As a country that is situated between the West and East, together with other aspects like cultural diversity and breathtaking landscapes Turkey has recently become one of the top locations for real estate investment. A lot of foreign and local investors are keen on purchasing properties in Turkey. The continuously-increasing house sales number proved well this situation. According to Turkish statistics institute data, the amount of sales for real estate in Turkey has grown by 25.1 percent in January 2022 when compared to the same month in the prior year.
A property purchase in Turkey attracted the attention of buyers around the world even in dire situations like the Covid-19 epidemic. Statistics show that sales of homes in Turkey reached 70,587 in January 2021.
Here’s a list of the best benefits for foreign buyers purchasing properties in Turkey.
Purchase of properties in Turkey brought foreign investors a lot of gains, either financially or as a result of living or relocation to Turkey.
Turkish Citizenship through real property investment
The Turkish government provides a great possibility for foreign investors to get an Turkish passport. purchasing properties in Turkey is among the many ways to obtain Turkish citizenship through the investment program.
Foreigners who buy one or more properties in Turkey that are worth at less than 250,000 USD or the equivalent, are entitled to request Turkish citizenship for them as well as the family members of their dependents. After obtaining the title deed and a Turkish passport will be issued within eight months of the submission of the application.
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Residence Permit
Foreigners who have purchased an apartment or other real property in Turkey can apply for a Residence permit along with their family members in Turkey. The permit is valid for one-year renewal so long as they retain the title to the property. The permit to reside does not permit its holders the right to live in Turkey. However, it grants children who are under 18 to attend all Turkish school systems. The process of obtaining a residence permit via real estate does not need a minimum amount of purchase.
High Return on investment
Making investments in the real property market in Turkey yields high returns which makes Turkey an attractive investment for international investors. The estimates suggest that the country will have 1 billion dollars in real estate investments in Turkey by 2023.
Government incentives
In addition to in addition to the Turkish Citizenship by Investment Program In addition, as well as the Turkish Citizenship by Investment Program, Turkish government has set up numerous incentives to encourage foreigners make investments in Turkey. The majority of these incentives are in the real estate investment industry which accounts for 57% of Foreign Direct Investment.
Turkis government provides foreign investors buying homes in Turkey by granting VAT exemptions and other tax breaks like the duty stamp.
Property Ownership Full
The properties within Turkey are freehold, regardless of the nationality of the owner Contrary to other nations. Foreigners who purchase homes in Turkey are able to keep their property for the rest of their lives. If the owner dies death the property’s ownership is transferred to the children in accordance with Turkish laws on inheritance.
Luxury Properties with Reasonable Price
In comparison with European countries and as compared to the European countries and United States, properties prices in Turkey are not as expensive. The modern construction sector’s new processes have created an array of options in the marketplace, with very excellent standards, which has resulted in lower costs.
Foreign currency-based buyers can purchase luxury homes with affordable costs. This is why Turkey is now a popular real estate investment location around the world.
Turkey is considered to be a Safe Country For Buying Property
Turkey is a very secure country, particularly in big cities such as Istanbul, Ankara, and Izmir. In comparison to other Western nations, Turkey has an extremely low rate of crime, making it a secure destination for purchasing properties. According to the latest data from Numbeo, Turkey had a crime score of 39.62 in 2022, and an extremely high safety index of 60.3. Based on these numbers, Turkey placed 93rd on the highest index of crime and countries like the United States and the United Kingdom were placed 57th and 68th respectively.