Buying or selling a home is one of the biggest life-changing financial decisions. Not only for your life but for lives of other associated relations. As many people are buying houses in Turkey, there is a growing need to answer many important questions that will help searchers to find a better house.
Most commonly asked questions by many buyers are such as… What are the main advantages of buying a house in Turkey? What is the best place to buy a house in Turkey? What is the criterion for choosing the right house? How foreigners can buy a house in Turkey? And so forth…
In this article, we will answer these questions as a reference for anyone interested in obtaining adequate knowledge about owning a property in Turkey.
In this article, we will answer these questions as a reference for anyone interested in obtaining adequate knowledge about owning a property in Turkey.
What are the main advantages of buying a house in Turkey?
The opportunity to get a house in Turkey comes with many incentives and benefits, especially after the amendments is the laws to obtain nationality in return of a property investment, such as:
- Investing in real estate in Turkey gives you the opportunity to obtain a renewable (annually) real estate residence permit for you and your family members as well.
- The possibility of applying for Turkish citizenship and obtaining a Turkish passport, if the property is valued at $ 250 thousand, provided that it is not sold for 3 years. This is one of the most important catch for foreign investors.
- Turkey being the desirable tourist place has higher degree of return in investment by leasing homes during the various tourist seasons throughout the year, at good prices.
- The social environment in Turkey has proximity to the Eastern and Arab customs, which makes you feel no alienation in this society if you are from the similar region.
- The cost of living in Turkey is relatively low, compared to European region.
What is the best place to buy a house in Turkey?
Since the cities of Turkey have a variety of accommodation options, everyone’s needs and standards are different from another. Those who are interested in enjoying nature’s tranquility, quiet places, smaller cities can be a good choice and many others who are interested in being close to metro life, Istanbul is the answer to your question.
- When you decide to search for a house in Turkey, it is not recommended to focus only on the city’s famous areas.
- You have to consider options in other areas with new urban revolution, more options, most recent buildings, and price competitiveness. Such options have greater chances of rise in the prices at faster pace.
- Know your priority: Turkey’s big cities like Istanbul or Antalya are densely populated being characterized as tourist and industrial cities. Whereas some other smaller cities are quiet. Choose the right city based on your need and taste.
What are the criteria for choosing the right house?
Choosing the location with easy access to all the amenities of daily life is the most important factor such as grocery markets, clinics/hospitals, schools/universities, sports hall, parks and playgrounds, bus/metro stations etc.
- Choose a house with a large area, because the spacious house is one of the main, reasons for providing comfort for you and the rest of your family.
- Choose a house that fits your budget. Planning is essential before investing. Depending on your financial situation, you need to set your budget when looking for a property in Turkey, whether for living or investment.
- It is also wise to record the results of your search on your agenda, and then choose among the available options for the best and most appropriate. Sorting and Shortlisting.
How foreigners can buy a property in Turkey?
Buying a property in Turkey does not take much time and effort; Purchase and transfer can be completed in just one day. These are few important steps PITureky has jotted down for you:
- The buyer must be present in Turkey to sign the purchase contract, or the presence of an official agency representative, certified by the Notary, or at one of the Turkish embassies abroad.
- Issuing the “vergi” tax number, which is granted to every foreigner in Turkey, to facilitate official financial transactions and is extracted within minutes from the Tax Department.
- Notarized copy of the passport translated into Turkish.
- Registering of the purchase contract in the Directorate of Real Estate Registration “Tapu” (title deed).
- The seller and the buyer shall pay the property tax at the time of registration, which is 4% of the value of the registered property.
Active cities in the Turkish real estate sector
Foreign investors are particularly interested in investing in European side of Istanbul, close to major government projects such as near Istanbul Airport, Istanbul Canal, E5 highway and other highways in the city such as TEM, and the coastal road where property prices are expected to rise creating a great opportunity for investment.
Statistics revealed that the real estate sales in Istanbul (for citizens and foreigners) in March this year amounted up to 19,140 properties, and Esenyurt district turned out the best-selling real estate in this period. Ankara stood 2nd with 131,161 apartments, 9.5 % of Turkey’s total sales. Izmir ranked 3rd in the list of best-selling residential apartments, with 75,672 apartments.
The reason for the hike in Turkey’s real estate sale is the exception from VAT for those foreigners who buy a property worth 250 thousand dollars.
We at PITurkey are happy to provide the best real estate options for property buyers for our most prestigious real estate and government approved real estate projects, by providing real estate consultancy services in cooperation with integrated stuff of consultants and specialists in the Turkish real estate market.
