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Property prices in Turkey

Property prices in Turkey

Due to the remarkable growth witnessed by the real estate sector in Istanbul and in Turkey in general , and especially after the issuance of the law of foreigners ownership in Turkey No. 6302 on 03 /05 /2012 , Turkey has become a major destination for Arab and foreign investors and businessmen , and the city of Istanbul has become one of the most prominent cities in Turkey , which is increasingly popular in the field of real estate purchase , followed by a number of other cities such as Antalya , Bursa and Yalova .

The interest of Arab investors to move towards Turkey with the aim of investment or stability has increased , along with the increased interest in real estate investment in Turkey , and the availability of distinctive real estate projects . This coincided with a facilitations provided by the Turkish government to foreigners constantly , to encourage real estate investment , including amending certain laws and opening the door to many nationalities for direct ownership .

 

 Why Turkey ? 

  • Research shows that property sales in Turkey have increased in recent years , meaning that people visiting Turkey have decided to settle in Turkey for various reasons .
  • Geographical location is another important factor for Turkey's prosperity , it is a link between Europe and Asia , and has provided a functional role and a qualitative leap in trade between the two continents .
  • Turkey's strategic geographic location , gives it weight and political importance , being the center of transformation in the Middle East and Europe .
  • Nature and climate in Turkey , it is a paradise on earth . Turkey is a unique country with its natural beauty , green areas , pure sea , golden beaches , meadows and flat lands . Thanks to these advantages , Turkey's tourism sector occupies an important place in the desire of investors to obtain a Turkish passport .
  • Turkey is closely following technological developments , and the Turkish government knows that supporting technological developments is a critical step , as this is an age of technological progress .
  • The ongoing reforms by the Turkish government to revitalize its economy , as it is a country with a bright future . From this , its total sufficiency of natural resources and export of agricultural products , cars and furniture to various countries around the world . In addition to the huge development projects adopted by the Turkish government such as the opening of Istanbul International Airport , the largest airport in the world , the launch of the Istanbul International Finance Center , and the continuous development of the transportation network and trains .
  • Turkey's economy is characterized by its rapid growth and development , in the twenties of the last century , Turkey was only a fully agricultural country , but now it is one of the most important industrial countries , and it exports its products to all over the world . Turkish industry and trade centers are concentrated around the city of Istanbul and other major cities . The industrial , commercial , agricultural , tourism , real estate and educational sector thrive in Turkey , and the country has become self-sufficient and less imported from abroad .

 

 What are the advantages of buying a property in Turkey ? 

  • Low tax in Turkey , the decision to reduce taxes in Turkey is one of a series of decisions concerning the real estate sector in Turkey , and was reflected positively in stimulating foreign investors to own property in Turkey , which contributed to the revival of the real estate market in Turkey in general . The most important tax deductions are : Exempting the foreign buyer from the value added tax due on the property .
  • Obtaining a residence permit , where foreigners who own properties in Turkey , whose price is less than $ 250.000 , are granted a residence permit that is renewed annually . Real estate residence permit in Turkey is granted to the landlord , his wife , and his children under the age of 18 .
  • Real estate in Turkey is the cheapest real estate investment in Europe , where real estate prices in Turkey are considerably cheaper than those in Europe , with similar features in infrastructure , and similar in structure of developed European countries .
  • Real estate investment in Turkey provides a profitable investment return , based on the economic activity and rapid urban development , and the strength of tourism in Turkey , which is best reflected in the periods and tourist seasons , through the demand for rental homes during those seasons distributed throughout year .

 

One of the important things that investors and businessmen want to buy a property in Turkey is the prices of apartments in various Turkish cities , especially Istanbul , which is the first destination for investors , which is the center of trade , tourism and economy in Turkey .

Turkey's economy has made record leaps in recent years , and the Turkish economy has taken the lead as the largest Islamic economy . Apartment prices in Turkey have achieved unprecedented price spikes .Turkey is an active member of the G20 , the world's most powerful economy . Turkey's GDP in 2017 was about $ 851 billion , and the value of foreign investments in Turkey in 2017 amounted to $ 10.9 billion , and the number of foreign companies in Turkey for 2017 amounted to about 58 thousand companies .

