“A 129.6 percent increase year on year in Turkish property sales to foreigners during August 2018. The figures were up by 151.1 percent in September – a noteworthy increase.Turkish Statistical Institute (TurkStat)
Real estate investment comes with a hefty profit tag. Though real estate property comes under an immovable asset, it generates steady cash flow and leads to financial freedom over time.
Besides contributing towards your total equity, real estate draws passive income via rental properties. A good income source for your retirement or your child’s higher education goals. Property furbishes you with unlimited entrepreneurship solutions. Buy-renovate-sell or become a landlord of lodging solutions of different kinds.
Investing in real estate is a resilient saving as compared to stocks or bonds. Regardless of the financial market status, property windbreaks against inflation. Commercial real estate always breeds more benefits. The value of real estate escalates with time, making it look good in your investment portfolio.
Why invest in the Turkish Property of all the regions in the world?
Turkey belongs to a region that is becoming a favorite investment venture for investors around the world. A promising hub for the sector with purchasing power. It attracts Europeans and Arabs alike because of its strategic position on the world map. Being a tourist nucleus at the border of Asia and Europe, Turkey draws investors from all walks of life.
With the Turkish lira plummeting down in the wake of American sanctions over the years, the property market emerged with affordable investment opportunities. Investors from Germany, the UK, and the Middle East mixed pleasure with business on holiday trips to bag these options. Official statistics show:
“A 129.6 percent increase year on year in Turkish property sales to foreigners during August 2018. The figures were up by 151.1 percent in September – a noteworthy increase.”
Turkish Statistical Institute (TurkStat)
A vast majority of the deals were made in investment, lifestyle apartments, and villas in Izmir, Fethiye, and Bodrum. The affordable lifestyle fascinates real estate investors to buy property in Antalya or buy property in Belek.
Post-2018 elections, following political stability, Turkey enjoys security and economic boom. Where the European clients enjoy the inexpensive lifestyle, the Arabs are comfortable with the common cultural and religious norms in Turkey. Turkey is an accessible locale with positive investment reimbursements as regards real estate. So the ‘2018 Turkey property boom’ continues.
Advantages of investing in a property in Turkey
Whether you buy property in Turkey for personal use, holiday rental, or buy-to-let, commercial purpose, real estate investment in Turkish property brings healthy returns. There are many reasons why contacting a Turkish property consultancy may be the best decision of your life. Read on.
1. Real estate purchase is simple and easy.
One of the primary reasons why buying property in Turkey is a lucrative deal; the simple and convenient laws pertaining to purchasing and owning property. This has boosted the buyer’s confidence. Purchasing a property in Turkey within 24-hours is possible.
🔹Changes in the military clearance procedure.
🔹Regulation of real estate industry; real estate agents and consultancy. firms need to register as an obligation to pursue their work.
🔹Ease of getting a legal residence permit/ real estate stay permit on property purchase.
🔹Reviewed laws of foreign ownership and lifting off of limitations regarding ownership of many nationalities
🔹Leniency in-laws regarding ownership of all kinds of property in Turkey; apartments, villas, shops, commercial and office buildings, farmhouses, land, hotels, and stores.
🔹Appropriate legislation for investment and banking sectors.
🔹Continuous support by government for foreign investors in terms of an international Turkish passport after attaining the nationality, linking foreign investments between east and west.
2. Citizenship tagged with property purchase and other means.
The citizenship laws underwent recent amendments in Turkey. This has caused a major surge in investment opportunities in real estate in Turkey.
🔹Reduction of minimum property investment for citizenship from the US $1 million to $250,000 provided the property is neither sold nor transferable for a period of three years.
🔹Reduction of minimum bank deposit from the US $3 million to $500,000 for a period of at least three years without any withdrawal.
🔹Similarly, the minimum requirement of bond investment is reduced from the US $3 million to $500,000.
🔹Employment of minimum 50 Turkish citizens to get hold of citizenship instead of 100.
3. Increased rental demand.
Recognition of Turkey as the most attractive tourist locale is another reason for the increased demand for rental properties. Housing and lodging shortages prevail in the cities, especially during the holiday season. There is a constant long-term affordable lodging requirement in Turkey. With the regulation of Turkish property consultancy firms, every locale has management assists that make sure to get a property purchased or rented out without any hassle.
Europeans find the lifestyle in Turkey affordable. While visitors from Arab states find comfort in the cultural and religious standards of living. Turkey has some of the best universities and education institutes. Families find it convenient to settle for their children’s education. All these factors have created a high demand for rental properties the best time for investors to make real estate assets and get returns.
4. The inclusion of increased urban projects on the government agenda.
The real estate sector has contributed 8.4% to Turkey’s GDP in the last decade. Foreign investment in real estate doubled in 2017 as compared to 2016 to $1.7 billion.
This is in part due to an enhanced interest taken on the part of the Turkish government on the urbanization projects. The Istanbul New Airport and the Istanbul Canal projects are a testimony to that. The high-quality infrastructure and luxurious furnishings have played a big role in upping the property value in Turkey.
5. Transportation is easily available.
Transport in Turkey is cheap, and you can get it easily. You can get easy access to airports and trains. Furthermore, mainstream buses are available between towns. If you are worried about the taxes, then don’t be because they don’t charge much when it comes to traveling.
6. You can get full ownership.
While living in Turkey, you can get full ownership of what you buy. Whether it’s a small apartment or a detached home, you are considered to be the sole owner of the land. In this way, you can get the freedom to renovate the places according to your own choice. Also, getting ownership is a clear sign that you can sell the property to anyone.
In addition to getting ownership, you have the right to pass it on to your family. You can create your own rules by following the Turkish laws. It also means that whatever happened to the property, you will be responsible for it.
7. It’s a safe place for investment.
It’s a safe place for investors where you can easily live a peaceful life. When it comes to investing, the rules of Turkey are very strict and to the point. If you are looking for a place where you can invest your money, then you have to follow some rules.
Undoubtedly, the highways between Turkey and the EU plays an essential role when it comes to investing and getting projects. If you want to invest in something, then you have to pay some taxes according to the rules. In this way, we can conclude that there are many opportunities when it comes to investing.
Can foreigners invest and buy a property in Turkey?
According to Article 35 of the Land Registry Law No. 2644, foreigners are allowed to buy property in turkey. They also have the right to invest in property, which is owned by the Turkish.
Furthermore, if they want to buy a property, then they also have to sign a “sales commitment agreement,” so they can get the proper ownership of the property. All of these rules are mentioned in Article 35.
Here are some restrictions for foreigners when it comes to buying property:
🔹A person living in Turkey can only buy 30 hectares of property according to the rules mentioned in article 35. In case if you need to buy another property, you have to submit papers.
🔹Foreigners cannot buy any property in the military zone or security zone.
🔹They are not allowed to buy property on the name of any Turkish.
🔹In case if they are willing to invest in Turkish property, then they have to ask the council first before making any investment. And for that, they can submit the application before agreeing on the investment.
🔹Before buying any property, they have to mention all the details in “Property Statement Value” to verify their total hectares of property.
To know all the rules, you can pay a visit to Turkish property Consultancy. And can also visit the website for more details.
Buying or investing in Turkish property can be a good decision because of the rules and regulations they have made. Furthermore, Turkey belongs to a region that is becoming a favorite investment venture, and people are investing here for the past few years.
Although the rules are strict, if you want to save your money, then it’s the best place to invest. You can also look for the real estate option because it’s the best way to expand your business and will help you to get a better idea about the investment.