With its breathtaking environment, natural beauty and past, Turkey has always been an attractive destination for foreigners who want to have their second home. In turn, Turkey offers many opportunities for businessmen professionals as well as students and retired people to make investments in its real estate market with the possibility of the opportunity to acquire a second citizenship.
If you’re thinking of purchasing property in Turkey get in touch with us for a consultation with our advisors who can guide you on your investment experience in Turkey.
Why should you buy a property in Turkey
Turkey is a major participant in the world scene, welcoming more foreigners. It is located somewhere between East and West Turkey has the most of the two worlds.
Turkey isn’t just one of the top countries to obtain second citizenship, but also has an appealing housing market, which could provide a significant ROI. Consider Istanbul for instance. It’s a desirable location to invest in real estate, packed with developments of land in the suburbs, as well as penthouses located in the city’s most sought-after areas.
Foreigners are attracted by the ability of Turkey’s ‘Asian’ people to perform in the field of economics as well as the Western-style of living. This is why Turkey an ideal investment option.
There have been many modifications in the legal system and the architecture and housing patterns of new construction in Turkey. There are a few benefits of purchasing real estate in Turkey.
Turkish properties are affordable compared to other countries
The real estate market in Turkey was not ready to join the international market. Thus, the cost of homes are a draw for expats and foreign nationals of many different nations. Although luxury homes are readily available smaller coastal towns have 2 BHK apartments that are fully furnished starting at $60,000.
Great for long-term investments
Investors looking to invest for the long term can count on Turkey’s real estate market since they have the potential to yield a lucrative return. Property buyers in Turkey benefit over buyers in Cyprus or Spain where prices for property have already shot up. With only a few years of maintenance and maintenance, well-maintained properties in Turkey will yield a huge yield on a long-term investment.
Many different options
One of the primary reasons that foreigners are interested on purchasing properties to purchase property in Turkey is the variety of budget and luxury new-build, off-plan renovated villas and apartments and resales. From luxury properties with views of the sea, to basic and budget-friendly apartment buildings, the options are endless. Buyers don’t need to sacrifice their dreams of purchasing a property in Turkey.
The Cost of Living is At a Low
In comparison to other European countries and North American country, living in Turkey is very inexpensive. The elderly are benefiting from the exchange rate of Turkish Lira to their currencies. Turkish Lira which is proving to be much higher than the price of life in Turkey. Furthermore, the essentials such as fruits and vegetables are affordable.
A streamlined buying process
It has also taken measures to make sure that the procedure is made simpler to encourage investors to the real property market. This is among the main reasons why foreign investors decide to choose Turkey to invest in property.
The process of obtaining Turkish nationality
One of the biggest benefits of purchasing property located in Turkey can be that you will receive an Turkish passport along with it. In the end, many foreigners looking for an investment property for their second home will discover Turkey the best option. Turkish Citizenship by Investment lets expats put down a minimum of $400,000 and obtain Turkish citizens within 60 days.
Where to Buy property in Turkey
Foreigners seeking the most desirable places within Turkey for real estate investment can benefit from robust markets that span across a range of locations. But, Istanbul stands out to be the most sought-after and well-known destination for an investment in real estate.
Istanbul is Turkey’s cultural historical, economic, and historical central. It is the largest and largest city of Turkey It is comprised of 39 districts. This makes it an important center for tourism, education, as well as businesses. So the real estate market is an important market in Istanbul. From 2013 until this moment, more than 40000 properties have been purchased by foreign buyers in Istanbul.
This indicates this city has a popular marketplace for overseas real property investors. Homes are offered at low prices in the outer reaches of Istanbul. Istanbul is focused on modern living and features state-of-the-art architectural and infrastructure trends as well as the facilities and amenities available on site like cafes and restaurants, parks, shops, pools and gyms.
Furthermore, the variety of neighborhoods is vast which allows you to enjoy the urban life. The most popular neighborhoods in Istanbul include Nisantasi, Taksim, Karakoy and Cihangir. In all, Istanbul offers plenty of options for foreigners looking to stay in Istanbul for the duration of their lives. from opportunities for business to education and much more.
The Top Neighborhoods in Istanbul To Purchase Real Estate
As the economic and business center, Istanbul is an incredibly multifaceted city. Thus, any working retired or expat who is moving to the country is able to explore Istanbul’s diverse districts to discover the ideal location to invest in real estate. Over the course of two years, Istanbul has experienced a radical change in its aesthetics. It has expanded into stunning surrounding districts, offering residents of other countries the benefits of city living without difficulty. Here are some of the most sought-after neighborhoods in Istanbul which you could look into for investment properties.
Nisantasi
Nisantasi is a pricey neighborhood that has fancy eateries and stores. The best options start around $250,000. The best part is the fact that investing into Nisantasi can make you as a citizen through an investing in the program.
Cihangir
Cihangir is an art-filled part of Istanbul city, with musicians and artists thronging the city. If you’re in search of an area where you’ll be close to everything, then you could look into homes in Cihangir.
Karakoy
Karakoy is known as the hipster part of Istanbul. In the beginning there are numerous cafes and restaurants along the streets, as well as thousands of people having fun and enjoying their hipster life. Karakoy is a great place to get urban vibes.