Turkey's strategic location , in the heart of the world , between the continents of Europe and Asia , is a strong factor in addition to other factors such as the geography of Turkey , its tourist areas , modern markets , its magnificent weather and nature , which makes it a favorite destination for Arab investors .

For these and other reasons , house prices in Turkey in recent years have achieved unprecedented growth , as a real estate investment and development opportunity , given the high demand by Arab and foreign investors .

Experts and real estate consultants expect the price of apartments in Turkey to rise to new record levels , with a focus on apartments in projects under construction , where it is expected to achieve excellent profits immediately after delivery or a few years later .

Following the promulgation of the Law on Foreign Ownership in Turkey in 2012 , real estate prices in Turkey increased rapidly , as most Arab nationalities have the right to own property and apartments in Turkey .

Under the 2012 law , the Turkish government passed more flexible and modern legislation , opening the door to citizens of more than 129 different countries around the world to enter the Turkish real estate market .

At the same time , encouraging real estate and investment laws have been adopted , reflecting positively on the prices of apartments , and in the common and sustainable development interest of both sides , Turkey is a promising country , and the foreign investor seeking a new opportunity in a prosperous and stable country .

In addition , the law of acquiring Turkish citizenship through the purchase of real estate valued at $ 250.000 has revived the real estate market in Turkey , and increased the appetite of investors to buy real estate in Turkey , as the Turkish government offers facilities and incentives to attract investors .

 

 What are the advantages of obtaining Turkish citizenship ? 

  • The strength of the Turkish passport , where the Turkish passport is ranked 39th in the world , and its holder is granted access to 72 countries without a visa .
  • The Turkish passport and citizenship are processed and delivered in a relatively short period of up to 30 days .
  • Turkey's relationship with the European Union , where negotiations and agreements between the Turkish government and the European Union countries on the accession of Turkey to the European Union are still underway . Turkish citizen has the right to enter Europe without a visa in the future .
  • Possibility of Turkish passport holders and Turkish citizenship to benefit from retirement programs as a Turkish citizen .
  • The Turkish government provides free education and payment plans to the university for Turkish passport holders and Turkish citizens .
  • The Turkish passport gives the holder all voting rights for all types of elections in Turkey .
  • The Turkish government allows dual citizenship for those holding Turkish passports , as they may also have another citizenship .
  • Turkish passport is valid for 10 years when received , and can be renewed for life .
  • The economic importance of Turkey , including the ongoing reforms undertaken by the Turkish government in order to revive its economy constantly .

More information and news regarding Turkish citizenship from this link: Turkish citizenship

 

One of the most important factors that attract Arab investors to Turkey is the cheapness of apartment prices in Turkey compared to the prices of apartments in Arab countries . In Istanbul , for example , you can buy a small apartment under construction for $ 100.000 , and a promising investment value may rise to 140 thousand dollars when the apartment is ready .

According to The Times , the average property prices in Turkey are still 50 - 60 % lower than those in Eastern Europe and 80 - 90 % lower than those in Western Europe .

Turkey offers its foreign investors better real estate opportunities in terms of prices compared to other countries bordering the Mediterranean , in addition to rental returns of about 5.4 % , and is among the highest profit in the region .

 

 What are the factors that determine house prices in Turkey ? 

First : the city where you want to buy a property

Turkish cities are important in tourism , trade and industry , and therefore it has a significant impact in determining the prices of apartments in Turkey .

Tourist cities in Turkey attract investors , tourists and those who want to invest in real estate , such as Istanbul , which is the largest and most important and most beautiful among all Turkish cities ; where it includes many areas that appeal to tourists of all ages such as forests , beaches and shopping centers .

 

Second : the location of the apartment within the city

The proximity of the apartment to tourist places such as beaches , shopping malls , public parks and archaeological sites such as famous mosques , palaces , old castles , museums and places of entertainment .

The apartment has views of the Bosphorus , sea , lake , forest or city view .

The apartment is close to the airport and public transportation such as metro , metrobus , main streets , and highways .

The proximity of the property to major development projects in the country , such as the new Istanbul Canal and Istanbul Airport , where these properties are witnessing a clear rise in prices .

Distance and proximity to the city center itself or the center of the area , such as Basaksehir district , Istanbul's new center , with excellent prices for apartments .

 

Third : the specifications of the apartment itself

Area of apartment , the view , the floor where the apartment is located , number of rooms , number of bedrooms , number of bathrooms and toilets , number of balconies , whether ready to live or under construction , delivery time , quality of materials used , whether the property is new or resale , all these things will affect the price of the property .

