Turkey Property Investment: Will It Worth It?Wed, Jul 27, 2022, 12:43:14 AM
Turkey property investment is one of the most popular trends especially in European countries and the United States. One of the biggest reasons for this trend is the devaluation of the Turkish Lira. However, the Turkish government has launched its economic support package recently.
As a result of this package, the Turkish Lira managed to regain its lost value only in a week. However, it is still far behind other currencies. As of today, one dollar is a bit more than ten Turkish Lira. Considering the cheap cost of living in Turkey, it is still affordable and favorable for many foreigners.
If you have worries about whether Turkish property investment is still favorable or not, then this guide is for you. We have covered everything you may want to know before making your final decision.
Is Turkish Property a Good Investment?
Although you lost a great advantage to using the exchange rate differences as leverage, the current rate difference is still quite high. Thus, you can still consider buying property in Turkey as a good investment. If you are planning to start a business in Turkey and buy a property for this purpose, you will be in a favorable position.
The Turkish Government is encouraging locals to start investing and getting involved in the trade. This is why they promised to pay the difference between the current interest rate income and exchange rate revenue for those who keep their Turkish Lira as it is.
On the other hand, if you are planning to make an investment for your future, such as buying a holiday house, the prices started to decrease a little bit. Though you may want to wait for a few weeks or months since some experts believe that the prices will keep falling.
Considering that one dollar is a bit more than ten Turkish Lira, it may not be an ideal choice for foreigners to wait. After all, the maximum discount you can enjoy will be about $5000. You may not want to miss your opportunity to buy your dream house just for this much discount.
Is It Smart to Buy Real Estate in Turkey?
Buying real estate in Turkey is highly profitable due to the annual increases in property prices and rents. According to the recent statistics, Turkey is the leading country that has had the most annual increase in Europe for the last two years.
Real estate prices in major cities, which most of them are preferred by expats, had a 40% increase in the last year on average. Thus, you will not have to worry about your investment. You can keep your real estate as much as you want or simply sell it in a few years to make a profit.
It is worth noting that most expats usually sell their prices in their preferred currency. Although you have to make the payment in Turkish Lira during the property transfer, you can list your real estate with any currency you like.
Brits are a great example in this regard. They often purchase holiday homes in the Aegean and Mediterranean regions for £70,000. These villas also include a private backyard and swimming pool. Later on, when they decide to move from Turkey, they list their real estate for $85,000 or more.
Moreover, you can find plenty of amazing lands and real estate to buy for making a profit once you start to live in the country. On average, expats investing in land usually make fifty percent of their original investment only in a year.
Is Turkey Good for Retirement?
Turkey is one of the most preferred countries by elderly foreigners. In this regard, the country is mostly preferred by Brits and Germans. You can easily find plenty of neighborhoods where only expats live. Most of these neighborhoods are located in tourist destinations such as Antalya and Mugla.
Since Turkey has a cheap cost of living, you can easily enjoy a great lifestyle, where you can eat out at every meal with the lowest retirement salary you are going to get in your country. This is one of the main reasons why most retired foreigners prefer to live in Turkey.
Can You Live Permanently in Turkey?
Of course, you can live permanently in Turkey, however, you need to meet certain requirements to be eligible for this. If you are going to purchase land or property in Turkey, then the government will provide you with a temporary residence permit. However, you can easily renew this permit as long as you own a property or real estate in the country.
On the other hand, if you are not planning to buy any real estate or property, you need to apply for a residence permit too. If you can prove that you have enough funds to support yourself during your stay in Turkey, you can easily get a residence permit.
Foreigners who live in Turkey for eight years can apply for a permanent residence permit without the need for buying any real estate or land.
How Much Do You Need to Live in Turkey?
One of the best things about living in Turkey is the cheap cost of living and amazing nature. In Turkey, you can enjoy four seasons and find plenty of activities to engage in. All these activities are highly cheap for expats who are earning in foreign currency.
On average, you can enjoy a quality lifestyle with 10,000 Turkish Lira in Turkey. You can pay your rent and eat out at every meal while engaging in any activity you like. As of today, 10,000 Turkish Lira is equal to $940 or €825.
Of course, this also depends on where and how you would like to live. If you are looking for a luxurious lifestyle, you can rent a villa that has private facilities such as a swimming pool and garage with a sea view for about $1000 per month.
We believe that you will never feel regret by deciding to move to Turkey. As you can enjoy a luxurious lifestyle while saving money, you are going to meet plenty of hospitable people. Turkish culture is one of the most notable cultures that everyone must experience.