Turkey is one of the countries that can invest in the real estate market due to its increasing economy, foreign investments, and big projects. Social and business opportunities in Turkey's big cities and provinces with holiday resorts are the two main factors that trigger the real estate sector. Furthermore, to stimulate foreign investment, Turkey has adopted a policy that encourages the sale of real estate. At this point, we have prepared various suggestions for those who want to invest in real estate in Turkey but need a comprehensive guide.
Why Should You Buy Real Estate from Turkey?
Everyone may have different reasons for investing in real estate in Turkey. In general, valid reasons for investing in Turkey can be listed as follows:
The real estate sector is essential to Turkey's gross domestic product. That's why the real estate sector constantly tends to grow and receive incentives.
All developed cities of Turkey, especially Istanbul, have public and private universities that provide education at international standards. In addition, access to public transport and health facilities is easy and budget-friendly.
You can obtain a residence permit or citizenship in Turkey through real estate acquisition.
You can ensure that your capital is appreciated in the long run, and you can buy your real estate low purchasing cost contrary to the global trends.
You can have earthquake-resistant and modern real estate with widely implemented urban transformation projects.
You can make a profitable purchase by converting your money to Turkish Liras with advantageous exchange rates.
In Which City or Regions, You Can Make Your Real Estate Investment?
In real estate investments, where you will invest is as important as your motivations to invest. Investing in a developed or developing region allows you to earn profits in the long run. If you are going to stay in Turkey periodically or if you are going to buy real estate to spend time on holidays, Turkey's holiday resorts offer ideal options.
Istanbul is Turkey's largest and most cosmopolitan city. Istanbul, where national and international companies carry out their activities, is a city where you can buy real estate for both investment and living. It is one of the leading cities in the world with its developed urban transportation, shopping opportunities, educational opportunities, and health opportunities. The new living spaces and mega projects that have emerged in Istanbul, especially the regions in the northern parts of the city attract attention as new investment areas. On the European side, especially Beylikdüzü, Esenyurt, and Sarıyer districts come to the fore. On the Anatolian side, Kartal, Pendik, and Şile can be considered as new investment areas.
Izmir is one of the cities where you can invest, with its international port and transportation, as well as its favorable climate for holidays and advanced social opportunities. In İzmir, which stands out in the industry, agriculture, and tourism, you can easily find real estate investments that meet your needs and expectations.
Muğla is one of the cities preferred by many domestic and foreign investors with its international airport, holiday resorts, and suitable climatic conditions. You can invest in villas, summer houses, and other real estates in the townships by the sea. Especially Marmaris, Bodrum, and Fethiye are the districts that stand out in terms of investment.
Antalya, a city of agriculture and tourism, is one of the most preferred cities by foreign investors in Turkey. Especially Alanya, Kaş, and Manavgat are the districts that stand out in terms of investment. Antalya is an ideal city for summer house investments. Especially after retirement, people can reside in the real estate they have invested in Antalya.
Legal Procedures You Should Know in Real Estate Investment
According to Article 35 of the Land Registry Law numbered 2644, there are certain rules that foreign investors who want to buy real estate in Turkey must comply with. It is also of great importance that the documents are prepared completely when making an official application.
1. Those who want to buy real estate in Turkey can get information by consulting the General Directorate of Land Registry and Cadastre, the Land Registry Directorates, and the consulates of their countries.
2. The real estate to be purchased by foreign investors who will buy real estate from Turkey cannot be more than 10% of the district area and 30 hectares per person. Even if the investments are in different regions, the total figure cannot exceed 30 hectares.
3. There is no need to obtain a residence permit as a prerequisite to investing in real estate in Turkey. Renewable short-term residence permits are issued by the state to those who buy real estate in Turkey.
4. If there is a mortgage or lien on the real estate to be purchased, investors cannot buy the real estate.
5. Foreign investors cannot purchase real estate in areas within the military zones.
What documents are required from people when purchasing real estate? The documents required from you when applying for a real estate purchase can be listed as follows:
Identity or passport document
Residence permits obtained from the relevant police department
Deed of the real estate
Real estate market certificate obtained from municipalities
Real estate valuation report
Compulsory earthquake insurance policy
Original and translation of the power of attorney issued abroad
Can You Rent the Real Estate You Have Purchased?
If you do not live in Turkey and want to earn income from the real estate you purchased, you can rent your property. You can rent your real estate according to the conditions determined by the Republic of Turkey to generate a passive income. The foreign investor must have a residence permit in Turkey to rent his/her real estate.