All you need to know about real estate investment in Turkey and its features
If you take a look at the real estate market in Turkey, you will find that a large percentage of foreigners who are looking for apartments and real estate for sale in Turkey aim for real estate investment, and this is in light of the many facilities provided by the Turkish government and the many amendments that it is making to its laws.
Turkey is a fertile environment for the growth and success of all types of investment, especially real estate investment, and for the importance of this topic, the editorial team at Binaa Real Estate Company will accompany you in this lengthy report to talk about everything related to this type of investment in Turkey and to be familiar with all its aspects, advantages, steps to follow and other details.
Before we start, let us tell you that investing in real estate has proven throughout history that it is the undisputed best option, as its value cannot decrease, but rather increases constantly, especially if the property is chosen in a thoughtful way and according to specific foundations, where your capital can double within a short period and a few years. You do not know that in some areas prices have increased by a large percentage, reaching one hundred percent.
You cannot hope to build a successful and distinguished real estate investment without having a clear plan or a certain strategy, so there are many steps that you must follow and through the following paragraphs we will present it to you in full.
First of all, and before you buy property in Turkey, you should see everything related to the real estate market, its reality and its future in a detailed and accurate way. There is a lot of information and details related to it that you do not know about, and this makes you vulnerable to fraud. This is the first step towards achieving success and profits, and this makes your choice correct without leaving any room for the opposite.
In order to obtain adequate and comprehensive information about it, you must ask about all the laws related to the purchase of real estate by foreigners in Turkey, and then you must see the market activity and the movement of buying and selling. Is it growing and increasing or decreasing?
You should also ask about the factors that affect real estate prices so as not to pay any amount that is not in the right place.
One of the important details that you should take into account is that you should monitor your money. Is it enough to cover the entire costs of buying a property in Turkey, or will you have to borrow or take a loan from a bank?
Always make sure to choose a property that fits your budget, as resorting to debt puts you in front of another problem, which is managing to pay it.
Many people think that they can buy property in Turkey on their own and without having to use a real estate consultant or real estate company, but in reality they will face many obstacles and difficulties due to their lack of experience in the Turkish real estate market.
As a result of your extensive experience in the Turkish real estate market, you will find many distinguished residential and investment opportunities in front of you thanks to its good relations with the most important construction companies.
It should be noted in this context that with the increasing demand for real estate in Turkey and entering the world of real estate investment, the number of real estate companies and consultants increased with it, but this does not mean at all that a random company should be chosen, but there are specific bases on which to choose, which are as follows.
- Check out how many clients have dealt with the company in the past.
- Take a look at the number of real estate sales that have been made.
- Ask those with experience.
- Take a look at the real estate offers available to them.
- It must be reputable and popular in the Turkish real estate market.
- Ask about the quality of services it provides to clients.
- You have to interview those in charge of it personally to check their response to you and your inquiries.
First of all, you must choose the right Turkish city for you and your investment goal, so you must search for each of them and see their features and specifications and the most important real estate projects available in them.
There is no doubt that every city in Turkey has specific advantages and characteristics, but if you look at the annual and monthly statistics issued by the Turkish Statistics Authority, you will find that Istanbul always occupies the forefront and first place as the most state in the volume of total real estate sales
Also, cities that are characterized by a tourist nature are considered one of the most important options for real estate investment, because the demand for buying and renting real estate in them increases significantly, especially during the tourist seasons.
What you should know in this regard is that not all areas are characterized by an investment nature, or through owning real estate in them, you can get high profits and abundant returns, and the following are the most important tips that you should take into account when you want to invest in a city in Turkey.
- Areas close to infrastructure projects.
- New real estate is better than old real estate.
- Choose areas with rapid urban growth.
- Choose areas where public transportation lines are available.
- Close to famous places and attractions.
We should note that the apartments that are located in an area that bear the aforementioned specifications can increase their prices significantly and continuously, and this enhances the investor's chances of obtaining high profits permanently.
The smart investor is the one who chooses to buy an apartment in Turkey or any other type of real estate at the right time that helps him achieve the results he is looking for, where real estate must be bought when its price is low or appropriate, and when you want to sell, you must choose the time when prices are high.
Example: The investor can buy a property under construction, where its price is lower than the ready-made property in several stages and percentages, and when the construction stages are over, the prices rise by a high rate that may range between 30% and 70%.
There can be no disagreement about the importance of real estate investment in Turkey or the ease of entering into this project due to the many facilities and privileges offered by the Turkish government that have made it at the forefront of options for investors and foreigners, and it has outperformed many important countries in Europe.
All this does not negate the existence of many restrictions and conditions that must be adhered to, and the following we refer to them in detail:
1 - Holders of Syrian citizenship - Cuba - North Korea - Armenia - Greek Cyprus cannot own real estate in Turkey, and with the exception of these nationalities, there is no ban on them and this is after Turkey abolished the principle of reciprocity in 2012 AD.
