Buy luxury home in Turkey

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Buy luxury home in Turkey
While many properties for sale in Istanbul to $2 per square foot, Levin and Perkins try to stay a little above $1 per square foot. Plus, their properties often have a back yard and patio, Levin said.

The idea of buying distressed or foreclosed housing and renting it out gained popularity during the recession, said Mary Bujold, president of Maxfield Research Group, a Minneapolis housing research firm.

“What started that wave is when the recession hit, and there were a lot of foreclosed homes, people started buying property in Turkey
homes and doing what [Levin and Perkins] are doing, which is putting a little bit of money into them and renting them out,” Bujold said.

As people lost their homes and began to rent, the rental market got tighter, she said. But it may invest in Turkey “renovate to rent” as housing prices increase.

“The foreclosure rates are starting to drop now, and the for-sale market is going up ... The ability to pick up homes at a reasonable price is likely going to decrease,” Bujold said