 

 What are the steps to buy property in Turkey ? 

First , you must choose the safe property that meets your request and needs and corresponds to the budget allocated for the purchase , through :

  • Ensure that the real estate developer in Turkey is a well-known company that has implemented a number of different projects previously .
  • Study the location of the project , whether it is for investment or residential , and know the services available in it and its proximity to services and public transport .
  • Study the views of the project , whether it is internal to the green areas in the project and the swimming pools , or external views of the city or the sea or forest or others .
  • Compare the prices of the project with the prices of the existing projects in the area , and find out the reasons for the price difference in case of a clear difference .
  • Ensure the quality of the materials used in the finishing and cladding , which are written in the contract for the selected project , and that they conform to the typical apartment in the project .

 

Second : Knowing all the costs and expenses necessary to buy a property in Turkey :

The purchase of real estate in residential projects in Istanbul and in Turkey in general , which includes various services and facilities , such as swimming pools , clubs , gyms , security system and outdoor gardens , entails a monthly payment called Aidat , which is calculated according to the area of ​​the property ( on average between 2 TL to 4 TL per square meter ) , this amount varies from one project to another depending on the existing services and the level available for each project .

Annual taxes for the property , which are calculated depending on the area and the municipality to which the project belongs , whether in Istanbul or in other cities , so that it is estimated annually between 0.003 to 0.006 of the annual evaluation of your home provided by the municipality .

Tapu fees or title deed , where an estimated 4.4% of the value of the property purchased is paid , usually shared between the buyer and the seller .

 

Third : After you have a complete idea of ​​the project and its features and the costs to buy the property , it is necessary to follow the routine steps to complete the procedures of ownership of the property in Turkey , which are as follows :

  • Get your vergi numrasi or tax number from Tax Department in Istanbul or the city where you purchased the property . This number is given to every foreigner in Turkey , to facilitate all legal matters and transactions , and can be obtained through the passport .
  • Open a bank account in one of the Turkish banks , to transfer funds from the country of residence to the account in the Turkish bank .
  • Upon signing the purchase contract between the buyer and the landlord , the following documents are required  :
  • A certified copy of the buyer's passport and a recent personal photo .
  • Obtaining a security approval , and obtaining security approval is required for all foreigners at the first purchase of the property .
  • Ensure the complete documents of the project construcion company , such as : the license to establish the company and its record in the Chamber of Commerce .
  • A copy of the property ( title deed ) in case the property is ready for delivery , to be transferred from the name of the construction company to the name of the buyer immediately after the payment of the agreed payments , and is extracted deed or title deed by the Land Registry Office within the area where the project .
  • Notarization of the contract in the case of the purchase of real estate within the project under construction at the notary or Noter to give the official version of the contract .
  • Obtain an earthquake and natural disaster insurance policy ( DASK ) , as most Turkish banks offer earthquake and disaster insurance for real estate , which is mandatory unlike general home insurance .

 

 What are the documents required to obtain Turkish citizenship when buying a property in Turkey ? 

  • A copy of the Tapo ( title deed of the purchased property ) , or the promise of sale contract with the notary ( Noter ) .
  • Valid evaluation report of the property , the validity of the real estate evaluation reports is three months , and the value does not exceed the value recorded in the title deed , and has a specific issuance cost , and is extracted within two or three working days by a valuation institution licensed by the Turkish government .
  • Original payment receipts from the buyer's account , stamped from the sending bank .
  • Original receipts from the seller's account , stamped from the receiving bank .
  • Two copies of the proxy of the application for citizenship , granted by the investor to the law firm to submit the file of citizenship , and follow-up with the official departments . The proxy is organized through a Notary in Turkey ( Notre ) at an estimated cost of 600 to 700 Turkish Lira per copy . If the investor's spouse is added to the naturalization file , a similar proxy must be provided for each of the spouses , and one joint proxy may be organized for the client and his wife . The fees of the legal team vary according to each case in terms of the number of papers and the number of individuals in the file and others .
  • Translation of the passport into Turkish , certified by a notary in Turkey ( Noter ) for the whole family : husband , wife , and children under 18 years of age .
  • Picture of the last Visa and entry to Turkey .
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