Why Should You Invest in Property In Turkey?Tue, Aug 2, 2022 12:00 AM
With its strategic location at the crossroads of Europe, the Middle East and Central Asia and a population of 83 million, Turkey offers great opportunities for real estate developers and investors by combining its strong construction industry with its ever-growing commercial production. All these opportunities provide an advantage for investing in property in Turkey.
Turkey has always offered new opportunities to investors with its economy and has increased and protected the value of investments. Every year, thousands of foreigners invest in property in Turkey and become owners of houses, lands, and shops. Each year, the number of foreigners investing in Turkey is increasing and the previous year's record is broken.
There are many luxurious and modern options offered to buyers of the real estate and construction sector, which has been developing quite a lot in Turkey in recent years. While most of the newly built residences have smart home technologies, almost all of them have social facilities such as a swimming pool, spa, and gym. It is possible to have real estates that provide all these luxury opportunities at a more affordable price in Turkey compared to other countries and metropolises of the world.
What are the Benefits of Buying a Property in Turkey?
Turkey has long been a country that attracts the attention of foreign investors with its natural and cultural wealth, established transportation network, geopolitical location, tourism, trade, and entertainment. The Turkish economy has been providing new opportunities to investors and continues to increase the value of its assets.
There are many reasons to invest in property in Turkey. Turkish real estate values are increasing every year. Investments in the rapidly expanding Turkish property market provide significant returns to investors. With its diverse portfolio, there is real estate suitable for every budget for investment in property in Turkey.
Foreign buyers will find many apartments and villas in various price ranges in line with their expectations and wishes. Also, any foreigner who purchases property in Turkey worth at least $400,000 can apply for Turkish citizenship and is entitled to receive a Turkish passport that can be used worldwide.
Why Should You Make an Investment in Turkey?
Opportunities such as locally accessible markets, strategic location, suitable demographics, skilled and competitive workforce, continuous reform process, sectoral opportunities, lucrative incentives, and business-friendliness are very important and valuable for investing in property in Turkey.
Turkey has one of the fastest-growing economies in the world, with an annual average GDP growth rate of 5.4% between 2003 and 2021. In addition to the large domestic market, there are regional markets that provide access to 1.3 billion consumers with Free Trade Agreements.
Turkey is a regional center that offers global connections for multinational companies with its strategic location. It also has a young and dynamic population, half of which is under the age of 33.1 years. It is safe to invest in property in Turkey as it offers a business environment where there are no barriers to international direct investments and where investors are protected.
Turkey offers a comprehensive investment incentive program that supports minimizing start-up costs and accelerating investment returns for both greenfield and expansion investment projects. Also, Turkey offers many opportunities in different sectors where it has a competitive advantage such as automotive, machinery, agriculture & food.
Is It a Good Time to Buy Property in Turkey?
In line with recent events in the world, most people are putting their money into real estate investments. Especially property investments are one of the most reliable and profitable ways to increase capital. Due to its geographical location, huge housing market, and well-established infrastructure, Turkey has become the most suitable investment destination.
According to statistics, in 2021, Turkey became a popular destination for foreigners buying real estate. 25% of all sold properties were bought by foreigners. As construction capacity is at its peak, this has resulted in increased supply in the market.
Competition among developers in the domestic market has also started to contribute to quality. The use of modern engineering technologies and foreign materials in the construction sector has contributed positively to investing in property in Turkey. Government programs make an additional contribution to the state of the country's economy, and foreign statistical and investment institutions are expected to rise in the near future.
The Turkish government's latest investor incentive plan comes with many benefits. Foreigners who want to invest in the economy can benefit from advantages such as exemption from customs duties, VAT, loan interest, and income tax. All these favorable conditions provided to foreign investors for investing in property in Turkey can be an indication that it is a good and right time to buy a property.
Does Buying a Property in Turkey Give You Citizenship?
Foreign national investors can purchase real estate such as residences, workplaces, and land in Turkey provided that they comply with the restrictions specified in the law.
Turkey grants citizenship to foreign investors who buy real estate worth $400,000 and undertake not to sell it for 3 years. Foreigners have the opportunity to buy real estate from anywhere they want in Turkey and they become Turkish citizens within 4-6 months. Owning a house in a country like Turkey, where the real estate and construction sector is dynamic, is a very good investment method.
In addition, foreign investors who invest in property in Turkey can obtain a residence permit, provided that it is extended at certain periods, and they also have the right to obtain a residence permit within their families. Foreigners who have obtained a residence permit in Turkey can apply to study in the country.
You can reach our previous article from https://www.royalwhiteproperty.com/blog/what-will-be-the-increase-in-rent-prices-in-istanbul-in-2022