The Turkish real estate market has become an area that allows a lot of talk. Whoever chooses to buy a property in Turkey must learn a lot of information related to its advantages - pros - negatives - potential problems - types of real estate available - how to buy a property in Turkey, and other details and questions that come to your mind and want to know.
Through the following article, the editorial team at Right Way Real Estate will provide you with a detailed report on many details related to the real estate market in Turkey, and many cities suitable for real estate investment in Turkey will be indicated.
We wish you a great read that answers your questions.
Real estate prices in Turkey:
From a realistic perspective, real estate prices in Turkey are low compared to real estate prices in developed countries or similar in terms of importance, status and development in the countries of the European or American continent and even in some Arab countries, especially the Arab Gulf countries.
Do you think that real estate in Turkey did not rise to reach the global modernity or the luxury required by businessmen and investors around the world? Certainly not, if real estate in Turkey is characterized by its urban designs that are identical to what is found in the most prestigious and important countries in the world.
According to many real estate experts and analysts of the Turkish market, real estate prices in Turkey will record a significant increase in the coming period, and this is due to a number of important reasons that we review together through the following points:
-The large population that the Turkish state is witnessing due to the high tourist seasons in the Turkish state, and also since many foreigners flock to Turkey annually, to find a job, or for tourism, for treatment, and there are those who come to it for permanent residence and stability.
-The fluctuation of the price of the Turkish lira against foreign currencies.
-The high prices of raw construction materials because Turkey imports them from abroad.
-The luxury of real estate in Turkey.
How to buy a property in Turkey?
Many real estate investors around the world choose to buy a property in Turkey because it can bring them many advantages and benefits, but the most important question in this context is how to buy an apartment in Turkey? Through the following paragraphs, you can see the mechanism of real estate ownership in Turkey in details and according to the correct steps:
1 - Determine the purpose of buying the property:
Often the goal of real estate buyers in Turkey is to obtain Turkish citizenship, and this is what was announced by the Turkish Statistics Authority, and there is another category that seeks, by purchasing real estate in this country, to enter the real estate investment sector, and a third section aims to live and reside in a stable and prestigious place.
2- Study your financial budget well:
Beware not to buy an apartment or property in Turkey without having a sufficient financial balance that covers all the costs that must be paid, in order to avoid debt, which in itself is a major problem.
3- Use a trusted real estate agent:
Due to the significant increase in the demand for buying real estate in Turkey, the number of real estate companies has automatically increased and many specialists in this field have appeared to provide assistance to foreigners and everyone who wants to buy a property in Turkey but does not know much about the regulations and laws or this was his first experience in the sector Turkish real estate.
4-Make a visit to Turkey:
Although it is possible to buy real estate in Turkey from a distance, this does not negate the need to attend in person if possible, and the reason for this is the need to see and take field tours to visit the most important projects available and take a comprehensive idea of the specifications, advantages, prices and other details, your advisor will accompany you on this tour and you can ask him a lot of questions that come to in your mind.
5- Complete routine procedures:
There are a set of papers that you must extract when buying real estate in Turkey, and the legal expert in the real estate company you deal with may help you to look for any legal loophole that may appear and avoid becoming a victim of real estate fraud.
Among the most important documents that are extracted when owning real estate in Turkey are:
-title deed.
-Real estate valuation report.
-Earthquake insurance policy.
Advantages of buying real estate in Turkey:
There are a number of reasons that prompted and encouraged foreigners to buy and own real estate in Turkey, and it was an alternative to the real estate market in Europe due to the unusually high real estate prices, as well as a safe opportunity for what the Middle East is witnessing in general. If you are interested in the real estate aspect in Turkey, you will find that many From the Arab Gulf investors choose the real estate sector in Turkey to achieve their goals.
Below you can see the most important dimensions of buying real estate in Turkey:
1 - Applying for Turkish citizenship:
There are specific conditions, if found in the property, to be suitable for obtaining Turkish citizenship, and according to what was announced by the concerned authorities, more than forty percent of those who accept to buy real estate in Turkey choose to obtain that citizenship, but what conditions must be met?
First, the price of the property must not be less than four hundred thousand dollars, and then a pledge must be made not to sell it before the lapse of three years from the date of its purchase, and the property should not have been used previously to apply for it, and the purchase should be made from a Turkish side.
In this regard, we must point out that the Turkish government did not hesitate to provide all the facilities that attract foreign capital to Turkey because these benefits the state in general and its global track.
