Advantages of buying real estate in Turkey 2022
- Investment in Turkey
There are many advantages of buying real estate in Turkey that prompted and encouraged foreigners from different countries of the world, and despite their different nationalities, they agreed on the importance of owning real estate in it.
Through the following article, you can learn about the most important pros and cons of buying real estate in Turkey. If this topic interests you, we advise you to follow the following lines with us.
Why buy real estate in Turkey?
If you have decided to buy real estate in Turkey, you should know that you will be in front of a wide range of privileges, see them through the following paragraphs in detail:
1 - An opportunity to apply for real estate residency:
Real estate residency is one of the most important reasons that encourage a foreigner to buy real estate in Turkey, as it is the legal means that allows him to stay on Turkish land in a legal manner and without being subjected to violations. It also provides its holder with many advantages and rights that the Turkish citizen enjoys.
How can I obtain real estate residency?
Not any property is suitable for obtaining it, as it must be selected according to specific bases, which are as follows:
-The property must be designated for housing, which means that if you buy a commercial property, it will not be suitable for obtaining residency.
-The real estate value must be at least 75,000$.
-Issuing the real estate appraisal document that determines the real value of the property without forgery.
-The property should not be within a security or military zone because foreigners are not allowed to buy in it.
-The buyer must not hold a nationality that is forbidden to own property in Turkey.
2 - Obtaining Turkish citizenship:
According to what was announced by the Turkish Statistics Authority, more than 40% of those who buy real estate in Turkey aim to obtain Turkish citizenship because it is the best and fastest way, as it takes a period of time ranging from 3 months to a maximum of 6 months, and the period varies according to the applicant's file.
There are a set of conditions that must be met by the appropriate property to obtain citizenship, which are:
-The property value must not be less than 400,000$.
-The property must not be sold before three years have passed since the date of purchase.
-Issuing a real estate appraisal document from a specialized company that has a permit from the Turkish government.
-Commitment not to buy the property from a foreign party, but it must be Turkish, whether it is an individual or a construction company.
-The price of the property must be paid through one of the banks in Turkey.
-Verifying that the property has never been used in order to obtain it.
The holder of that citizenship can obtain many advantages and rights enjoyed by citizens of the Turkish state, such as retaining the first citizenship, participating in political life, benefiting from service and recreational facilities, and others.
3- Suitable real estate prices:
It cannot be overlooked that real estate prices in Turkey are moderate and low compared to other countries around the world, especially European countries. The American Times reported in this regard that real estate prices in Turkey are 50-60% cheaper than prices in Eastern Europe, which is cheaper than the prices that are found in Western Europe, between 80 and 90%, and also cheaper than real estate prices in the American continent and in many Arab countries.
Do you think that the moderate prices of real estate in Turkey make it of low quality or specifications? Certainly not, the real estate sector in Turkey is witnessing great distinction and unprecedented high luxury that compete with the most important developed countries, especially the modern projects that have been developed recently, as:
-The best and highest quality building materials are relied upon.
-They are built under the supervision of the most important specialists and experienced engineers.
-They have a luxurious modern style suitable for all tastes.
4-Good option for real estate investment:
Turkey, with its many components, is one of the most important countries around the world in the field of real estate investment and has ranked fourth in the world, except that investing in real estate is the most suitable option in order to obtain high and abundant profits and uninterrupted returns throughout the year, and with recent expectations that indicate that real estate prices in this country will record a significant rise during the coming period, as the Turkish market will become the most attractive for investors, businessmen and capital owners.
If you are interested in the Turkish real estate market, you will discover that the demand is increasing year after year as a natural response to the many facilities offered by the Turkish government and in light of the many difficulties imposed by the governments of European countries.
The future of real estate in Turkey:
Of course, you are interested in knowing the path that real estate in Turkey is taking, is it an improvement and recovery? Will real estate prices rise in the coming period? Are prices expected to drop? Is this a good time to buy?
Here are the answers to all your questions:
1 - First, you should know that the current period is the best option for owning real estate in Turkey, and the reason for this is that prices will rise by clear rates during the coming period, which may reach 60%.
2 - The real estate market in Turkey is witnessing a great recovery due to the large movement of buying and selling and the increase in the number of real estate projects with luxury specifications.
3 - There are many reasons that will lead to an increase in real estate prices in Turkey, which are:
*The high prices of raw construction materials because Turkey imports them from abroad.
*High population density and constantly rising population.
*Great demand for buying real estate in Turkey.
*Busy tourist seasons that are hosted by the country annually.
*Urban luxury and modern contemporary designs.
*Continuation of the Turkish citizenship program through real estate investment.
4 - An important fact that you should realize about real estate investment, which is that it is the safest project to preserve capital. Real estate does not lose its value completely, but rather grows constantly, and therefore it is the best way to preserve capital.
