The Turkish government has opened the door wide to foreign investment in the country by providing facilities that attract investors worldwide, which has led to the prosperity of the real estate market.
Thanks to the real estate market, Turkey has become among the most prominent countries concerning tourism. It continually attracts investors from various parts of the world, making it a primary destination for those who want to launch investment projects, especially in the real estate sector, which is the most flourishing among the active sectors within the country.
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The real estate sector in Turkey is characterized by its distancing from the recession experienced by other countries. Investors have many marketing plans to promote their property, such as providing offers to purchase more than one real estate, the services provided in the case of getting a real estate, including tourism or service subscriptions, besides, the installment option that attracts customers and finally providing forms of initial payments and monthly installments over several years.
The Turkish government has allocated many budget packages to facilitate the investors' ownership of real estate of various kinds by approving housing and investment loans by state banks and the banks that have cooperation agreements with international banks.
All that has provided investors with facilities to get affordable real estate loans with considered interests in the real estate market sector, which makes fund transactions to and from Turkey easy, under concessional terms, some of these banks are (Kuwait Turk Bank – Garanti Bank - Qatar National Bank - Deniz Bank).
Istanbul is on the top of the most attractive cities for those wishing to establish investment projects, as it is the destination of expatriate students, residents, and tourists, in addition to many states with an investment nature.
Including (Izmit - Izmir - Antalya - Bursa - Gaziantep - Trabzon - Sakarya ... and others). Turkish beaches, zoos, cable cars, famous and heritage markets are among the most attractive to tourists to visit these cities.
The real estate sector provides many features and opportunities for the investor, who find multiple options for real estate investment, including apartments, commercial properties, residential compounds, etc. the most prominent features and opportunities are as follows:
The Turkish government grants capital owners the right to get Turkish citizenship. Also, it is given to first-degree family members of the investor under eighteen years old, as he/she can get a Turkish passport.
Then he/she can go to more than 72 countries without getting a prior visa, 42 countries with an entry visa issued upon arrival, and more than seven countries give the Turkish passport holder an electronic entry visa via the Internet.
If he is an investor, it is possible to apply for (permanent real estate residence) by purchasing a property (apartment - residential building - residential compound - company - restaurant - tourist property, etc.).
These features are preferred by many owners of large and medium enterprises, mainly since the property in Turkey provides commercial benefit through sale or lease, resulting in additional income for the owner simply.
The permanent real estate residence enables its holder to enter and exit Turkey flexibly as he/she does not need an entry visa every time he/she wants to visit the country. It is subject to annual renewal as long as the property is still in the owner’s name.
Turkey has a vast extended geographical area, including coastal towns and others in the middle of its heart. Real estate projects are spread in most Turkish cities; Istanbul, with its European and Asian sides, is always the first for real estate investments.
Among the most famous Turkish cities in the field of real estate investment are Ankara, Antalya, Bursa, Gaziantep, Izmir, Kayseri, Izmit, Sakarya, and Trabzon. Hence there are numerous and varied options for investors, which constitutes fresh and growing opportunities from east to west Turkey and north to south.
Thanks to the many types and forms of investment properties offered in the Turkish real estate market, as the number of existing projects being built has increased recently, there is a broad area for buyers or those wishing to invest in the real estate field.
In light of competition, real estate owners have to offer their projects at competitive prices to attract buyers and national and foreign capital.
The owners also turn to other payment and reimbursement means to increase their sales, such as buying and selling real estate through installments, which allows the investor to invest his/her money in more than one property at the same time and pay through installments.
In partnership with many construction companies for investment real estate in Turkey, the Turkish government has launched residential and commercial compounds.
That has paved the way and strengthened the investor's confidence to purchase the government-backed real estate; since it guarantees to deliver the projects on time while ensuring the expected return on investment.
Real estate projects that are equipped with good infrastructure are the best for any investor. The existing sewage network, roads, public transport, and other infrastructure are essential when purchasing any property.
Turkey invests heavily in infrastructure through large, mega, and multiple projects; for example, by 2023, 13.478 km of new roads will be built, in addition to 5.748 km of new highways.
The government also aims to develop a 10,000 km high-speed railway line across the country by 2023.
Istanbul Airport is also expected to become a global aviation hub, by the completion of the four phases by 2028, with a total capacity of up to 200 million passengers annually.
Thus, it includes more than 100 airlines and flights to more than 300 destinations worldwide. All these massive investments in infrastructure, in turn, are reflected in the real estate market and make promising opportunities.
In cooperation between Turkish banks and the banks of the countries from which the investors come, there are facilities to obtain real estate loans. Kuwait Turk Bank, Garanti Bank, and Deniz Bank are among the most prominent Turkish banks that have agreements with other international banks.
This card is given by the Turkish government to foreigners, who have skills and privileges, people whose presence in Turkey adds to the country. Only people with distinguished skills and high-level investors get it.
This card provides its holder with all the rights to work and live in Turkey for an indefinite period; it equals the Turkish citizen by having all the privileges but the right to vote, so many real estate investors seek to have it.
When investing in Turkish real estate, the buyer or investor can get Turkish citizenship if the property value is more than 250 thousand US dollars; hence, citizenship can also be granted to the spouse and children under 18 years old.
By getting a Turkish passport, he/she will be able to move internationally to many countries without the need for a visa, and he/she can also have a new income when leasing the real estate that he/she bought.
The above mentioned are some of the characteristics of real estate investment in Turkey. We focused on the real estate sector in general; however, the features, advantages, and opportunities for individuals as buyers or investors are countless, especially with Turkey being a modern country and resembles Arab customs, traditions, and culture.
Edited by: Binaa Investment ©
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