By Justin Mays:
Investing in real estate is undeniably one of the most effective ways to preserve the value of capital. It can also help you acquire passive income and financial independence.
Turkey has come into the spotlight for its desirable residential properties and vast commercial real estate options. With the rise of rapid urban planning and mega projects such as the Yavuz Sultan Selim Bridge and the Eurasia Tunnel, Turkish real estate has caught the eye of foreign buyers and has seen a sharp rise in sales.
1.4 million residential units were sold in 2021 in the Turkish real estate sector. Moreover, 206,768 sales of residential units were made to foreign nationals in Turkey between 2016 and 2021.
If you are interested in investing overseas in Turkey, read Prime Property Turkey’s guide to learn how to invest in overseas real estate.
What Are the Steps For Real Estate Investment in Turkey?
- Analyzing the Turkish real estate market is the first step. Study all the information related to it to make the right choice and protect yourself from fraud. We have an extensive guide on the Turkish Real Estate Market that you can read through.
- Now that you know the Turkish property market, you can accurately allocate a budget for your real estate investment.
- Get the expert assistance of a real estate consultant that can help you navigate the property market and make an excellent choice. When you choose a consultant to work with you, make sure they are from a reputable company. We advise you to enlist the services of our multi-lingual professional consultants to guide you in your search.
- Next, choose the part of Turkey where you want to buy property. You can choose between the major cities and resort towns based on what you want to achieve from your investment.
- Narrow your search down to the area that suits you the best. Your consultant can help you understand the pros and cons of the different areas and help you decide on one with excellent infrastructure in proximity to transport facilities and mega projects.
You can browse our properties in Istanbul, Kas, Kalkan, Gocek, and Fethiye and book your consultation with our experts to kick-start your property hunt.
What Types of Properties Does Turkey Have?
The Turkish property portfolio is vast, which is why wealthy investors from different countries come to Turkey to invest in real estate. Here is what you can find in Turkey.
- The main property type popular among foreign buyers is apartments. You can invest in an apartment and use it for various reasons, such as accommodation, renting, commercial purposes, etc.
- Villas in Turkey have gained popularity among foreign home buyers, especially those located in the suburbs of major cities and resort towns. Foreign buyers don't just purchase them for investment but also to be eligible for Turkish citizenship.
- Foreign investors can also purchase land for agricultural purposes or carry out construction on it.
- They can also invest in commercial properties for massive projects such as schools, malls, hospitals, etc.
- International investors can purchase stores to access the dynamic and lucrative Turkish market and enjoy high profits.
What Benefits Does the Turkish Real Estate Investment Offer?
- Foreign investors enjoy the same protection as local investors and must abide by the same laws and regulations.
- They can enjoy absolute ownership of their real estate investment.
- The prices of Turkish real estate are much lower than in different parts of Europe. To add to this, the properties have been constructed with great attention to detail and are always in demand.
- The booming tourism sector in Turkey allows foreign investors to rent out their properties for high amounts without a hassle.
- Buyers from different countries prefer Turkey for its modern lifestyle and benefit from high-quality education and health facilities.
- The most significant advantage of buying a property in Turkey is that if it is at least $400.000, the foreign buyer can apply for Turkish citizenship.
What to Look out For When Making an Overseas Real Estate Investment in Turkey
The tips below can help you make a safe investment and secure your investment value.
- Understand the property’s surroundings and the facilities available.
- Analyze the property and ensure that the construction is robust and earthquake-resistant.
- Check if the property is modifiable.
- See how many rooms the property has and its layout to know whether it meets your preferences.
- Work closely with your real estate consultant to understand the correct costs involved in property buying to protect yourself from spending on unnecessary fees and payments.
- Avoid falling prey to scams and illegal practices, and hire a lawyer to analyze the property paperwork and verify all the information. At Prime Property Turkey, our in-house attorney specializes in Turkish law and is fluent in English to cater to our clientele and assist them in their Turkish citizenship applications.
Buying Turkish real estate is a great way to invest your wealth and receive maximum returns in the long term. If you found this guide helpful, stay connected with us via our Facebook, YouTube, and Instagram pages for more exceptional content.
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