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Real estate investment in Turkey 2021

With its dazzling nature, excellent temperature, unique location, and rich history, Turkey has long charmed the globe. Turkey has always been and continues to be a popular tourist destination for people from all over the world. It has been referred to as a "second homeland." Nowadays, Turkey provides a plethora of advantages for businessmen, students, workers, and retirees to come and invest in its real estate, which has become one of the easiest ways for foreigners and expatriates looking to live in Turkey or obtain Turkish citizenship within two months or less by investing in Turkey and taking full advantage of many of its benefits in all countries around the world.

Why would you want to invest in Turkish real estate?

Turkey is not only one of the most appealing countries for acquiring a second citizenship, but it is also a prominent participant in the global arena, with significant importance among the nations, and it is one of the countries experiencing fast infrastructural development at all levels.

Turkey’s strategic location between East and West has made it a popular tourist destination for vacationers from all over the world, and it also boasts a highly appealing real estate market, particularly in Istanbul, which is brimming with new real estate developments.

Furthermore, Turkey attracts expats as it combines the capacity of operation in the economic area with living in a Western lifestyle, making it an excellent investment option. Additionally, there have been several modifications to Turkey's legal systems as well as housing and architectural trends for new constructions.

Advantages of purchasing real estate in Turkey:

1- Turkey has low real estate prices in comparison to other countries:

Due to Turkey's slow entry into the international real estate market, the prices of real estate in Turkey keep drawing expats and foreign citizens from all over the world. For example, you may get the finest deals on the most luxury furnished flats in coastal locations.

2- Turkey's real estate is ideal for long-term investments:

People seeking long-term investments may rely on the Turkish real estate market, which has the capacity to give a high return on investment due to rising real estate values. A well-maintained home in Turkey can provide a large return on a long-term investment with minimum annual upkeep.

3- Various housing options:

One of the reasons why foreigners are interested in purchasing real estate in Turkey is the vast range of luxury buildings, new construction, and budget options availability, ranging from luxury apartments with views of the sea to ordinary flats that are quite affordable.

4- The low cost of living in Turkey:

In comparison with any European or North American country, Turkey is a very inexpensive place to live.

5- The ease of purchasing real estate in Turkey:

The Turkish government has made enormous efforts to make it easy for foreigners to purchase real estate in Turkey.

6- Obtaining Turkish citizenship:

Obtaining a Turkish passport is one of the most essential benefits of purchasing a property in Turkey. As a result, many foreigners seeking a second home find Turkey to as excellent option. You may get the Turkish citizenship in 60 days if you invest at least $250,000 in real estate in Turkey.

Turkey's finest real estate investment cities:

1- Istanbul:

Foreigners looking to invest and reside in Turkey have a variety of options. Istanbul, as a matter of fact, stands out as the most popular and desired real estate investment location as it is the country's cultural, economic, and historical core. It is Turkey's biggest and most populated city, with 39 districts that serve as a hub for education, tourism, and commercial industries. As a result, real estate is a thriving and promising market. Over 40,000 properties have been acquired by foreigners in Istanbul since 2013, making it a popular market for international investors. On the outskirts of the city, affordable housing is available. Istanbul concentrates on contemporary life, with the most recent trends in infrastructure, architecture, amenities, and on-site facilities such as cafes, restaurants, parks, swimming pools, stores, and gyms.

Furthermore, Istanbul has a wide range of neighborhoods. Some of the recently developed neighborhoods are well-built, while others, such as Nişantaşı, Taksim, Karakoy, and Cihangir, are popular.

In general, Istanbul provides several alternatives for foreign nationals who desire to reside in the city for the rest of their life, ranging from employment possibilities to education and health care.

2- Antalya:

Antalya lies in southern Turkey and is a popular summer resort for both locals and expatriates. According to the Turkish Statistical Institute (TUIK), Antalya now has over 100,000 international residents.

This emphasizes that Antalya is one of the finest areas to purchase property in Turkey, where blue-flag beaches, a nice climate, and a significant expat community. In Turkey, this seaside city is the third most popular location for foreigners.

3- Bodrum:

Sea view villas, stone cottages, and detached villas with huge gardens are available in this coastal town. Bodrum has a fantastic spot to spend the winter because of its pleasant temperature. It, actually, has a huge compound for British retirees who have chosen to live there.

4- Ankara:

Ankara is the capital preference for expatriates where estate costs are lower than in Istanbul, so if you want to live in a big city without investing a lot of money, Ankara is a good option. It has a convenient location since it offers numerous shopping alternatives, is close to major attractions, and has many business possibilities, so it's a great place to visit and invest in.

Things to consider if you are a foreigner looking to purchase property in Turkey:

If you are considering purchasing real estate in Turkey, you will not require a large sum of money to enjoy the benefits of living near the Mediterranean. Turkey has a wide range of cheap housing options for foreigners.

However, when purchasing real estate in Turkey, the following are some of the most significant factors to consider:

1- Visa and Residence:

When considering purchasing real estate in Turkey, you must first get a residency permit as well as a foreigner's ID number from the Department of Foreigners' Affairs.

2- Routine paperwork:

According to Turkish legislation, the transfer of ownership takes place in the directorates of the Land Registry, and you may be required to sign two forms of title deeds (title deed and land deed). Furthermore, obtaining a residency certificate is very complicated and time-consuming. As a result, it is preferable to seek the advice of real estate agents who specialize in arranging properties for international residents.

3- Real estate agents and commission fees in Turkey:

A real estate agent's commission fees are generally 4% of the property's value. Although it is a reasonable price, you can always haggle.

4- Title deed in Turkey:

The cost of acquiring a title deed, known in the Turkish language as ‘Tapu,’ is 4% of the property's value. It's a legal document that transfers property ownership from one person to the next.

5- Mortgage loan in Turkey:

In Turkey, the Land Registry Directorates handle property registration procedures, including real estate loans. This means that you have a couple of choices for funding your Turkish real estate investment. Here are some:

  • Your real estate developer may be able to assist you with financing alternatives, such as mortgage loans. A down payment of 30 to 35 percent of the property's worth is required over a five-year period.
  • Obtaining a loan from the investor's home country if the interest rates are low.
  • A Turkish bank can provide you with a mortgage, where most Turkish banks do lend foreigners up to 70% of the property's value for up to 15 years.

 

The purchase of real estate in Turkey by foreigners is subject to the following restrictions:

Although it is simple to buy real estate in Turkey, there are certain limitations for foreigners:

  • Foreign nationals must be citizens of one of the countries listed in Article 35 to be eligible to own real estate in Turkey.
  • Security zones and restricted military zones are off-limits to property acquisition for foreigners.
  • A foreigner is only permitted to acquire a maximum of 30 hectares.

 

Source: getgoldenvisa +turkeypropertybeys
Editing: damasturk

 

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