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Indeed, investing in real estate in Turkey is a wise move. But the true question you should be asking is how to profitably invest in the real estate market. Given the size of Turkey, certain regions are total busts in terms of the country's real estate industry. Other regions draw investors from far and wide because of their potential. It is not who you know, but what you know, that makes a prudent investment. In light of this, we created this comprehensive guide to the real estate industry to help you understand its advantages, become proficient in your local markets, and guarantee strong returns.
Is buying a property in Turkey a good investment?
Turkey's Potential for Investment
Strategic Location:
This is an extremely important real estate market because it's located exactly in the center between the East and the West. With both domestic and foreign buyers present in the market, there's plenty of influx of foreign buyers coming in from all over the world, thereby increasing liquidity. Similarly, Turkey attracts international companies, while many companies regard Istanbul as their headquarters. Global relations are nothing short of amazing.
Easy Buying Procedure:
New property owners are frequently taken aback by how simple and quick the purchasing procedure is. It takes longer to find a property than to buy one. A Turkish bank account and a tax number are all that real estate buyers require, up to a maximum of 30 hectares of land. They get their deeds from the land registration in a week if all the necessary funds and documentation are in order.
Intelligent Investment:
If there's one thing this well-liked location excels at, it's giving back to the local community. Large cities have excellent transportation connections, roads, bridges, airports, and motorways. Additionally, local authorities never stop funding parks and community initiatives.
Istanbul Alpha City:
An alpha city is the best option for investment real estate. The World Research Network Think Tank defines an alpha city as a "primary node in the global economic network." Many prospective investors consider Istanbul because of its international standing, even as investments in other well-known locations like Antalya draw buyers of vacation and retirement homes.
But What Advantages Do Investing Offer?
Property Prices:
In general, cost comes first: this refers to the prices of the properties. Residential real estate is moderately priced in Turkey compared with other foreign countries like France or Spain, except for commercial buildings. And because the costs of acquiring these are relatively low, Turkish cities like Antalya, Bursa, and Istanbul appear to be a silver lining for foreigners.
Through the Investment Program, Turkish Citizenship:
Turkish citizenship is a benefit of a great real estate investment since it allows you and your family to live, work, and educate as Turks. You do not need to live in the nation and can maintain your dual citizenship. For the Citizenship by Investment program, a mere $400,000 is the minimal investment amount. In as little as six months, after acquiring a residency permit and submitting an application, you can become a citizen.
Low-running Costs:
One thing that real estate investors frequently mention is how little upkeep and running costs are. There are no TV licenses, low municipal taxes, and significantly lower prices for gas, electricity, internet, and water than in European nations.
Property Values:
Do your homework, choose a location that suits you, and take advantage of average yearly gains of 10%. Although capital appreciation rates differ by district, certain areas outperform others due to their reasonable costs and potential for future expansion.
What is the Price of Real Estate in Turkey?
Once more, rather than searching nationally, you should focus your efforts on this location. Some reasonably priced locations in Turkey provide good mid- to long-term investments. Furthermore, there are additional locations that focus on luxury real estate. Nothing lower than six digits may be seen in several areas of Istanbul along the shores of the Bosphorus.
