The Most Important Steps for Real Estate Investment in Turkey
Real estate investment in Turkey has had an increasing number of foreign investors wishing to buy real estate in Turkey for several reasons, including government facilities and the advantages granted by the Turkish government to foreign investors from getting real estate residence or Turkish citizenship to other facilities related to the purchase of real estate for foreigners in Turkey, in addition to the great successes that are achieved by businessmen and investors in Turkey after real estate investment and success and making profit from this investment.
The importance of real estate investment in Turkey:
Real estate investment in Turkey is considered one of the strongest and most successful investment projects foreigners and Arabs go for. Turkey has a very active and attractive real estate market. As Its strategic location between East and West and its view of the most important seas in the world made it a destination for foreigners and investors to buy real estate. Real estate investment in Turkey is a great opportunity for success, profits and financial returns for the investor through the diversity of real estate investment in it, so that real estate can be bought and sold, or rented, and thus the opportunity to achieve success becomes greater as a result of this diversity in real estate investment. The investor could guarantee the continuity of his business based on the big and consistent demand of real estate purchase in Turkey. Not to mention the opportunity to expand his real estate business due to the cheap real estate prices in Turkey, and because of the facilities provided by the Turkish government in the field of real estate investment, the buyer can get real estate residency or Turkish citizenship if he fulfills some of the conditions stated by the Turkish constitution.
Real estate investment steps in Turkey:
Any successful investment must go through a set of steps and advance planning. The investor must develop a road map for his investment in order to be able to achieve success and achieve the desired thing from this investment. This applies to real estate investment in Turkey. The most important steps for real estate investment in Turkey can be summarized according to the following:
1- Observing real estate market in Turkey:
This step is considered one of the proactive and planning steps for real estate investment, where the reality of prices in the real estate market in Turkey is paid attention, and market, buying and selling movements are detected and studied, so that the investor can identify and set limitations on the set budget and the time period of his/her investment project.
2- Knowing real estate investment procedures in Turkey:
Here, the investor must know the legal basics and government instructions related to the possibility of foreigners owning real estate in Turkey and what procedures they must take.
3- Choosing the right real estate counselor:
Here the investor must search for the most reputable and experienced advisor in the real estate market in Turkey in order to make the right choice to achieve a secure real estate investment and a purchase that meets what he is looking for. The reputation of the real estate consultant in the market, the quality of the services and offers provided, the opinions of the clients regarding the real estate consultant are all considered in order to communicate with him and present the required desires and the initial agreement to see all the offers that meet the investor’s desires.
4- Choosing the right property for investment:
This step is considered the first actual steps for the investor after the initial study and the development of investment planning strategies, and one of the most important steps for real estate investment in Turkey; here, the investor must determine the following
• selection of the city:
It is one of the important factors for real estate investment in Turkey. Turkish cities are not equal in the buying and selling movement of real estate, nor in prices. Istanbul, for example, is one of the most active Turkish cities in the real estate market, but on the other hand, real estate prices in Istanbul are more expensive than other cities.
• Outlining the area:
This varies according to the desire of investors in this regard, some of them turn to luxurious areas to live or invest, but this luxury is certainly accompanied by an increase in prices and a rise in the standard of living in the area, such as buying apartments or villas in the European part of Istanbul, and others heading to less luxurious or rural areas in search of calmness and tranquility and getting away from the hustle and bustle of the city, and this option comes with cheaper prices for real estate compared to the luxurious and tourist areas.
• Determining the service infrastructure of the property:
The investor must pay attention to the services provided in the area in which the property is located and the modernity of infrastructure including public services such as public transportation, Internet services, electricity and water services, medical centers, schools, universities and other government services or the services of private centers.
• Selection of the property view:
This step is important because it plays a role in determining the future pricing of the invested property. When the property overlooks a tourist area or a water oasis, its price will differ from the property with a normal view. In the case of commercial investment, you should choose a property with a beautiful and attractive view because tourists are interested in such areas and are looking for such apartments for rent, even if they are more expensive; thus you, as an investor, have achieved an important point in reaching the success of real estate investment.
• Determining the specifications of the property:
The investor must choose the distinguished urban design of the property that should be of modernity and innovative design because of its role in the future attraction of the process of selling the property in addition to the its cladding as well, which is one of the most important factors affecting the financial return. The higher the quality, types and beauty of the clothing, the more it attracts a number of sales or rentals, so the customer is always looking for a good, tidy and attractive cladding.
Types of real estate investment in Turkey:
1- Residential Investment:
• Investment by buying ready-made apartments
• Investment by buying apartments under construction
• Investment by buying modern villas
• Investment by buying a house within residential communities
• Investing by buying smart homes
• Investing by buying old real estate.
2- Business investment:
• Investment by buying commercial offices
• Investing by buying shops
• Investing by buying studio apartments.
3- Tourism investment:
• Investment by buying tourist villas and renting them to tourists
• Investing through tourist apartments and renting them to tourists
• Investment by buying chalets and hotels and renting them to tourists.