2 - A foreigner is not entitled to own real estate in Turkey in the security or military areas.
3 - He cannot own more than thirty hectares in different parts of Turkey.
The choice of capital owners to invest in Turkey was not in vain, but rather was a natural result of the countless advantages they could obtain, and through the following paragraphs we will review them in detail.
One of the most important advantages that make you decide to invest in real estate in Turkey is that there is no difference between Turks and foreigners in terms of the laws imposed, as everything that is applicable to Turks applies to foreigners as well.
Unlike many countries in the world that specify a period of only 99 years for the end of foreign ownership of real estate, Turkey has not set any limits and children can inherit real estate after the death of their parents.
Real estate prices in Turkey are moderate and low compared to prices in European countries or American countries and many Arab countries.
In a report issued by the American newspaper The Times, real estate prices in Turkey are lower than prices in Eastern Europe by between fifty and sixty percent, and it is cheaper than prices in Western Europe by between eighty and ninety percent.
We have many reasons that made the prices in Turkey suitable and moderate, including:
- The government's follow-up to the progress of the real estate projects process.
- Real estate appraisal document that set prices.
- There is an abundance of real estate offers available for sale.
According to data issued by the Statistics Department in Turkey, about forty percent of those who bought real estate in Istanbul during the past year 2021 AD, their goal was to obtain Turkish citizenship in order to obtain all the advantages it grants to its holder.
To obtain Turkish citizenship in exchange for a real estate investment, there are many conditions that must be met, which are as follows:
- The value of the property should be at least four hundred thousand US dollars.
- Commitment not to sell it before the lapse of three years.
- Transferring its value to the seller through a bank in Turkey.
- Extracting the real estate appraisal document.
In the next paragraph, we will answer one of the most important questions that real estate investors usually ask. What matters to them is to get a high return on investment and abundant profits.
1 - It is possible to buy an apartment in a project under construction in one of the modern and upscale areas that are experiencing urban growth.
2 - Many investors around the world choose to buy apartments with sea view, as the prices are constantly increasing.
3 - One of the profitable investment ideas is to buy a plot of land where it can be used to create a huge residential complex.
4 - Buying an old property and making some repairs and restorations, then reselling it at a higher price and benefiting from the difference in price.
5 - You can buy a ready-made apartment and then rent it to get a high and fixed monthly return.
There are many factors and elements that help you get a profitable and distinctive real estate investment, and you can review them before you start looking for the right property for you.
- The strategic location allows you to get a high profit and also the real estate prices are constantly increasing.
- The successful investor chooses to buy more than one property, i.e. diversifies the real estate portfolio and does not put everything he has in one place.
- Field tours must be carried out on the ground and check out the most important projects available.
- You should not believe in the advertisements you see without verifying their authenticity and the credibility of the advertiser.
- Ask all the questions you want to know the answer to.
The real estate market in Turkey is one of the most diverse real estate markets in the world, where you must find the right option for you. One of the most prominent options that suit real estate investment are (residential complexes), which are considered the most popular among other types of real estate, because they guarantee you an integrated and sophisticated lifestyle because:
- These complexes are characterized by an important strategic location.
- Often overlooking the green spaces or the sea.
Penthouses are also one of the distinct types of apartments for investment, as they are the first choice for lovers of luxury and high-end life, as they are characterized by their spacious areas and panoramic views of the city, and as for their prices, they are rather high, which made them suitable for owners of high budgets only.
One of the most important types of residential properties suitable for obtaining a profitable real estate investment are villas, as their prices are constantly rising and the demand for them is great, especially during the tourist seasons.
Real estate investment in Turkey is definitely safe, but you may face some defects or obstacles, so you must know the most important problems that you may encounter in order to have the ability to avoid them.
One of the most famous problems that real estate buyers in Turkey may face is (real estate fraud), and what you should know is that there are several forms of this fraud, which are as follows.
- Impersonation of the property owner is one of the most dangerous methods of fraud.
- Falsification of official documents.
- Informing the buyer that the property is suitable for obtaining Turkish citizenship or for obtaining a high return.
You should pay close attention to this aspect so that you do not have to pay the money in the wrong place.
You have to make sure that all papers and documents are signed within the Tapu Department, because any document issued by others is considered unofficial and unacceptable, even if it was issued by the notary office.
Before signing the sales contract, you must make sure that there are no legal problems arising from the property because it hinders the sale process and negatively affects the price of the property and its investment value.
Among the most prominent of these problems are the mortgage - real estate seizure - inheritance problems or there may be unpaid taxes.
A wide category of people and foreign investors choose to buy an apartment in Turkey that is under construction, but there are some points that you should be careful about.
- To have the ability to pay all payments on time.
- If you are late in paying the installments, you will have to pay fines.
- You should deal with a reliable construction company.
- Visit the real estate website.
- Do not pay the full price of the property even if it is available to you.
- Everything that is agreed between you and the construction company must be included in the sales contract.
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Buy a property under construction in Turkey and enjoy these features