Cities

Is Istanbul A Good Place To Buy Property For Foreigners?

Turkey has traditionally been the desired location for visitors looking for an alternative residence or plot due to its incredible temperature, nature, culture, and history. As a result, the nation is providing countless chances for business people, professionals, students, and retirees to come and invest in its real estate in exchange for the promise of a second citizenship.

The process of obtaining Turkish citizenship by investment can be completed in two months or less for foreigners and expatriates who wish to live in Turkey.

This comprehensive guide will walk you through all the details of investing in Turkish real estate if you’re interested in purchasing property in Istanbul.

To make an informed decision, continue reading.

What Is The Current State Of the Turkish Real Estate Market?

Source: istanbulrealestate.com

The price of real estate in Turkey has increased dramatically over the past year or so, jumping by 30% in early 2021. It is a sellers’ market as a result, but the good news for purchasers is that there has been a recent surge in housing development and regeneration projects, which may result in more dwelling stock being offered on the market.

Over the past few years, there has been a sharp increase in international purchasers’ desire for Turkish houses. The Covid-19 pandemic caused a decline in this, but local demand and a decline in loan rates have kept the real estate market strong.

Why Invest In Turkish Property?

There are several reasons why one should consider investing in Turkish, or more specifically, Istanbul, properties.

1. Location Of The Country

Source: thrillophilia.com

Being a perfectly balanced combination of the best of both East and West worlds, Turkey plays a significant role on an international level and continues to welcome visitors from abroad. Buyers worldwide are drawn to the nation’s “Asian” capacity for economic growth and the “Western” standard of living. Due to its ideal location for property investment, it is one of the most desired neighborhoods and recent suburban land developments for buying properties and penthouses.

2. Affordable Housing

The Turkish real estate sector was slow to join the global scene. As a result, expatriates and foreigners from various nations are drawn to residence costs. Small seaside communities provide 2-BHK completely furnished flats for as little as $60,000, while luxury properties are also available.

3. Long-Term Investment Is Beneficial

Those looking to make long-run investments can rely upon the Turkish property market because these prices are able to provide a highly profitable ROI. Turkish real estate buyers hold a great advantage over those in Cyprus or Spain, where real estate costs have already hiked. In Turkey, properly maintained real estate can produce a sizable long-term return on investment with relatively little yearly maintenance and repairs.

4. Housing Alternatives

Source: propertyguides.com

The wide range of options for luxury and affordable, newly constructed, off-plan, renovated apartments, condos, and villas, and resale properties in Turkey is one of the main factors driving foreigners’ interest in purchasing real estate there. There are several options, ranging from lavish mansions with ocean views to straightforward, affordable apartments. Hence, buyers don’t need to give up on their desire to purchase any Turkish property.

5. Low Living Expenses

Leading a comfortable life in Turkey is significantly cheaper than residing in any European or North American country. The exchange rate that pensioners are taking advantage of to convert their money into Turkish Lira is turning out to be higher than the country’s average cost of living. Furthermore, necessary food items like fruits and vegetables are inexpensive.

6. Faster and easier Purchasing Process

The Turkish government has taken the initiative and required efforts to guarantee that the procedure is simplified for promoting investment in the land ownership industry. The pro-active role of Turkish Govt. plays a primary role in why foreigners prefer Turkey for property investment.

7. Obtaining Turkish citizenship

Source: mohass.com

Getting a Turkish passport as a result of purchasing real estate in Turkey is one of the biggest advantages. Turkey is, therefore, the top choice for many foreigners looking for a second home. With the Turkish citizenship by investment program, expats can become citizens of Turkey in 60 days by investing a minimum of $400,000.

Who Can Buy Property In Istanbul?

A prevalent question among foreigners is whether they can buy property in Istanbul or not. The great news is that, except for four nations, anyone may buy an apartment or villa in Istanbul or anywhere else in Turkey. The four restricted nationalities are Armenians, Cubans, North Koreans, and Syrians. Other than these four countries, there are a few other neighboring countries as well to whom some limitations regarding buying lands apply. This includes several ethnicities like Russians, Georgians, and Greeks.

Since 2012, the law that enables various nationalities to own homes in Turkey has been in effect. Prior to that, only residents of nations with reciprocal agreements could purchase; however, after the government modified the law, foreign sales propelled Turkey’s real estate market to unprecedented heights.

However, buying properties within the military zone is strictly prohibited. And investment in and purchase of properties is restricted to a specific amount of hectares. Other than these, expect a reasonable cost and a straightforward purchasing procedure.

How To Buy Property In Istanbul

Please be aware that purchasing a home does not automatically permit you to apply for a work or residency permit in Turkey. However, in order to move forward with purchasing a home without a residence visa, you must receive your Foreigner Identity Number from the TNP Foreigners’ Department.

Concluding Thoughts

The facts about the real estate market in Turkey, particularly Istanbul, are laid out in this article. One must go through them very carefully before making any decision. Although the procedure is effortless, there are still some laws that must be followed. So, one should always contact a specialized real estate agent who can make the deal for foreign nationals.

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