By the end of May ’23, we had negotiated, settled, and purchased two properties in Turkiye. Once those were officially complete, there was quite the sigh of relief!
With the rapidly changing USD to TRY (Turkish Lira) exchange rate, it was a tight squeeze to get these properties while still hitting the $400K mark, required for CBI.
(And we’re still not 100% certain that we’re at $400K, even today in mid-July. More on that complication later. Fingers crossed that these two purchases hit our goal!)
One of our two spots is in Istanbul, close to touristic areas:
This property is an apartment in an historical building, and it’s located where the heart is (underneath the bold KABATAS). It’s a few minutes away from the famous Istiklal Street, famous for its great shopping and eating. In just a few minutes on public transport, you can reach the historic district, featuring the Grand Bazaar and Aya Sofia.
This neighborhood, while not our absolute favorite, is also one that we really enjoy. We’re hoping to use the apartment ourselves sometimes, while also earning some rental income through AirBnb when we’re not there.
NOTE: We are not pursing this as a second income source. If it makes enough money to generate a second income, that will be fantastic! Our main goal is to make back some, or all, of our investment. It’s in a popular area, so hopefully others will also want to stay there!
Our second location is near the town of Karaburun, less than an hour’s drive from Izmir on the Aegean Coast. It’s a small getaway cottage in an up-and-coming area. In fact, Alacati (look south of Karaburun) is quite a popular weekend destination! While the two of us are more city folk, we expect this location to be popular for those who want to escape the city.
The Karaburun location is in the process of being furnished, and it will be ready to rent. The Istanbul property is taking a bit more work, needing some minor renovations. It’s great to have the variety between the two of them!
In the coming weeks, I will keep you updated on the process of getting these properties rental ready. Check back soon!