Turkey Real Estate: All You Need To Know
Can foreigners buy property in Turkey, what are the advantages of buying real estate in Turkey, is it true that Turkey has the cheapest citizenship by investment? Everything you wanted to know about the features and benefits of investing in Turkish real estate
The demand for real estate in Turkey is growing every year. According to the Global House Price Index rating published by the analytical agency Knight Frank, the country is the absolute leader in terms of the growth rate of housing prices, ahead of the USA, Japan, Iceland, and Canada.
Over the past 12 years, the cost of housing in Turkey has increased by 641.15%. For comparison, the average growth of this indicator in EU countries was 44.7%.
Why is it profitable to invest in real estate in Turkey?
Turkey topped the ranking of countries with the highest rate of annual housing cost growth. The main feature is that the leader significantly outperformed its competitors. The nominal growth of the cost of housing in Turkey is 160%, the second place was occupied by Slovakia with an indicator of 25.5%. The rate of real growth in the cost of housing (adjusted for inflation) is also high, at 45.9%, followed by Iceland with a rate of 12.9%.
In 2021, the sale of Turkish housing to investors increased by 43.5%.
From January to June 2022, foreigners in Turkey purchased 35,383 residential real estate objects. This is 72.7% more than in the same period last year. A total of 726,398 sales contracts were signed.
According to experts, the most significant increase in prices is observed in Istanbul and on the coast of the Mediterranean Sea (Alanya, Antalya). After all, it is precisely in these regions that the demand for real estate acquisition is the highest (33% of the total amount of housing).
Such high growth rates of real estate in Turkey make it a profitable object for investment.
Advantages of buying real estate in Turkey
In addition to a successful investment, the owner of a home in Turkey can receive a number of additional benefits.
Foreigners buy real estate in Turkey for themselves and for rent, because Turkey is a tourist country, so you can earn money not only by reselling real estate. The owner can rent housing to tourists. Due to the peculiarities of the climate, the tourist sea season in the state is quite long - from April to November.
Also, when buying real estate, a foreigner gets the opportunity to obtain Turkish citizenship. The minimum investment amount under the program is $400,000. Together with the investor, the members of his family also receive the citizenship of the country. About 13,000 families use the program every year.
So, buying real estate in Turkey has many advantages. Therefore, future investors should not delay, it is better to buy housing now, because according to analysts, real estate prices will continue to rise next year.
Also, it is worth noting that according to realtors' estimates, the difference between the prices at the "foundation" stage and after the facility is put into operation can be up to 50%. All necessary information and advice on purchasing real estate in Turkey can be found at the link.
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