Advantages of Owning a Home in Turkey
Everyone has a desire to have a home. Regardless matter what sort of investor you are, owning property in Turkey provides a win-win situation. Generally, Turkish property is cheaper than European and Gulf property. While homebuyers in Turkey may face significant regulatory hurdles, they may also save money on the cost of living, which is lower than in Western nations. A few perks are also appealing, like a slow-paced lifestyle, organic cuisine, and warmer summer temperatures.
The purchase of a Turkish house is simple. With its natural and cultural richness, Turkey’s established transportation network, geopolitical location, tourism, trade, and entertainment, Turkey has long been a country that draws the interest of foreign investors.
The robust, stable, and rising Turkish economy has long provided investors new possibilities, and it continues to work on raising the value of their assets and improving their upkeep. So, for all of you who are still deciding whether to buy a home, here are ten advantages of choosing Turkey and other benefits foreigners have while purchasing property in Turkey.
1. Turkish Residency And Citizenship
All non-Turkish citizens with permanent residences in Turkey are permitted to seek Turkish citizenship. In addition, any foreigner who buys property in Turkey that costs at least USD 250,000 can apply for Turkish citizenship and, after that, may be eligible for a solid Turkish passport that can be used worldwide.
They can expect to become Turkish citizens within six months. You may make a money-making investment and receive Turkish citizenship if you purchase property in Turkey. Foreigners who have purchased the property in Turkey receive accessible residency permits. Your family will all receive residence permits if you buy a home for 650 thousand Turkish Liras; this permit is valid for three years and can be used by your spouse and any minor children under 18. Foreigners who’ve gained residency permits in Turkey can apply for the privilege to study in the country.
2. Cost Of Living
In Turkey, living expenses are also significantly lower than in EU nations or the US. Because Turkey is a farm-based country, fresh fruits and vegetables are available year-round. Food expenditures are remarkably low because of this.
The value of our currency is advantageous to the foreigners that migrate here, therefore allowing them to enjoy their life in our nation. Costs like electric and gas, local council tax, repairs, upkeep, food and drink, and transit are lower in other countries. People who can purchase property will also find that the costs of running the property are low, providing them with extra money to enjoy the other pleasures that Turkey has to offer.
3. Value Of Money
It is well known that purchasing a home is expensive. Even after paying for the property itself, you must include surveying expenditures, legal representation, stamp duty, and improvements. People in Turkey truly do get their money’s worth. And if you’re interested in finding a luxurious apartment or villa without the usual cost, you’re in luck. Not only are properties very affordable, but they’re also relatively cheap compared to European locations. New houses you may buy are fully decorated with the best finishes.
4. Low Property Taxes
With tax codes in Turkey becoming more in line with international norms, Turkey is becoming more appealing to foreign investors who want to purchase real estate in the country.
The previously confusing corporate tax laws in Turkey have been greatly simplified. As a result, the country has a clear corporate tax code that is competitive in the OECD region, clearing any legal obstacles that may discourage investors from buying property in Turkey. This will allow a surge in foreign investment, which will likely drive the country’s growth to unprecedented levels in the coming years. So if you’re considering a Turkish property investment, aside from a $1 million minimum investment for Turkish citizenship, and if you’re searching for an additional reason to invest in Turkey, these tax benefits might assist convince you:
Stamp duty is exempted at 0 percent.
A 0.948% stamp duty tax was imposed on real estate “promise to sell” agreements as of January 2017. Buyers routinely rely on real estate purchase agreements when selling a property expected to transfer in a set amount of time, provided the last criteria are met. The same reduction has been made to stamp duty on residential property sales agreements with a down payment, which used to be 0.948 percent and is now 0.
a land registration fee increase
A decree dated March 2017 has reduced the land registry costs for authorized real estate sales and purchases by 2 percent, with a further 1.5 percent reduction for the seller and the buyer.
a VAT exemption
Since March 2017, non-resident foreign natural people, foreign corporations that do not produce money in Turkey via a workplace, and Turkish individuals who are away from their country for more than six months to work or live have been given a VAT exemption on property purchases of 18%. However, this exemption is only available for direct residential or workplace sales, and the buyer must acquire the property with foreign currency and maintain it for at least one year.
