16 Dec 2020
05 Feb 2021
Turkey attracts foreign investors for its natural and cultural wealth, its strategic location, its developed transportation network, and the prosperity of the industrial, trade and tourism sectors. Turkey, which has a strong and growing economy, has always offered new opportunities for investors.
The Turkish real estate market is distinguished by being a local market par excellence, as real estate investment attracts Turks more than gold, according to the latest opinion polls issued in December 2020. Residential real estate sales in Turkey have exceeded 7 million homes during the past five years, as local residents bought 6.9 million homes while foreigners bought 154,871 homes, according to Turkish Statistical Institute (TÜIK) data that included real estate sales in Turkey between September 2015 and August 2020.
Real estate investment in Turkey is one of the most profitable investment options in both short and long terms. Let's take a look at the advantages that await foreigners, who buy properties in Turkey
1. Permanent residence permit
The residence permit is given easily to foreigners who bought a real estate in Turkey. This residence permit is given to all family members (wife/husband and children under the age of 18). The renewal of this residence permit is easier compared to the tourist residence. Whereas in many countries, it is difficult to obtain the residence permit even if you own a property.
2. Turkish citizenship
Turkey offers Turkish citizenship and a Turkish passport within a period ranging between 90 and 120 days to the investor and to all members of his family who are under 18 years old when buying a property for only $ 250,000, which is equivalent to 10% of the cost of immigration to UK. The property must be self-financed, paid in full, and kept for at least three years.
7,242 foreigners from 93 countries have become Turkish citizens since September 2018 through real estate investment in Turkey.
3. Turkish economy
Bloomberg News confirmed in November 2020 that Turkey's $ 740 billion economy outperformed all G20 countries except China during the third quarter of 2020, driven by a government-led stimulus package.
Official data also revealed that the Turkish economy grew by more than 6% in the third quarter of 2020 compared to the same period last year.
4. Strategic location
Turkey's strategic location between Europe and Asia paved the way for Istanbul International Airport, the largest airport in the world.
Turkey's strategic location provides convenient access to Europe and most of the Middle East countries within a few hours.
5. Climate and beautiful landscapes
Turkey offers a rare opportunity to enjoy the four seasons, as it is one of the few countries where you can enjoy skiing and swimming in the sea on the same day. The landscapes of Turkey include vast sandy beaches, snow-covered mountain peaks, turquoise sea views, pools, lakes, natural hot springs, forests, green hills and mountains, Moreover, Turkey is home to seventeen UNESCO World Heritage sites.
6. Competitive property prices
The competitive house prices within the Turkish real estate market attract foreigners, as they can get luxury properties at a reasonable price in cash or through easy instalments. The low prices also enabled many foreigners to buy the property in cash without the need for mortgage loans.
Three Turkish cities, namely Izmir, Ankara and Istanbul, topped the index of high real estate prices in the world during the second quarter of 2020 compared to the same period last year, according to Knight Frank's Global Residential Cities Index.
7. Diversity of real estate investment opportunities
Talented Turkish and international architects have boosted the Turkish real estate portfolio. Foreign buyers have a wide choice, from ready or under construction economic apartments to smart apartments in modern complexes with integrated social services and facilities at reasonable prices, and even luxury villas with sea view. This enables buyers to truly find their dream apartment. Real estate investment options in Turkey also include purchasing land, shops.
8. An ideal option for long-term real estate investment
The current prices of real estate in Turkey provide a profitable return on long-term investment. Buyers in Turkey, especially with the low exchange rate of the Turkish lira, enjoy investment advantages that are not available in other countries where real estate prices have already peaked.
9. Similar culture
Many people, especially Muslims and Arabs, prefer to settle in Turkey due to the similarity of customs, traditions and environment between their countries and Turkey, which makes them feel as if they are at their homeland.
10. Availability of Arab and international schools and Turkish universities
With the increase in the number of foreigners in general and Arabs in particular in Turkey, Arab and international schools have opened, so that Arabs and foreigners can study in their mother tongue, especially Arabic and English, in addition to Turkish schools and Imam and Khatib schools.
Turkey has also become a popular study destination for university students due to the availability of a large number of Turkish public and private universities with a prestigious international classification. Moreover, Turkey, through scholarships, has attracted hundreds of thousands of worldwide students. Education in Turkey is characterized by advanced international standards, quality of education, ease of registration, low costs, and diversity of specializations.
11. Low cost of living
The low cost of living has attracted many buyers to purchase property in Turkey. Retirees especially get a good deal because the exchange rate for their currency into the Turkish lira provides them with more than the average cost of living.
On the other hand, fresh fruits and vegetables can be obtained in Turkey during the four seasons. This makes food expenditures relatively low compared to non-agricultural countries.
12. Low taxes
Low taxes in Turkey are one of the most important reasons for foreigners to buy property in Turkey. The Turkish government reduced taxes on owning and investing real estate in Turkey, and the Turkish government approved in 2017 a law that includes the abolition of value-added tax on the purchase of real estate in Turkey in the right of foreign investors if they buy a residential or commercial property in Turkey, provided that they pay for it in a foreign currency through money transfer as the law stipulates that residential or commercial properties that were purchased should not be sold within a year.
13. The possibility of investment migration to UK and USA
Turkish citizens can make use of investment migration to UK and USA without spending a fortune or waiting for a very long time. According to the Ankara Agreement (ECAA) signed between Turkey and the European Economic Community, and the E2 visa trade agreement signed between Turkey and USA.
Turkey offers a golden opportunity for investors, offering a distinguished opportunity to obtain Turkish citizenship for the family during a record period. Akarkom team of real estate consultants is ready to help you choose the most suitable properties according to your budget and requirements from within a bouquet of carefully selected villas, apartments and shops.