Divergent views exist regarding the timing of the market. Your childhood buddy from Istanbul may encourage you to wait longer before making a decision, while the Turkish real estate agent you know may tell you that this is the ideal time to purchase real estate.
We employ verified facts and tangible data rather than just subjective opinions when creating articles or updating our pack of materials relevant to the Turkish real estate market.
Every official report and data available on government websites has been gathered and reviewed by us. We have created a comprehensive and trustworthy database using the results of our in-depth investigation. Here are the findings we made to help you determine if this is the ideal time for you to buy property in Turkey.
How is the Turkish real estate market doing right now?
When considering a real estate investment, stability is crucial since it promotes both consistent rental income and possible capital gains. If you are a foreigner wishing to purchase real estate in Turkey, here is the information you need.
Turkey is a reasonably stable nation right now. This nation's most recent Fragile State Index is 78.1, which is a respectable score.
Turkey's industrial sector is strong, and its export market is diverse, contributing to the country's strong economy. The nation's strong adherence to democratic principles and well-developed infrastructure have also contributed to the stability of the political climate.
Now, more data should be analyzed to determine whether this is the ideal time to purchase real estate in this nation.
Turkey is expected to experience substantial growth
Before making a real estate investment, evaluate the economic stability of the nation. Turkey's growth rate is predicted by the IMF to reach 2.7% by the end of 2023, confirming the country's upward trajectory.
Aside from that, the economy will continue to expand because Turkey's GDP is predicted to grow by 13.9% over the next five years, or 2.8% on average.
Turkey's predicted sustainable growth rate shows that the economy of the nation is expanding gradually and is probably going to do so for some time to come. As a result, purchasing real estate in Turkey becomes a more alluring and possibly lucrative choice for investors.
However, one should consider other metrics in addition to GDP growth.
Is it possible to buy and hold property in Turkey and obtain residency status?
Become a resident in Turkey by purchasing property, as there is a special plan in place for this purpose. Those who are interested in living in Turkey and international investors find this strategy especially appealing.
Upon acquiring real estate in Turkey, you can apply for a temporary resident permit. As long as you continue to be the property's owner, you can renew this permission, which is normally issued for a period of one or two years. It's crucial to understand, however, that this residency is not permanent.
Investing in real estate can lead to residency, but the procedure takes several steps. You must apply for a residency permit after you buy your house. The Directorate General of Migration Management in Turkey is the recipient of the application.
The title deed and a valuation report attesting to the property's compliance with the minimum value requirement serve as proof of ownership, which you must present.
Purchasing real estate entitles you to apply for a residency permit.
However, the minimal investment is much larger if your objective is to use real estate investment to get Turkish citizenship.
The prerequisites for the residency permit include holding a valid passport, proof of sufficient financial means to maintain yourself during your stay, health insurance coverage, and a clean criminal record.
Additionally, you will need to fill out the required application forms and supply photos. This program has been used by many people to get Turkish residency. Due to its relative ease of use and the allure of residing in Turkey—which is renowned for its stunning scenery, vibrant culture, and comparatively lower cost of living when compared to many Western nations—this route is quite well-liked.
Investment in real estate does not grant permanent residency.
Is it a good time to buy Real Estate in Turkey?
Let us finish off!
Turkey's real estate market has a lot of potential for 2024, as evidenced by several strong signs. Due to its projected rapid growth, the country presents an appealing market for real estate investors. Property investing offers the possibility of both long-term appreciation and quick income due to Turkey's growing affluent population and the attraction of intriguing rental returns.
