Is it the right time to invest in property in Turkey?
Are you looking to invest in properties other than your home country? Well, Turkey may be the right place for you! And it is always a good time to invest in properties in Turkey especially if you look at mid to long-term ownership. This is because Turkey started remodeling and updating its real-estate market recently. In the last few years, Turkey has been updating its 20th-century crumbling buildings with new buildings. Also, the local councils are now investing heavily in infrastructure and transport links.
Why choose Turkey for your real estate investment?
As an emerging real-estate market, Turkey entered a different development curve in 2020 compared to its Western counterparts. In fact, in 2021, despite COVID lockdowns and restrictions, Turkey generated over 8.5 billion USD through property sales to foreigners. As per Turkish data, the house sales in January 2021 were recorded as 70,587. However, the property prices increased as well. According to Turkish statistics, real-estate sales in Turkey increased by 25.1% in January 2022 compared to January 2021.
Additionally, Turkey invests heavily in major highways and transport connecting all major cities to other cities abroad. All this is attracting global real estate investors. Also, most of the new construction properties match buyers’ expectations, keeping the prices buoyant. While there is no expectation of a further increase in the prices in 2022, property values may increase with national averages. This is because the government of Turkey has introduced measures to help construction companies with imported goods and costs.
In addition to the above-mentioned benefits, people who invest in Turkish properties are eligible for Turkish citizenship. According to the rule, buyers who invest $250,000 in real estate in Turkey and keep the property for at least three years can obtain Turkish citizenship. Also, the application applies to the spouse and dependents and future born. This makes Turkey the best country in terms of obtaining citizenship compared to other countries.
A few more benefits of investing in properties in Turkey.
Foreigners who have bought a house or any real estate in Turkey are eligible for a Residence permit along with their family. Though it is valid for a year, it can be renewed as long as they keep the ownership of the property. Do note that the Residence permit does not allow foreigners to work in Turkey. However, it allows children below 18 years of age to access all the public schools in Turkey.
Interestingly, you can obtain the Residence permit via real estate without a minimum purchase value.
By investing in real estate in Turkey, you can get high ROI making Turkey an attractive and ideal investment option. Experts estimate that real-estate investment will reach one billion dollars by 2023.
Incentives from the government
Apart from the Turkish Citizenship by Investment Program, the Turkish government offers several other incentives to encourage foreigners to invest in real estate in Turkey. Additionally, the Turkish government offers VAT exemption and other tax deductions especially on-duty stamps to foreigners who buy properties in Turkey.