Being in a mediated location between east and West, joined with other factors such as cultural richness and breathtaking landscapes, Turkey has been recently one of the preferred destinations for Real estate investment. Many local and foreign investors are highly interested in buying property in Turkey. The continuously-increasing house sales number proved well this situation. According to Turkish statistic institute data, the number of real estate sales in Turkey has increased by 25.1% in January 2022 compared to the same month of the previous year.
Buying property in Turkey held the attention of many buyers worldwide, even in critical situations such as the Covid-19 pandemic. Data shows that house sales in Turkey recorded 70,587 in January 2021.
Here is a selection of the most prominent advantages for foreign buyers standing behind buying property in Turkey.
Benefits of Buying Property in Turkey
Buying property in Turkey acquired foreign investors many profits, whether financially or for living and relocation in Turkey.
Turkish Citizenship by real estate investment
The Turkish government provides an attractive opportunity for foreign investors to obtain a Turkish passport. Buying property in Turkey is one of the various methods to get Turkish citizenship by investment program.
Foreigners who purchase one or multiple properties in Turkey worth at least 250,000 USD or its equivalent acquire the right to apply for Turkish citizenship for themselves and their dependant family members. After getting the title deed, a Turkish passport can be issued within 8 months after the application.
Learn more details about Turkish citizenship by investment program.
Foreign nationals who have purchased a house or any real estate in Turkey have the right to get a Residence permit with their family in Turkey. It is valid for a one-year renewable as long as they keep the ownership of the relevant property. The obtained residence permit doesn’t allow its holders to work in Turkey. Yet, it gives the right to the children under 18 years old to access all the Turkish public schools. Getting a residence permit through real estate doesn’t require a minimum purchase value.
High Return on Investment
Investing in the real estate market in Turkey generates a high return, making Turkey attractive to international investors. There are estimations to reach 1 billion $ in real estate investment in Turkey by the year 2023. See a selection of properties suitable for investment in Turkey.
Incentives from the Government
Besides the Turkish Citizenship by Investment Program, the Turkish government has set many incentives to encourage foreigners to invest in Turkey. Most of these encouragements involve the real estate investment sector, constituting 57% of the Foreign Direct Investment.
Turkis government rewards foreign investors for buying properties in Turkey with VAT exemption and other tax reductions such as the duty stamp.
Property Full Ownership
Properties in Turkey are freehold regardless of the owner’s nationality, contrary to some countries. Foreigners who have been buying properties in Turkey have full ownership for a lifetime. In case of the owner’s death, the property’s ownership will be transferred to its descendants according to the Turkish inheritance law.
Luxury Properties with Reasonable Price
Compared to European countries and the United States, properties prices in Turkey are acceptable. The advanced construction sectors’ innovative processes opened up a wide range of possibilities on the market with high standards, thus lowering prices.
Buyers with foreign currency income can afford luxury real estate at affordable prices. As a result, Turkey has become an attractive real estate investment destination globally.
Turkey is a Safe Country For Buying Property
Turkey is a highly safe country, particularly in large cities like Istanbul, Ankara, and Izmir. Compared to other Western countries, Turkey has an extremely low crime rate, making it a safe destination for buying properties. According to Numbeo’s recent data, Turkey had a crime score of 39.62 in 2022 and a high safety index of 60.3. With these rates, Turkey ranked 93rd In the highest crime index, whereas the United States and the United Kingdom were ranked 57th and 68th, respectively.
If you are interested in real estate investment in Turkey or seeking a house for sale, Property Advisor Turkey’s experienced consultant will assist you with a complete advisory. Please take a look at our services.
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