cost of housing:
"The cost of housing in Izmir can vary depending on the area and type of property. Generally, the average cost of renting an apartment in Izmir is around 500-700 Turkish Lira per month, while the average cost of buying a property is around 1,500-2,000 Turkish Lira per square meter," said one person in Izmir.
"Lower--because in the States I paid rent. My husband had his own home so there's no rent. Yay! However, even if we did pay rent it would be cheaper than back in the US. A person can find a nice apt. for anywhere between 450 to 600 Turkish lira. But 500 TL seems to be more of the average in our neighborhood," remarked one foreigner who made the move to Izmir.
Should I buy or rent a home in Izmir?
If you have not spent a lot of time in Izmir, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"Buying a home in Izmir can be a great investment. The city is known for its vibrant culture, beautiful scenery, and excellent quality of life. The cost of living is relatively low compared to other cities in Turkey, making it an attractive option for those looking to purchase a home. Additionally, the city has a strong economy and is home to many international companies, making it a great place to live and work. Renting a home in Izmir can also be a great option, as it allows you to experience the city without the commitment of buying a home. There are many rental options available, ranging from furnished apartments to villas. Renting can also be a great way to explore the city and its culture before deciding if you want to purchase a home," remarked one member in Izmir.
What do I need to know when buying property in Izmir?
When we asked expats what advice they would give a foreigner before buying a property in Izmir, they said:
"1. It is important to research the local market and understand the current trends in the Izmir real estate market. 2. Make sure to hire a reputable lawyer to help you with the legal aspects of the purchase. 3. Consider the location of the property and the amenities available in the area. 4. Be aware of any restrictions or regulations that may apply to the property. 5. Make sure to obtain a title deed for the property, which is a legal document that proves ownership. 6. Be aware of any taxes or fees that may be associated with the purchase. 7. Consider the cost of living in Izmir and the availability of public transportation. 8. Make sure to inspect the property before making a purchase. 9. Be aware of any potential risks associated with the purchase," explained one person living in Izmir, Turkey.
Are foreigners allowed to own property in Izmir?
When we asked expats what advice they would give a foreigner before buying a property in Izmir, they said...
"Yes, foreigners are allowed to own property in Izmir. The Turkish government has made it relatively easy for foreign nationals to purchase real estate in the country. However, there are certain restrictions and regulations that must be followed. Foreigners are required to obtain a military clearance for the property they wish to purchase, which is a standard procedure to ensure the property is not located in a restricted military zone. Additionally, the total amount of land owned by foreigners in a particular district cannot exceed 10% of the total land area of that district. It is advisable for foreign buyers to work with a reputable real estate agent and a lawyer to ensure a smooth property acquisition process," explained one person living in Izmir, Turkey.
What appliances are typically included in a rental?
We asked foreigners in Izmir what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"In Izmir, rental properties typically include a refrigerator, stove, oven, washing machine, and air conditioning unit. Additionally, some properties may also include a dishwasher, microwave, and/or a water heater," wrote one expat who made the move to Izmir.
Additional Information about Searching for a Home in Izmir:
We asked foreigners in Izmir what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats searching for homes in Izmir often start by browsing online property websites and local classifieds to get an idea of the housing market. They may also join expat forums and social media groups to seek advice and recommendations from fellow expats who have already gone through the process. Additionally, expats can reach out to local real estate agents who are familiar with the area and can help them find a suitable home. Visiting neighborhoods in person and attending open houses can also be helpful in finding the perfect home. Networking with locals and other expats can lead to discovering rental opportunities that may not be advertised online. Finally, expats should familiarize themselves with Turkish rental laws and regulations to ensure a smooth and legal process when securing a home in Izmir," said one expat in Izmir.
About the Author
Betsy Burlingame is one of the founders of Digital Nomad Exchange and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and Digital Nomad Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
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