Have you ever thought of buying a property outside your country? Do you think buying a property in Turkey is a good idea? Is this considered a good idea for a successful investment? We'll do our best to answer all these queries and we'll try to shed some light on various aspects of buying a property in Turkey which hopefully will support your decision you are going to make.
Turkey has made several amendments with reference to the laws and legislations of buying an apartment in Turkey in recent years to help attract more investors. This has now become faster and easier than ever to buy a property in Turkey. Changes in the military clearance procedure mean that in many cases apartments can be bought and villas for sale in Turkey can be sold within 24 hours only where VAT discounts help to increase purchasing power. To enhance buyer confidence, the profession of selling properties is now subject to strict regulations, and real estate agents now need to be fully registered.
In an effort to enhance foreign investments and help rebalance the value of Turkish lira, Turkish citizenship is now possible for grant by investing $250,000 in Turkish real estate for three years. Previously, only one million US dollars enables investors to be eligible to apply for Turkish citizenship, and now the amount, which is three quarters lower, is more available. Officials expect that this step will double the property sales in Turkey and attract much money to the country that would have been invested elsewhere. Currently, this plan has started giving positive results. The sales of Turkish real estate to foreigners are rising continuously. We at Damasturk Real Estate Company receive many inquiries and requests in this regard and we proudly answer all of them reliably and professionally.
The exchange rate of the Turkish lira has dropped sharply over the past two years. This means that the property that have been advertised in Turkish lira is suddenly accessible to any foreigner using a hard currency. Flights from the Middle East, Germany and the United Kingdom were fully booked in August with holidaymakers, tourists and real estate investors keen to take advantage of the troubled lira to get a profitable bargain. According to official statistics released by the Turkish Statistical Institute (TurkStat), an annual increase of 129.6% in the sale of real estate in Turkey to foreigners has been observed in August 2018, and statistics rose again by 151.1% in September, and that is a significant increase. Most of the sales were to foreigners who belong to the Middle East and who chose to invest in Turkey. Besides, many Europeans, Arabs and Russians bought apartments and villas in Antalya, Izmir, Fethiye and Bodrum. Even after the lira has been recovered partially, prices for apartments in Turkey are still within reach for foreigners. It is hard to resist the temptation of the great Turkish real estate deals, the cheap lifestyle and attractive sunny weather for many interested people, all of which ensure what people now call the "real estate boom in Turkey."
The demand for rent in Istanbul and along Turkey's coast in general is considered a very booming and prospering issue. The Lira exchange rate has helped the lucrative short-term tourism market which in turn led to the increased demand for home rentals. Although strict hiring procedures have come into effect, each city and town now have management companies that are responsible for ensuring that the properties are occupied and meet legal requirements. The potential profits from frequent rental yields attracted many investors where many of them are now enjoying the benefits of those returns.
Life in Turkey is easy for foreigners. The current low value of Lira means that the cost of daily living is a fraction of the cost of living in the UK and most of Europe. For example, utilities, grocery stores, eating out and getting everything cheap is noticeably available. This has led to the emergence of expatriate communities in the most popular areas, where foreigners now choose Turkey rather than other countries such as Spain and Portugal, which are expensive. The affordability, good weather, scenic scenery and Turkish hospitality all ensure a comfortable and profitable living environment for investors.