The most important types of real estate in Turkey:
Before you choose the right property for you in Turkey, you should take a quick tour to learn about the most important options available, whether you want housing and stability or real estate investment:
First: The apartments of the residential complexes are the most sought after by foreigners and local residents, according to reports in this regard. As for the reason that made them the best option, they provide the residents with an integrated and sophisticated lifestyle completely different from what is usual, where you will find the sauna - Turkish bath - indoor and outdoor pools – security and guarding over time - green spaces - strategic location - sea or forest view - the important investment future and the prices that are constantly increasing and rising.
Second: Apartments that are located in independent buildings, which is the most common real estate style, and you can find them in various Turkish states, and their features are less compared to apartments in residential complexes, and thus also their prices.
Third: You will hear in the Turkish real estate market a lot of terms that will seem strange to you. For example, we have penthouse apartments that first appeared in New York, America, before they spread to other countries, including Turkey, and are found on the last floors of high buildings and high-rise towers, and they are very expensive, suitable only for people with high budgets. We also have duplexes and triplexes whose prices are somewhat cheaper and have a great deal of distinction and a large area, which gives its residents comfort, independence and privacy.
Fourth: Studio apartments with small spaces that are suitable for one person living alone or for two people at most.
Fifth: Commercial real estate is one of the most important options in Turkey and suitable for real estate investment, as:
-The returns that can be obtained are great.
-The landlord does not have to deal directly with the tenant or solve the problems that appear in the property because he will make the modifications that fit his investment project.
-You will not find any delay in the payment of rent by the tenants because their financial conditions are excellent.
Sixth: Villas come in second place directly after apartments as the most important real estate option at all, as the demand for them is great, especially during the tourist seasons.
It is worth noting that the villas are suitable as an important investment field, as they can be a school / kindergarten / medical or health center / they can be rented to get a special monthly return / resold at a higher price, and add to your information that the villas are the least affected by the surrounding conditions such as political and economic conditions and others, as well as their prices are constantly rising.
How to buy a property in Turkey?
If this is your first experience in buying real estate in Turkey, then there are many details that will be unknown to you and therefore you must be aware of them and look into them before searching for the right property for you, and through the following paragraphs you can see those details quickly:
1- The first step must be specifying the goal that you want to achieve from buying the property. Is it real estate investment or obtaining Turkish citizenship, or permanent residence? Depending on your goal, you start the search in an orderly fashion, rather than randomness.
2 - You should study the financial budget that you have, is it sufficient to cover the entire costs of purchasing the property, or will you resort to borrowing? What you do not know is that the costs of owning real estate in Turkey do not end with paying the required value only. There are taxes, fees for transferring ownership, issuing a real estate appraisal document, earthquake insurance, and others.
3 - Take field tours to visit the most important real estate projects available in the real estate market to see the prices and specifications so that you can choose the best for you and achieve your goal.
4 - It is necessary to use one of the important and famous real estate companies to help you find the right property, as well as to benefit from their close relations with the most important Turkish construction companies, and therefore there will be a great opportunity to obtain high discounts.
5 - Finally, there are many routine procedures that must be carried out with the assistance of the legal expert or the competent lawyer.
Notes when owning real estate in Turkey:
There are many notes that should be taken into account when buying real estate in Turkey, which will help you make the right choice:
1 - The legal status of the property must be viewed with the help of a legal expert because it is not possible to discover this matter easily through the title deed, and one of the most famous problems that may exist in the mortgage or real estate seizure and have negative repercussions such as affecting the value of the real estate and investment.
2 - There are many real estate fraud methods that you may be a victim of one of them, so you must review them fully to avoid them and not pay the money in the wrong place.
3 - If your goal is to invest in real estate, be sure to choose a strategic location, as this gives the property a high investment value.
4 - If the property is close to the metro or metrobus stations, this is an indication that its price will constantly increase.
5 - Foreigners cannot buy real estate in one of the security or military areas, as it is forbidden for them to own property within those areas.
6 - If the percentage of foreign ownership in an area reaches more than 10% of its total area, the Land Registry Directorate will issue a decision to stop issuing licenses.
7- Foreigners cannot own more than 30 hectares in different parts of Turkey.
8 - In 2012, the Turkish government issued a decision to abolish the reciprocity law, according to which all foreigners of different nationalities can own property in Turkey with the exception of only five nationalities: Syrian - Cuba - North Korea - Armenia - Greek Cyprus for political reasons.
This is the most important information that interests you about buying real estate in Turkey and its advantages. If you want to get a suitable opportunity for you, do not hesitate before contacting us to provide you with the help you deserve in finding the right property for you … You will also get consultations and a lot of advice.