Investment security in Turkey is one of the best investment centers in various fields. We provide you with a part of the value of investment in this country as follows;
According to the latest figures from the World Trade Bank, Turkey ranks 13th in the international economy
The opening of the world’s largest airport in Istanbul is another of the country’s successful achievements in early 2019.
The latest results obtained from the World Tourism Organization, Turkey is among the top 5 countries in the world in attracting tourists every year, but the most important thing in the investment debate is investment security, which NATO membership confirms the country’s security and Guarantees
Buy property in Istanbul
The Istanbul real estate and construction market will produce 250,000 new properties a year to meet demand.
The government has always encouraged the real estate sector in Istanbul to establish and operate various economic sectors.
Istanbul is the seventh most active market in the European Union in terms of cross-border attractiveness index in 2015.
To build a background on property prices in Istanbul, let’s take a brief look at the regions and prices.
The region and neighborhood, like all countries and metropolises in the world, is very effective in determining the price of property.
For example, proximity to urban centers or the coast is one of the most important factors determining the price of a property. Or in the European area of Istanbul in a section 40 km from the center, the average price of a house is about 3500 lira per meter, but in another property with a distance 5 km from the center is priced at approximately 10,000 Turkish lira per meter.
However, the same property on the coast can be up to 4 times more valuable.
In general, in all of Istanbul, whether it is the beautiful Asian part or the European commercial part, the average of a good property per gross square meter is priced between 8 and 11 thousand below.
The best luxury areas of Istanbul can be mentioned in the Asian part of Baghdad Street, Goztepe, Bostanji, Suadiye, Kisikli, Chamlija, Altunizadeh and in the European part, areas such as Bebek, Floria, Besiktash, Sariyer, Chengelkoy, Levent.
The average price in the luxury areas of Istanbul is estimated at 25,000 to 35,000 lira per square meter.
Advice on Buying a Property in Turkey for Foreigners
Since 2004, foreigners have been buying properties in Turkey and statistics released by TAKBIS (Land Registry and Cadastre Information System) show that every year, increasingly more nationalities choose to invest in Turkish real estate.
Initially, sales were restricted to nationalities that had a reciprocal agreement with Turkey, but in 2013, the Turkish government abolished this rule which in turn boosted the foreign market even more. Property purchases in Turkey by foreigners have increased every year, and this figure will continue to increase in the years to come.
Buying Property in Turkey: Foreign Versus Turkish Buyers
The Turkish government has simplified the buying process for foreigners as much as possible, but due to logistics, there are still some differences in the procedure for Turks and foreign nationalities.
When a Turkish person buys property, payment and signing for title deeds (Tapu in Turkish) take two to three days. Foreigners usually complete the process in roughly five days, because of the money transfer from foreign accounts. This is factoring in two days for viewing and sales contracts and three days for money transfer, get an appraisal report and application for a title deed.
When Turks buy a house, they want to complete as much of the process themselves, typically to save money but because they also know the system. Real Estate agencies are not offering any service after Tapu delivery for Turkish Citizens. However, foreigners don’t speak Turkish, don’t have knowledge about navigating offices and red tape procedures, and often seek support from their estate agent to complete aftersale services. This can include water and electric connection or name changes, residence permits as well as other house owner obligations such as paying council tax or carrying out maintenance.
Why Buying Property in Turkey is a Good Investment?
1: The exchange rate between the lira and other world currencies is at an all-time high, meaning buyers have a lot more Turkish lira than ever before.
2: A surplus of housing in certain areas presents affordable prices per square meter, when compared with other countries dominating the overseas property scene.
3: Many developers are focusing on modern builds with the latest in architecture and advanced home technology.
4: Buyers purchasing homes worth $250,000 or more, who plan to keep them for three years are eligible to apply for Turkish citizenship.
So, the market presents many opportunities, but it is worth doing your homework to maximise your potential investment. After all, it is a buyer’s market now, and there are some things to be aware of.
Financing your Turkish Property Investment
To finance your investment, avoid Turkish banks that apply high-interest rates to their mortgage plans for foreigners. A better option is to consider buying off-plan with payment instalment plans ranging from 1 to 5 years. They are interest free and allow you to tap into off-plan prices.
The legal staff of Global Company is proud to assist entrepreneurs and investors in the fields of real estate, industrial and agricultural investment and to benefit from the advantages of Turkey by providing smart solutions.
Owning a home is a keystone of wealth… both financial affluence and emotional security.