5. High Return On Profit
Turkey’s banking institutions are well established, and procuring the best financing option for your home acquisition is speedy and straightforward. Residential and commercial real estate investment is the most stable and secure means of investing in the property market. Turkish real estate values are rising year after year. Investments in the rapidly expanding Turkish real estate market provide investors with handsome returns.
Research shows that Turkey’s real estate is the best investment opportunity in the country, with a 150% return. Moreover, the only Turkish financial vehicle that consistently delivers substantial profits is real estate.
6. Turkey’s Location
Turkey is the 37th biggest country globally, and its coastline is lined with beach resorts that enthrall more and more foreign purchasers as they travel from east to west. An English-themed town dubbed Little Britain sprung up in Altinkum, drawing the attention of many British citizens.
The city of Antalya is also worth mentioning, with its more European flair in lifestyle and the less frequented but equally exclusive Bodrum peninsula. Turkey is also renowned for its historical relevance, spectacular mountainous landscapes, and breathtaking coastline sights. Turkey’s location and position have long made it home to various cultures, including the Trojans and the Ottoman Empire. There is much to be discovered by history buffs and curious minds alike. The Turkish resort is a vacation spot with a distinctly different setting than its European counterparts, well-known for a specific target demographic. In most (if not all) of the world’s most famous cities, housing in a neighborhood with several cultures living together happily is seen as standard.
A recent study conducted by AFIRE (The Association for International Real Estate Investors) revealed that a significant percentage of investors stated that climate-related concerns would affect their investment selections. When they are making investments, two out of three respondents in the 2020 poll said that they factor in the climate of a location. The weather is changing due to countries releasing radically different amounts of heat-trapping pollutants into the atmosphere.
Generally speaking, this group of poisonous gases terminology is “greenhouse gases,” or GHG. The 2018 enactment of Turkey’s Energy Efficiency Action Act went into effect. It devotes about $11 billion to energy efficiency to lower GHG emissions. Turkey was a co-leader of the assembly that met to discuss zero-carbon buildings at the 2019 UN Climate Action Summit. The government of Eskişehir in Turkey promised to transform all structures in the city to zero emissions by 2050.
The country of Turkey is known for its strong sunlight and Mediterranean climate. Temperatures are moderate, and rainfall is minimal. This nation with a stunning natural environment is situated between Europe and Asia and has been considered a link between the two continents. Here you can see more details on (what are the best cities to live in Turkey). There are four hundred eighty-six beaches, 22 marinas, and seven yacht docks bearing the Blue Flag in the nation, giving its name to turquoise. In the tourism hub of Antalya, 206 people claim to come from the Mediterranean. Antalya has the world’s most significant number of blue flag beaches. With almost half of the world’s eco-friendly Blue Flag beaches, the country ranks third in the number of beaches.
8. A Diverse Portfolio
In Turkey, there are real estate properties for any budget, and the real estate industry is growing and has seen increased acknowledgment of skilled architects. Foreign purchasers have plenty of apartments and villas in various price ranges, from new builds to resales and refurbished flats. The selection of houses in the sun can range from the primary and affordable to the expensive and luxurious, with all the most recent modern conveniences to choose from.
9. Growing Economy
A country spanning Asia and Europe, Turkey serves as a link between the two. Ankara is the capital city of Turkey. With Istanbul being the largest city. Turkey’s young and upwardly mobile population of over 80 million people makes it a perfect place for investors to use the country’s rapidly growing real estate market.
During the previous 20 years, Turkish real estate has expanded enormously. While real estate prices are generally decreasing throughout the world, the Knight Frank Index for 2017 found that Turkey placed sixth in terms of the price growth index, with a year-over-year gain of more than 11 percent, putting it ahead of Australia and India. PWC and Deloitte Consulting have said that Istanbul is the most desirable city in Europe for real estate investment. Turkey is considered to be the third most prosperous country in the world for real estate investment. Foreign investors in Turkish real estate have seen their interest rise because of the prospect of Turkey joining the EU. That’s given a boost to both foreigners vacationing and investing in Turkey’s real estate.
