According to the IMF, the Turkish economy will be the 13th largest in the world within a decade. These projections come on the heels of the speedy recovery of the Turkish Lira from almost 7 to the dollar at the end of last year to around 5 per dollar at present.
With the rapid rise of the value of their currency, the Turkish economy is seeing a boom in the rate of foreign investors willing to pour their money into local real estate. Here are some reasons why you should be trading in your pounds and dollars for luxury apartments and villas in Turkey:
New Citizenship Laws
The Turkish citizenship laws have recently been changed to help bring the Lira back to its original position and boost foreign investments. Now, foreign investors can secure Turkish citizenship by investing $250,000 in Turkish property for three years.
Previously, this sum was a 1 million USD investment to be applicable for Turkish citizenship. It has now been cut down a much more manageable amount. The scheme has worked really well with a significant increase in foreign investment in the Turkish real estate market.
Quicker and Easier Buying Process
In order to make things easier for investors, Turkey has made several amendments to the property purchasing laws over the years. Purchasing property in Turkey is now easier and faster than ever before.
In certain cases that require military clearance, the property can be purchased in just 24 hours! In addition to that, the VAT discounts and regulations within the real estate market, buyers are more confident and happy about investing their money in Turkish property.
The cost of living in Turkey is relatively low for foreigners. Food, utilities, and transportation are remarkably cheap, which makes living in Turkey quite easy. The addition of a breathtaking landscape, gorgeous weather, and the legendary hospitality of the Turkish people make it the ideal place to live!
The booming Turkish economy and the thriving educational sector have been attracting plenty of young people to Turkey. The demand for rental properties, especially along the coast, has been increasing at a staggering pace.
With a number of management companies willing to take the hassle of dealing with strict rental procedures, more and more investors are now purchasing a buy to lets in Turkey. The profitable tourist market of the country along with a shortage of housing has great potentials for healthy returns on investment in real estate!
Buying Real Estate in Turkey
Damas Turk has been a top real estate firm in Turkey since 2014. We can help find and buy property for sale in Turkey, which has a high growth rate and potential returns. Our streamlined search option can help you find the best seasonal real estate offers.
Get in touch with us at +90 554 186 90 03 to get a more personalized help regarding your investment your options in Turkey.
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