It might be a great idea to consider the real estate sector for your investment! Turkey is one of the advantageous countries you can choose for real estate investment. In order to add value to your money by purchasing a safe, advantageous and profitable property, it is necessary not to be deceived by pitfalls and to complete official procedures in the presence of the right consultant. In today’s content, we will mention a few important facts that you should know before you start the buying process. If you’re ready, we’ll start right away!
Facts to Know to Have A Wise Property Investment in Turkey
Certain cities in Turkey can allow you to make investments with very affordable prices, low amortization periods, and high rental income. The fact that especially the construction industry is developed in this country and that many construction companies are actively developing themselves in the market helps the prices to be competitive. Before starting your Property in Turkey research, paying attention to the following few caveats can make the process even more advantageous:
First You Need to Choose the Province: For You and Your Family!
The multicultural structure in Turkey has allowed different neighborhoods to have different lifestyles. So choosing the province that best fits your lifestyle and culture can be your first step in your home buying process: especially if you plan to not only invest but also live in Turkey. There are several popular cities in the country that stand out with their property investment options: Istanbul, Antalya, Bursa, Muğla, Ankara. You can evaluate one of these cities in terms of suitability for the life you dream of.
- For example, Muğla is very suitable for those who want to live a quieter and secluded life by the sea.
- Istanbul, the cultural capital of the country, appeals to those who want to experience all the cultural and urban richness together.
- Ankara is the political capital of the country with its cultural, artistic and political activities. Moreover, housing prices here are really affordable.
Calculate Rental Returns and Capital Growth!
Those who are considering buying property in Turkey, especially not for living but for renting, should first calculate their capital growth and rental income. The amortization period is the period of time you have to wait for a home to recover the price you paid for it. The shorter the amortization period, the shorter your recovery time will be for the home. Therefore, it can be recommended to choose regions and cities that promise high rental income, high capital growth, and low payback periods. By working with Property TR, you can review the most advantageous residences for your financial investment and get help from real professionals.
Getting a Residence Permit – Getting Turkish Citizenship
Did you know that individuals who invest $250,000 in property in Turkey can apply for Turkish citizenship if the necessary conditions are met? Moreover, this does not only apply to having Turkish citizenship. If you have a residence in the country, you can also apply for a residence permit as long as the residence is in your name and you will most likely get a positive response. Moreover, this application can be renewed as long as the residence is in your name. Even these advantages offered to property owners in the country can be a good idea to buy a house in this place full of natural beauty!
Choose the Right Real Estate Agency
The process of buying a house in Turkey can usually take between 3 months and 4 months. In this process, it is really important to work with a professional agency to provide the necessary documents and carry out official processes. Individuals buying a new property can typically cost around 7 to 10 percent of the property’s total value. Considering the affordable prices of houses, this is not a compelling expense. In general, you will incur various costs together with stamp duty, legal fees, fees to be paid to the real estate agency. Make sure you work with trusted professionals to have all of this planned and lined up transparently. This makes your investment more valuable.