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Feb 5, 2023

Differences Between Turkey and Europe Real Estate Prices

In light of the global economic developments and market changes that the real estate scene has witnessed over recent years, real estate prices have become a major focus of attention for investors and those seeking investment opportunities. Among the popular destinations in this context, Turkey vs Europe real estate stand out as two main destinations for the global real estate market.

The real estate market in Turkey and Europe is extremely diverse in terms of offers and needs, with notable differences in prices and investment trends. This article will discuss the difference between European and Turkish real estate prices, highlighting the influencing factors and shifts that may have a significant impact on these two important and major markets. Exploring "Turkey vs Europe real estate" will provide valuable insights into the unique dynamics and opportunities each region offers for prospective investors.

Changing real estate prices in Turkey

After the issuance of the Turkish Foreign Ownership Law in 2012, real estate prices in Turkey rose rapidly, as people internationally had the right to own real estate in Turkey. It is expected that real estate prices in Turkey will rise under the new legislation from 60% to 90% during the next five years.

Under the 2012 law, the Turkish government passed more modern and more flexible legislation, opening the door for citizens of more than 129 different countries around the world to enter the Turkish real estate market. At the same time, laws were passed to encourage real estate and investment, which reflect positively on apartment prices and achieve the interest of common and sustainable development for both sides.

Among these laws is obtaining Turkish citizenship in exchange for a real estate investment at a certain price. The beginning of these laws, which are in the interest of the foreign investor, was the purchase of a property worth 250 thousand. A dollar qualifies for obtaining Turkish citizenship, then this law was updated to be able to obtain Turkish citizenship in exchange for a real estate investment worth 400 thousand dollars. We can say here that Turkey is a promising country and the next investor is looking for a new opportunity in a prosperous and stable country.

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Which is better to buy a property in Europe or in Turkey?

Many people aspire to buy a property in Europe; to own an apartment in France, Italy, Spain, or other countries known for the beauty of their nature, development, or laws. Today we will talk about the real estate market in Europe and its characteristics, comparing it to the real estate market in Turkey, and the status of residence there, in terms of the climate, government facilities, and available benefits. Exploring "Turkey vs Europe real estate" will provide valuable insights into the unique dynamics and opportunities each region offers for prospective investors.

Countries' policies are competing to revive their economies by providing many incentives to attract capital. Many laws come in favor of the investor. These incentives meet the investor's need for such benefits, such as obtaining citizenship or a residence permit in a country, but these policies and laws differ from one country to another, along with other factors, that attract investors to choose the most appropriate country for their investments.

Europe real estate and residing in it:

The European Union is made up of 27 countries, but the real estate compass for foreign investors only turns to some capitals and cities where most regions experience cold weather most of the year, except for the southern part of the Mediterranean.

The most famous European countries that grant residency to foreigners by buying real estate:

Several European countries have taken decisions that will attract investment. The first was the Republic of Montenegro in southeastern Europe, whose laws allowed foreigners to own condominiums where the buyer was entitled to obtain permanent residence after one year from the date of purchase, with the possibility of obtaining citizenship after ten years. .

Countries that also offer citizenship for real estate investment include Cyprus, Spain, Portugal, Bulgaria and Hungary, but with relatively difficult conditions.

In the Republic of Latvia in North-Eastern Europe, amendments were made to the real estate investment laws for foreigners, whereby foreigners were able to buy a property with a certain financial value. The investor receives a residence permit for five years, to be renewed every year, until he obtains permanent residence.

Other information about Europe real estate prices:

  • The average price per square meter of a residential property in Venice, Italy is 4400 euros.

  • In Bucharest, Romania, the average cost per square meter is around $1,432.

  • In Greece, the cost of buying a property in the Greek capital of Athens per square meter is about $2,116.

  • In the outskirts of Paris, the price per square meter is about 2,666 euros.

  • In Spain, the price per square meter in luxury housing in Madrid is about 6,900 euros.

Accommodation in Turkey vs Europe

Turkey has an area of ​​783,562 square kilometers, twice the size of Germany, and almost twice the size of Italy. Turkey alone is about 10 times the size of all Eastern European countries. Which means a great diversity in the field of tourism within this country when compared to most European countries. Turkey's large area and its location on four seas: the Mediterranean, the Black Sea, the Sea of Marmara, and the Aegean Sea make its climate diverse, charming, and different from one state to another.

Investment and residence in Turkey vs Europe

Of course, there are many differences between Turkey vs Europe real estate in terms of prices, laws, way of living, and others. We will explain them as follows:

  • Investing in real estate in Turkey is much cheaper than investing in European Union countries, with global real estate quality comparable to the best countries in the world.

  • The price per square meter in the Turkish real estate market is much lower than the price of European countries in general.

  • The buying and selling facilities in Turkey make buying a property does not require a lot of paperwork, time and effort, so that the process takes place in just one day.

  • The laws allowed the foreigner the opportunity to obtain a residence permit in exchange for buying a property in Turkey, the so-called real estate residence permit. This permit is granted to the property owner and his family members, including his wife and children, and is renewed annually. Investments of $400,000 give the investor the right to obtain citizenship directly.

  • Turkey is characterized by great cultural and tourist diversity, depending on the breadth of its geographical area, with the development of its infrastructure and way of life, which of course does not differ from Europe.

  • Turkey's climate is milder than that of Europe in general, which helps the vitality of its tourism market and makes it an ideal choice.

Turkey is among the top 10 real estate destinations around the world

In an article published by Real Estate Investment and Real Estate Consultancy, Live and Invest Overseas entitled "The best 10 places to buy abroad for 2019", Turkey was classified among the best countries to own a property. "Istanbul ranked ninth among the world's most visited in 2018, achieving an advanced rank over Berlin, Barcelona, ​​Rome, Los Angeles and other important tourism cities."

Real estate prices in Turkey are cheaper than their counterparts in Europe, suitable for all budgets, with many facilities and incentives that make an investment in Turkey an exceptional opportunity in the current situation, the best option of ownership and investment compared to special Europe and growth of the Turkish economy.

If you would like to know more about real estate investment in Turkey, do not hesitate to contact us via WhatsApp, here. Our company's real estate consultant will respond to you immediately.

 

 

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