Turkey is an attractive country for foreigners for several reasons. These include an excellent, mild climate, beautiful nature, abundant seas, favorable geographical position, and excellent local cuisine. However, another reason people in business constantly come here is the investment program, which provides excellent prospects and an opportunity to improve their financial situation.
Therefore, even if you are not a citizen of the country, you can buy, sell and rent a local property. Moreover, real estate investment in Turkey is a profitable business, as real estate in this country grows in value by an average of 27% per year.
The country's economy is constantly growing, positively impacting the Turkey real estate market. In 2012, the local government relaxed and simplified the laws regulating foreign property investment. People in business from other countries started to purchase and rent residential and commercial buildings more actively for profit. In general, this market is considered safe in the long term, attracting more investors from different countries worldwide.
The types of local REI vary depending on the property type, the purpose of the cash contribution, and the expected income. You can invest in residential, commercial, or agricultural properties. Agriculture is one of the critical economic resources of the country, so such investments are trendy here.
Depending on the purpose, you can invest in obtaining a residence permit or Turkish citizenship.
Profits from real estate in the country vary depending on the region, investment area, age, and quality of properties. If you wish to make real estate investments in Turkey for profit, they can be:
● low-income: buying and renting a residential flat, house, or shop;
● medium income: buying a flat or villa in a tourist area for rent; buying a large shop in a busy area, a large shopping center, restaurant, or cafe;
● High-income: buying hotels, hospitals, factories or land plots, or creating a large residential or commercial project.
It is also essential to consider different options in different cities, and there will also be variations in price and yield. However, it is better to seek advice from specialists in selecting properties in the EU country.
The most expensive properties are located in Istanbul. Nevertheless, houses, offices, hotels, and other buildings in Bodrum, Fethiye, Antalya, Kemer, and other tourist cities are attractive to buyers. Istanbul accounts for about 80% of investments. The cities are further distributed in the following order in descending order of investor interest:
● Ankara ;
This is where houses, villas, apartment, bungalows, and townhouses are bought first. According to Vladlena Baranova (agency Immigrant Invest), it is better to invest in real estate in big cities or promoted tourist places, where the flow of holidaymakers will provide you with a constant passive income.
The process consists of several steps:
● selection of the object;
● conclusion of the sale and purchase agreement;
● execution of documentation package;
You will also have to pay the purchase tax, registration fee (1%), and agency fee (3%). The associated costs range from 5% to 8% of the purchase contract value.
You may qualify for a residence permit if you own a house, flat, or other structure worth at least $50,000. The minimum property value requirement was introduced in May 2022. However, the amount is higher in large cities such as Istanbul, Antalya, or Ankara and reaches $75,000. The status is issued for one year and can be renewed every two years. For this purpose, living in the country for 183 days is essential during the year. After five years of such residence, one can get a passport on naturalization.
The owner of houses, flats, and land plots totaling $400,000 and more can count on greater privileges, namely, on citizenship without a language test and the obligation to reside in the country. If you need detailed information on this issue, check at immigrantinvest.com.
Thus, it becomes clear that investing in Turkish property is profitable and promising. It will bring revenue to the investor with a competent choice of objects. To invest money correctly, you should contact consultants in a specialized agency and carefully study real estate investment opportunities in Turkey. Then buy several houses, hotels, or apartments, rent them out, and do what you like. Passive income can provide you and your family with all the conditions for a comfortable life on the seaside.