The Turkish real estate market is a burgeoning market for expatriates and foreign nationals alike. The country’s property market has plenty of diversity and prices are affordable. Turkish government initiatives encourage foreign buyers to purchase real estate in the country. This article discusses 10 compelling reasons to invest in real estate in Turkey.
10 compelling reasons to buy real estate in Turkey
Turkey is a popular real estate market with many reasons to buy property. First, Turkish real estate is relatively inexpensive compared to other countries. Second, the economy of Turkey has grown by more than three times over the past 14 years, making it one of the fastest growing economies in the G20. Third, Turkey’s way of life is warm and welcoming, making it easy to settle in and make friends. Fourth, living in Turkey’s stunning natural surroundings is a unique and rewarding experience.
Turkey’s real estate market is diverse, allowing foreign investors to choose properties that suit their budget and lifestyle. The variety of properties available in Turkey includes everything from basic, budget homes to high-end luxury properties.
Turkish government offers support to foreign buyers
The Turkish government is offering financial support to Turkish real estate companies and agents to sell property abroad. This support is part of a new omnibus bill that will make buying property in Turkey easier for foreigners. In addition to lowering the minimum investment amount, the government is also considering simplifying the process of getting a license and title deed.
Foreign investors in Turkey are treated the same as Turkish citizens and are eligible for residency and citizenship after they buy property worth up to $400,000. The Turkish government offers a special tax scheme for foreigners buying real estate in Turkey, and the country’s banking system encourages foreign investment in real estate. Foreign investors receive different profit rates, depending on the policies of Turkish banks and the amount they invest through a deposit program.
Turkish property market is diverse
If you’re interested in buying property in Turkey, you’ll find a vast variety of options available. From luxury properties to cheap, furnished apartments, you can find a property that suits your lifestyle and budget. In fact, it’s possible to buy a 2-bedroom apartment for less than $45,000.
There are many reasons to invest in Turkish real estate, and many foreigners are seeking the opportunities that come with it. Turkey is rapidly urbanizing and there are more distinguished projects being built every day. These projects are designed to balance demand and supply in the real estate market. Turkish real estate today is known for its high-quality and luxurious construction, and it adheres to modern standards.
Turkish property prices are cheap
While Turkish property prices are cheap, there are many other factors that influence the price of property. Taxes, maintenance fees, and other additional costs can increase the cost of property. However, cheap properties in Turkey often have the same amenities and features as expensive ones, like security systems, indoor and outdoor parking, and sports facilities. In addition, cheap property in Turkey can come with lower maintenance fees.
For those who want to buy a cheap Turkish property, there are several locations to choose from. The capital of Istanbul, for example, is a popular choice for investment. There are a number of districts within the city that have a variety of properties for every budget. In Istanbul, cheap properties are available in areas like Esenyurt, Basinexpress, Topkapi, Buyukcekmece, Sancaktepe, and Kucukcekme.
Turkish property laws are strict
There are a few key differences between Turkish property laws and those of many other countries. The first one is that foreigners may buy property in Turkey, but must do so in their own name. Furthermore, they must only buy property in towns or municipalities within the country. They are not permitted to buy property in rural areas or in military zones.
Foreign nationals are not allowed to own more than 10% of privately owned land in a district and can only own 30 hectares of land per person. However, the Council of Ministers has the authority to double this amount. There are several other laws that regulate property ownership, including the Petroleum Law and the Tourism Incentive Law.
Turkish property styles vary from region to region
Property styles in Turkey vary according to region, with stone and timber-built homes popular in the north and west. In general, apartments are the most popular choice among foreign buyers. New laws require foreign property buyers to get an expert surveyor’s report before purchasing. These surveys are often provided free of charge.
Turkish houses have undergone a significant transformation over the last few decades. Gone are the days of crude structures made from local resources; today, houses are built with comfort and practicality in mind. Over the last 20 years, Turkey has invested heavily in modernising its housing market.