Buying property is seen as an investment in the first place, regardless of your purpose when buying. Therefore, as a buyer, it is normal for you to expect a return on investment, within a reasonable period of time. Or you want to maintain the value of the money you spent on buying property. Are you looking for a good place to invest in property? You should definitely keep reading to find out the advantages of investing in Turkish real estate and how you can do it.
Turkey is a popular tourist destination in the Mediterranean. It is also a favorite attraction point for investors. Providing all the necessary conditions for a successful investment environment, Turkey provides an excellent return on investment opportunity for all investments, including real estate investments.
Real estate in Turkey provides a good return on investment with long-term and short-term investments, as well as trading and resale opportunities. The properties that you will buy in Turkey acquire a good value annually, which will help you get a good profit when reselling.
You can rent the properties you will buy from Turkey. Rental apartments also help you earn good returns in Turkey. By getting a pretty good rental income every year, you can pay off your investment in a reasonable amount of time. All these features of the real estate that you will buy from Turkey make investing in Turkish real estate very profitable.
Should I Buy Property In Turkey?
If you are going to buy an apartment in Turkey and especially if you think of it as a profitable investment, it is normal that you want low maintenance costs. Property maintenance costs in Turkey are also quite affordable compared to many places abroad. Monthly maintenance fees in apartment complexes are about 20-25 dollars on average. Cleaning, maintenance, and all costs of common areas such as the garden, elevator, stairs, and pool are within this price.
When you want to buy a house from abroad, one of the most important criteria you probably care about is property prices. Property prices in Turkey will seem surprisingly low to you. For foreign buyers, the exchange rates in Turkey are becoming even lower. This is an excellent opportunity for foreign investors. For example, the US Dollar and the Euro are in a stronger position than ever against the Turkish Lira. Property prices are determined in Turkish Lira. And since the currency equivalent of the Turkish lira is falling depending on the exchange rates, buying a property in Turkey is more advantageous than ever for foreign investors.
The real estate market in Turkey offers a fairly wide range for you to find a wide variety of real estate for sale. For low-budget investments, you can buy affordable real estate. In addition, you can easily find high-quality luxury real estate in Turkey, such as villas with sea views. The Turkish real estate market offers options suitable for different investors with different needs, in short, for everyone.
The process of making a real estate investment in Turkey is easier than in most countries. For this reason, Turkey is a very well-known place among international real estate investors. The legal procedures are fast, there is no waiting time and the property can be yours in a very short time, possibly within 3 days after choosing the property. This makes it easy and fast to invest in real estate in Turkey without wasting time.
How to Choose Real Estate in Turkey?
In recent years, the interest of foreign investors in buying real estate in Turkey has gradually increased. We can say that Turkey’s mild climate, unique and fascinating Mediterranean coast scenery, stable economy, and relatively low cost of living are the biggest reasons for the increase in this interest.
Turkey aims to attract investors from abroad to strengthen its economy. Therefore, with the changes made in 2018, the stages of registration of real estate have been greatly simplified. For foreign investors, favorable credit conditions from financial institutions provide a quick system for obtaining a residence permit and Turkish citizenship, and most importantly, a low cost of real estate.
Of course, becoming the owner of modern apartments in a resort area or on the seashore is not the type of investment that everyone wants. And if this really is not going to affect your wallet, then it can usually be considered like a gift from above. Therefore, you should definitely take advantage of the opportunities in Turkey.
Best Places to Buy Property in Turkey
If you have visited Turkey before, you may have thoughts about where you want to buy property. If you have never been to Turkey before, there are impressive portfolios of apartments and villas to choose from in many cities and districts. However, one thing to note is that there may be price differences from region to region.
Some regions in Turkey have also become popular destinations for foreign investors, especially with their excellent infrastructure, easy access to airports, excellent landscapes, and lifestyles. Let’s look at a few of the most popular cities and resorts in Turkey.
The financial, educational, and tourism center of Turkey is Istanbul. It is also the most populated and cosmopolitan city in Turkey. Due to its size and characteristics, Istanbul has two passenger airports. Most of the real estate investors here are either locals or Turkish citizens working abroad. However, foreigners who plan to use their houses or apartments in Istanbul as vacation or retirement places also enjoy living here.
Istanbul offers unlimited shopping opportunities, magnificent museums, concert halls, world-class fitness centers, beauty salons, day and night entertainment facilities, etc. it is a developed city that includes activities.
Antalya is the 5th most developed city in Turkey. it is a very popular city with its characteristic of being a city and being located on the coast of the Mediterranean Sea. It is the second most popular tourist city in Turkey after Istanbul. The demand for property here among foreign investors is decisively strong, but house prices are surprisingly affordable. In the city center, you can see all the typical, developed urban infrastructure. In the smaller seaside resorts, there are a lot of settled people from various Western countries.
