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Things to Consider When Buying a Government Guaranteed Property in Turkey
Government guaranteed projects in Turkey refer to ensuring safety and stability for those who want to buy property in Turkey. Government-guaranteed property in Turkey does not only protect ownership but also secures projects that are under construction.
The government-guaranteed real estate includes all stages of a property project. The Turkish government monitors every project detail, from construction materials to delivering the property key to its owner.
Government guaranteed projects are followed up through governmental construction companies such as Emlak Konut and Toki. These companies make a partnership contract with private construction companies in order to construct a project for them. This way the government guarantees the entire project by having control over the completion.
Whether you are seeking property for investment or to live in, there are several things to consider when buying a government-guaranteed property in Turkey which are listed below.
- Determine your Needs and Budget: Identifying your needs and budget from a new property will make the buying process easier when choosing a house in Turkey. The average price of a government-guaranteed property in Turkey is US$198,000.
- Choose the Location: Before buying a government-guaranteed property in Turkey, it’s a good idea to research all the locations and decide on the one that fits your expectations. Spend some time in the neighborhood to make sure you choose the right location.
- Research Projects: From 5-bedroom luxurious flats to sea view spacious apartments, Turkey offers a wide range of government guarantee projects. The companies of Asoy Insaat, Tahincioglu Holding, and DapYapi have some of the most popular homes for sale under the government guaranteed program in Turkey.
- Investment Returns: Buying a property in Turkey is one of the best ways to invest. High capital growth and increasing rental returns are two key factors to consider when buying a government-guaranteed property.
- Expenses in the Process: Buying a property causes a certain amount of expenses. To avoid surprises, it’s best to know the expenses in the process when buying a government guarantee property in Turkey. Property tax, registration fees, insurance costs, real estate agent fees, maintenance costs, and legal fees should be considered when buying a property in Turkey.
- Choosing a Reliable Real Estate Agent: Working with a trustworthy real estate agent is as crucial as the other stages mentioned above. The perfect agent should be skilled and experienced enough to find various government-guaranteed projects and guide you through the entire buying process.
How Are Government Guaranteed Property Prices Determined in Turkey?
Government guaranteed property prices in Turkey are determined by a variety of reasons as follows.
- Location: A property’s location is a major factor in determining the government guaranteed property prices. The more popular the region, the higher the property price is. The price of a house in the center of Istanbul has higher real estate prices compared to a house in Antalya. The distance to nearby hospitals, schools, and shopping centers and connection to main transportation hubs, also play a key role in determining government-guaranteed property prices.
- Guaranteed Property Size: The size of the property along with the number of rooms, bathrooms, balconies, and space are what it takes to determine the government guaranteed property prices. The features and facilities offered in the residential project also determine the property price.
- Guaranteed Property View: Another important factor in determining the pricing of a government-guaranteed property is the view from the house. While a property with a sea view is the most valuable, other views such as the forest or lake have an important impact on pricing.
What are the Price Ranges of Government Guaranteed Property in Turkey?
The price of a government-guaranteed property in Turkey ranges between US$32,465 and US$364,265. While a 70 square meter 1+1 apartment with a sea view in Istanbul costs US$166,000 on average, a similar-sized flat with a forest view costs US$100,600. Duplex apartments In Istanbul cost US$640,000.
What are the Advantages of Buying a Government Guaranteed Property in Turkey?
Buying a government-guaranteed property in Turkey has many advantages as follows.
- Turkish Citizenship and Residence Permit: Foreigners who buy a government-guaranteed property worth at least US$250,000 will be granted Turkish citizenship. Apart from the property value, anyone who buys a government-guaranteed property can obtain a residence permit.
- Value for Money: Buying a government-guaranteed property in Turkey is a lot more affordable compared to properties in European countries. In addition, properties in Turkey provide a high quality of living.
- Investment Returns: Buying a government-guaranteed property in Turkey is a great investment for many reasons. Not only it’s a safe country for long-term investment but also new projects create a well-developed real estate market and provide excellent investment returns. Property prices and rental rates increase every year, allowing the owner to resell the property for profit and high-income revenue.
- Delivery on Time: The Turkish government ensures that the construction of the project will be completed on time and hand over the title deed to the owner without any delays.
- Transparent Prices: The price of properties is not manipulated and overpriced thanks to the government guarantee in Turkey. The system protects the rights of an investor in terms of payment and installments and ensures the prices for foreign buyers are the same as the prices for Turkish buyers.
Who can Buy Government Guaranteed Property in Turkey?
Government guaranteed property is available to anyone under the conditions of the Turkish government. Citizens of almost every nationality are eligible to buy government-guaranteed property in Turkey. Only the nationalities of North Korea, Cuba, Armenia, and Syria can’t buy government-guaranteed property in Turkey.
