If you are interested in the Turkish real estate market, you will notice a significant and noticeable increase in the volume of Turkish real estate sales every year, but what are the correct reasons for this?
In this article, the Astasia Real Estate team will take your hands on a comprehensive report on the reasons for the increase real estate in Turkey 2022, containing the most important information that interests you.
Find out the reasons for increasing real estate sales in Turkey
In the recent period, real estate sales in Turkey have increased significantly, as Arabs and foreigners flock to buy real estate from different countries of the world. Among the most important Reasons for increasing real estate sales in Turkey 2022 are:
1. Desire to obtain Turkish citizenship by buying a property in Turkey
- One of the main Reasons for increasing real estate sales in Turkey is the desire to obtain Turkish citizenship, as foreigners must buy real estate worth at least 400 thousand dollars. The process takes about six months and there are no residency requirements. Citizenship by real estate investment holders benefit from free education and health services, as well as visa-free travel to more than 100 different countries.
- If you look at the statistics, you will see that more than 40% of those who want to own property in Turkey have the goal of obtaining Turkish citizenship.
2. Promote real estate prices
- The rise in real estate prices in Turkey has caused many investors to buy real estate in the country. One of the reasons for the increase in real estate sales in Turkey is that real estate prices in Turkey are much lower than in other countries.
- Another reason for the increase in sales is that the Turkish government offers incentives to foreigners to buy real estate in Turkey. These incentives include tax credits and residence permits.
- For foreign buyers, the Turkish lira has lost about 30% of its value against the US dollar since the beginning of 2018. According to the Turkish Statistical Institute, foreigners bought nearly 50,000 properties in Turkey in the first nine months of 2019, an increase compared to the same period last year.
- The most popular cities among foreign buyers are Istanbul, Ankara, Bursa, Yalova and Antalya. Istanbul alone accounts for nearly 40% of the total real estate sales to foreigners in Turkey.
3. The exchange rate of the Turkish lira
Against foreign currencies, the Turkish lira has entered a declining process against the major currencies since the beginning of the first decade of the twenty-first century. This made buying Turkish real estate relatively affordable for foreign investors. In addition, the Turkish government has implemented a series of reforms to make the country more attractive to foreign investment.
4. Existence of social diversity in Turkey
One of the Reasons for increasing real estate sales in Turkey is the social diversity in Turkey. Because it is a country with a large population diversity, and there are people from all over the world who make Turkey their home, and this diversity is reflected in the real estate market where there is an increasing demand for properties that suit different lifestyles and budgets, and this has led to an increase in the number of real estate projects that offer a variety of options, from luxury apartments to affordable and convenient homes.
Ways to buy real estate in Turkey
One of the most important reasons for increasing real estate sales in Turkey is the possibility of buying in more than one way, and among the most important ways to buy real estate in Turkey are:
Buying real estate in Turkey in installments
The real estate installment system in Turkey is one of the best and most important investment systems that encourage foreign buyers to own real estate in Turkey, because this system includes real estate ownership and also protects the buyer’s money.
Advantages of buying a property in Turkey in installments
- You can own real estate in Turkey easily and without difficulty, all you need is a passport for foreigners and a residence permit that gives you the right to own your property like any other property of a Turkish citizen.
- You can get a real estate loan from any Turkish bank to buy your property in installments in Turkey.
- Possibility to sell or rent your property whenever you want as there are no restrictions on it.
- The installment period for buying a property in Turkey is up to 7 years, which gives you plenty of time to pay off your debts without any stress.
- There are many real estate options where you can buy apartments, villas or plots, meaning that there are options suitable for every budget.
Real estate for sale in installments in Turkey
Some of the projects of Estasia Real Estate Company for sale in installments in Turkey:
- Apartments near the sea for sale in Beylikduzu, Istanbul, in installments
- Low-rise apartments for sale in Basaksehir, Istanbul, in installments
- Apartments for sale in Asian Istanbul, Kartal, with installments
Buying a property under construction in Turkey
Real estate under construction in Turkey can be a great investment for anyone looking to buy real estate in the country. There are some advantages and benefits when buying a property that is still under construction, the most important of which are:
Advantages of buying a property in Turkey under construction
- You can get a discount on the purchase price in some cases.
- You can usually choose the finishes and fixtures for your property and customize it to your liking.
- You can take advantage of the generous tax incentives of the Turkish government for new home buyers.
Who buys under construction real estate in Turkey?
Investors looking for a unique opportunity and buyers looking to customize their homes are the most likely candidates.
Buying real estate in Turkey is ready
- One of the most important advantages of buying a ready-made property in Turkey is that you do not have to wait for the construction of your house to be completed, and this can save you a lot of time and money.
- When you buy a ready-made property in Turkey, you can be sure of the construction quality, but when you buy a property off-plan, you risk a somewhat low quality as a result of the construction company changing the specifications. This is unlikely to happen in a house ready to move into.
- Prefab houses in Turkey are also a great option for investors who want to rent their property, and these properties are more attractive to tenants than unfinished properties, since it is already built, the risks involved in the investor are lower.
Source: Turkish Statistical Institute
We hope that the article on the reasons for increasing real estate sales in Turkey 2022 and ways to buy real estate in Turkey has answered all the questions that come to your mind, and if you have any questions, you can contact the team and consultants of Estasia Real Estate