As current statistics show, there is a great expansion in the Turkish real estate market every year. Political events or extreme situations do not prevent many international investors from making these purchases, and real estate sales in Turkey increase every year.
There are several factors that influence why it’s considered a good investment, and why you should buy Property in Turkey, too.
- Affordable Prices Compared to Other Countries
The lira’s exchange rate against other foreign currencies such as the US Dollar has reached an all-time high. This has given foreign investors an advantage in acquiring a more luxurious house than what they could’ve bought the previous year.
Turkey’s prices are cheaper compared to other countries. Turkey’s real estate sector was late to enter the worldwide market, therefore the inexpensive house prices immediately drew foreigners of many nationalities. Because of the low prices, many buyers have been able to purchase a home outright without the use of a mortgage or bank credit.
- Low Cost of Living
Generally, the average cost of living in Turkey is reasonable and maintains good living standards. Yet considering the factor of exchange rates that foreigners hold, makes this country a surprisingly cheap destination. Foreigners can benefit from Turkey’s advanced Health Services, an abundance of local markets, the convenience of many facilities, and cheap utility bills.
- Simplified and Safer Buying Process
Turkey has become one of the most popular destinations for international Real Estate investors due to its creation of a secure transaction process. Many foreign homeowners and expats have also settled, as the country changed its laws to be open to more nationalities.
Easy payment terms by offering installments directly from construction companies have made the buying process more accessible.
Moreover, the provision of smooth procedures, guidelines, and advice, encourages more buyers to feel safe purchasing property in Turkey. The Law does require a translation to be used for legal documents so that the buyer is fully informed. For the buyer’s sake, it’s a good idea. In every major city, translator services are available. Additionally, it’s always better to have a lawyer.
- Modernly Designed New Properties
Turkey is one of the few countries where modernity can be found at reasonable prices. Following the introduction of mortgages by the Turkish government, the architectural revolution exploded. The development of new contemporary and modern design trends has grown in popularity. As a result, smart home technology and communal facilities have become more available to a wider range of buyers.
The diversity of choices regarding distinguished locations, budgets, and amenities, provide an elevated portfolio. The abundance of housing also aided in making it more affordable.
Furthermore, in recent years, the government and private developers have begun a number of new infrastructure projects such as the Istanbul Canal, hospitals, and schools, indicating that the Turkish economy will grow in the coming years.
- Turkish Citizenship by Buying Property
The Turkish government wants to encourage foreign investment and for that, it introduced a law that allows buyers who spend $400,000 or more on a property and intend to maintain it for at least three years to become eligible to apply for Turkish citizenship.
The perks of gaining Turkish Citizenship and Passport include benefiting from health services, stronger business relations, inheritance laws, retirement rights, power of the Turkish passport, and many others.
- Advantageous Location
Turkey attracts people from all corners of the world with its unique landscape, lifestyle, culture, and cuisine. The combination of leisure activities and historical sites makes it a hot spot for tourist attractions. Istanbul is the country’s most important city in terms of business, education, and tourism. Meanwhile, the Mediterranean coastal areas such as Antalya, Bodrum, and Fethiye offer the most exquisite Sea Sun Sand tourism destinations.
Besides tourism, given the country’s size and its geographical location between Europe, the Middle East, and Asia with easy access to crucial regions, and major energy resources, Turkey has long been regarded as a significant country.
- High Return on Investment
Earning a high return on your investments is possible and almost guaranteed, due to the inevitable demand for residential space all year round, and the rising competition for commercial real estate. These factors are significantly beneficial for long-term investments that could yield large profits.
More Tips and Advice About Buying Property in Turkey
The market presents great opportunities for investment. When you don’t know the country well, the options appear limitless, but not every property is a good investment. As a result of Nevita’s extensive market knowledge, the aim is to make the process more enjoyable and stress-free for you. Call us to discuss your options with our local agents. Your inquiries will be answered, and we will provide you with additional information on becoming a homeowner in Turkey.