In your opinion, why do many foreigners want to apply for Turkish citizenship through real estate investment over other methods? Because it is possible to benefit from the real estate in its investment, and thus the foreigner achieves more than one goal at the same time. On the one hand, he obtains citizenship and on the other hand, he gets an investment return from the real estate.
2 - Obtaining real estate residency:
It is possible to apply for real estate residency in Turkey by purchasing a property for housing with a value of at least 75 thousand US dollars, as well as to stay away from areas that have a security or military status because foreigners are prohibited from owning real estate in them.
Many investors want to obtain this residency because of the many benefits and privileges it brings to its holder, the most prominent of which are:
-Legal residence in Turkey without being subjected to violations.
-Moving comfortably between the Turkish states.
-Possibility of annual renewal.
3- Suitable real estate prices:
Have you ever compared the prices of real estate in Europe and Turkey or between Turkey and some Arab countries?
Certainly, then, you discovered that the prices in Turkey are widely cheaper than the real estate in Turkey, despite all its modern designs and high quality of construction, in line with what is followed in the most important countries of the world and high-end countries, thanks to the efforts of the Turkish government in monitoring and tracking the market to reduce any fraud that may occur, and among the measures it has taken in this regard is its acknowledgment that the real estate appraisal document must be extracted, which controls prices and prevents sellers from manipulating them as they wish.
4 - Take advantage of getting the Turkish passport:
Immediately after obtaining Turkish citizenship, it is possible to apply for a Turkish passport, which is considered one of the most important passports in the world, as it allows its holder to travel to many countries within easy procedures, including no visa at all.
The most important cities for real estate investment in Turkey:
The experts and specialists of Right Way Real Estate have chosen for you this group of cities in Turkey that are suitable for real estate investment, as follows:
1 - Istanbul:
Istanbul is on the top of the Turkish cities at best selling real estate, and this is confirmed by the statistics issued by the concerned authorities, and this is due to several reasons, the most important of which are:
-It has a high investment value as it ranks ninth in the world.
-It is witnessing growth and development in various sectors, especially in the real estate aspect.
-Real estate prices in Istanbul are constantly increasing.
-One of the most populous cities in the world.
-It is distinguished by a unique geographical location as it spans two continents at the same time (Europe and Asia).
-It is one of the most important tourist cities in the world because it has many historical, archaeological and natural monuments.
-By investing in a property in Istanbul, you can get a stable return throughout the year.
-Real estate prices in that city are low compared to the prices in the European continent's similar cities in terms of importance.
-It contains the most important international schools, public and private universities.
-The infrastructure in that city is very developed as it competes with the most important countries in the world.
-Among the most prominent strategic projects it owns are: Istanbul's New Airport - The New Water Canal - modern and advanced transportation - the Eurasia Tunnel, and others.
2 - Ankara:
-The high investment importance of Ankara cannot be overlooked.
-Its importance came from being the political capital.
-There is great demand for buying real estate in it, due to the high population density it witnesses.
-It ranks second among the most important cities for real estate investment in Turkey.
-Last year, it ranked tenth in the world in increasing investment value.
Antalya city:
-It is considered one of the most important coastal and tourist cities at all, and it has a view of the Mediterranean Sea.
-Russians, Europeans and British choose it for its special tourist trips thanks to its warm atmosphere, unlike the case in Europe.
-It is considered one of the most active Turkish states in terms of buying and selling real estate.
-It contains a lot of luxury real estate projects.
-Real estate prices in it are constantly increasing due to its high population density.
-It is possible to exploit the tourist seasons in order to achieve a high percentage of profits, as the percentage of demand for rental properties increases.
4- Trabzon:
-It ranks fourth as the best city in the real estate investment sector in Turkey.
-It has a luxurious view of the Black Sea.
-One of the most important tourist destinations in the city.
-Real estate prices in Trabzon are rather high due to the large urban activity in the region and the increased demand for buying real estate in it.
-When is the right time to buy real estate in Turkey?
According to many real estate experts in Turkey, the current period is the best time to buy real estate in Turkey at all, as this opportunity can be used to buy an apartment at a low price and resell when it rises, thus making a high profit and benefiting from the price difference between the buying and selling stages.
Also, the clever investor is the one who takes advantage of recessionary periods to buy and then chooses the times of activity and movement to sell, so he achieves a lot of profits and within a short period.
-Do you support the idea of real estate investment in Turkey?
Investing in real estate is one of the investment options that do not disappoint and with which it is possible to achieve distinguished results within short periods, most of the businessmen and wealthy people around the world built their fortunes by investing in real estate.
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