Benefits of Buying a Property in Turkey
The great demand for buying real estate in Turkey was nothing but a great desire to obtain a wide range of benefits that can be gained, not to mention that in the Turkish real estate market, you must find what you are looking for because it is witnessing a great and distinctive diversity.
In this article, the editorial team at TAMAM LAMA Real Estate will tell you many details and information related to real estate ownership in Turkey.
Find out the benefits of buying a property in Turkey:
If you choose to buy real estate in Turkey, you will get a wide range of advantages, including the following:
-The Turkish government offers citizenship by investment program to foreigners who buy real estate worth at least 400,000$.
-Turkey has a stable economy and is a member of the Organization for Economic Cooperation and Development.
-The cost of living in Turkey is relatively low compared to other western countries.
-Turkey has growing tourist seasons, which presents opportunities to generate rental income.
-Turkish citizens can travel without a visa to countries such as the United States, Canada and the European Union after obtaining a Turkish passport.
-The Turkish lira is currently undervalued, which makes buying real estate in Turkey much more affordable than if it was bought in euros or US dollars.
-Turkey offers a wide range of real estate options, from luxury beachfront villas to more modest apartments and homes, there is something to suit every budget and taste.
How to buy real estate in Turkey?
It is natural to wonder about the ideal way to buy real estate in Turkey, especially if this is your first experience in the Turkish real estate market. Below, we highlight some of the available options.
1 - Buying real estate in installments in Turkey:
When you buy a property in Turkey in installments, you pay a down payment that usually ranges from 20 to 30% of the total purchase price and then the remaining balance is paid in equal monthly payments over a period of usually 3 to 5 years.
The advantages of this option are:
-You do not need to pay the entire purchase price at once and this makes it easier for you to buy a property that may be out of your budget if you have to pay the full amount up front and you do not need to get a bank loan to finance the purchase, which may be difficult to obtain if you are not a Turkish citizen or resident.
-The premiums are often lower than your monthly loan repayments will be, so this can save you money in the long run.
2 - Buying apartments under construction in Turkey:
There are many reasons why you should consider buying real estate in Turkey that is still under construction, the most important of which are:
-You can often get a better price for an off-plan property than the price when it is already built because developers usually offer discounts to buyers who want to commit to buying before construction is complete.
-You have the opportunity to choose the specific apartment or apartments you wish to purchase, rather than being limited to what is available on the resale market.
-You can often customize the finishes and fixtures of your unit somewhat, giving you more control over the final look of the property. If you are buying property as an investment, you may be able to get a higher rental return on an off-plan property than in a similar resale apartment, since new projects often demand excellent rental rates.
3- Buying ready-to-move-in apartments in Turkey:
When you buy a "Ready to Move" property, it means that the construction of the property has been completed and is available for immediate occupancy. There are several advantages to buying a ready-to-move-in property:
-You can start using the property right away without waiting for construction to be completed.
-The build quality is usually better because the builder wants to deliver a property that meets the buyer's expectations.
-Ready-to-move-in properties are usually priced lower than under construction because there are no construction risks.
4 - Buying real estate in the city center:
Some of the advantages of buying property in city centers are that you are close to amenities such as shopping and restaurants, public transportation is usually easily available, and there is often a greater sense of community. In addition, your property may be valued at a higher price than if it were located in a more rural area.
5 - Real estate in the suburbs of Turkey:
There are several reasons why buying real estate in Turkey in suburbs or remote areas is a good idea.
First of all, it is usually cheaper than buying in major cities because the demand for real estate in these areas is not high, so the prices are lower and another advantage is that you will have larger space, as apartments and townhouses are often small and cramped, but in the suburbs or the countryside, you are likely to find a bigger place at the same price.
Finally, living in a less crowded area can be more quiet and relaxing. If you want to get away from the hustle and bustle of city life, moving to the suburbs or the countryside may be a good option for you.
Real estate prices in Turkey:
Turkey has witnessed a lot of changes in the last decade, including a booming real estate market where the future of real estate in Turkey looks bright, with continued growth expected in both the residential and commercial sectors as the Turkish government invests heavily in infrastructure projects, which has helped increase the demand for all of residential and commercial real estate.
In addition, the country's strong economic growth and low interest rates have made it an attractive destination for foreign investors. As a result of these factors, the prices of both rental and purchase of real estate have clearly increased and the average house price in Istanbul has more than tripled since 2005, while rents have increased at an average rate of 20% annually during the same period.
Looking ahead, the future of real estate in Turkey looks promising and this is what was proven by the previous years, up to the current year 2022.
