Benefits of Property Ownership in Turkey 2021
Owning a property in Turkey under the laws and Legislation of the Turkish state has made the opportunity of ownership supported by encouraging incentives to foreigners not to be found in another country
Benefits of Property Ownership in Turkey 2021
Owning a property in Turkey under the laws and Legislation of the Turkish state has made the opportunity of ownership supported by encouraging incentives to foreigners not to be found in another country.
In addition to the important incentives, the many options available in the Turkish real estate market contribute to increasing the demand for real estate in them, especially with the low price of real estate compared to the cost, and compared with other countries.
Table of Content
- Why Should You Own a Property in Turkey?
- Foreigners Property Ownership in Turkey- Code of Laws
- What is the Best Place to Own Property in Turkey?
- Is it a Good Idea to Buy Property in Turkey?
- Step-by-Step Guide to Buying Property in Turkey for Foreigners
- Golden Tips on Buying Property in Turkey
The Top Benefits on Buying Property in Turkey
Its diverse beauty, with a history of modernity and sophistication, that's Turkey. The city of Istanbul, which has the continents of Asia and Europe with its originality, beauty, and splendor, became an important tourist destination.
Turkey's prosperity at all levels has been encouraging to attract all kinds of investments and attracted many businesses from all over the world. Turkey has thus proven to be one of the world's strongest economies.
On the other hand, the stabilization of Turkey's political position played a major role, especially after the 2018 elections, in gaining the confidence of foreign investments. Turkey has maintained its democratic political entity despite the crises that have not affected its internal security and regional stability.
Then came a series of additional incentives, such as the possibility of getting Turkish citizenship, has had a positive impact on the Turkish real estate market, attracting large numbers of those wishing to take advantage of these important advantages.
Why Should You Own a Property in Turkey?
Many decisions have been taken by the Turkish government to support the real estate sector, and what comes from it at the end of the investor, in particular, is a strong incentive for many people to obtain a residence permit in Turkey or obtain Turkish citizenship.
Turkish citizenship: The amendments to the Turkish Nationality Law and the decision to grant citizenship to the one who buys a property worth 250 thousand dollars, provided that it is not sold for 3 years, providing an exceptional and important opportunity. Hence, this decision included citizens of most countries.
Real estate residence permit: Owners of properties with a price of less than $ 250,000 in Turkey of foreign nationalities are granted a residence that is renewed annually. This Real estate residence permit to be granted to the owner and his wife and his children are under the age of 18.
Foreigners Property Ownership in Turkey- Code of Laws
Article 35 of the Turkish Property Law, 2012, on property rights, concerning the ownership of foreigners in Turkey, provides that a foreigner is entitled to own property on the condition that what he buys is immovable and is not located within a military zone or any land belonging to the State in general.
Some laws have been enacted for certain nationalities, which have been given the right to buy property specifically for housing.
What is the Best Place to Own Property in Turkey?
The answer to this question differs depending on the need of those who ask, but it is indisputable that beauty in Turkey is not exclusive to one place to another and Turkey’s regions and its cities have received a great diversity.
Every city in Turkey has its own advantage. If you want to get closer to the center of the economy, the city of Istanbul is the capital of the Turkish economy, its beating heart, and for anyone looking for rest and recreation, his options will be various in Istanbul and other cities.
Imtilak Real Estate puts the most important properties, projects, residential complexes and villas in the hands of those interested, in accordance with the wishes of all, within the framework of reliable or government-guaranteed investment projects.
Is it a Good Idea to Buy Property in Turkey?
The Turkish real estate market has maintained its price stability. Today's exchange rates in Turkey have not reflected the selling price of new residences significantly.
If we adopt the data for February mainly in the comparison over the past years compared to the current year, we see a rise in prices of new apartments for the year 2018 compared to the price in the previous year 2017, equivalent to 3.52% ...
While the increase in this year 2019 was only 2.62 % over the year 2018.
If we compare the period 2018 - 2019 2017 - 2018 we notice that the only type of property whose price has increased is: 1 + 1 apartments and the increase in the price of these apartments is equivalent to 1.71 % to 2.13 % because of high demands for apartments of this type.
