Real estate in Turkey is your gateway to the world of success
There is no doubt that there have been many conversations about the real estate field in Turkey to a large and noticeable degree, and many articles have been organized in this regard, but it was necessary for us in the Hana Real Estate Company to work on organizing a distinguished report containing all the details related to buying and owning real estate in Turkey.
Everything you need to know about the real estate market in Turkey can be found in the following article. We wish you an enjoyable and useful reading.
Table of Contents
The importance of real estate in Turkey:
Before you make a decision to buy real estate in Turkey, you should see all the advantages that you will get and that will return to you, and through the following paragraphs we will talk about them in full.
First: Suitable real estate prices:
If you think that the prices of real estate and apartments in Turkey are high, this is not accurate, as it is considered very appropriate and moderate compared to the prices in the European Union or the American countries. This has been accompanied by the high quality, luxury and great development that suits the tastes of all local and foreign people.
There are many reasons that led to the prices being appropriate in Turkey, most notably the large abundance in the amount of offers available for sale, the presence of many distinguished real estate projects, and the Turkish government’s approval not to complete any sale process until after bringing the real estate appraisal report that controls prices and prevents manipulation of them.
In this regard, we must point out an important thing, which is that the cost of living is also low and appropriate, i.e. (The cost of food – electricity – water and all bills, etc.).
Second: Obtaining citizenship:
One of the main reasons that encourage foreigners and investors to own real estate in Turkey is that through it you can obtain Turkish citizenship in exchange for the total price of what you own of real estate not less than two hundred and fifty thousand US dollars or more, but this will not last long as the Turkish government issued a decision to raise the minimum value to 400,000 US dollars a month from now.
Third: Issuing a real estate residence permit:
One of the most prominent advantages of buying real estate in Turkey is the possibility of obtaining and applying for real estate residency immediately after owning the property without having many conditions and restrictions that must be adhered to, only the property should be intended for housing.
The real estate residence permit is short-term, but it can be renewed annually as long as the foreigner owns it. It is granted to all family members and not only to the real estate owner, and allows the holder to move between the Turkish states.
Fourth: Lifetime Real Estate Ownership:
Real estate ownership laws in Turkey have violated many European countries that set a period of 99, during which the foreigner’s ownership ends, while in Turkey there is no specific period and children can inherit it later.
It is worth noting that you are free to dispose of the real estate you own in Turkey, whether you want to live in it or invest in real estate, and you can sell it at a time that suits you.
One important piece of information that we must note is that real estate is always the most distinguished investment, based on many factors, the most important of which are the reviving Turkish economy – political stability – advanced infrastructure – government support. And add to your information that real estate is less affected by crises and maintains its value, so there are those who said that real estate is a fixed asset that does not change but rather increases with the passage of time.
Advantages of real estate investment in Turkey:
One of the first reasons that push foreigners to buy real estate in Turkey is in order to enter the world of real estate investment and achieve abundant profits and rewarding returns, As the real estate market in Turkey is full of distinctive options and wonderful opportunities, and as a result of its advantages, in recent years the real estate sector has recorded a lot of growth and has surpassed the most important European countries.
According to a study conducted on this subject, it was found that real estate investment in Turkey ranks fourth in the world, as it is a stable land witnessing development in various fields and sectors, in addition to the acceleration of urban growth.
How to invest in real estate in Turkey.
In order to invest in Turkey, you have two options, either to rent real estate to obtain stable and high returns, and therefore based on the great demand for real estate, especially during the tourist seasons.
The second option for investing in Turkish real estate is to resell the property after a period of time, that is, when prices rise to benefit from the price difference that will result between the buying and selling stages.
What we can point out in this regard is that within a short period you will find that your capital has doubled and grown, and the real estate market is constantly fluctuating.
What is the future of real estate in Turkey?
What encourages real estate investors around the world to invest in Turkey and not other countries of the world is that its future is guaranteed and according to expectations in this regard, prices will record within a short period a significant increase ranging between 50% and 60%.
But in your opinion, what are the reasons that will lead to an increase in prices in Turkey? There are a number of reasons that we will refer to in detail:
– High population density as the population of Turkey has exceeded 84 million.
– Turkey annually hosts thousands of foreigners, including students, for tourism purposes, and others.
– The rising costs of building materials which will certainly affect real estate prices.
– Change in the value of the Turkish lira against foreign currencies.
– High demand for its purchase.
– According to global indicators, real estate in Turkey is entering the global race.
Types of real estate in Turkey suitable for investment:
After you have determined your goal in real estate investment in Turkey, you must be wondering about the most important types of real estate suitable for this project, especially since the real estate market in Turkey is full of various and different options. Here are the most important ones:
First: the apartments of residential complexes:
It is a residential real estate and is considered the first investment option because the demand for it is very large and its importance came from the fact that it provides the residents with an integrated and different lifestyle, in relation to the availability of all service and recreational facilities such as:
– Playgrounds – fitness halls – green spaces.
