By Justin Mays:
Turkey has come to the limelight in recent years for the drastic growth of its real estate sector and for becoming the most sought-after destination for investments. This is because this country has significant advantages to offer foreigners.
The hospitality, inclusivity, and strong culture captivate foreigners and make them want to invest in the real estate market.
According to the Turkish Statistical Institute, the number of houses sold in Turkey in 2020 was 1.499.316, a 11.2% increase from 2021
In today’s blog, Prime Property Turkey presents the 10 benefits of property investment in Turkey that have attracted global investors to take an interest in the local properties. Let’s begin!
1. Competitive Real Estate Prices
Anybody who has explored the real estate sector in Turkey would know that the prices here are very low, especially compared to the US and European real estate markets. However, this is not at the cost of quality. The properties here offer spectacular value and development similar to those in European countries.
With how dynamic the market has become, Turkey has something for all budgets.
The presence of historical landmarks, tourist spots, natural wonders, and a prospering real estate sector makes people from around the globe want to acquire permanent residency here.
2. Developments in the Economy
There is no doubt that the Turkish economy is developing at an unparalleled speed and witnessing stable growth.
According to Investopedia, Turkey is the 19th largest economy in the world.
Much of the real estate sector's development is attributed to the Turkish government's backing. The government has started many campaigns to strengthen the real estate sector.
Foreign investors can now purchase apartments over several months through installments.
The improvement in construction and infrastructure also directly influences the development of the economy. Turkey has been working on strengthening its infrastructure by building excellent roads, bridges, etc.
As a result, investors can find the best properties in highly developed and modern areas for economical prices.
3. Investment-Friendly Conditions
The Turkish government has made considerable efforts to ease the process of buying property in Turkey. Foreigners can now purchase property in Turkey without paying any value-added tax.
Investing in Turkey can also get the foreign investor, their spouse and children's residency permits.
Moreover, the entire property purchasing procedure is fast and uncomplicated.
4. Key Geographical Location
Turkey occupies a key location in the middle of Asia and Europe. Here you see the cultures of these two continents blend to create one that is inclusive and dynamic.
Its location makes it a popular destination for investors from Asian, European, and Arabs countries.
In addition, Turkey has cordial relations with many Asian and European countries and continues to welcome foreigners without discrimination.
5. Earn Through Resale
Buying property in Turkey also allows you to have an income through resale. Property prices have only been increasing over the years, and the recent rise in foreign investments has only boosted the demand for real estate.
Investors who purchased the property several years ago are now selling their properties for much higher price tags, allowing them to earn through resales.
6. Outstanding Return on Investment
Buying a ready project can allow you to find a tenant immediately to earn an income from your investment. Projects still under construction are also an excellent way to invest and get multiplied returns. By the time the construction is complete, you can get up to 30% profit on your investment when you resell it.
Prime Property Turkey helps its clients reap the benefits of their real estate investment by assisting in renting the property to vetted tenants of the owner’s choice. We ensure any maintenance is done with the owner’s knowledge.
We make sure the property is always in pristine condition to bring in high profits for the owner.
Whether you choose to renovate your property, rent it out to tenants, or live in it, Prime Property Turkey will be by your side to help you do it the right way.
7. Ever-growing International Tourism
It is no secret that Turkey is the top choice for a holiday destination for many nationalities. Many come here to spend time at the resorts and have made Turkey their go-to place to have a family vacation.
The government has been working to empower the tourism sector to earn revenue for the country. Many tourists want to come here and rent properties for their stay. If you are looking for a property for investment in Turkey, now is the time to do it.
8. Massive Selection to Choose From
Turkish Real Estate is constantly expanding. Every year, you see new residential and commercial buildings, houses, villas, mansions, penthouses, etc. This is also one of the major benefits of real estate investment in Turkey.
You get everything from projects that are for rent, ready to be sold, still under construction, etc.
No matter what city in Turkey you want to buy property in, you can quickly get what you are looking for without compromise.
9. Get Citizenship Through Property Investment
One of the most attractive benefits of property investment in Turkey is that it can open doors for foreign investors to acquire Turkish citizenship for themselves, their spouses, and their children under 18.
Foreign buyers will have to invest at least USD 400,000 on a property in Turkey to get Turkish citizenship.
Please read our detailed post on Turkish Citizenship by Investment.
10. Top-of-the-line Facilities
Buying a property in Turkey means you can access all the sophisticated and modern facilities available here. All the newly built housing complexes here have sports centers, playgrounds, saunas, car parking, and round-the-clock security.
In addition to having the most reputable residential and commercial projects, Turkey has the best health and transport facilities.
Health Facilities
Turkey has many prestigious hospitals with the most capable staff and international standard equipment. Medipol Mega University Hospital, Acibadem Kadikoy Hospital, and Antalya Anadolu Hastanesi are some notable ones.
Transport Facilities
You also get top-grade transport facilities to benefit from. These include ferry boats, taxis, inter-city buses, metro buses, rail systems, etc.
Education Facilities
This country has an excellent educational system that foreign families living in Turkey can take advantage of. However, there are also plenty of international school systems and colleges. These include: The British International School, TED Bursa College, and Gokkusagi Schools, etc.
Conclusion
In addition to all of the above, we can not ignore the climate of Turkey and the quality of life here that suits many Arab and European nationalities and influences them to make Turkey their home.
Investing in Turkey has been immensely beneficial for all who have bought property here over the years. There are zero risks but a plethora of benefits for foreign buyers.
At Prime Property Turkey, we would be happy to extend our services to help you find your dream project to invest in.
More to read from us:
Why You Should Consider a Consultant When Moving to Turkey