Specific restrictions apply for Israel, Jordan, East Timor, and Fiji. Citizens of Russia and Ukraine are not allowed to buy government-guaranteed property along Turkey’s Black Sea coast. Greek nationals are prohibited from buying government-guaranteed property on Turkey’s Black Sea coast and in some Aegean provinces.
In Which Cities Can I Buy Government Guaranteed Property in Turkey?
Government-guaranteed property can be found in many locations in Turkey. Here is a list of cities you can buy government-guaranteed property in Turkey.
- Istanbul: Istanbul is the major city when it comes to real estate projects and investments in Turkey. Istanbul offers a wide range of government guaranteed property options in districts of Zeytinburnu, Fatih, Sariyer, Bahcesehir, Basaksehir, Cekmekoy, Umraniye, Gaziosmanpasa, Maltepe, Kartal, Bakirkoy, Basin Express, and Kucukcekmece.
- Bursa: Government guaranteed properties in Bursa may provide excellent investment opportunities.
- Antalya: For those who are looking for holiday-styled homes, government-guaranteed properties in Antalya may be a perfect choice.
- Alanya: Government guaranteed properties in Alanya offer great alternatives similar to real estate in Antalya.
- Izmir: Government guaranteed properties in Izmir provide great investment value on the Aegean coast of Turkey.
- Bodrum: Luxurious villa-style properties in Bodrum attract foreign investors looking for style and a sophisticated atmosphere from real estate.
- Sakarya: Located between the Black Sea and Istanbul, government-guaranteed properties in Sakarya have affordable real estate compared to other cities in Turkey.
- Mersin: Government guaranteed property in Mersin can make a great investment due to inexpensive real estate.
Can I Become a Turkish Citizen by Buying a Government Guaranteed Property in Turkey?
Yes, you can. There are a few ways to grant Turkish citizenship and buying government-guaranteed property in Turkey is one of them. You can become a Turkish citizen by investing a minimum of US$250,000 in government-guaranteed property in Turkey. The buyer’s family and children under the age of 18 can also become Turkish citizens.
Government guaranteed property owners can become Turkish citizens within 6 months following their application and use the advantages of a Turkish passport anywhere over the world.
You need to obtain the following documents to apply for Turkish citizenship by investment program.
- Proof of a US$250,000 property investment
- Turkish tax identification number
- Birth certificate of all applicants
- Biometric photos of all applicants
- Passport of all applicants
- Proof of each applicant’s criminal record
- Proof of residency (recent utility statement)
- Proof of medical coverage (valid in Turkey)
- Spouse’s death certificate or divorce certificate (optional)
- Certificate of marriage (optional)
How Much Is the Tax on Government Guaranteed Properties in Turkey?
Property tax is a kind of tax levied on real estate owned by a person or a company. It must be paid by both buyers and sellers when real estate is sold. The tax rate is based on the property evaluation report and is equal to 4% of the purchase price.
Government guaranteed properties in metropolitan regions must pay 0.2% in annual property taxes, properties outside of a metropolitan area must pay 0.1%.
Commercial properties are subject to an annual real estate tax of 0.4% in big cities and 0.2% in small towns. Taxes can be paid to municipal governments via online payment.
Do Foreigners Pay Government Guaranteed Property Tax in Turkey?
Yes, they do. Foreigners who buy government-guaranteed property in Turkey are obligated to pay property tax.
What are the Features of Government Guaranteed Property in Turkey?
Government guaranteed property features are a set of details that identify the property and they can be categorized as residential complex and commercial real estate.
A residential complex is a facility that contains a set of buildings that provide services, shared leisure spaces, sports fields, and social areas to its residents. On the other hand, commercial real estate includes offices, shops, and industrial facilities. Both types of properties can offer excellent investment and rental profit with the government-guaranteed program.
Government guaranteed properties in Turkey, especially in Istanbul, are not only new projects but also some of the most upscale and prestigious complexes in the real estate market.
Apartments are categorized as a duplex, triplex, and penthouse situated in skyscrapers and multi-story buildings. Government guaranteed properties are constructed with high-quality materials, a 24/7 security system, and smart home features. These apartments are centrally located in cities of Turkey, surrounded by schools, shopping centers, hospitals, and public transportation hubs.
Other features of the government-guaranteed property in Turkey can be listed as follows.
- Modern, stylish flats
- Spacious living areas
- Fully fitted kitchen
- Balcony
- Indoor and outdoor parking
- Swimming pool
- Kids playground
- Garden
- BBQ area
- Fitness and gym
- Basketball, volleyball, and tennis courts
- Turkish bath
- Spa and sauna
- Walking trail
- Sea, lake, city, and green landscape views
- Biking path
Is it Safe to Buy Government Guaranteed Property in Turkey?
Yes, it is. Buying government-guaranteed property in Turkey is safe. Purchasing a government-guaranteed property from Realty Group projects in Turkey is a hassle-free and reliable method that is trusted by many satisfied buyers for over a decade.
