Advantages of Owning a Home in Turkey
Having a home is a dream for everyone. For every type of investor, buying property in Turkey is a winning situation in many ways. For a start, property in Turkey is generally cheaper than in the EU or the Gulf States. Homebuyers in Turkey also benefit from the cost of living, which is considerably less expensive than in western countries. The slower pace of life, healthy food, and summer temperatures are also desirable benefits.
Buying a home in Turkey is not difficult. Turkey has always been a country that attracts attention from foreign investors with its natural and cultural richness, developed transportation network, geopolitical location, developed transportation network, tourism, trade, entertainment, transportation.
Turkey, with its strong, stable, and growing economy, has always offered new opportunities for investors and is still working on increasing the value of investments and maintenance. Here are ten benefits as to why you should choose Turkey and advantages that await foreigners, who bought homes in Turkey.
1.Turkish Residency And Citizenship
All the foreigners who own immovable property in Turkey are eligible to apply for residency in Turkey. Foreigners who purchase at least 250,000 $ of property can apply for Turkish citizenship and the possibility of obtaining a strong Turkish passport internationally, after getting the Turkish nationality.
The foreigner himself/herself and his/her family will have the right to Turkish citizenship within six months. Buying a property in Turkey gives you the possibility of making a profitable investment besides obtaining Turkish citizenship. The residence permit is given easily to foreigners, who bought real estate in Turkey. You can get a 3 years residence permit for yourself and your family by buying property for 650 thousand Turkish Liras, this residence permit is given to all family members (wife/husband and children under the age of 18). Children of foreigners settled in Turkey with a residence permit can obtain the right to enrol in educational institutions in Turkey.
2.Cost Of Living
The cost of living in Turkey is also a lot cheaper than in EU countries or the US. Turkey is an agricultural country, it is possible to reach fresh fruits and vegetables in the country during the four seasons. For this reason, food expenses are very low in our country.
Foreigners coming from abroad can live a comfortable life in our country due to the exchange rate. Electric and gas, council tax, renovations, maintenance, food and drink, everyday groceries, and transport cost less than in other countries. So not only is property less expensive, running costs are affordable, leaving anyone buying a house with disposable money to enjoy the attractive benefits Turkey brings.
3.Value Of Money
Any property owner in the EU will know that buying a home is expensive. Even after the cost of the property itself, you have to consider survey fees, lawyer costs, stamp duty, and the costs of any renovations that the house or apartment requires. In Turkey, you really do get value for money. Not only are properties in general inexpensive, especially compared to declining European destinations, but you can also get your hands on beautiful luxury apartments or villas without having to break the bank. Many of the properties you can buy are new builds with the highest quality of decor.
4. Low Property Taxes
The Turkish government has taken substantial steps in recent days to simplify its tax code, making it more in line with international standards, which makes Turkey even more attractive to investors seeking to buy real estate in the country.
These steps have indeed made Turkish corporate tax legislation noticeably clear, and the country now boasts corporate taxes rates that are objective and are considered among the most competitive in the OECD region, clearing away any legal hurdles that may discourage investors from buying properties in Turkey and paving the way towards a surge in foreign investment in the country that is bound to reach spectacular growth rates in the years to come.
Aside from offering Turkish citizenship to investments worth over $1 million, and if you’re looking for yet another reason to invest in Turkey, these tax incentives will help convince you why it’s the best destination for your property investment:
- Stamp duty at 0%
In January 2017, the stamp duty arising from the execution of a real estate “promise to sell” agreement was decreased from 0.948 % to 0. Real estate promise to sell agreements are widely used by buyers in practice, in case the real estate is to be transferred in a projected time, upon completion of conditions precedent. . Likewise, the stamp duty arising from the execution of residential property sales agreements with a down payment has also been reduced from 0.948 % to 0.
- Fee adjustment to Land Registry
As per the decree dated March 2017, the land registry fees arising from an official real estate sale and purchase transaction, which are paid separately by both the seller and the buyer have been decreased from 2 % to 1.5 %.
- Value Added Tax (VAT) exemption
As of March 2017, real estate purchases by non-resident foreign natural persons, foreign companies which do not generate income in Turkey via a workplace and permanent representatives, and Turkish citizens living abroad with a work or residence permit for a term of more than 6 months are exempted from value-added tax (VAT) of 18 %.
