Real estate investment in Turkey is an excellent way to diversify your money and build wealth. Over the past few decades, the Turkish real estate market has boomed, with urban areas experiencing a boom in property values. As a result, the current market conditions are favorable for investors. With the increase in property values, developers have upgraded the existing apartment buildings into luxury residences, and the new development has created more space for rent. In addition, in many cities, you can find multiple types of real estate within walking distance: apartment complexes, malls, and office buildings. This makes real estate investment in Turkey a great way to create a diversified financial portfolio. Why invest in real estate in Turkey? Turkey is a significant player on the world stage, receiving more and more foreigners. Nestled between east and west, Turkey practices the best of both worlds. Turkey is not only one of the most popular countries for obtaining second citizenship but also has a beautiful real estate market that can offer a feasible return on investment. Take Istanbul, for example. It is an attractive place for real estate investment, filled with new suburban real estate developments and penthouses in some of its most sought-after neighborhoods. Expats are drawn to the ability of the “Asian” country to function on the economic front and the “Western” quality of life, which makes Turkey an attractive opportunity. Starting small with a retail investment in Istanbul, it is well suited for individual investors looking to start a real estate investment in Turkey. Retail properties are often located in central areas with easy access to public transportation, such as Taksim, Sultanahmet, Kadikoy, Megidovlat, and others. This is an excellent choice for first-time investors looking to get their feet wet in real estate; you can expect to make a good profit by renting out your investment property. You may also want to consider investing in smaller grocery stores located in remote areas that are often less profitable to rent. This way, you will be able to test the waters and make your first real estate investment before moving on to bigger and more profitable projects. Is it safe to buy in Turkey? Yes, Turkey has seen the damage. Previous squatters have tightened regulations to protect the money of international investors. For example, the government abolished lengthy military checks, and real estate agents needed licenses to operate and follow legal protocols. However, property buyers still have to do their due diligence to ensure a safe investment opportunity. Always use an independent lawyer and document all financial transactions and costs through the bank to prove the purchase. If everything is in place, sign your title deeds (Tabu) in less than a week if everything is in place. Renting out your property Some expatriate property owners are considering real estate investment in Turkey rented to increase income in their absence. Turkey allows this but has strict rules and regulations that must be followed. You will also need creative marketing skills to advertise your holiday home for rent. The market in Turkey is flooded with rental properties in some places, resulting in lower rental rates and potential returns. Finally, do not forget to pay tax on rental income, and if you are not in Turkey, hire a real estate service company to be the main owner and manage the rentals. When purchasing a rental property, keep these items in mind. Is it worth delving into real estate investment in Turkey in 2022? Turkey has witnessed a massive boom in real estate prices in recent history. Real estate valuations are doubled in some cases thanks to the skyrocketing inflation of the Turkish lira. Many of the city’s residents have moved to beautiful coastlines to escape their confinement during the outbreak. But, as always, the property’s location is critical with the property location. With high risk comes high reward and vice versa. I brought property here in Turkey, but it wasn’t just an investment for me personally; Because I decided to stay here for a while. You may as well get a Turkish passport while you’re in the country. Real estate investing in Turkey has a huge benefit – you can get a passport if you invest a large enough amount. When Turkey launched its citizenship-by-investment program, it had set the price at $1 million and had almost no one to accept it. Then the price went down to $250,000, which it is now, and many people took advantage of it. So we’re talking about five numbers in 2019. Citizenship by investment in Turkey is one of the most important things right now, and people are buying it. It is a desirable option for those who want to invest and get a second passport. Therefore, adding a Turkish passport to your passport collection is a smart move. So, if you need a quick fix to get into the US, a Turkish passport might be just the thing. Chinese investors have indeed jumped on the bandwagon. Turkey recently revealed that it would likely raise the price of the program. But they will only do so if they feel they can get it comfortably. It’s a large enough market to absorb more demand, so we see it only grows in the future.
Housing is cheap compared to other countries. The Turkish real estate market is late in entering the international platform. Therefore, house prices attract ex-pats and foreign nationals from many different countries. While luxury properties are available, the smaller coastal towns offer fully furnished two-bedroom apartments at a low price. Ideal for long-term investment People looking for long-term investments can count on real estate investment in Turkey; Because these prices can deliver a profitable return on investment. They give buyers an advantage over those in Cyprus or Spain, where property prices have already gone up. Moreover, with minimal annual maintenance, well-maintained property in Turkey can yield a significant return on long-term investment. Various housing options One of the biggest reasons foreigners are keen to invest in real estate in Turkey is the wide choice of luxury and budget, new construction, off-plan apartments, renovation of apartments and villas, and resale. There is a wide range of housing options available, ranging from seafront mansions to more modest studios and bedrooms. You should not give up on your dream of buying any property in Turkey. Low Cost of Living Compared to any European or North American country, living in Turkey is very affordable. Retirees benefit from the exchange rate of their currency to the Turkish lira, which turns out to be more than the average cost of living in Turkey. Plus, necessities like vegetables and fruits are inexpensive. Simplified buying process The government has taken steps to ensure that the process is simplified to attract investment in the real estate market. This is one of the reasons why foreigners choose Turkey for their real estate investment. Why now? Many people will not be comfortable with the idea of investing in Turkey. But I am conflicted – I go where there are great deals and opportunities, not necessarily where people feel comfortable. So, this is the short answer to the question, “Why now?” Many factors contribute to the situation in Turkey today, where real estate deals are easy to obtain. But one of the biggest reasons is the fall of the Turkish lira (TL) that happened in 2018. I still remember sitting in a hotel restaurant in Kuala Lumpur with a friend and watching the lira crash one night, he knows. Currently, one Turkish lira is only 0.15 cents to the dollar, so you can say that Turkey real estate is for sale. This is an excellent opportunity for investors. How to Invest in Turkey Real Estate If you are an experienced investor, moving to a new place will be natural. You’ll find yourself a few trusted locals to help you out and get the job done. But if you’re just starting with real estate investing or diversifying your portfolio (geographically or in terms of asset classes), you may need to get a little more hands-on. Either way, this section of the property guide in Turkey will tell you exactly how to invest in practice. Locating a great deal of real estate investment in Turkey consists of several steps. First, you will need to find a real estate agent, then search for and view the property you want to buy. You will also need to be aware of all the fees and legal procedures involved before you legally become the owner of a Turkish apartment. After that, you can start benefiting from the average annual investment return of 6-7%.
Conclusion Real estate investment in Turkey can bring you many advantages compared to other investment options. There is enormous potential for real estate investment in the country, and it makes sense to consider how you can help your portfolio reach new heights. The real estate market in Turkey is expected to grow by more than 10 percent over the next five years, making it an attractive option for investors. There is no better long-term investment than real estate. The more conservative investors can do this, the better, as the market is highly volatile and risky. Investing in real estate in Turkey is an excellent way to build wealth, providing long-term protection and making you a much sought-after real estate developer in the future.