More significant reforms include new legislation passed regarding various property laws, including the real estate registry legislation, the mortgage law, and the law that governs residency. In addition, the Turkish tax code has been revised, which directly affects how overseas investors can acquire and develop property in Turkey. These changes have helped to make the Turkish real estate market more competitive. More than $100 billion in new loans was distributed by banks and mortgage businesses in 2018. Turkey welcomed 46 million tourists in 2018, making it the sixth most popular destination on the globe. Many tourists demonstrate Turkey’s promising future in the vacation home and hotel markets, both of which rely on a sufficient lodging supply.
Each year over 1.5 billion people visit Turkey for business and other reasons, making it a regional economic powerhouse with ultra-modern retail centers and excellent access. So naturally, this leads to greater demand for infrastructure and amenities in the nation.
What are the Best Places to Buy Property in Turkey?
To aid you in determining where to purchase, knowledge about popular regions could perhaps influence your selection. According to the official state statistics bureau, Istanbul, Antalya, and Bursa are the top international property transactions. Now, let’s examine the facts and find out why people favor these places over others.
- Istanbul: European and Asian Sides
According to data from 2013 to the present, foreigners have purchased around 40,000 Istanbul houses, making it the most popular area in Turkey. Additionally, it is ranked first in domestic sales. Because it comprises 39 districts, it is Turkey’s leading tourist, education, business, and economic center, which, in turn, explains the appeal of real estate. A top-notch new airport opened in Istanbul, the European side of Istanbul, and transportation and infrastructure became more sophisticated. The neighborhoods differ significantly, from conservative communities to areas for partying and shopping. Istanbul has a lot of available options for those who are okay with urban living.
- The Antalya Province
Antalya province is aggressively competing with other local markets. In the cities of Antalya and its seaside resorts like Alanya, Side, Kerner, and Belek, foreigners purchased around (33,600) houses between 2013 to 2018. As a result of its international atmosphere, various foreigners, including Russians, Europeans, Brits, Asians, and Middle Easterners, flock to the area. They now call it home and spend the whole year there. Its exceptional hospitality, nightlife, and retail sectors, as well as the top beaches in Turkey as ranked by TripAdvisor, all combine to make it truly stand out.
- Bursa In Northwest Turkey
Despite being a top 6 spot for foreign home sales in 2013, Bursa saw a significant boost in 2016 when it became third most popular for unfamiliar house sales. The popularity of Turkish coffee, which many Middle Eastern consumers find comparable to their own culture and lifestyle, is due to their discovered parallels. Because Bursa starts at just under £20,000, it is one of the more affordable locations to purchase property in Turkey. Bursa is also home to the Uludag ski resort, providing outdoor activities all year round.
Other Places in Turkey to Buy Property
Instead, many foreign investors occupy the shores of the Black Sea, Aegean, and the Mediterranean, and some of them even reside in Turkey full-time. So it’s time to have a look at some other areas with possible real estate investments.
- Authentic Atlacatl
Alcatel, another location whose popularity is increasing on the Izmir Peninsula in western Turkey, has a strong basis among Istanbul Turks who wish to retire or purchase their vacation house. However, Alacati’s main claim to fame is Turkey’s best windsurfing destination. It is also located adjacent to Cesme; a popular resort Turks have loved for many years.
- The Capital of Ankara
Ankara, a well-known location for real estate purchases, is the second-largest city and brims with activities from morning to night. Ankara is a city of adventure and historical interests, boasting a bustling entertainment and retail scene and several points of interest, including the castle and mausoleum of Turkey’s founder, Mustafa Kemal Ataturk. In addition, people from throughout Turkey go to areas like Beypazarl and Cappadocia to enjoy some downtime.
- The Bodrum Peninsula
Even though people from many nations have acquired homes, Foreigners, especially Brits, have long adored Bodrum. Many ex-pats from the UK call Bodrum home, and their affinity for the city is not new. Creative artisans and authors have sought out Bodrum for inspiration for decades. Prospective property buyers can browse 20 coastal villages and resorts, known as the origin of Turkish Blue Voyage cruises. This location now attracts a global following of yacht owners.
Turkey, a country with a significant economy, offers several cities with magnificent coastal views, diverse cultural and historical heritage, vibrant demographics, and sustainable tourist options. When you select a home in Turkey, you may start enjoying all of these advantages.