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The purchase of Property in Turkey attracts with affordable prices, beautiful coastlines and easy procedures for foreigners. Apartments in bustling Istanbul or a holiday villa in Antalya seem like the perfect investment. But beneath the surface of this attractive market lies a huge, often overlooked risk that every buyer needs to realise: Turkey is one of the world’s most active earthquake zones.
The earthquake of 2023: A painful reminder
The devastating February 2023 earthquake in southeastern Turkey, which killed more than 50,000 people and collapsed entire cities, was a brutal reminder of the country’s seismic reality. Although the epicentre was far from major tourist areas, it shook the entire property market and raised uncomfortable questions about the quality of construction across the country.
Turkey is crossed by two major faults – the North Anatolian and the East Anatolian. This means that the risk is not local, but affects vast territories, including the largest megalopolis.
The “Great Istanbul Quake”: the Time Bomb Seismologists are unanimous: a major earthquake on the North Anatolian Fault in the Sea of Marmara region, which will directly affect Istanbul, is not a question of “if”, but of “when”. Forecasts are for an earthquake with a magnitude of over 7 on the Richter scale, which could have catastrophic consequences for the city of 16 million.
This is the most important factor that anyone considering buying property in Istanbul should take into account. The price per square meter cannot be the only criterion when such an existential risk exists.
What should you check before buying a property in Turkey?
Ignoring seismic risk is tantamount to financial gambling. Fortunately, there are concrete steps you can take to reduce your risk:
1. Year of construction – the most important factor. Buildings constructed after 2001 are many times safer than older ones. For buildings built after 2018, even newer and increased requirements apply. Other things being equal, always choose a newer building. Avoid at all costs properties built before 1999 unless they have undergone a complete and certified seismic retrofit.
2. Request an “Earthquake Resistance Report” (Deprem Testi Raporu). It includes analysis of concrete samples, reinforcement and structure. Although it costs money, this report is your best guarantee of the condition of the building. If the seller refuses to cooperate with such a report, that’s a huge red flag.
3. Check the soil (Zemin Etüdü). Properties built on unstable, alluvial soils (often near the coast or riverbeds) are much more vulnerable. Most new developments have a mandatory geological report on the soil. Request it.
4. Mandatory DASK insurance. It is compulsory for the transfer of property and for connection to utilities. It is important to know that DASK only covers up to a certain limit, which is often much lower than the actual market value of the property. It is therefore highly recommended that you take out additional, private insurance for full coverage.
Security has a price
The property market in Turkey offers a clear dilemma: older properties in central areas are cheaper, but also much riskier. New, modern developments in the suburbs, built to the latest standards, are more expensive but offer incomparably greater security.
Investment in Turkey can be profitable, but only if it is made with open eyes. Instead of giving in to the temptation of a quick deal at a low price, invest time and money in checks. One day this could save not only your investment, but something much more valuable.
This post is also available in: Български
