Conditions for a successful real estate investment in Turkey
Real estate investment in Turkey has contributed to attracting investors to it from all sides, which has accompanied the Turkish economy with high profit returns and raised its position, and the Turkish government has provided a lot of facilities to investors, especially in the real estate sector, and we also see that the architectural aspect in Turkey is witnessing A great development as the number of buildings and residential projects increased and the real estate forms available in them varied. What are the factors for the success of real estate investment in Turkey and what are its conditions and reasons that encourage real estate investment in Turkey? Join us in this article to find out the answers to these questions.
Factors for the success of real estate investment in Turkey:
First: Amendments to the Real Estate Ownership Law
The amendments that have occurred in real estate laws, especially with regard to real estate ownership, are among the most important factors that contributed to the success of real estate investment in Turkey and drew investors, especially foreigners, to buy property in Turkey. The Turkish government has eased restrictions and granted many facilities to foreigners who wish to buy property in Turkey, which expanded the segment of investors, but some of these conditions did not include all nationalities and countries.
Second: Revocation of the law of reciprocity with the foreign investor:
Here we must note that this law is intended to abolish reciprocity with the country to which this foreign investor belongs. For example, any French investor who wants to invest in real estate in Turkey can do so, but France does not It allows the Turkish investor to carry out any investment project on its territory, and this has provided foreign investors with a lot of comfort and various opportunities to buy real estate and establish various projects in Turkey, and the number of foreign investors has increased, as the law of reciprocity has been repealed for 138 countries.
Third: The law that determines the share of foreigners when owning real estate in Turkey:
This law regulates the issue of real estate ownership by foreigners. A foreign investor who does not hold Turkish citizenship is not entitled to own real estate with an area of more than 10% of the space of the neighboring area and not to exceed 30 hectares .
Fourth: Real estate loans:
Turkish banks grant loans to buy property in Turkey with a lot of facilities and the lowest possible benefits, and provide them with the longest loan repayment periods and tax exemptions related to installments.
What are the conditions that guarantee the success of real estate investment in Turkey?
-One of the most important conditions is to ensure that you obtain the full title deed of the real estate or land allocated for real estate investment.
- Choosing the appropriate city and area for the purpose of the real estate project, whether for residence, housing or investment.
- Verify the percentage allowed for foreigners to own real estate in the city that was previously selected.
- Knowing the year of construction of the property and determining its age to ensure the extent of its consumption and knowledge of the necessary repairs and maintenance work.
- make sure That the location of the property is not within the areas that the foreign investor is prevented from buying a property there, such as the military and security areas.
The property should be free of legal problems that could hinder the buying and selling process, such as a mortgage sign
- That the previous owner of the property possesses the legal capacity to complete the sale process without any obstacles that may appear later.
- Reviewing the Land Registry Directorate in the area to which the property belongs and refraining from signing any contract outside it or paying any money before verifying the property information.
-Seeking the assistance of reputable real estate companies to take advice in accordance with the investor's wishes related to the real estate.
-Not to take any step in the selling process individually without the knowledge of the real estate owners or without the knowledge of the real estate company you are dealing with.
What are the reasons that encouraged investors to enter the field of real estate investment in Turkey?
1- The important geographical location that Turkey occupies between the continents of Asia and Europe, which contributed to the commercial movement in the country and thus led to an increase in the desire of investors to establish their investment projects in it, especially real estate ones.
2- The moderate climate, which formed a magnet for Gulf Arab investors, as Turkey is the number one destination for them to buy property in Turkey and spend beautiful times in beautiful and diverse natural areas.
3- Real estate prices in Turkey are low compared to their counterparts in neighboring European countries, where you can buy property in Istanbul at acceptable prices and high specifications that compete with real estate in Europe.
4- The multiplicity of available real estate types and with high specifications, so we find apartments, houses, villas, farms and residential complexes, with various views such as the sea, the mountains and the interior, as well as with different real estate spaces that suit the buyer’s needs, desires and purpose of buying the property.
5- Real estate investment provides the possibility of obtaining real estate residence in Turkey immediately if buying a property in Turkey, which facilitates the movement of the investor to travel without the need for an entry visa.
6- Real estate investment also provides the opportunity to obtain Turkish citizenship when buying a property or several properties worth 250 thousand US dollars, and thus obtaining Turkish passport and its advantages as it is classified among the best international passports.
In this article, we discussed the factors and conditions for the success of real estate investment in Turkey, and we came to mention some of the encouraging reasons for real estate investment and buying a property in Turkey.
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Diyar Turk Real Estate team
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