In a location that is mediated between the West and East, together with other aspects like cultural diversity and stunning landscapes, Turkey is now one of the most sought-after locations for real estate investment. A lot of foreign and local investors are interested in purchasing properties in Turkey. The continuously-increasing house sales number proved well this situation. According to Turkish statistics institute data, the amount of sales for real estate Turkey has been increasing by 25.1 percent during January 2022, compared to the same month in the prior year.
A property purchase in Turkey attracted the attention of buyers around the world regardless of the most difficult circumstances like the Covid-19 pandemic. Statistics show that sales of homes in Turkey reached 70,587 in January 2021.
Here’s a listing of the best benefits for foreign buyers purchasing properties in Turkey.
The purchase of properties in Turkey brought foreign investors a lot of gains, either financially or as a result of living or relocation to Turkey.
Turkish Citizenship through real property investment
The Turkish government offers an attractive possibility for foreign investors get an Turkish passport. purchasing properties in Turkey is among the numerous ways to gain Turkish citizenship through investment programs.
Foreigners who buy one or more properties in Turkey with a value of at less than 250,000 USD or equivalent, are entitled to request Turkish citizenship for their own as well as their dependent family members. Once the title deed is issued and a Turkish passport is issued within eight months of the submission of the application.
Residence Permit
Foreigners who have purchased an apartment or other real property in Turkey are entitled to apply for a Residence permit along with their family members in Turkey. The permit is valid for one-year renewal in the event that they maintain the title to the property. The permit to reside does not permit its holders working in Turkey. However, it grants the the youngsters under the age of 18 to attend all Turkish education facilities in the public sector. A residence permit obtained through real estate does not require a minimum value for purchase.
High Return on investment
Making investments in the real property market in Turkey yields high returns and makes Turkey an attractive investment for international investors. The estimates suggest that the country will have 1 billion dollars in real estate investments in Turkey in 2023.
Government incentives
Apart from other than the Turkish Citizenship by Investment Program In addition, in addition, the Turkish government has set up numerous incentives to encourage foreigners make investments in Turkey. The majority of these incentives are in the real estate investment industry which accounts for 57% of Foreign Direct Investment.
Turkish government provides foreign investors who purchase properties in Turkey by granting VAT exemptions as well as other tax cuts like duty stamps.
Full Ownership of the Property
The properties that are located in Turkey are freehold, regardless of the nationality of the owner in contrast to other nations. Foreigners who are buying homes in Turkey are able to keep their property for the duration of their lives. If the owner dies death the property’s ownership is transferred to the descendants in accordance with the Turkish laws on inheritance.
Luxury Properties with Reasonable Price
In comparison against European countries and in comparison to European countries and the United States, properties prices in Turkey are not as expensive. The latest construction industry’s new processes have created an array of options for the market, which are backed by excellent standards, which has resulted in lower costs.
Foreign currency-based buyers can purchase luxury homes with affordable costs. This is why Turkey is now a popular property investment option worldwide.
Turkey can be considered a Safe Country For Buying Property
Turkey is a very safe country, particularly in big cities such as Istanbul, Ankara, and Izmir. In comparison to other Western nations, Turkey has an extremely low rate of crime, making it a secure destination for purchasing properties. According to the most recent Numbeo data, Turkey had a crime score of 39.62 in 2022, and an extremely high safety index of 60.3. These are the rates that put Turkey was ranked 93rd in the highest index of crime and countries like the United States and the United Kingdom were placed 57th and 68th respectively.
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