A number of contractors recently pointed out that the current period is the most appropriate time for those who want to buy an apartment in Turkey, stressing that the high cost of the property resulting from the high dollar exchange rate did not reflect on the prices of apartments equally, so the winner is the one who buys A house in this period, taking advantage of the current situation of the real estate market, which was not affected by the high dollar exchange rate.
The Impact of Dollar Value to Properties Prices in Turkey
A number of specialists have compared real estate prices, benefiting from advertisements, and depending on the new home price index published by the Reıdın Real Estate Investment and GYODER Real Estate Investment & Property Association as a benchmark for comparison.
Comparing the prices of real estate and apartments in recent years and the like this year, it was clear that the increase in apartment prices has seen a slight increase, which makes the idea of owning an apartment in Turkey a good idea, and a successful investment now.
Step-by-Step Guide to Buying Property in Turkey for Foreigners
Buying a house or owning a property in Turkey does not take much time; the purchase and transfer of ownership can be completed in just one day. The steps to buying a property in Turkey are summarized in the following simple steps:
First: The attendance of property’s buyer in Turkey to sign the contract of purchase or the presence of a representative on behalf of him with an official agency certified by the writer "Notary" or at one of the Turkish embassies abroad.
Second: Getting the Tax Number from the Tax Department, which is granted to every foreigner in Turkey, to facilitate its official transactions, and is obtained within minutes.
Third: A copy of the passport translated into Turkish, and certified by the "Notary".
Fourth: Heading to the real estate office "Tabu", for the seller to waive the property for the new buyer, then the new owner will be granted the ownership deed of the new property.
We Should bear in mind that both parties must pay the property tax, which is 4% of the price of the registered property, to be paid equally between the seller and the buyer.
These easy steps make it easy to own a property in Turkey, so you can register the property and make the purchase in full in just one day.
The owner of the new property has the right to obtain a "real estate residence permit" from the Turkish Ministry of the Interior on the title of the property to be valid from one to three years, a special residence for foreigners who own real estate within the country.
Golden Tips on Buying Property in Turkey
With the advancement of real estate systems in Turkey, there are some tips for those interested in buying their new property, which may help them select the best option.
- Choose your real estate agent carefully, the right choice will give you the credibility and trust you need in a country you do not know.
You can do a little research on the Internet to help you choose the right agent, consider others evaluation the company's performance, and how much confidence it gained from their former customers by reading comments and assessments on social media.
Looking for the agent's history in the real estate market, and ensure the quality of services provided before and after the sale.
- Choose the location that suits you best, study available transport options, and discover the facilities and services surrounding your chosen property. These options add value to your new property.
- Choose the right time to buy your property. It may be best to stay away from the peak season, ensuring that you have many options available to compare. The peak is often during the summer months, for example, where people change their places of residence after establishing a new family, or change the place of their work, or even to change children's schools and universities.
Choosing the right time, away from peak times, not only gives you more options; it may help lower the price of the property as well.
- Be aware of documents relating to the contract for buying your new house. It is very important to check what is actually contained in the official real estate documents.
Some agents may seek quick profit by claiming ownership of a property and trying to sell it at a higher price while trying to do another purchase from their actual owner or even trying to sell the same property to several buyers with the aim of catching the highest price among them, or other purposes of fraud and illegal ways.
- We recommend you to choose projects that provide a smart home system, with advanced technical capabilities, shortening the time and carrying out vital tasks on behalf of their owners according to the latest industrial smart systems.
Turkish Citizenship By Property Ownership and Investment
Having a luxury apartment in Turkey has a special flavor and a taste of luxury. You will find countless options, luxurious apartments, and exclusive properties, among the latest and most luxurious models of buildings and designs, and the most beautiful interior finishes, where you can find your various options when looking for Luxury apartments for sale in Turkey.
Investment in the real estate sector or buying a property in Turkey can provide you with an important investment opportunity as the real estate market evolves, by selling, the property after its price has risen or if you decide to lease it in the tourist seasons or by investing in the shops.
Investment in shops is very popular with investors, as one of the best means of trade that can generate good profits for investors; the best choice for the most suitable and vibrant commercial markets. The investment in commercial real estate is a promising investment. It is expected to be accompanied by great developments in parallel with the great renaissance in the Turkish markets and the modern advanced industries that contributed to the development and the boom of the Turkish market.
Edited by: Imtilak Real Estate
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