Do you want to invest in Turkey? Here are the most important pros and cons of owning a property in Turkey 2024
If you want to invest in Turkey, you should evaluate the pros and cons of owning a property in Turkey and objectively know the pros, cons or drawbacks of the market. Because although the market is growing at an unprecedented speed and attracting foreigners from all over the world, the market is not for everyone, for this reason, our real estate consultants have compiled everything you need to know if you want to invest in Turkey. From the positives to the negatives
What are the pros and cons of owning a property in Turkey
We will talk about the pros and cons of owning a property in Turkey separately:
Pros of the real estate market in Turkey
Turkey market has recently entered the global market with unparalleled strength and speed for foreigners from all regions of the world, and there is certainly a good reason for the market’s success and rapid growth. So, the pros and cons of owning a property in Turkey Let’s move on first to talk about the pros:
- Reasonable Prices
- If you want to invest in Turkey, the prices are very attractive. This is because the market is generally late in entering the global scene, where you can own luxury properties for a small amount compared to other countries.
- Real estate in Turkey combines the largest businessmen and beginners in real estate investment with its unique opportunities.
- Another factor that no one can overlook regardless of their income is the rare need for bank credit or mortgages. Real estate in Turkey is relatively affordable, especially for foreigners.
2. Guaranteed investment returns
- Investing in Turkey is low risk and investment returns are almost always guaranteed if you invest in Turkey.
- This is due to the attractiveness of the Turkish market, as it is gaining the interest of the Arab market as well as the Western market; An effect that no market has been able to achieve before.
- Turkey’s active construction of mega projects from east to west locally will affect prices in the region. If you want to invest in Turkey, you may consider strategic projects. For example, those that are close to large projects that will raise prices in the area close to them.
3. Obtaining Turkish citizenship through real estate investment in Turkey
- The government is ready to grant Turkish citizenship to investors on conditions. The investor must own a property worth 400 thousand dollars. You can own one property for this amount of money, or several properties up to this amount.
- The second condition is that you keep your property for more than 3 years, and once you meet these conditions, you are eligible for Turkish citizenship under the Turkish Nationality Law. Owning real estate under this margin gives you a permanent residence permit that requires annual renewal. This is one of the main factors in the growth of the Turkish market and its global appeal.
We continue by mentioning the pros and cons of owning a property in Turkey 2024. Among the pluses, we also add:
4. More pluses
Due to the stability of the real estate market in Turkey since Turkey re-emerged as a destination for real estate investors, expectations about its performance have been turbulent, but the market has repeatedly proven its stability, and its performance was contrary to expectations, which generated confidence among investors.
5. To invest in Turkey means to invest in diversity
The flexibility of the investment market in Turkey gives you to turn your project into a vacation home or if you are a big businessman invest in an entire project somewhere near the charming landscape of Turkey.
Disadvantages of owning a property in Turkey
What is the most important problem in buying real estate in Turkey?
There is no doubt that with the high demand for buying real estate and investing in Turkey, mistakes were bound to occur during or after the property transfer occurred.
1. Real estate fraud and dealing with unreliable companies
Among the most prominent problems that occur during the purchase of real estate: fraud and real estate fraud, while some fraudsters, and some companies that do not have credibility and confidence in real estate investment in Turkey, take advantage of the inexperience of those wishing to buy real estate in Turkey, the lack of sufficient knowledge of the Turkish real estate market, and the traditions of buying and selling Minimum and maximum price limits
Some forms of land fraud include:
- Some unreliable real estate marketers may offer a property for sale, without showing the buyer that the costs of investing and maintaining the property can be substantial, when compared to the intended returns.
- The possibility of the property not being systematically listed in the Land Registry, which means that the buyer will incur fines and financial fees to settle the property’s status.
- A person impersonating the owner of the property, or the agent responsible for selling the property, then falsifying documents – which only specialists can discover that they are unofficial – after forging documents. Or exploiting the absence of the real owner or the official agent to sell the property due to travel or any other reason.
- Some real estate brokers resort to very high prices that are not commensurate with the real value of the offered property, taking advantage of the buyer’s lack of sufficient information about the prices circulating in the area of the property offered on similar properties.
Pros and cons of owning a property in Turkey 2024
2. Constant change in exchange rates and the value of the Turkish lira
Turkey also has a strong economy, although it has been subjected to multiple economic and political crises in recent years, these crises have not had an impact on the collapse of economic sectors, as the economy is too small for the movement to return to what it was before. Probably because: the diversity of activities in the Turkish economy, is not limited to one type of economic work.
It is worth noting that contrary to these concerns, some economic analysts go to the fact that the devaluation of the Turkish lira gives an opportunity to buy more real estate, especially since most investors come to Turkey and their savings are in foreign currency, which is a great opportunity for them to invest at this time in Turkey real estate.
The pros and cons of owning a property in Turkey 2024. Among the other drawbacks and drawbacks:
Among the disadvantages of owning a property in Turkey, we mention
- Lack of familiarity with the stages and steps of purchasing and the required documents
- The foreigner does not have enough information about the Turkish real estate market
After you have learned about the most important pros and cons of owning a property in Turkey, let us mention how to overcome the problems of buying real estate in Turkey?
How to overcome the problems of buying real estate in Turkey?
All those wishing to invest in real estate in Turkey can get it, and avoid the problems that arise during the purchase of real estate by hiring reliable and credible real estate experts at all stages of real estate investment. This is provided by the experts of ISTASYA Real Estate Company who provide solutions to the problems facing investors. These solutions came as a result of the experience it has gained with thousands of investors in Turkey, as well as the strong reputation enjoyed by ISTASYA Real Estate.
Pros and cons of owning a property in Turkey 2024