Wide differences in real estate prices between Turkey and Europe 2022

  • Created At: October 13, 2021
  • Updated At: October 13, 2021
  • Category: General
  • Views: 2078

The Turkish economy is the largest Islamic economy ever, and it even precedes the economy of Saudi Arabia, not to mention that Turkey achieved all this without joining the European Union. Turkey's intermediate location between the continents of Europe and Asia on the one hand, and European regions on the other hand is a strong factor that can be added to the preferred marketing and geographic factors for Arab investors.


Real estate prices change due to Turkish foreign law

After the issuance of the Turkish Foreign Ownership Law in 2012, real estate prices in Turkey rose rapidly, as most Arab nationalities had the right to own real estate, especially apartments in Turkey. Under the new legislation, apartment prices in Turkey are expected to rise from 60% to 90% over 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, encouraging laws were passed for real estate and investment, which would reflect positively on apartment prices and achieve the common and sustainable development interest for both sides. Turkey is a promising country and the next investor is looking for a new opportunity in a prosperous and stable country.


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

Many people aspire to buy a property in Europe, or 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 climatic situation, government facilities and available benefits. 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 a residence permit in the country or citizenship, 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.


The most important advantages of buying a property in Europe 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.


Quick info:

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.


Comparison of accommodation in Turkey and 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.

Among the most important factors in favoring investment and residency in Turkey over buying a property in Europe and residency, read the following points:

• 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 $250,000 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.


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