– Sauna – Turkish bath – steam rooms – swimming pools.
– Its strategic location in the city – the distinctive view.
– Its proximity to the most important service facilities and public transportation lines.
Do not forget that these complexes are of modern and upscale designs that conform to international specifications, and the best building materials are used.
Second: Commercial real estate:
The second main type is commercial real estate such as offices – shops – restaurants – cafes – malls – markets – buildings that are used for commercial purposes and others.
It is one of the profitable investment ideas due to the high population density in Turkey and also the busy tourist seasons that it witnesses, as its rents are high and prices are constantly increasing.
How to own real estate in Turkey:
Among the many facilities provided by the Turkish government to foreigners wishing to buy real estate in Turkey, it allowed them to do so in several ways, which are as follows.
Many people choose to pay cash when the full price of the property is available to them, and this method of paying the property value is considered the best because you will get the property title directly and also can benefit from the high discounts offered by construction companies, whose value ranges from 10 to 20%.
The second option, which is considered the most popular, is to buy a property under construction, as its price is cheaper than ready-made properties at high rates. Add to your information that after the completion of construction work, prices rise at high rates, up to 70%.
There are many offers that are still under construction, as the building companies compete among themselves to provide the highest and most distinguished specifications in order to meet the desires of everyone.
A wide category of investors prefer to look for installment offers where they can pay the price of the property in the long term and without facing financial pressures or having to borrow, and you should bear in mind that the larger the down payment, the more this helps you to get a high discount.
Conditions for buying real estate in Turkey:
It is natural to ask about the laws regarding foreign ownership of real estate in Turkey. Despite the flexibility of Turkish laws, this does not negate the existence of many restrictions that must be adhered to, which are as follows.
First of all, foreigners are not entitled to own real estate in Turkey within the security or military zones, so a security approval is required to ensure that this condition is met.
Foreigners cannot own more than thirty hectares in various Turkish states and cities, and the Directorate of Real Estate Registry issues a decision prohibiting the granting of licenses to foreigners if the percentage of ownership in an area reaches 10% of its total area.
It should be noted that before 2012, not all foreigners had the right to own property in Turkey, as it was based on the principle of reciprocity, but it abolished this principle and all nationalities could acquire real estate except for only five nationalities for political reasons.
Important information about buying real estate in Turkey:
Through the following paragraph, we will talk about some of the details that you must know and adhere to when buying real estate in Turkey.
First: The same laws imposed on Turks are applicable to foreigners and there are no additional costs that they must pay.
Second: The value added tax was abolished when buying the property for the first time, and this saved the buyer a lot of costs.
Third: The value of the property must be paid in the local currency (the Turkish lira), and this is in the interest of the foreign investor, especially in light of the change in the value of the lira exchange rate against foreign currencies.
Fourth: One of the basic conditions that must be adhered to is to extract the real estate appraisal document that determines the real property value and leaves no room for the seller to manipulate prices as he wants.
Tips and notes when searching for real estate for sale:
It is smart to know everything related to the Turkish real estate market before you sign the purchase contract. Below we provide you with a very important summary that you should follow.
With the increasing demand for buying real estate in Turkey, the number of real estate companies and real estate agents has automatically increased in order to meet investors and foreigners, but this does not mean that any company is a good option to ask for help and advice, but rather there are many criteria that must be selected based on:
– Must be of wide reputation, experience and good reputation.
– You have to ask about the services it provides, do they help you achieve your goals?
– You can communicate with clients who have already dealt with it.
– You should also contact it personally to check how responsive it is to you.
One of the things that you should be careful about is to see everything related to the legal status of the property, because any problem leads to a decrease in its value and creates difficulty in selling or disposing of it. This can be done by reviewing the Land Registry Directorate or seeking the assistance of a real estate and legal expert, because such matters are not mentioned in the title deed. It should be noted that you may not discover the matter until after two or three months.
There is no doubt that investing in real estate in Turkey is a completely safe option, but this does not negate the existence of some risks that may fall into it, the most important of which is real estate fraud, where the buyer may be deluded that it is considered suitable for obtaining Turkish citizenship and is in fact the opposite, or he may be told that it is suitable to get a high return on investment.
One of the most dangerous forms of real estate fraud is impersonation of the owner of the property, so do not give up on getting to know him personally, and all of the above can be avoided by buying your property with the help of an important company that specializes in the real estate sector.
Be one of the beneficiaries and seize the opportunity and invest your money in Turkey. You can contact us now to communicate with our consultants in all steps and to ensure that you get safe and distinguished options.
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