Alanya, a district of Antalya, is very popular among investors who buy seasonal rental apartments and houses. If you like golf, you can also consider buying a house in Belek, which is the best place in Turkey to practice this sport. If you prefer to see historical places, you can choose Side. In addition to the Konyaalti neighborhood, Lara Beach is also becoming increasingly popular among foreign investors.
Fethiye, which is a district of Mugla, is also a highly preferred region for foreign investors. If you go by car from the airport located in Dalyan, you will reach this coastal town in about an hour. Fethiye is located on the Turkish Riviera, also known as the Turquoise Coast. The most important landmark is the Blue Lagoon.
In recent years, it has made major improvements with investments in local housing and infrastructure, so Fethiye is rapidly turning into a new jewel of Turkish tourism. The lively city center is surrounded by numerous small resorts: Ovacik, Oludeniz, Hisarönü, and Calis. You can enjoy the traditional village culture in Uzumlu.
The fifth most favorite place for real estate purchases in Turkey, Ankara is the second largest city that operates around the clock. In addition, Ankara is the capital of Turkey. The people living in Ankara enjoy a lively nightlife and shopping scene. Among the historical attractions are a castle and Anitkabir, the resting place of the founder of Turkey, Mustafa Kemal Ataturk. Located in the Central Anatolia region of Turkey, Ankara is quite far from the beaches, so local people go to see places such as Beypazarı and Cappadocia for holidays and weekend breaks.
This cosmopolitan destination is one of the favorite regions of westernized Turks and foreigners of all nationalities. The peninsula consists of smaller resorts, of which some, such as Yalikavak and Turgutreis, have become popular migrant havens. The love of foreigners and tourists for this region of Turkey is not a newfound one, because for decades creative craftsmen and writers have been coming to Bodrum for inspiration.
Known as the birthplace of Turkish Blue Decoy Cruises, potential real estate investors can choose from more than 15 small towns and seaside resorts. Bodrum is a district that appeals to everyone, regardless of budget or lifestyle preferences.
Property prices are usually higher in this prestigious area because most of the properties have sea views and there is no land mass to build on. Although normal apartments are sold in Kalkan, luxury-themed villas, modern furniture, accessories, and appliances are generally preferred. Some buyers rent their villas for summer holidays because a town is a favorite place for vacation, and the high rental yield provides a lucrative income.
Factors Affecting the Cost of Housing in Turkey
There are many different factors affecting real estate prices in Turkey. The value of these properties is usually determined by the criteria that we will specify below.
- Distance from the sea – the farther the residential complex is from the coastal zone, the cheaper the price will be;
- District – it is quite logical that the cost of living space in the capital or in a large metropolis is slightly higher than in a small town;
- The condition of the apartment – housing with expensive interior design, exclusive furniture, and modern appliances has a price tag several times higher.
- View of the house – the cost will be higher if the windows of the apartments offer a magnificent view of the azure shores of the sea or the slopes of the local mountains;
- The amount and area of the room – the larger the area of the rooms, the more expensive the apartment will be;
- Floor – elite penthouses are usually located on the top floors at a high cost, while affordable housing is located on the zero floors;
- The infrastructure of the complex – the cost of apartments in the residential complex, which provides additional services in the form of parking, fitness room, swimming pool, sauna, and zone security, will be higher;
Finally, the human factor is also an important factor that affects prices. There may be situations where the owner urgently needs money and is ready to reduce the price of housing. Turkey is a trading country; you should definitely negotiate here.
Do Foreigners Need To Pay Taxes In Turkey
Turkey, like other countries, levies a certain tax for each economic activity. Turkey follows supportive policies towards foreign investors. This gives foreign investors the October opportunity to invest in Turkey and start their own business, as well as the right to own, sell and buy real estate without additional obligations, like any Turkish citizen.
The extra costs that a foreigner needs in Turkey are combined with the costs of translating documents or using an intermediary on the territory of the Republic of Turkey, and in some conditions are combined with the need for translation services.
Advantages Of The Turkish Tax Regime
Turkey receives lower taxes compared to other countries. This is an opportunity that has been presented to the state to stimulate foreign investment. Clear and specific laws have been established that leave no room for doubts or miscalculations when investing. This situation provides a comfortable and understandable investment environment.
All tax expenses in Turkey are defined in accordance with international tax standards. To stimulate investments, the state is constantly making changes to tax legislation. These changes include permanent or temporary tax breaks to encourage investment in Turkey.
Who We Are and How We Can Help You
Tolerance Homes is a full-service investment real estate agency. We deliver end-to-end solutions on residence and citizenship through investment programs worldwide.
At Tolerance Homes, we specialize in helping clients from all around the world apply for residency programs all across the globe, including Turkish citizenship and property purchase in Turkey. You can contact us to get more detailed information and speak to one of our experts.