It should be noted though that this exemption is only applicable to direct residential or workplace sales in which the buyer is expected to provide the purchase price from abroad in foreign currency and keep the real estate in their ownership for at least one year, so those looking to buy properties to sell immediately would not benefit from this particular incentive.
5.High Return On Profit
Turkey has strong financial institutions and finding the right financing solution, which will help you to purchase your ideal property, is easy to reach and fast to finalize. Real Estate Investment is the safest and least risky investment in residential real estate or commercial properties. The real estate market in Turkey keeps doubling values every passing year. Investments made in the fast-growing real estate sector in Turkey provide rather profitable returns to investors.
According to research, real estate in Turkey is the most profitable investment instrument in Turkey with a percentage of %150. Real estate in Turkey also grabs attention as the only investment instrument that always brings profit.
Turkey is the 37th largest country in the world with a mass of seaside towns scattered from east to west that are mesmerising more and more foreign buyers. Among these towns is a place called Altinkum that has attracted the Brits to the point it is now nicknamed Little Britain.
Antalya is another one worth mentioning that boasts a more European vibe in its lifestyle approach and we can’t forget the Bodrum peninsula which is often visited by wealthy, international celebrities. Aside from the amazing scenic mountains, the Mediterranean sea & coastal breath-taking views, Turkey is also known & respected for its history. Thanks to Turkey’s geographical location & position, it’s been home to many cultures throughout history, from Troy to the Ottoman Empire, Turkey has much to offer all history enthusiasts and curious souls. Unlike many European resorts known for their environment appreciated mostly by one major type of homebuyer, Turkey is the meeting point of several different cultures. In most, not to say all popular locations appreciated by international property buyers, the living environment consists of a neighbourhood built on many different cultures living harmoniously together.
In a recent investor survey executed by AFIRE (The association for international real estate investors), a vast number of investors say that their investment choices would be impacted by climate problems. Two out of three respondents in the 2020 survey give even higher consideration to the climate of a location when they’re doing investments. Countries emit drastically different quantities of heat-trapping gasses into the atmosphere which is the main reason for climate change.
The name for these destructive gasses is greenhouse gasses, GHG, in general. Turkey’s Energy Efficiency Action Act came into force in 2018. It commits nearly US$11 billion to energy efficiency to reduce GHG. At the 2019 UN Climate Action Summit, Turkey was a co-leader of the assembly discussing zero-carbon buildings. Turkey pledged to convert all existing buildings in the city of Eskişehir to zero emissions by 2050.
Turkey is a country with plenty of sunshine and has a Mediterranean climate. It has mild temperatures and a limited amount of rainfall. The country with a breath-taking environment is a transcontinental country with lands in both Asia and Europe and has been viewed as a crossroads between the two continents. Here you can see more details on (what are the best places to live in Turkey). The country that gave its name to the colour of turquoise boasts a total of 486 beaches, 22 marinas, and seven yacht docks with the Blue Flag. Mediterranean tourist hotspot of Antalya bears 206 of them. This makes Antalya the city bearing the highest number of beaches with a blue flag certificate in the world. The country has the third-highest number of beaches in the world with an eco-friendly Blue Flag certification.
8. A Diverse Portfolio
The real estate market in Turkey offers a great choice of properties for sale for every budget, the growth of the real estate market and recognition of talented architects has boosted the property portfolio of Turkey to an incredibly diverse status. Foreign buyers have extensive choices of budget and luxury, off-plan, new build, resale, and renovated apartments and villas. From the basic and budget to luxury homes with sea views and all the latest modern amenities, such as the diversity, buyers do not have to compromise on their dream home in the sun.
Turkey is a transcontinental country that bridges Asia and Europe. Its capital city is Ankara. whilst the largest city is Istanbul. With a population of approximately 80 million as of 2017, and a high proportion of that being young and upwardly mobile, Turkey is an ideal country for investors who want to take advantage of a fast developing real estate industry.
In the last two decades. The Turkish real estate sector has grown tremendously. While there has been a general decline in the real estate business in Europe, the Americas, and many parts of the world, 2017 figures from Knight Frank showed Turkey ranked sixth in the world in terms of its annual price growth index. with a year-on-year increase of more than 11%, head of Australia and India.
Istanbul has been touted by PWC and Deloitte Consulting to be the most attractive city for real estate investment in Europe. Turkey overall is ranked 3rd most lucrative country for investment in real estate globally. The increase and appetite for foreign investors in real estate have been motivated by the potential of Turkey’s EU membership. This has accelerated holiday homeowners and investors around the world to purchase properties in Turkey. More important is also the legislative amendments that have been done to several laws including the property title registry law. the mortgage law. residency and the redrafting of tax laws which all directly affect how overseas Investors can buy and develop properties In Turkey. These amendments have stimulated the competitiveness of the Turkish real estate sector.
