If you plan to invest in real estate you may ask yourself a question if it is worth purchasing a housing unit in Turkey? To decide you need to think through all the perks of buying Turkish property. Turk.Estate website holds a huge base of developers in Turkey who can help you with building the house of your dreams if you will decide on spending your money on the Turkish real estate market. Over the past few years, the Turkish real estate market has been actively developing and occupies a leading position in the world rankings in terms of price growth. The number of transactions is growing year by year. Thus, in one half of last year, the number of real estate transactions exceeded 650,000. Of these, about 10,000 transactions were made by foreign citizens. The percentage of property sales to foreigners has been steadily increasing in Turkey since 2012. And the Turkish authorities create all conditions for attracting foreign capital. Therefore, it is indisputable that investing in real estate in Turkey today is reliable, profitable and safe. The best confirmation of this fact is the growing number of not only local, but also foreign investors who prefer to invest in Turkish real estate every year. We have highlighted several pros of buying a home in Turkey.
Easy Obtaining Residence Permit and Turkish Citizenship
After drawing up a contract of sale and purchase of the real estate, a foreigner has the right to obtain a residence permit for one year with the right to renew it an unlimited number of times. After five years, if the owner has lived in the country for at least six months in a year, he can apply for citizenship, which gives a lot of advantages.
In addition, to encourage foreign investment, the government has developed other schemes for the simplified acquisition of Turkish citizenship by investing in the economy of the state. One of the most popular schemes for the past few years has been the purchase of housing in Turkey for $ 250,000 or more, after which the owner can apply for citizenship according to an accelerated procedure.
The annual property tax in Turkey is 0.2% of the cadastral value of the property, which is more than an acceptable amount in comparison with many European countries (Spain, Greece, Bulgaria).
An exception is the luxury tax, as the Turkish government believes that living in luxury is worth the price. In addition to the property ownership tax, the country’s advantage is the low VAT on food – only 8%. The sale of bread and water is tax-free.
Ample opportunities for developing your own business
A foreigner, after buying a home worth $ 250,000 and a residence permit, gets great opportunities for entrepreneurial activity. He can officially register any of the following using the same procedure as the indigenous citizens of the country, which takes no more than two weeks:
- a company,
- legal entity,
- joint-stock company
There are various benefits for foreign entrepreneurs (for example, tax benefits), which even local firms do not have.
Several economic factors that significantly increase the level of residence in the country stimulate foreigners to buy real estate in Turkey.
- The republic has a well-developed transport system within cities and provinces. At the same time, the fare is relatively low. In addition to ground transport, air traffic is actively working: airports are being built, new flights to various countries of the world are constantly opening, and the quality of service is increasing. Thus, the national flagship of Turkish Airlines air transportation is considered by various parameters one of the best companies in the world.
- The government supports the domestic market, trade, production and helps entrepreneurs to earn money. In Turkish markets and shops, supermarkets, you can find any good quality goods at an affordable cost.
- The work of the housing and communal sector is well established. The cities are quite clean and tidy, and modern apartment buildings have their own well-groomed closed areas.
There are various regions in Turkey, where you can purchase property. Each area has its advantages and disadvantages. The proximity to the sea, the availability of transport (whether the airport, or a bus station are close), the attractions, whether the area is popular with the youngsters, or designed for families with children: there are plenty of factors that may play the leading role in your assessment. Obviously you should consider the type of property you want to own, that can be an apartment, or a villa. Anyway, there are a lot of different offers on the market and the specialists who work in the sphere will always support you and give an advice.
If you will have a look at the examples of property on the real estate websites in the country, you will notice that the price depends on the number of rooms and the proximity to the sea. Some people may find this a vital factor when choosing a property because they may want to you it as their summer residence. If you have a big family and you don’t mind a ride to the sea, or are not interested in it at all then your best option is to finalize your choice based on the total area of the apartment or villa, and numbers of bedrooms and bathrooms.
|Area||60 sq m||60 sq m||60 sq m|
|Number of bedrooms||1||1||1|
|Number of bathrooms||1||1||1|
|Average price||EUR 83,000||EUR 80,000||EUR 95,000|
Real estate in Turkey
Buying property in Turkey is not only profitable but also easy. A foreigner can complete a purchase in just a few days, thanks to a well-developed transparent scheme and comprehensive assistance from specialists of the Turk.Estate. The foreign owner receives the same rights to own real estate as the Turks.