REAL ESTATE
Having a home is a dream for everyone; buying it in Turkey is not difficult. With a strong, stable growing economy, Turkey has offered new opportunities for investors and is still working on increasing the value of investments.
Benefits of Buying a Property in Turkey:
Turkish Residency and Citizenship
All the foreigners who own immovable property in Turkey are eligible to apply for residency in Turkey. Turkish citizenship is only granted to foreigners who buy a property in Turkey worth $250 thousand and keep the property for at least 3 years. The naturalization decision includes all members of the new owner’s family including the wife and children under age 18.
Value for Money
The property buying process in Turkey doesn’t involve hefty purchase costs and taxes as in many other countries.
An Easy Buying Process
The Turkish Government has streamlined the buying process and made it easier than ever before. The whole process can be completed in as little as a week. But do be warned that it is only easy with a professional and reliable company.
Some Tips on Buying Real Estate in Turkey
To buy property in Turkey buyers will need a passport and a local tax number, which is also required to open a bank account in Turkey. People wanting to purchase will also need a couple of sets of passport photos for identity.
Foreigners must have an insurance policy (also known as Dask insurance) when buying a property in Turkey
Hire a Turkish lawyer to check the property for any encumbrances, especially when it comes to commercial real estate.
The real estate tax duty in Turkey is set at 4.4% of the total value of the transaction.
Foreign investors looking to buy land plots in Turkey must know that they can buy no more than 30 hectares of land.
Where are the Best Places to Buy Property in Turkey?
Istanbul
The Heart of the Turkish Property Market.
Istanbul will always be the leading city of Turkey. As a hub of business, tourism, education, and economy, its local real estate sector leads the way in sales, both to foreigners and Turks.
Many buyers are attracted by off-plan and new developments in districts like Bağcılar, Küçükçekmece, and Esenyurt.
Antalya
Antalya's City Centre: The Best of Everything.
Antalya continues to bloom in second place for the highest number of houses sold each month. Comprising a large city center and smaller coastal resorts, it is one of the cheapest places to buy residential properties. Prominent districts include the Lara beach and Konyaalti neighborhoods.
Fethiye
The Dream of Property Owners.
Fethiye is luring its expat community and foreign property owners with gorgeous landscapes backed by green mountains and the cool blue Mediterranean Sea.
As a major hub of the Turkish Riviera, Fathiyes’ vibes and atmosphere heavily lend weight to every retiree’s dream of living in the sun. Potential homeowners tend to gravitate to one of three regions that are Hisaronu, Ovacik, and Calis Beach, as well as the town center which offers attractive apartments and villas for sale at affordable prices.
Bursa
The Best District Year-on-Year.
Bursa is showing a massive increase year on year in foreign house buyers’ numbers whose nationalities are usually Middle Eastern. That’s due to the similarities in culture, food, and history between their countries and Turkey.
