Is buying a real estate in Turkey feasible for everyone?
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Is buying a real estate in Turkey feasible for everyone?

Created: 2024-05-07 Modified: 2024-07-10 Views: 554 Luxury Signature Admin
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Is buying real estate in Turkey possible for everyone?

Certainly, buying real estate in Turkey is possible for everyone, and it is an option that attracts many foreign investors. Recently, Turkey has witnessed a noticeable increase in the number of people thinking about purchasing real estate there, as the Turkish Statistics Authority published that foreign sales for the period between January and March for the current year 2024 amounted to 27.622 properties, thanks to many interesting factors, such as sustainable economic growth, legislative developments, legal facilities and government investments in infrastructure.

 

Real estate market in Turkey 2024

Turkey is considered one of the main destinations for real estate investment in the Middle East and Europe. Turkey has an active and diverse real estate market, where you can find a wide range of options at different prices and property styles, from small apartments to luxury villas and residential resorts. Turkey continues to achieve remarkable economic growth, which supports the demand for real estate in the country. Economic growth contributes to enhancing confidence among investors and encouraging them to increase their investments in real estate. Also, the residential real estate market in Turkey is witnessing an increase in demand, whether from investors looking for investment opportunities or people wishing to obtain permanent housing, and the continuous increase in population and urban developments contribute to this increase in demand. It is worth noting that commercial real estate in Turkey is witnessing increasing demand, especially in large cities such as Istanbul and Ankara. Increased commercial activity and economic growth promote investments in commercial real estate projects such as offices, shops and hotels.

Learn about real estate prices in Turkey in this article: Real estate prices in Turkey 2024- 2025

 

Real estate purchase laws in Turkey 2024

Turkey has laws and legislation that protect the rights of foreign investors in the real estate market, as current laws enable foreign investors to buy real estate easily and without restrictions. Below are the conditions for purchasing a property in Turkey 2024:

  • The buyer must be one of the nationalities entitled to own real estate in Turkey. This law includes all nationalities with the exception of the following nationalities: Syrian, Armenian, Cuban, Nigerian, and North Korean.
  • The buyer must not have suspicious relations with entities and countries hostile to Turkey.
  • The foreigner’s property in Turkey should not exceed 30 hectares unless an exception is obtained from the Presidency of the Council of Ministers in Turkey.
  • The percentage of a foreigner’s property must not exceed 10% of the area of the municipality in which his property is located.
  • The property must be 400 meters away from security and military areas.

 

Important tips:

  • Before completing the purchase, investors must verify the integrity of the property and ownership documents. This can be done by hiring a trusted real estate consultant.
  • Buyers must pay duties and taxes associated with their purchase, which includes purchase VAT, registration and transfer fees. The investor should be aware of the additional costs related to this process.
  • The procedures for purchasing real estate in Turkey in 2024 are expected to witness some simplification, making the process easier and smoother for foreign investors.

 

Everything you need to know about obtaining Turkish citizenship in this comprehensive guide: A complete guide about Turkish citizenship

 

Prices and feasibility of investment in the Turkish real estate market

Residential real estate prices in Turkey vary greatly and depend on many factors such as location, size, finishes, condition, and area. Overall, real estate prices in Turkey are reasonable compared to many other European countries, making it an attractive destination for investors looking for good value for their investments. In larger cities such as Istanbul, Bodrum and Antalya, prices may be higher due to strong demand, urban development and high return on investment, while in smaller cities and rural areas, you may find more competitive prices. As for commercial properties, which include offices and shops, commercial properties in commercial and tourist centers can be more expensive than those in quiet and emerging areas. Tourist properties in areas such as Antalya, Bodrum and Marmaris are among the most attractive for investors looking for profitable investment opportunities. These areas are moderately priced compared to larger cities and offer short-term rental opportunities during tourist seasons.

 

Feasibility of investing in the Turkish real estate market:

  1. Rental returns:

Real estate in Turkey offers various opportunities for rental income, whether residential, commercial or tourist properties. Investors can achieve lucrative returns from renting properties for the long or short term.

 

  1. Increase in property value:

Real estate prices in Turkey are expected to witness a gradual increase in the long term, which enhances the feasibility of investment and contributes to achieving excellent capital returns.

 

  1. Strong demand:

The demand for real estate in Turkey continues to increase, both from foreign investors and local residents. This strong demand opens up multiple investment opportunities and enhances the viability of investing in real estate.

 

Benefit from real estate in Turkey

Turkey has an important strategic location that makes it a trade and economic center between Europe and Asia, which attracts investors seeking to benefit from commercial and residential opportunities in this country. Real estate in Turkey offers multiple investment opportunities, whether the goal is to invest in commercial properties such as offices and shops, or residential properties for personal use or long or short-term rental. On the other hand, Turkey is witnessing tremendous development in infrastructure, including roads, airports, and ports, which enhances the country's attractiveness as an investment destination and supports an increase in real estate values. Also, the laws set by the Turkish government for real estate investment are clear and suitable for foreign investors, which facilitates the purchase and ownership process and protects the rights of investors. Finally, Turkey offers important opportunities for investing in real estate, but it also comes with its challenges. Investors should carefully evaluate opportunities and challenges and seek professional advice before making any investment decision. With the right knowledge and good planning, investors can greatly benefit from real estate in Turkey and achieve profitable returns on their investments.

 

As part of its goals, Luxury Signature Company provides many services to its customers before the sale, and it is distinguished in its services to the customer after the sale, because Luxury Signature Company is looking to build an ongoing and long-term relationship with its customers, and not just to sell real estate. Learn about our services here

Frequently asked questions

Is buying real estate in Turkey possible for everyone?

Certainly, buying real estate in Turkey is possible for everyone, and it is an option that attracts many foreign investors. Recently, Turkey has witnessed a noticeable increase in the number of people thinking about purchasing real estate there, as the Turkish Statistics Authority published that foreign sales for the period between January and March for the current year 2024 amounted to 27.622 properties, thanks to many interesting factors, such as sustainable economic growth, legislative developments, legal facilities and government investments in infrastructure.

What are the real estate purchase laws in Turkey 2024?

- The buyer must be one of the nationalities entitled to own real estate in Turkey. This law includes all nationalities with the exception of the following nationalities: Syrian, Armenian, Cuban, Nigerian, and North Korean.
- The buyer must not have suspicious relations with entities and countries hostile to Turkey.
- The foreigner’s property in Turkey should not exceed 30 hectares unless an exception is obtained from the Presidency of the Council of Ministers in Turkey.
- The percentage of a foreigner’s property must not exceed 10% of the area of the municipality in which his property is located.
- The property must be 400 meters away from security and military areas.

Can I use the property for commercial purposes?

It depends on the type of property and its location. You must verify the permits and local regulations to determine if the property can be used for commercial purposes. The local municipality can provide information on the necessary permits.

What legal protections are available for foreign buyers in Turkey?

Turkish law guarantees the rights of foreign buyers just like any Turkish citizen. It is advisable to ensure all legal procedures are followed and to work with a qualified lawyer to secure your rights.

Are there special incentives for international investors to purchase properties in Turkey?

Yes, Turkey offers various incentives for international investors, such as citizenship by investment programs, tax exemptions in certain areas, and eases in fund transfers.

What types of residential properties are available in Turkey?

The available types of residential properties include apartments in high-rise buildings or gated communities, standalone or shared villas, traditional houses, and luxury serviced apartments.

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