Are you looking for property for sale in Turkey?
You are at the right address and New Home in Turkey is full in to help you find the right and ideal property for you. With years of experience in overseas real estate and in-depth knowledge of property in Turkey, New Home in Turkey have helped over a thousand of its Client safely purchase a property in Turkey.
If you want to search for a property for sale in Turkey at certain budget please use our easy to use search engine on the homepage to choose your ideal location along with budget.
WHY OWNING A PROPERTY IN TURKEY IS A GOOD INVESTMENT
It is considered to be one of the most beautiful places on earth, the people there are friendly and Turkey is popularly known for its eye-catching coastlines, magnificent weather and amazing property prices. Turkey has a very strong economy and the states are less populated this is why foreigners are demanding at a high rate. There has been widespread media attention due to the inventive projects and escalating infrastructure, also architects have chosen to display their talent in turkey with amazing structures.
Many structures have been built in amazing places and the square meters the building covers are good and at affordable prices. People are now into structures with high technology that fit into this new era. For example, there is a three-bedroom apartment in Antalya for sale that was built with smart home technology; it even has a swimming pool and a gym. These are the kind of houses people are looking for now and these structures are in turkey.
You can apply to become a Turkish citizen if you buy a property of about $250,000 and keep it for up to three years.
Another reason why turkey is a good investment area is that the cost of living is far lesser than the one Great Britain and the United States. Another intriguing fact is that real estate annual cost is very cheap and this entails all activities including taxes, electricity, internet, and satellite. Also, there are a lot of entertainment centers all around turkey that people can get to easily and have fun if you have a home here you won't have to go through any stress to get some fun because it might be right across the street.
Recently, Turkey has grown to be a global investment center. A majority of foreign investors like to engage in huge investments that will generate a large amount of income for them. These types of investment opportunities are being offered in Turkey as the real estate market keeps booming and growing day by day. If you do your research you will find out that buying a property in London is far more expensive than the one you buy in Turkey, so why will you spend such amount of money in London when you can get a solid investment property in Istanbul Turkey that put money into your pocket.
WHO CAN BUY A REAL ESTATE IN TURKEY?
Anyone can own a property in turkey even foreigners, do not think you are exempted. Foreigners are capable of purchasing any property of their choice ranging from office, field, land and so on in Turkey, the only condition involved is that you obey the restrictions provided in the law. Although they are some restriction for foreigners buying a property in turkey, it is part of the law. These restrictions are as follows;
- A foreigner can purchase a maximum of 30 hectares of property in Turkey, you must not exceed this.
- A foreigner is not allowed to purchase a property in military restricted zones. It is only possible to own or rent a property in these zones if you have a special permit for these.
- Foreign persons can purchase property up to 10% of the area containing a private property.
- All the restrictions listed above will not be applied to companies with a legal entity that was established according to the laws in their countries.
FACTS ABOUT THE REAL ESTATE IN TURKEY
The most important changes that have been made over the years in the Turkish market has a great effect on the situation of things. Diversifications of projects mainly residential such as apartments, studios and so on, have all been improved. You can find anything you are looking for when you move from the remote to the urban areas.
You should know that about ten years ago, a very complicated process was involved when it comes to purchasing a property. Before you would get the document, you would wait for a long time that you might even lose interest in it. But thanks to the Turkish government, the process has now been simplified. It is now easy to the extent that everything can be done in a week. Below are some facts you should know;
- At the end of 2019, the landmass in the present Grade A office stock located in Istanbul is 5.7 million square meters. Annual gross leasable area growth in the office market is about 42 percent. The portion of office that is under construction is about 1.7 million square meters and it is expected to reach about 7.4 million square meters gross leasable area in 2023.
- 8.4 percent of the GDP over the last decade was generated by the real estate sector in 2018. Inflows at FDI (which is the investment side) were at $13 billion and real estate covered about 45 percent which is $5.9 billion.
- In 2018, the Turkish property market sold about 1.4 million units ( total number of homes sold).
- Up till now, turkey is still below the standard average (average of total leasable area per person) when compared to Europe even at this growth rate. This means that there is a lot of potential here.
These facts listed above will show you how fast the real estate is growing in turkey. Many people have been purchasing property there on a regular basis and still, the population is not high for such a standard state.
THINGS TO BE AWARE OF WHEN DOING PROPERTY INVESTMENT IN TURKEY
Buy-to-let Property for sale in Turkey
Current research says that 30 percent of the holiday market is covered by self-catering holiday home, this is why they are very popular.
Also, long term rentals are not much since its just holidays and this will not generate the income you need because you need to consider paying income tax and marketing your rental home. Based on research and experience best income generating is the villas for sale in Alanya Turkey so check them out before you buy a investment property in Turkey.
Financing your Turkish Property Investment
It is better you stay away from banks in Turkey that put high-interest rates on their mortgage plans when you want to finance your investment. This is mostly applied to the mortgage plans for foreigners. What you should do instead is to purchase an off-plan with installment payment plans which could range from 1-5 years, these are usually interest-free. You can check our Antalya real estate offers for properties with interest free payment plan.
Resale property in Turkey
A lot of people would prefer to get a traditional home and renovate it to sell it at a higher price. The most popular is property in Alanya as you can find resale apartments from as low as 39.000 Euros. The amount of money you will spend on renovating that old house to modern standard will be close to the amount or even higher than what you will use to buy a modern home. So this is not a good idea and you should know that renovation does not add anything to the selling value.
VISIT TURKEY BEFORE YOU BUY A PROPERTY
Before you buy a property in turkey, you should go on an inspection trip. This is recommended for foreigners that wish to buy properties in turkey as it will give you a brighter view of the place you want to invest your money. You could request the service of a Turkish lawyer who will assist you on this inspection trip and provide you with all the information you need. You will also require the services of a real estate agent who has a lot of experience.
This inspection trip will allow you to check the property you want to buy and ensure if it has the properties you want, you will be able to see if there are any problems associated with it. This way, you will know what you want to buy. You should know that real estate due diligence is compulsory when a property is bought in Turkey.
I know many of you would like to know what real estate due diligence is all about and why it is mandatory in Turkey, worry no more because all the information you need will be provided here.
HOW REAL ESTATE DUE DILIGENCE WORKS IN TURKEY
People such as foreigners who do not know how things are done and what the real estate market in Turkey is all about should request support from a professional when there is a matter of real estate due diligence. The job of real estate due diligence is to offer you information about the legal aspect of the property, this will tell you if they are any lawsuits or debts on the property.
Another part of real estate due diligence is where the local authorities need to verify the construction licenses. You are advised not to make any payment until you have seen the report from real estate due diligence.
Buying a property for sale in turkey is a very good investment. Turkey has a favorable economy, a conducive environment, good government and so on. They do not have high policies or tax laws that will cost you a huge amount of money, the system is very organized.
As a foreigner, you are strongly advised to seek the knowledge of experts of real estate in turkey before you go ahead to by anything. They will assist you and provide you with all the information that you will need to know about apartments in Turkey for sale. So, to avoid being lost along the way you need to seek their services.