Guide to Real Estate Investment in Turkey: Make Your Money Work for You
Are you looking for a smart investment opportunity? Look no further than Turkey’s real estate market. As one of the most desirable places to own a property in the sun, thousands of people have already purchased apartments and villas across the country. Whether you’re looking for a summer holiday home or a permanent retirement residence, there are many reasons to consider investing in Turkey’s real estate market.
Why Buy Property in Turkey?
There are many reasons why Turkey is an attractive destination for real estate investment. Here are just a few:
Affordable Prices: Properties in Turkey are affordable, especially when compared to other popular investment locations around the world.
Gorgeous Climate: Turkey enjoys a Mediterranean climate with plenty of sunshine, making it a perfect place to own a property.
Impressive Transport Network: With state-of-the-art airports and an excellent transport system, getting around Turkey is easy and convenient.
Top Beach Destination: Turkey boasts some of the world’s most beautiful beaches, making it a perfect destination for beach lovers.
Impeccable Healthcare: Turkey has a top-quality healthcare system that provides world-class medical care to residents.
Low Cost of Living: The cost of living in Turkey is relatively low, which means your money goes further.
Outdoor Lifestyle: Turkey is known for its outdoor lifestyle, with plenty of opportunities for hiking, swimming, and other outdoor activities.
Turkey’s Citizenship by Investment Scheme
One of the driving factors behind Turkey’s popularity as a real estate investment destination is the country’s citizenship by investment scheme. Previously, the minimum investment amount for this scheme was one million USD, which made it one of the world’s most expensive. However, the entry-level minimum investment amount was lowered to $400,000 in 2018, making it a more attractive option for many investors. To qualify for citizenship, you must keep the property for at least three years. This scheme also allows your spouse and dependents to gain citizenship along with you.
Is it Safe to Invest in Turkey?
Yes, Turkey has tightened up rules and regulations to ensure that any house purchase is safe. Estate agents must be verified, and it is recommended that you use an independent party for any property transactions.
Which Nationalities can buy real estate in Turkey?
All nationalities, except for five, can buy Turkish real estate and become legal titleholders. Turkey makes a roaring trade with Europeans, Americans, Middle Eastern, and Asian buyers.
Where to Buy Real Estate in Turkey
Here are some of the most popular regions for real estate investment in Turkey:
Istanbul: As Turkey’s number one destination for property investment, Istanbul is a thriving hub of economy, business, tourism, education, and more. Most investment happens in the outskirt European areas, where the new airport has opened. The developments are large lifestyle complexes with a range of on-site facilities, including swimming pools and gyms. These local councils have also invested heavily in transport, roads, and energy infrastructure.
Antalya Region: The Antalya region is the second most popular destination for house sales to foreigners. Comprising the city center and smaller coastal resorts like luxury Kalkan, golfing Belek, and bustling Alanya, it is also home to Turkey’s best beaches, making it prime for those looking for a holiday home or tourism buy-to-let.
Fethiye Region: The Fethiye region comprises the holiday hotspots of Oludeniz, Calis Beach, Hisaronu, Ovacik, and the city center. It has attracted a sizeable expat community who live there all year round. Two lures for this region are the excellent prices per square meter and the stunning natural landmarks like the Blue Lagoon, Butterfly Valley, and Saklikent gorge.
Property Buying Process in Turkey
If you are interested in buying a property in Turkey, it is important to understand the process involved. The first step is to research the different areas and types of properties available, and to get a good understanding of the local property market.
Once you have found a property you like, you will need to make an offer and negotiate the price with the seller. It is important to have a local lawyer or real estate agent who can help you with the legal aspects of the purchase, such as drawing up a sales contract and conducting a title search to ensure that the property has a clear title.
Once the sales contract has been signed and the deposit paid, the property will be taken off the market, and the buyer will have a period of time to complete the purchase, usually between three to six weeks. During this time, the lawyer or real estate agent will conduct due diligence on the property, including checking for any outstanding debts or legal issues.
If everything checks out, the final payment will be made, and the property will be transferred into the buyer’s name at the local land registry office. The buyer will also need to obtain a tax number and open a Turkish bank account in order to make the necessary payments and manage the property.
Conclusion
Real estate investment in Turkey has become an attractive option for many buyers, offering affordable prices, a sunny climate, a good transport network, and a low cost of living. Additionally, Turkey’s citizenship by investment scheme has made it even more appealing for those looking to gain citizenship and take advantage of the country’s many benefits.
When considering buying property in Turkey, it is important to do your research and work with a local lawyer or real estate agent to ensure a smooth and safe transaction. With its diverse range of locations and property types, Turkey has something to offer for every type of buyer, whether you are looking for a holiday home, a buy-to-let investment, or a permanent residence.
So why not make your money work for you and invest in real estate in Turkey today?
