Which Is Better, Buying a Property in Europe or in Turkey?
Buying a property in Europe gives the investor the right to live in it, but on difficult terms, because of the high price of real estate in general, and here we discuss this issue in its aspects
Which Is Better, Buying a Property in Europe or in Turkey?
Many people aspire to buy a property in Europe, owning an apartment in France, Italy or Spain, or other countries that are known for their beautiful nature, development or laws.
Today, we will talk about the real estate market in Europe and its characteristics; compare it with the real estate market in Turkey, and the situation of residence there, with regard to the climate situation, government facilities and the benefits available.
States' policies compete to revive their economies by offering many incentives to attract capital. Many laws come in the investor benefit.
These incentives meet the investor's need for such advantages, such as obtaining a residence permit in the country or citizenship, but these policies and laws vary from one country to another, along with other factors, attract investors to choose the country most suitable for their investments.
The most important advantages of buying a property in Europe and Residence
The European Union consists of 27 countries, but the real estate compass for foreign investors is heading only to some capitals and cities as most areas suffer from cold weather most of the year, except for the southern part of the Mediterranean.
The most important advantages of Residence in Europe:
- The beauty of nature: where some European cities are characterized by beautiful nature, and wonderful views, attracting tourists and investors to it, but the period of enjoying that beauty is often relatively short due to the long winter period with a fall and a cold spring.
- Permanent residence in return for buying a property: Some European real estate companies raised the slogan "nationality or permanent residence in return for buying real estate" several years ago as part of their efforts to attract new investments, especially from countries whose countries suffer from political and security turmoil.
- Taking advantage of the laws of the country in which they invested, with freedom of movement between the countries of the European Union after obtaining the residence.
However, the conditions for obtaining a residence permit were available only to a very small number of wealthy people, because of the difficult conditions in owning property in Europe and its high prices, in addition to the difficult procedures for obtaining residence in those countries.
The most famous European countries that grant residence to foreigners by buying property
Many European countries grant residency to those who buy property, but these laws vary according to each country's policies and laws.
Several European countries have made decisions that would attract investment. The first was the Republic of Montenegro, in southeastern Europe, where their laws allowed foreigners to own residential units as the buyer shall have the right to get permanent residence after one year from the date of purchase, with the possibility of obtaining citizenship after ten years.
Countries that also offer citizenship for property investment include Cyprus, Spain, Portugal, Bulgaria, and Hungary, but with relatively difficult conditions.
In Spain, for example, the property price must exceed 500 thousand euros in order to grant the owner the right to stay. The owner, his wife and the children will be given the so-called "golden visa," which allows the person a short stay of up to 15 days for a full year, After the first year you can get a two-year residence permit, which is also renewable, after which the owner of the property can obtain permanent residence. Then he can apply for Spanish citizenship.
In the Republic of Latvia in northeastern Europe, amendments have been made to the real estate investment laws for foreigners, in which foreigners have been able to buy a property of a certain financial value. The investor obtains a stay permit for five years, renewed every year, until getting the permanent residence.
In an earlier statement to David Petrosov, CEO of the Cyprus Developers Alliance, he noted that his company is attracting investors by buying residential units in Cyprus worth between 250 and 300,000 euros for two years, Adding that the company also has real estate worth 2 million euros ($ 2.23 million) that provides citizenship to the buyer within 3 months.
Average price per square meter in Europe
"Live and Invest Overseas” published the list of the 10 cheapest European countries to buy a residential property. Italy, Portugal, Croatia, Romania, Malta, Montenegro (Montenegro), Ireland and Greece.
Through our extrapolation in the Imtilak Real Estate of real estate prices in Europe, depending on the locations of European real estate sales, with per square meter being considered a unit of comparison, we came to the following set of results:
The average price per square meter of residential property in Venice, Italy, is 4,400 euros, while in Abruzzo; it reaches a minimum of about € 1015.
On the Istria peninsula in Croatia, the cost per square meter is $ 1,133.
In the Portuguese city of Algarve, the average cost of buying a property in this city is about $ 1,345 per square meter.
In Bucharest, Romania, the average cost per square meter is about $ 1432.
In Greece, the cost of buying a property in the Greek capital Athens per square meter is about 2,116 dollars.
These prices per square meter are almost the minimum price for real estate in Europe, depending on each region or city.
On the outskirts of Paris, the price per square meter is approximately 2666 euros. In the heart of the city, the price per square meter is not less than 4000 euros within an acceptable residence. In French Marseille, the value per square meter of some properties is about 4855 euros. In the countryside, 1600 EUR.
In Dublin, one of the best neighborhoods to invest in Ireland, the price per square meter is about $ 3,975.
In Spain, the price of a meter in luxury housing in Madrid is about 6,900 euros, and in some remote places, prices reach about 1100 euros.
The aforementioned prices shown per square meter, drawn from European property sales Websites, would give a general view of property prices in Europe and the variation in value from one place to another.
Cons of buying a property in Europe:
- The difficulty of the conditions that allow an investor to obtain a residence permit in Europe, as seen in Spain, for example, Buying a property equivalent to 500 thousand euros does not entitle the owner of the property to obtain a stay permit directly.
- High prices of real estate in Europe compared to other countries, and this explains the prices we have drawn from the European real estate market.
- The many taxes surrounding real estate investments, in some cases up to 9 % of the value of the property, as in Italy, for example, if there is no tax reduction.
- To complete the buying process of a property, the foreign citizen must follow complicated procedures often.
