Frequently asked questions about real estate ownership in Turkey
There are a wide range of questions and inquiries about the field of real estate ownership in Turkey for investors and everyone who intends to enter the world of Turkish real estate. In this article we will answer the most important of them.
What is the importance of owning real estate in Turkey?
Here are some things you should know about investing in Turkish real estate:
1 - The Turkish economy has experienced rapid growth in recent years, with GDP expanding at an average rate of 7% annually between 2002 and 2017. This growth was driven by a number of factors, including strong domestic consumption, increased foreign investment, and the reforms implemented by the government.
As a result of this economic growth, the real estate market in Turkey has also been booming and property prices in the country have more than doubled over the past decade and are expected to continue rising in the coming years.
2 - Turkey has a very diverse and beautiful landscape that attracts a wide range of investors, from those looking for a luxurious second home by the sea to those looking for affordable indoor properties and thanks to its great location at the crossroads of Europe and Asia, Turkey is also a place Perfect for buying real estate for rental income or as a vacation home.
3 - The Turkish government has also encouraged foreign investment in recent years by offering a number of incentives, such as tax breaks and citizenship by investment programmes.
4 - Real estate prices are still relatively reasonable compared to other countries in Europe or North America. This means that there is still plenty of room for growth, so investors can expect their property values to increase over time.
5 - Turkish real estate offers a great opportunity for both personal and investment purposes and if you are looking for a place to retire or a vacation home, then Turkey should be at the top of your list of options.
What are the advantages of buying real estate in installments in Turkey?
The most important advantage of real estate installments in Turkey is that it provides an opportunity to own a property for those who cannot pay the full price at once and in addition, it eases the financial burden on buyers by allowing them to spread their payments over a period of time.
Another advantage of installments is that it helps increase the demand for real estate, which in turn can help raise prices and this can be beneficial to its owners, as they may be able to sell their property for more than the asking price if they so desire in the future.
Why do foreigners choose to buy apartments under construction in Turkey?
- Real estate under construction in Turkey is always offered at discounted prices compared to the same property that is already built and ready to move in and this happens because the developer wants to attract buyers and also because buyers take a little risk by investing in an unfinished property.
- When you buy a property that is under construction in Turkey, you are actually investing in something that is likely to be appreciated and this happens because as construction is completed, the value of your property rises and you can sell it at a higher price or even rent it at a higher price.
- When buying an off-plan property, you have more options and flexibility compared to buying a ready-to-move property because developers usually offer a range of different apartment types (such as 1 bedroom, 2 bedroom, 3 bedroom) in their projects and you can choose the type that best suits your needs.
Is now the right time to buy a property in Turkey?
Turkey has become one of the most attractive investment destinations in the world and real estate prices have been on the rise for several years, and there is no sign of this trend slowing down.
The Turkish government offers a number of incentives to encourage foreign investors to buy real estate in Turkey. These include tax credits and residence permits.
If you are considering investing in real estate in Turkey, now is the time to do so as prices are still relatively low, and there is a lot of potential for capital growth in the future.
What is the secret of the great demand for buying real estate in Istanbul?
The great demand for real estate in Istanbul is mainly due to the strategic location of the city as Istanbul is located at the crossroads of Europe and Asia, making it a prime location for companies and investors.
In addition, Istanbul has a rich cultural heritage and a vibrant nightlife, which makes it a popular destination for tourists and the city also offers a variety of real estate options, from luxury apartments to affordable homes.
What are the advantages of investing in villas in Turkey?
Here are some of the advantages of investing in villas in Turkey:
- Villas in Turkey are relatively cheaper compared to other countries and this makes it a great investment option for people on a tight budget.
- The climate in Turkey is ideal for those who want to enjoy warm summers and mild winters.
- Turkey has a fast growing economy, which is attracting more investors from all over the world and this is causing the value of real estate in Turkey to increase.
- There are many beautiful places to choose from when investing in villas in Turkey. Whether you want to be on the beach or in the city, you will be able to find a villa that meets your needs.
What papers are required to buy real estate in Turkey?
The following documents are required to purchase real estate in Turkey:
- Passport or national identity card
-Tax number
- A bank statement or other proof of financial means
- Residence permit (if any)
- Earthquake insurance policy.
What are the most important steps for buying real estate in Turkey?
- The first step is deciding the location in which you want to buy a property. Turkey is a large country with many different regions, so it is important to choose the region that best suits your needs and budget.
- Organize your finances. This means getting pre-approved for a mortgage if you plan to finance the purchase.
- Research the Turkish real estate market to get an idea of prices and the type of properties available.
Until you find the right real estate opportunity for you in the Turkish real estate market, do not hesitate and contact our real estate consultant now to provide you with a list of the most important special offers suitable for your goals without much effort or fatigue.
