Given Turkey's location, exciting culture, and an attractive real estate market, foreign nationals are now flocking there to invest in real property. Beyond the scenic beauty, this country offers a very unique opportunity for investors to have real estate as well as obtain citizenship through its Golden Visa program.
It is an attractive destination for anyone looking to expand his or her investment portfolio or find a new home abroad, given its varied real estate environment that ranges from the bustling metropolis of Istanbul to the tranquil coastal towns that hug the shores of the Mediterranean.
Turkish Real Estate Market
There is a plus that adds to the country's appeal to foreigners and investors: its strategic location and rich cultural heritage, which other countries may not have. That is a key factor making foreign investors more interested in the nation: people who target getting property as their means of obtaining citizenship.
It was also made easier to acquire Turkish citizenship if one was willing to invest at least $250,000 in the real estate market. This has multiplied the allure of the country. This policy is a union of international recognition of the Turkish visa and a diversified portfolio of real estate investment in Turkey.
Other noteworthy places are Bursa, which reflects Istanbul's economic growth, and Antalya, a popular tourist destination due to its Mediterranean appeal. Kusadasi provides an affordable way to enter the market because of its tourism attractions and reduced real estate rates. Bodrum is known for its stunning architecture. Alanya has been spurred on by significant development over the last ten years and by the relatively inexpensive real estate opportunity that exists here.
What Is Turkey's Average House Price?
One of the reasons for the large number of sales of residential property to foreigners in Turkey is the country's very low cost of living when compared to other European nations.
A startling 45,483 residential properties in Turkey were sold to foreign buyers in 2019, and this number has only increased. According to TurkStat, 67,490 properties were sold to foreigners in 2022, with the provinces of Istanbul, Antalya, and Mersin being the most popular.
The price of houses in Turkey is extremely divergent based on the type and location of the real estate. For example, the Mediterranean beach villages are more expensive due to luxury offers compared to some of the lowest property prices within the nation and are found in places with a significant British expat group.
According to the house price index, prices rose over the previous year. The appreciation had gained up to 32.39% by April 2021, though total residential sales plunged by 21.4% during 2021 against 2019 in a competitive market.
Overview of the Conveyancing Process in Turkey
Foreigners are also allowed to buy properties in towns through the process of conveyancing since, unless the property is located in a military zone or a rural area, conveyancing is allowed in cities. The cost of the process involves the commission of the agent and the charge of the title deed that usually runs about 4% of the property's value each.
After the money matters are resolved, ownership can be verified by transferring the title deed. It is crucial to remember that having property does not automatically entitle one to employment or residency. However, eligibility for the Turkish Citizenship by Investment Program requires a minimum investment of $400,000.
Can Indians buy property in Turkey?
Turkey allows Indians to purchase real estate. Foreign property ownership in Turkey is not subject to any notable limitations, and this includes Indian citizens as well. But there are a few important things to remember:
Restric on Military Zone:
No foreigner is permitted to own property in military or sensitive zones.
Process of Buying a Property:
This procedure involves Registration, Execution of the purchasing agreement, Opening of the Turkish bank account and finally acquiring the tax number.
Turkish Citizenship by Investment:
Under the Citizenship by Investment program, a person may be eligible to obtain Turkish citizenship if they invest at least $400,000 in Turkish real estate.
Legal Assistance:
To make sure all legal procedures are followed correctly, it is advised to hire a lawyer.