Banks and mortgage firms have also increased lending, with over 100 billion being disbursed in 2018. Turkey also attracted one of the highest numbers of tourists in 2018, with almost 46 million tourists visiting, making the country the sixth most popular destination on the planet. The high number of tourists indicates the high potential that Turkey has in the holiday home purchase and rentals segments, this is attributed to the fact all these tourists will need somewhere to stay whether homes or hotels. Turkey is an economic regional hub providing ultra-modern shopping centres and easy access to over 1.5 billion people who come for trade and other services in the country. This has increased the demand for infrastructure and facilities in the country.
What are the Best Places to Buy Property in Turkey?
To help you decide where to buy, knowing which areas are popular might Influence your decision. The official government Statistical Institute says Istanbul, Antalya, and Bursa are the three most popular areas for foreign house sales. Let’s look at the stats and why buyers prefer those areas over others:
- Istanbul: European and Asian Sides
From 2013 to the present time, foreigners bought just over 40,000 properties In Istanbul, making It the most popular place in Turkey. It also gains the top spot for domestic sales. As the most significant area made up of 39 districts, It’s Turkey’s Leading hub of tourism, education, business, and economy, therefore explaining Its real estate popularity. A superb ultramodern airport just opened in European Istanbul, and the city Is Improving transport and infrastructure links. The diversity of neighbourhoods Is immense from the conservative hubs to partying and shopping destinations. If you don’t mind an urban lifestyle, Istanbul offers a lot of choices.
- The Antalya Province
Antalya province steps up to the market. From 2013 to 2018, foreigners bought just over (33,600 ) homes in Antalya, either in the city centre or coastal resorts like Alanya, Side, Kerner, and Belek. Its cosmopolitan ambience attracts different nationalities including Russians, Europeans, Brits, Asians, and Middle Eastern buyers, and many settled in the area and now live there all year round. Its unrivalled hospitality, nightlife, and shopping scenes combine with the best beaches in Turkey as rated by TripAdvisor.
- Bursa In Northwest Turkey
In 2013, Bursa was the 6th most popular place for foreign house sales, but over the last three years has risen the ranks to become third. Middle-Eastern buyers who find many cultural and lifestyle similarities are driving this rise In popularity. With prices starting at around £20,000, Bursa Is one of the cheapest places to buy property in Turkey and is also home to the famous ski resort of Uludag, providing year-round outdoor activities.
Other Places in Turkey to Buy Property
Instead, the Black Sea, Aegean, and Mediterranean coasts host many foreign buyers, some of which live in Turkey all year round. Let’s look at other places with potential real estate investments.
- Authentic Atlacatl
Sitting on the Izmir peninsula in western Turkey, Alcatel, another destination whose popularity is rising has a hardcore fan base among Istanbul Turks who want to retire or buy a summer home there. Alacati’s main claim to fame is Turkey’s best windsurfing destination. It also sits next to Cesme, an up-market resort adored by Turks for many years.
- The Capital of Ankara
Ankara, the fifth most popular place for property purchases 1s the second largest city and a hive of activity around the clock. Working ex-pats who settled in Ankara, enjoy a lively nightlife and shopping scene and historical attractions include a castle and Anitkablr, the resting place of Turkey’s founder, Mustafa Kemal Ataturk. Its location in the heart of central Anatolia is quite a distance from beaches so for leisure and weekend breaks, locals visit places like Beypazarl and Cappadocia.
- The Bodrum Peninsula
Although various nationalities have bought properties In Bodrum, Brits adore the region and make up a large part of local ex-pat communities, the love of foreigners for this part of Turkey is not a newfound friendship because, for decades, creative artisans and writers have flocked to Bodrum for inspiration. Known as the birthplace of Turkish Blue Voyage cruises, potential property buyers can choose from 20 small towns and coastal resorts. Hosting Yachts from all around the world, it’s now the place to be seen.
Being the 37th largest country in the world, Turkey, the country with a big economy, has world-class cities with stunning coastlines, rich heritage and culture, dynamic demographics, sustainable tourism, extensive facilities for visas and citizenship, and other features. You only need to choose your property in Turkey to start benefiting from all of these.