Taksim
Taksim is among the central districts of Istanbul. Here you’ll discover a wealth of historical architectural styles. Many of the most ancient mosques in Turkey are located here. Because it’s an older district its architectural style may differ from those in its surrounding neighborhoods.
Etiler
Etiler is the perfect choice If you’re in search of high-end. There are numerous elegant cafes, famous stores and luxurious offices in this area. You can locate a house with an Bosphorus view or a luxurious residence in Etiler. It’s one of the more expensive areas in Istanbul.
Sariyer
The Sariyer district is known for its closeness to financial centers , while also offering beautiful Bosphorus views. As it is located near parks and green zones of Istanbul, Sariyer is among the top choices of families that decide to relocate to Istanbul. Sariyer offers a variety of housing choices including mansions, villas and luxurious residences.
Other Locations in Turkey to Purchase Property
Other than Istanbul In addition, there are additional destinations that provide lucrative opportunities to invest in real estate for foreigners.
Antalya
Antalya is located in the southern region in Turkey and is among the most popular tourist destinations in the summer, both for locals as well as expats. According to the figures published from TUIK, the Turkish Institute of Statistics (TUIK) more than 100,000 foreigners reside in Antalya.
The blue-flag beaches are accompanied by a mild climate, and a large expat population, Antalya is of the most popular cities in Turkey to purchase a home. Although it offers the amenities large cities offer but it also has a an atmosphere of a coastal town. Antalya is the 3rd most visited destination for expats looking to relocate to Turkey.
Bodrum
Bodrum is another famous coast located in Turkey. This town on the coast is home to sea view villas, stone homes, and detached villas that have huge gardens. Due to the climate, it’s a wonderful spot to spend winters as well. Bodrum hosts a large British expat population who have made the decision to retire there.
Ankara
Ankara is the capital city of Turkey is a popular location for working expats. The prices for property in Ankara are lower than those in Istanbul which is a good option if you’re wanting to move into a large city, but don’t wish to make huge investments then you should consider Ankara. There are a variety of shopping options and is close to the major tourist attractions and offers numerous possibilities for businesses.
Contact us to find out more about the availability of properties and prices in Turkey.
It doesn’t take an enormous amount of money to live your Mediterranean lifestyle. Turkey has plenty for expats to choose from affordable housing options. If you are a foreign buyer, the property in Turkey is still relatively affordable. There are however a number of things to be aware of prior to making any decision.
The Visas as well as Residence requirements
It is important to note that purchasing the property won’t give the right to apply for the right to work or reside in Turkey. If you don’t possess a residence permit, you must obtain your Foreigner Identification Number from the Foreigners’ Department at TNP in order to complete the purchase.
Paperwork and bureaucracy
Turkish law says that transfer of property is held in the Land Registry Directorates. It is possible to sign two kinds of deeds, the title deed as well as the land deed. These can be obtained once you receive your residence certificate. In the present, obtaining the habitation certificate takes time and challenging. It is suggested to consult an agent in real estate that specialize in the arrangement of homes for foreigners.
Step-by Step Guide
Follow this step-by-step procedure to make sure your real estate investment transaction is as smooth and secure as you can:
Begin with your research. There are a lot of homes for purchase in Turkey and, as such, those who represent real estate. Choose the best realtor first. If you know anyone who purchased a home in Turkey ask them for advice and ask them to recommend some property agents. You should explore all options that is available to you.
Develop a strong relationship with your realtor to ensure they can negotiate the most competitive prices.
The next thing to do is to visit Turkey. Before buying a property it is important to be aware of what the area is like, as well as the surrounding neighborhoods and the surrounding area. It is also possible to go on a an Turkey inspection of the property to look at the properties available.
Set the price and the terms of purchase. Reserve the property and lock in its price.
The next step to do is name the solicitor through power of attorney, and then close the transaction. It will speed up the process.
Last but not least, you must Register the Turkish TAPU (title document).
Real Estate Agents and Commission Fees in Turkey
A real estate broker typically charge 4% of the property’s value as commissions. Although it’s an acceptable amount it’s your choice to bargain.
The Title Deed
The cost to obtain the title deed, also known as Turkish TAPU is 4 percent of the value of the property. It’s a legal document which transfer ownership for the home from one individual to another.
A mortgage in Turkey
In Turkey the registration of property like mortgages are handled by directorates of the land registry. So, if you require money for investing in Turkish real property, there are several choices.
Find financing through your real estate broker. Large-scale developers can assist potential buyers by offering mortgage options. The down payment is usually 30 to 35 percent of the property’s worth and lasts for five years.
You are able to obtain a loans in your country of residence when you have low interest.
You can obtain a loan through an Turkish bank. Many banks in Turkey provide foreigners with as much as 70% value of the property and a tenure that can be as long as 15 years.
property Acquisition from Turkey by foreigners
A property purchase in Turkey is simple, but there are some restrictions for foreigners:
In accordance with Article 35, foreign nationals must be from the nations that Turkey has cleared for property acquisition.
Property owners aren’t able to buy properties within Security Zones and Military Forbidden Zones.
You’re allowed to purchase the maximum amount of 30 hectares.
