Turkey has a special charm that makes it one of the most attractive destinations for real estate investors around the world and if you are looking to realize the dream of owning a property in this beautiful country, understanding the steps of real estate ownership in Turkey is essential to ensure the success and smoothness of your process, so let’s learn together about these important steps and continue reading for more details.
Advantages of real estate ownership in Turkey
- Turkey offers a wide variety of properties, from residential apartments to luxury villas and commercial properties.
- Life in Turkey promises to be more expensive compared to many European countries.
- Turkey is among the most promising and stable real estate markets.
- Some real estate investments may qualify investors for Turkish citizenship.
- Properties in Turkey often come with contemporary designs and modern facilities.
- Turkish laws allow foreigners to easily own real estate.
- Turkey is witnessing great activity in the real estate market.
- Many banks offer real estate loans to foreign investors.
- Some developers offer installment financing options to facilitate the purchase process.
- Turkey has a moderate climate, which makes it a distinctive destination all year round.
- Turkey has good infrastructure and an efficient transportation network.
- Demand for real estate in Turkey is fueling booming tourism.
- Many coastal cities offer opportunities to own beach property.
- Many areas have schools, hospitals and shops.
- An opportunity to enjoy rich Turkish traditions and culture.
- Turkey is experiencing rapid growth in technology and infrastructure.
- There are opportunities for sports and entertainment in most areas.
- Turkey offers a vibrant market and a diverse shopping experience.
- Turkey is a safe and stable environment.
- An opportunity to interact with a diverse and friendly community.
- Economic growth creates job opportunities for residents.
- Turkey maintains strong international relations.
- The presence of high-quality universities and schools.
- Strong Turkish health system.
- Many residents are fluent in English.
- Taxes in Turkey are reasonable.
- Turkey offers many cultural and social events
- Beautiful landscapes ranging from mountains to seas.
- The presence of professional real estate agents facilitates the search and purchase process.
Steps to owning real estate in Turkey
- Select the type of property you are looking for (apartment, villa, land, etc.).
- Choose the area you want to invest in.
- Search for professional and accredited real estate agencies in Turkey.
- Check agency reviews and experiences of previous investors.
- Agree with a real estate lawyer to verify the legitimacy of legal instruments and documents.
- Make sure the property is free of debts and other legal obligations.
- Negotiate the property price with the seller or real estate agency.
- Look for flexibility in price and terms.
- Once you agree on the price and terms, sign the purchase contract.
- Make sure the contract contains all details and terms clearly.
- Transfer the agreed upon amount to the seller’s account.
- Use secure and recognized payment methods.
- receiving the full amount, the real estate deeds will be prepared.
- You must verify the authenticity and completeness of the documents.
- Go to the Real Estate Department in Turkey to register the property in your name.
- Make sure to pay all registration fees and taxes.
- Make sure the property complies with local building regulations.
- Check for the correct building permits.
- Insure the property to protect it from potential risks.
- Transfer public services to your name, such as water and electricity.
How to benefit from real estate ownership in Turkey?
- If you plan to live in Turkey, owning a property can grant you permanent residency.
- The real estate market in Turkey is among the most stable and growing markets.
- You can buy a property for rent, whether it is a residential apartment or a hotel.
- If you invest a large amount in real estate, the Turkish government can grant you Turkish citizenship.
- The property can see an increase in value over time, especially if you invest in areas with high demand.
- You can obtain bank financing to purchase the property, which helps reduce financial stress.
- You can use the property as your personal vacation spot, saving you on hotel costs.
- Owning real estate may provide the opportunity to obtain property insurance.
- Owning a property in Turkey can provide you with the opportunity to enjoy a different lifestyle, whether through coastal living or in historic cities.
- Turkey has a charming nature and a rich history, and owning real estate gives you the opportunity to enjoy them better.
- You can diversify your investment portfolio by investing in real estate.
Real estate ownership in Turkey for the purpose of Turkish citizenship
At the beginning of 2017, the Presidency of the Republic of Turkey launched the “Citizenship in exchange for Investment” initiative through the Investment Office, with the aim of promoting investments in the country through various means, including real estate investment and the program has witnessed several amendments, the most recent of which was in April 2022 and in the context of real estate ownership in Turkey, within the framework of the program, a property must be purchased with a value of no less than $400,000, with the condition that the property will not be sold for three years, as it is worth noting that what is striking in this context is that Turkish laws do not impose investment as a basic condition and even in the case of real estate use for housing in Turkey without any investment goal, this is considered consistent with the conditions for obtaining Turkish citizenship through real estate ownership.
Ultimately, real estate ownership in Turkey represents a unique opportunity for investors looking for diversification in their portfolio and future investment opportunities, as Turkey is a country with a rich history and vibrant economy, and it welcomes international investors who want to benefit from its diverse and exciting real estate potential with open arms.
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