Investment in Turkey | Why Real Estate Investment Should Be Made in Turkey
Real estate does not only meet the need for housing, but it is also a very good investment. First of all, property prices in Turkey are quite low compared to many other countries with similar characters tics, and life styles. It is possible to find a wide variety, from small but newly built apartments to second-hand investment properties.
Secondly, the vibrant real estate market makes investing in commercial real estates, such as a hotel, business center, or office, or buying a residence, such as an apartment, a very attractive and profitable investment option in Turkey.
Thirdly, the Turkish real estate market has a rapidly growing structure. Prices are expected to increase gradually due to the latest developments and high demand. Buying real estate will provide a more excellent return than most investments in a few ears.
Things to Consider When Buying a House in Turkey
Foreign nationals must first get a title deed transfer appointment to buy a house in Turkey. An online appointment can be made through the Land Registry Appointment System of the General Directorate of Land Registry and Cadastre. The documents required for the sale to take place are:
- Real estate valuation port
- Real estate deed
- Identification
- Passport
- TCIP policy
- In addition, if the parties do not know Turkish, it is necessary to carry out the transactions with a sworn translator.
How Foreign Nationals Buy a House in Turkey
There is no residence permit requirement in Turkey for real estate purchases. Article 35 of the relevant law on this matter is as follows: “Foreign real persons, who are citizens of the countries designated by the President of the Republic, may acquire real estate and limited real rights in Turkey, provided that the legal restrictions are complied with. And the total area of independent and permanent limited real rights cannot exceed ten percent of the district area subject to private property and thirty hectares per person throughout the country.
Things to Consider When Buying a House in Turkey for Foreign Nationals
Foreign nationals who want to buy a house in Turkey should be in agreement with a reliable company. In addition, it should be ensured that the house to be purchased is not an obstacle to the sale, such as a mortgage. This information can be obtained from the General Directorate of Land Registry and Cadastre. A pre-sale agreement in the presence of a notary will not be sufficient for the purchase of a house in Turkey. Official procedures should be carried out by going to the land registry office. At the end of all these, the fee to be paid in the home purchase process is paid by the buyer and the real estate owner.
Houses for Sale in Turkey
Located at the intersection of the Asian and European continents, Anatolia has been the subject of contention throughout history. In add it onto its state location, being surrounded by the Aegean Sea, the Black Sea, and the Mediterranean Sea and hosting countless natural wonders have made Anatolia a desirable piece of land for many civilizations.
Established in Anatolia, Turkey is nowadays a very popular place among foreigners, both to visit during their holidays and to settle permanently, thanks to its wonderful natural beauty and rich cultural heritage.
As a result, the number of foreigners who buy real estate to live in Turkey and invest in real estate for sale in Turkey to make a profit has also increased rapidly.
The Process of Buying a House in Turkey
- Owning real estate is the dream of many. For this, savings are made, and a house is bought, usually supported by credit.
- This is the first thing you do when buying a home. The buyer applies to them the municipality in which the house is located. The municipality staff determines a square meter price for the real estate in question.
- While calculating the current value, three comparable houses are determined from the neighborhood where the house is located, and their average is taken as a basis.
- The current value of the house you will buy is determined on a unit basis, provided that it is higher than the minimum value.
- Along with the document containing the current value, a document stating that the house does not have tax debt should also be obtained.
- The municipality for males the amount to buy the house, and then the necessary procedures for the deed are started.
Why Real Estate Investment Should Be Made in Turkey
Did you know that buying a property in London is almost eight times more expensive than in Istanbul? However, there is not much difference in terms of investment value.
The far there you get fromTurkey’s most vibrant city, the cheaper the prices. With the advantageous exchange rate of the Turkish Lira converted into foreign currencies, now is an ideal time to buy real estate as you get more value for money. In the last ten years, the Turkish real estate market has greatly expanded its commercial properties, apartments, and home portfolio. There are endless options for those looking for a secondhand, project, or new build home. The Turkish real estate sector is investor-friendly as it offers a wide range of real estate suitable for all budgets with easy payment terms. You can consider buying a property in Turkey for a profitable investment with affordable prices.
If you are in the project phase or want to buy a newly built house, you can also take advantage of installment payment plans ranging from 6 to 60 months. In some cases, this means you have about five years to pay for your house, but you can move and sign the deed earlier. For first-time real estate buyers, this option is a great opportunity with a zero interest rate.
No matter where in the world you are considering buying property, the cost of living is an important factor in helping you decide. Considering the living conditions in Turkey, those who see that it is possible to reach high living standards at affordable prices may be surprised. We sampled the comparative data to give you an idea;
• The cost of living in Turkey is 59.36% lower than the United States average.
• Rent in Turkey is 87.04% lower than the United States average.
• UK RestaurantPricesare 300.59% higher than in Turkey.
• Market prices in Germany are 120.64% higher than in Turkey.
• Finnish Consumer Prices are 171.09% higher than in Turkey (excluding rent).
Turkey, with its unique geographical location in Asia and Europe, attracts the attention of foreign investors, especially since it offers easy access to its own countries. In addition, Turkey has a wide transportation network that offers various ways of comfortable and low-cost travel, such as airways and ships.
The Turkish Government has invested in airports in the country, enabling airlines like Turkish Airlines to offer frequent flyer programs sale around. There are ferry services to all Greek Islands during the summer months. Turkey has also invested in the improvement of its highways to make road transport faster than ever before.
These regulations are very important for investors who want to buy property in another country. It facilitates the purchase of property for investors by providing great comfort both in domestic and international travels. If you have a problem with your property, you can easily reach your property and take a quick trip to Turkey without wasting too much time on the road.
One of there latively less mentioned but still, important reasons to buy a property in Turkey is the interests and activities to do. While all residents in major cities have access to culture and art scenes, living by the sea in seaside resorts in the Aegean and Mediterranean has great benefits, as much of daily life takes place outdoors.
