Real estate investment in Turkey
Through a lot of data and evidence issued by the Turkish state, it has proven that it is one of the most fertile environments for distinguished real estate investment accompanied by many profits and high returns, and based on the importance of this type of investment, many investors around the world chose Turkey. If you are a foreigner who wants to delve into the field of real estate investment in Turkey, then you are in front of a large number of information that you should look for only to be safe in your steps. Through the following article, we will provide you with all the information and details related to real estate investment in Turkey and the most important laws related to the presence of foreigners in Turkey for this purpose.
The most important incentives for real estate investment in Turkey:
1 - Turkish history associated with the distinguished geographical location:
History: Turkey has a long history and heritage that extends to the depths of the earth, which made the Turkish state characterized as having many cultural dimensions and great diversity in this field, and this drew the attention of many people around the world to it.
Geographical location: Turkey has a unique geographical location in the middle of this world, and through this location, it overlooks the most important seas in the world (Mediterranean Sea / Aegean Sea / Bosphorus Strait / Black Sea). Moreover, Turkey sits on the throne of two of the world's continents, and although the part that falls on the European continent is the smallest, it does not lack in importance. Based on its geographical location close to the Arab world specifically, a large number of Arab investors have taken it as their destination rather than a large number of other countries in the world. Through the distinguished geographical location, access to Turkey has become very easy.
2- The booming Turkish economy:
Turkey is characterized as having a strong and distinguished economy, through which it has been able to outperform many economies in the world. The Turkish economy has proven to be dynamic through the leaps of growth that it has been able to overcome. According to many forecasts in this regard, the Turkish economy will record a growth of up to ten percent in the coming days. The developing economy is only an indication that the real estate of this country is a safe purse in which money is growing. The economy is also evidence of the investment value enjoyed by this country.
3- Possibility of obtaining real estate residency:
By owning a property on Turkish land, you will be able to apply for a real estate residence permit, which is one of the best residences in Turkey due to several advantages it offers to its holder, most notably: The possibility of renewal/ease of obtaining it/all family members obtaining it/allowing those who carry it to move between different states in Turkey with complete ease/enabling those who carry it to reside in Turkey legally.
4- Real estate in Turkey is affordable and high quality:
Real estate prices in Turkey are cheap and suitable for many budgets around the world, and Turkey has excelled in this aspect over many countries of the world, especially the European Union, the United States of America, and many Arab countries. It is not only the prices of real estate in Turkey that make it unique, these properties are characterized by great luxury and high quality. It is designed according to the latest international quality standards (earthquake resistance/sound insulation/heat insulation).
5- Real estate in Turkey is a way to obtain Turkish citizenship:
Real estate in Turkey is one of the shortest paths that lead its owners to obtain Turkish citizenship. Since the Turkish government announced the possibility of obtaining this citizenship through real estate ownership, the numbers began to increase. To obtain Turkish citizenship through real estate ownership, only two conditions must be met (the property price must be at least two hundred and fifty thousand US dollars + and it must not be sold before three years have passed since the date of its purchase). In this context, it is worth noting that the figure has become 250 thousand US dollars after it was previously one million dollars.
6- Several facilities and low taxes:
The Turkish government has provided a lot of facilities for foreigners wishing to buy real estate in Turkey, and the most prominent thing it has provided is that it has removed the obsession with taxes, which many investors consider a big problem, and it has also provided many tax exemptions. The Turkish government offers a lot of guarantees to those who are about to buy a property in Turkey, and the most prominent of them are huge and distinguished projects that are guaranteed by this, and all ownership procedures can be completed within a few days.
7- Turkey is distinguished as a distinct tourist destination:
One of the biggest motives that encouraged many of the world's investors to choose the Turkish state as an investment destination is that it is a haven for many world tourists, due to its historical and archaeological landmarks and natural landmarks that are rarely found in any other country in the world. During the current world and only in the first ten months, Turkey hosted 17.6 million foreign visitors.
8- Turkey is the first incubator for mega-development projects:
The Turkish government pays special attention to its infrastructure and is keen to present many important projects that will reflect positively on the real estate sector, as it contributes to rising real estate prices and has a significant impact on the surrounding areas.
