For citizens of various countries, there are practically no restrictions on purchasing properties for investment in Turkey. You can buy apartments in Antalya, Istanbul, Mahmutlar, and many other country regions.
Europeans purchase Turkish real estate more often than other foreigners, whether that be for purchasing a home for permanent residence or as an investment. In general, it does not require a significant investment and is not associated with documentary difficulties during registration.
Buying Property in Turkey
Turkey, a nation straddling two continents, offers a unique blend of Eastern and Western influences, making it an attractive destination for travelers and property investors alike.
Known for its rich history, diverse culture, and stunning landscapes, Turkey’s real estate market presents a lucrative opportunity for those looking to invest in a vacation home or a rental property.
Why Invest in Turkey?
Here are just a few facts about Turkey that confirm that a real estate investment in Turkey is profitable:
- It is the fastest-growing economy in Europe, with a visa-free regime
- Legislation is oriented toward foreign investors and a soft tax regime
- The possibility of obtaining a residence permit when purchasing real estate of any value
- The best ratio of cost and quality of apartments
- Luxurious infrastructure and European level of service, at a low cost of apartments and their maintenance
- The purchase and sale process is simple and transparent
- Turkish laws are adapted to international standards
- High liquidity and profitable investments during the construction phase
- Growth in real estate prices – 10-15% per year, with rental income – 6-10% per annum
- The difference in price between the start of construction and the commissioning of the facility can be up to 40%.
- The country offers a variety of properties, from beachfront villas to urban apartments, catering to different tastes and budgets.
The open and hospitable mentality of residents has amazing tolerance for different worldviews, religions, lifestyles, behaviors, and customs. Interest in Turkish real estate is growing rapidly every year. Türkiye has attracted people with its unique location, magnificent nature, mild climate, and properties for investment.
Tourism in Turkey
Tourists from all over the world highly value the combination of various natural, historical, and cultural values which provide the backbone for a wonderful holiday, life, and exciting leisure opportunities. Many residential complexes have the infrastructure of 5* hotels, which provide comfortable accommodation and wellness facilities.
Turkey has favorable conditions for business development and investments in tourism, education, and healthcare are especially encouraged by the state. In these areas alone, foreign entrepreneurs can count on additional benefits to help them settle in Turkey.
Opportunities for foreign business people are constantly expanding in all sectors of industry, including agriculture, banking, and the construction of residential and commercial real estate. In Turkey, starting a business is simple and there are endless opportunities and properties for investment!
Availability of Turkish real estate
Turkey is a world leader in terms of price and quality of real estate. This is the main advantage of buying in Turkey. A real estate investment in Turkey is available to buyers of any level and quickly pays for itself. Low taxes on real estate maintenance create favorable conditions both for using apartments as a second home and for receiving stable passive income.
Turkey has a simplified visa regime. Also, by buying in Turkey, you have the opportunity to obtain a residence permit and, in the future, if desired, Turkish citizenship. This makes it possible to use an apartment in Turkey as a second home by the sea, go on vacation at any time, and enjoy the Mediterranean coast.
Reliable investment in children’s future
Turkey is a dynamically developing European state with a stable political, economic, and banking system. Real estate investment in Turkey is an investment in the future of your children, who will inherit not only an apartment or villa in Turkey but also a reliable and incredibly comfortable country to live in.
Popular Destinations for Buying Property in Turkey
- Istanbul: A vibrant metropolis that bridges Europe and Asia, Istanbul is popular for its historical significance, bustling markets, and cosmopolitan lifestyle.
- Antalya: Known for its stunning beaches, Antalya is a favorite for those seeking a seaside retreat.
- Bodrum and Fethiye: These coastal towns are known for their luxury villas and are popular among expats and retirees.
What Rights Do Turkish Property Owners Have?
The same as state citizens: to own and dispose of housing at their discretion. Additional advantages include:
- The automatic right to a residence permit when purchasing both residential and commercial real estate of any value
- A simplified process for obtaining citizenship when purchasing property worth over $250,000.
The owner must comply with the rules for maintaining the property and pay taxes on time. The tax rate is calculated from the cadastral value and ranges from 0.1 to 0.6% depending on the location of the object and its price. Rates are higher for luxury housing.
Understanding the Buying Process
The process of buying in Turkey is straightforward but requires due diligence. It involves finding a property, negotiating the price, obtaining a tax number, opening a Turkish bank account, and getting a property appraisal report. It’s crucial to work with a reputable real estate agent and a lawyer to navigate the legalities and ensure a smooth transaction.
Stages of Registration of Real Estate Investment in Turkey
When choosing a specific property, the further stages of the transaction are as follows:
- Concluding an agreement for which a valid international passport is sufficient. The payment of a deposit accompanies the process.
- Registration of the transaction. It is necessary to obtain a certificate of ownership. Notarization alone is not enough. For a foreigner, a mandatory requirement is to obtain an individual taxpayer number.
- Payment for the purchase with subsequent transfer of property. The Cadastral Office issues a certificate of ownership (TAPU).
Additional Costs When Purchasing an Apartment
When purchasing real estate, the owner pays a tax in the amount of 4% of the cadastral value of the property, a fee for registration and issuance of TAPU. When concluding a transaction remotely, you must pay for a notarized power of attorney.
These additional costs do not include utility bills, compulsory home insurance against natural disasters, and expenses for agreeing with utility services. These amounts are calculated individually depending on the specific property.
Legal Considerations and Restrictions
Foreigners can buy property in Turkey with some restrictions. It’s important to be aware of the military zones where property purchase is prohibited and to ensure that the property has a clean title. Additionally, foreigners are subject to certain conditions when buying property near sea or land borders.
Assistance in Purchasing Real Estate in Turkey
The website https://turk.estate/en/ contains advertisements from local real estate agencies and developers. In the catalog, you can select residential and commercial real estate in popular locations in the country. Specialists are ready to provide advice at all stages of the selection and execution of a transaction.
Buying property in Turkey can be an exciting and profitable venture for travelers. With its captivating charm, growing economy, and favorable property laws for foreigners, Turkey presents a compelling case for real estate investment.
However, as with any investment, it’s important to conduct thorough research, understand the legalities, and seek professional advice to ensure a successful and rewarding property-buying experience.