The difference in the social environment, there is a clear difference between our Eastern societies and European society, which is something to be considered.
- The climate of the European continent is often cold to very cold on most days of the year, with a short summer, except for the part overlooking the Mediterranean Sea.
Comparing Residence in Turkey and Europe
Perhaps the most important tourist attractions are the three main things:
- Natural factors, which are the geographic location that plays a role in the climate and affects it, in addition to the diversity of the tourist environment, from the seas and forests and the diversity of its living organisms ...
- Historical and cultural factors, for those interested in visiting monuments and what is related to the history of civilizations.
- Social and religious factors.
In addition to the investment attractions: the fundamentals of the economic success of the country to invest in it.
Turkey has most of these qualities and factors.
Turkey has an area of 783,562 square kilometers, twice the size of Germany, and almost twice as much as Italy. Turkey alone is about 10 times the size of all the countries of Eastern Europe. Which means a great diversity in the field of tourism within this country when compared to most European countries.
The beauty of nature in Turkey is not so different from the climate of Europe even though it is better. Turkey is also on both sides of the Asian and European continents.
The most important factors of preference for investment and residence in Turkey to buy a property in Europe and residence in the following points:
- Investment in real estate in Turkey is much cheaper than investing in EU countries, with global real estate quality comparable to the best countries in the world.
The price per square meter in the Turkish real estate market is much lower than that of the European countries in general, as we have seen from the real estate market in Europe and the lower cost of living in general in Turkey other countries by about 50 percent.
- The buying and selling facilities in Turkey make buying a property does not require much paperwork, time and effort, so that the process can take place in one day only.
- Laws allowed the foreigner the opportunity to obtain a residence permit in return for buying a property in Turkey, the so-called real estate residence permit. This permit is given to the owner of the property and his family members from wife and children and is renewed annually. Investments worth $ 250,000 give the investor the right to obtain citizenship directly.
- Turkey is characterized by a great cultural and tourism diversity, depending on the breadth of its geographical area, with the development of its infrastructure and lifestyle, is no different in Europe.
- Turkey’s climate is more temperate than that of Europe in general, which helps in the vitality of its tourism market and makes it an ideal choice if compared to many European countries.
Turkey is among the top 10 property destinations around the world
In an article published by the US real estate investment and real estate consultancy, Live and Invest Overseas, entitled "The Top 10 Places to Buy Real Estate Abroad in 2019", Turkey was ranked among the best countries to own a property.
"Istanbul is ranked ninth among the world's most visited countries in 2018, ahead of Berlin, Barcelona, Rome, Los Angeles, and other important tourist cities.”
In addition to the growth of tourism in Turkey, especially from Qatari tourists, Istanbul and the cities of Turkey, in general, enjoy strong economic growth with attractive tourism and investment options.
The city of Istanbul is one of the largest selling points and real estate investment in Turkey and The Turkish real estate market is within the budget of most investors.
Real estate prices in Turkey are cheaper than those in Europe are, and are suitable for all budgets, with many facilities and incentives that make investment in Turkey an exceptional opportunity in the current situation, and is better ownership and investment choice than in Europe, especially with the significant development and growth of the Turkish economy.
However, the attractions factors of Turkey, the wonderful climate, the promising economy, the huge real estate market that is growing every day, and many tourist and historical attractions that attract tourists from around the world make it an attractive and profitable option to invest and stay in Turkey.
FAQ about countries that offer residency for buying property
Many countries worldwide grant residency permits for a property, varied according to each country’s laws and policies. Many countries have issued new regulations to attract investment. Apart from investment attractions and economic achievements, Turkey is one of the best countries, having natural, historical, civilized, social, and religious fundamentals. Yes, it does. It is a short-term residency permit for foreigners having a property in Turkey, where many campaigns called for purchasing a property, such as ownership for residency. Real estate residency permits are issued for one year for both the property owner and his family (wife and children under 18). The French laws do not grant the right to get a residency permit for a property, but it gives the right to get a visitor permit without any guarantee. Purchasing a property in Italy never grants the right to get a residency permit; like many countries worldwide, a residency permit is not issued for a property. Unlike getting Turkish citizenship for a property, there is no fixed property value for getting a real estate residency permit. A foreigner can get a residency permit for a property intended for housing, registered in TAPU (the General Directorate of Land Registry and Cadastre) with a property title and all needed documents.
Many countries worldwide grant residency permits for a property, varied according to each country’s laws and policies. Many countries have issued new regulations to attract investment. Apart from investment attractions and economic achievements, Turkey is one of the best countries, having natural, historical, civilized, social, and religious fundamentals.
Yes, it does. It is a short-term residency permit for foreigners having a property in Turkey, where many campaigns called for purchasing a property, such as ownership for residency. Real estate residency permits are issued for one year for both the property owner and his family (wife and children under 18).
The French laws do not grant the right to get a residency permit for a property, but it gives the right to get a visitor permit without any guarantee.
Purchasing a property in Italy never grants the right to get a residency permit; like many countries worldwide, a residency permit is not issued for a property.
Unlike getting Turkish citizenship for a property, there is no fixed property value for getting a real estate residency permit. A foreigner can get a residency permit for a property intended for housing, registered in TAPU (the General Directorate of Land Registry and Cadastre) with a property title and all needed documents.
Edited by: Imtilak Real Estate©
Sources: mawdoo3 (1) + mawdoo3 (2) + Live and Invest Overseas + Giambrone
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