Among the most prominent projects that have had an impact on the real estate sector are:
(Istanbul New Airport) It is the first airport in the world in terms of area, and it is also ranked among the first ten airports in the world. This year, he received several important awards.
(New Istanbul Canal) Some called it the project of the era because of its great importance and great benefit that it will bring to the country. It is expected that when its construction is completed, real estate prices will witness a significant increase.
(Başakşehir Medical City) This hospital has added great importance to the field of medical tourism in Turkey thanks to its technology and medical staff, a large number of people around the world go to it for treatment. The area in which (Başakşehir) is located has given a great investment value.
(Highways) Turkey has a group of distinguished highways that have contributed to linking the cities and regions of this country with each other and have also contributed to shortening time and effort.
What are the types of real estate investment in Turkey?
1 - It is possible to buy a property under construction and then wait until its construction work is completed and then sell it to obtain the price difference that results between the sale and purchase price. Real estate under construction is a suitable option for people with low budgets who do not have the financial budget to pay in full.
2 - You can buy a property in Turkey with a stunning sea view, as this type of real estate offers a lot of distinctive and rewarding returns, especially in the tourist seasons. It is worth noting that real estate overlooking the sea has high prices, which makes some investors turn away from it.
3 - One of the common real estate ideas in Turkey is to buy a plot of land to build a residential complex on it or any other type of real estate. When choosing to purchase a plot of land, it is advisable to ensure that the soil is suitable for reconstruction.
4 - One of the ideas of real estate investment in Turkey is real estate development, where dilapidated or defective properties are bought and then worked on repairing and making modifications and then selling them.
5 - One of the most common real estate investment methods in Turkey is to buy a property and then rent it, as it is thus profitable, especially if it is chosen according to well-thought-out principles and criteria (strategic location / distinctive view / modern specifications/proximity of the property to vital facilities).
The most important laws related to the purchase of the real estate by foreigners in Turkey:
Although the Turkish government has provided a lot of facilities for those who want to buy a property in Turkey, there are some laws and regulations that must be adhered to, most notably:
· A foreigner is not entitled to own more than thirty hectares in various parts and cities of the Turkish state.
· It is forbidden for a foreigner to buy more than ten percent of the area's square administratively.
· A foreigner cannot buy a property in one of the military or security areas.
The most important tips to follow when buying a property in Turkey for real estate investment:
You must use a real estate company: With the increasing demand for owning real estate in Turkey, there is an urgent need for an expert and knowledgeable assistant in the real estate field. Turkey has a large number of important real estate companies that can offer its client the property that he hopes to obtain at the best prices, thanks to its distinguished relations with construction companies. By using real estate companies in Turkey, a lot of effort, fatigue, and time can be saved, and this also prevents the investor from being a victim of real estate fraud.
The legal status of the property must be ascertained: There may be problems arising from the property (mortgage / real estate reservation / one of the problems related to inheritance). This can be confirmed by referring to the real estate registry only. It is worth noting that one of these problems could hinder the sale of the property in the future and reduce its price. It is recommended that a competent lawyer be hired to reveal the circumstances of any case or detail that is not legal.
Which is better in Turkey to invest in commercial real estate or residential real estate?
Commercial real estate investment: This type of real estate is the most distinctive and has many different forms of the most prominent shops/stores/restaurants/hotels/cafes/malls. Commercial real estate offers a lot of attractive returns, especially in the tourist seasons.
Residential real estate investment: Residential real estate is one of the most demanded needs in Turkey, and it has great diversities, most notably the residential complexes / independent apartments/villas/studio apartments/penthouses/duplexes. In this context, we must point out that commercial real estate is somewhat expensive and the desire to sell it constitutes a somewhat obstacle for its owners, while residential real estate can be disposed of completely free and without any restrictions.
If you are looking for a distinguished real estate investment, you only have to choose the most distinguished and fertile spot for this investment to sprout with the results you are looking for. Turkey is one of the popular options among investors as a result of the many privileges it offers. If your goal is to contact our advisory team to get the best and most unique opportunities.