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5 advantages of real estate investment in Istanbul
1- The possibility of obtaining Turkish citizenship for you and your family. You have the right to apply for Turkish citizenship when buying a property worth $400.000 or more, and then obtaining a Turkish passport.
This feature, the advantage of obtaining Turkish citizenship, is one of the biggest factors that attract investors, and it is one of the most important reasons for the increase in foreigners’ interest in real estate investment in Turkey. Turkish citizenship gives its holder many advantages, including:
- When you obtain Turkish citizenship, you will hold a Turkish passport, which is ranked among the strongest and best passports in the world, which is valid for 10 years when receiving it and can be renewed for life.
- The Turkish passport’s ranking among the world countries is 52 and the number of visa-free destinations that can be accessed with a Turkish passport is 111.
- Enjoying the rights of citizenship, candidacy, and vote in the various Turkish elections.
- Granting Turkish citizenship to the wife and children under the age of 18.
- You can keep your original nationality without being forced to renounce it.
- Free treatment at the state's expense in all government hospitals, and at low prices in private hospitals.
- Free education, benefit from grants and educational opportunities in Turkish public and private schools and universities.
- Benefit from the retirement system upon reaching the age of 60 years and above or after completing 25 years of work.
To learn more about Turkish citizenship laws and conditions, you can see this article: A complete guide about Turkish citizenship
2- The facilities provided by the Turkish government to foreign investors. The Turkish government always encourages foreign investment and provides support to investors by reducing the percentage of some imposed taxes, and even exempting them from some of them, and imposing the real estate appraisal and real estate valuation law to guarantee the right of investors when buying apartments in Turkey. The facilities and benefits do not end there, as the Turkish government grants foreign investors the right to obtain real estate residence, which can be renewed annually throughout the period of owning the property, and it is granted to the property owner and his family.
3- The high investment return and guaranteed profits are among the most important features that motivate investors and owners of capital to go to the Turkish real estate market and pump their money there, especially with this large and growing number of luxury real estate projects, both residential and commercial, that are being continuously completed with the signature of the largest and most famous Turkish construction companies worldwide.
The principle of real estate investment is based on two main points, which are the rental profit return, and the profit return from resale.
The method of calculating the real estate investment return differs from other types of investment, as the capital increase is calculated on an annual basis, and that increase depends on some factors that must be taken into account when choosing a property, including choosing a property in a strategic and vital location in the city center, in order to guarantees him an increase in price on an annual basis.
It is also possible for the investor to take another path to profit, when choosing a property in a new area that is growing and developing, which guarantees him an increase in capital in a few years, and the percentage of profit in real estate investment may reach 100% of the value of the original investment if the area is promising such as Basin Express and Kagithane.
4- The high demand for real estate in Turkey in general and in Istanbul in particular. The real estate market in Istanbul has witnessed significant and escalating growth in recent years, due to a number of factors, including the increase in population density in the city, economic growth and the development of infrastructure and construction. It is expected that the demand for real estate in Istanbul will continue to grow and increase in the coming years. The growing demand for buying real estate in Turkey in general and in Istanbul in particular has led to an increase in real estate prices, and we expect that real estate sales in Istanbul will reach an all-time high in 2023. If you are thinking of real estate investment in Istanbul, this is the right time to start looking for the perfect property for you.
5- The variety of options available when buying real estate in Istanbul, where the Turkish real estate market enjoys the existence of residential, commercial and villa projects, and the quality and luxury standards of these projects vary, in addition to the availability of five-star hotel apartments for international hotels. Also, since Istanbul is a large and spacious city, its nature varies accordingly, which creates an opportunity for investors and real estate buyers to choose their preferred location when buying an apartment in Istanbul, and to choose the view they want to see and enjoy while living in this property, whether it is a sea view, or lake view, or overlooking the forests, or with a view of the beautiful city of Istanbul.
Frequently asked questions
What is the minimum requirement for obtaining a real estate residence permit in Turkey?
The minimum property price that qualifies the owner to obtain real estate residence in Turkey is $75.000 in major cities such as Istanbul, Ankara, Izmir, Bursa, Antalya, Gaziantep, Adana, and Mersin, and $50.000 in smaller cities.
What are the steps for obtaining real estate residence in Turkey?
- Purchasing a property worth $75.000 and obtaining the title deed (Tapu) and the real estate appraisal report.
- Book an appointment to apply for a real estate residence permit.
- Preparing the necessary papers to obtain real estate residence in Turkey.
- Attending the interview at the Migration Directorate in person or by virtue of an official power of attorney for the agent.
- Hand over the required papers and documents to the responsible employee.
- Pay the fees imposed for real estate residence in Turkey.
- Waiting for the approval of the real estate residence permit by the Immigration Department.
After approval of your application for obtaining a real estate residency, the real estate residency card will be sent to the home address, which was registered when the papers were submitted.
What are the documents required to obtain a real estate residence permit in Turkey?
- Application paper for obtaining real estate residence.
- A passport valid for a period of no less than 6 months.
- A copy of the stamp of the last entry into Turkey.
- Seismic insurance for the property (DASK).
- Medical insurance.
- The family book is translated into Turkish, and certified by the notary public in Turkey (Noter).
- The title deed document registered in the name of the property owner.
- The real estate appraisal report, and it must be equal to the aforementioned minimum to ensure approval of the real estate residency.
- 4 personal photos.
- Having a fixed monthly income of at least $500 per month.
- Having a bank account.
Is Istanbul good for property investment?
Istanbul's real estate market offers competitive prices compared to other major European cities. As the city continues to grow and modernize, property prices remain relatively affordable. This affordability, combined with the potential for capital appreciation, makes Istanbul a lucrative investment opportunity.
Is real estate a good investment in Turkey?
Yes, real estate in Turkey is a good investment. Property values are increasing by 10-25% annually, and the average cost of housing in Turkey, at €699 per square meter, is lower than in other European Union countries.
What are the benefits of buying property in Turkey?
The affordability of properties in Turkey is influenced by several factors. Turkey generally has lower living costs compared to many Western European countries and the United States. This lower cost of living extends to the real estate market, making property prices more affordable for both locals and foreign buyers.
Do you get citizenship if you buy property in Turkey?
You can obtain Turkish citizenship by purchasing property in Turkey worth at least $400.000. To retain your citizenship, you must maintain ownership of the property for a minimum of three years.
