Is it Safe to Buy Property in Turkey?

  • Created At: February 11, 2023
  • Updated At: February 11, 2023
  • Category: Real-Estate investment in Turkey
  • Views: 209

People usually prefer real estate investment as it is more successful and less risky. Generally, real estate does not lose its value with time compared to other investments, it is rather creating stable and good returns. The global economic crisis that happens nowadays is the best proof for that! Where global inflation has been affecting the global market significantly, it has led to the fall of many industries and banknotes! Yet, the real estate market remains stable, rather many investors have earned huge returns these days. 

Real estate sector in Turkey

Real estate sector is one of the most important and rapidly growing economic sectors in Turkey, which attracts foreign investors from all over the world, due to many reasons including:

  1. The Turkish real estate market is among the few markets in the world that have not suffered from stagnation since 2002. It is the best safe option to save investors' money away from fluctuating currency rates or any collapse in the global stock exchanges.
  2. Turkey enjoys a safe investment environment, whether in terms of laws that are all in favor of the foreign investor, or in terms of decisions, including obtaining Turkish citizenship for buying a property of $400,000.
  3. Cheap prices compared to Europe. Despite the low purchase prices, Turkish real estate is one of the best real estates in the world.
  4. The cycle of return on investment (ROI) is short-term in Turkey, compared to other countries.
  5. The safe security environment in Turkey and the political stability compared to the rest of the Middle East countries that are witnessing conflicts and problems, which turned into a safe haven for many Arab investors.
  6. The great leaps in the Turkish economy, which has reached the 18th rank globally among the world's economies, with a GDP exceeding 900 billion dollars. The real estate sector represents one-fifth of it, which reflects the strength of this sector in Turkey. 
  7. The continuous rise in real estate prices in Turkey, due to the huge projects that the Turkish government has been announcing, which makes real estate investment in Turkey safe and secure.

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What are the safest cities for real estate investment in Turkey?

Since 2014, the real estate sector in Turkey has witnessed a huge boom due to the changes and amendments made by the Turkish government, which allow citizens of 183 countries around the world to invest in Turkish real estate. According to TURKSTAT a million 485 thousand 622 houses were sold in 2022, which leading real estate capitals such as France and Germany could not achieve.

In fact, every Turkish city represents a safe area for real estate investment in Turkey. This explains the great demand that Turkish cities enjoy in terms of buying real estate. However, there are certain cities that witness a huge demand, among the most important of them:

Istanbul: The demand for buying real estate in Istanbul is the highest because it is the industrial center and the first tourist destination in Turkey. Moreover, the demand has increased in Istanbul recently after announcing new strategic projects such as the New Istanbul Canal.  According to TURKSTAT, the share of Istanbul house sales in 2022 reached 259,654 houses.

Antalya: It is the tourist capital of Turkey and a favorite city for Western and Russian investors thanks to its wonderful beaches and cool weather. According to TURKSTAT, the share of Antalya house sales in 2022 reached 80,439 houses.

Bodrum: It is known for its luxurious villas for investment and residence, due to its charming nature, beaches and ports, making it a destination for retirees and wealthy people from the US and Europe. According to TURKSTAT, the share of Mogla (where Bodrun located) house sale in 2022 reached 21,789 houses.

Ankara: It is the capital of Turkey that contains the most important basic centers of the country, the residence of the President of the Republic, government ministers, deputies of the People's Assembly, and embassies of the countries of the world. According to TURKSTAT, the share of Ankara house sales in 2022 reached 126,166 houses.

Trabzon: It is the city that Arabs, especially Gulf investors prefer due to its nature and weather besides to the low prices of its real estate compared to Istanbul. According to TURKSTAT, the share of Trabzon house sales in 2022 reached 12,158.

Bursa: The demand of real estate purchase increases in Bursa due to its closeness from Istanbul, in addition, to its economic, industrial, and manufacturing activity. In addition, cost of living in Bursa is less than Istanbul, which makes it a suitable place for work, investment and living. According to TURKSTAT, its share of house sales in 2022 reached 54,277 houses.

Tips for buying real estate safely in Turkey

Consult a real estate company:

Real estate investors should consult an expert or real estate company, to help them with legal procedures and documents, preserve their rights, and choose the right property. We, at Akarkom, can help you with all the steps, click here for free consultation. 

Check the property: 

Before signing the sale contract, you should make sure that the specifications of the property on the contract are the same as reality. 

Check the seller of the property:

You should ascertain that the person selling the property is the real owner of this property.

Check the type of property: 

Make sure whether the property is residential or commercial, according to your desire to avoid unexpected problems in the future.

Documents required for buying a property in Turkey:

  1. The title deed of the property in Turkey, which includes (the detailed address of the property).
  2. Passport and a translated copy.
  3. Real estate appraisal document in Turkey. 
  4. Earthquake insurance policy for real estate in Turkey.
  5. A personal photo of the seller and two photos of the buyer.
  6. A certified translator in case one of the parties is not fluent in Turkish.

Is real estate investment in Turkey safe?

The answer is yes. Recently, Turkish government enacted a number of regulations and laws that guarantee foreign investors’ rights and support them, including: 

  • Exemption from paying VAT.
  • The real estate appraisal document that prevented sellers from manipulating prices.
  • Obtaining real estate residency permit with a partner and family members.
  • Obtaining Turkish citizenship in return for buying a property of $400,000 with a partner and family members who are under 18 years old.
  • Facilitate real estate purchase procedures.
  • The freedom to own all types of real estate without exception.

These laws and many others have made Turkey a global investment destination for the world's wealthy and businessmen who are well versed in the international market and who know very well the economic importance that Turkey has shown in recent years, which will increase in the coming years.

In short, all you have to do is to look for a well-known real estate company with a good reputation and knowledge of the Turkish market, and consult them with each step. Make sure that they speak a language you speak like English or Arabic to avoid any type of fraud in addition to visiting their office, because online contacting is not enough in case of buying real estate and investing a huge amount of money.

We offer you our services in the field of buying real estate in Turkey in three stages, before buying the property, after purchasing the property, and during the purchasing process. We also provide you with the latest real estate offers, in Turkey, that go with your desires and the specifications that you desire, including suitable real estate, offers to obtain Turkish citizenship through real estate investment, and purchasing real estate in Turkey within a standard period of 90 days.

Credibility, honesty, and speed are our motto. Do not hesitate to visit our company on the ground or online, in order to request various services at any time you want.

We are ready to answer all your inquiries, so do not hesitate to contact us via WhatsApp, please click here.

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