Why Foreigners Should Invest In Real Estate In Turkey
If you have ever been to Turkey, the thought of owning a piece of land in one of the most beautiful sites of the world must have flashed in your mind. Many people want to have their own apartment in Turkey to spend their holidays here multiple times a week with no fear of visa expiry and enjoy the magnificent natural view.
The beautiful landscape is not the only thing that attracts the people, but more is done by its strategic location, as you can find Turkey on the crossroads of Asia and Europe. Therefore, for some people, buying a property here would be to secure their permanent residence and set Turkish citizenship in future. While the rest may consider the real estate of Turkey an ideal investment pitch and plan to get a property to either enjoy the rent fares or sell it when the prices are high.
Why Should You Invest In Turkey?
You can find a range of options to invest in real estate in Turkey. Property rates vary on one side, from affordable studio apartments to luxurious penthouses and villas with astounding views on the other side. The price range flexibility makes Turkey a possible destination for almost everyone. Most foreigners who prefer buying a property here consider the coastal touristic cities and the cultural-hub Istanbul a first choice. In this way, they can enjoy the views and get affordable and charter flights 365 days a year. Turkey also ensures easy mobilization within the country due to its very effective transportation system. Moving around cities becomes easy, in case you like frequent travelling.
Chance To Get Turkish Citizenship
It seems that Turkey’s Government has intelligently set the investment pool for the foreign investor to appeal to their many in multiple ways. Turkey is a tourism-friendly visa regime. It is effortless to get a Turkish visa and enjoy a short trip. For long stayers, Turkey provides another seamless option of Residence Permits. Tourists and Residence Permit holders can move around in Turkey without wasting money and time on long and hectic visa procedures. Residence Permit holders can enjoy an additional perk of freely enjoying the landscape, a warm environment and most importantly, the abundance of fruits and vegetables every day with no tension of visa expiry.
The last but the most attractive deal is that if you own a property for five years in Turkey, you are eligible to apply for Turkish citizenship and get the same treatments and rights as a Turkish citizen.
The procedure for real estate investments is also straightforward and ensures transparency. TAPU is the document that certifies the ownership rights, and you can get it within few days. The parties then register this document in the Department of Cadastral Office, but the most satisfying point for the investor is that government strictly controls all this procedure. In case of any dispute between parties, the judiciary takes over and monitors the dealing.
Right Of Inheritance
Turkey practices the right of inheritance for foreigners as well. Upon the death of the property owner, government transfers the property to their children.
Low Living Cost
In Turkey, the cost of an average living is also low. Cheap clothes are available in the market to wear, and fresh fruits are here to keep you healthy. Turkey provides the products and services at low rates.
High Demand For Property Rent And Resell
Thus, Turkey is an attractive deal for foreigners. The influx of tourists makes the demand for property rent and purchase very high and competitive and makes it a very fertile land to harvest.
Apartments in residential complexes come with well-developed infrastructure with ranges of services provided within the vicinity. You may wish to get a property in Turkey and sell it on rent since these residential complexes have high rental demands. Such a property also returns a good resell.
Some people may also like the idea of fixed tenants. The agencies are responsible for providing a tenant to you, and they will also deal with all tenant-owner related issues.
There is one more option to invest in under-construction projects in Turkey. You can buy property under construction at a cheap rate. It is possible to earn a good amount on selling a well-furnished house requiring no renovation or additional expenditure of money.
A Rising Economy
Turkey makes its place in the top twenty biggest economies in the world. Real estate prices are experiencing a steady rise. For those who bought any property in Turkey some years ago, it is time for them to sell the property, earn the profit, and reinvest, and those who invest today will be doing the same after few years. Turkey promises a profitable yield from the real estate investment point of view. The commercial and industrial aspect massively increases the significance of any property in Turkey. The entire real estate market is growing as each year Turkey brings new construction projects.
In Turkey, selling and buying properties contributes to the GDP of the country. In the last decade, real estate contributed 8.4$ of the GDP. The foreign investment stood the FDI inflows massively to $13 billion while the real estate investors made a worth share of 45% out of it in 2018. The percentage clearly shows how moneymaking is getting a property in Turkey.
Moreover, Turkey has a friendly attitude towards foreigners. Most of its policy seems favourable for foreigners to invest in Turkey and benefit from it. In return, Turkey’s economy is rising, which makes a win-win situation. The government is also working to simplify all the investment-related procedures and reduced all the risky factors.