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April 10, 2024 | Viewed: 160

Buying a real estate in Turkey in 2024. Laws, prices, features

Buying a property in Turkey in 2024 is an important decision for foreign investors due to a number of key factors and changes in legislation. A detailed analysis of each aspect will allow a deeper understanding of the process and identify potential benefits.

Registration of property

The ability of foreign citizens to purchase real estate in Turkey in full ownership is a significant advantage of the market. Obtaining a tapu, a document confirming ownership, is the key point of the transaction. Tapu confirms ownership not only of the object itself, but also of the land plot, which adds value to the investment. The transaction processing process is simplified as much as possible for foreigners, only the presence of a valid passport is required. This accessibility makes Turkey attractive to a wide range of investors, including those who are considering buying property abroad for the first time.

Payment

The flexibility in payment methods for real estate in Turkey makes the purchase process accessible to investors from various countries. Payment via bank transfer ensures the security and reliability of transactions. The ability to pay with cryptocurrency reflects current trends in the financial world, providing investors with additional convenience and flexibility. This option is especially relevant for crypto investors looking for ways to diversify their assets into stable and tangible assets such as real estate.

Mortgages and installments

Despite restrictions on access to mortgage loans for foreigners, many developers offer interest-free installments, which is an attractive alternative. This option makes the purchase more affordable, allowing investors to spread the financial burden over time. The duration of the installment varies from two to four years, which provides enough time to plan and distribute payments without additional financial burden in the form of interest.

Registration costs

Registration of a real estate purchase transaction entails additional costs, which may include government fees, notary services and other related costs. The average amount of these expenses starts from 3,000 euros, but may vary depending on the cost of the facility and location. Understanding these costs in advance allows customers to adequately plan their budget and avoid unforeseen expenses.

Недвижимость в Турции
Real estate in Turkey

Rising real estate prices

Fifth, the price increase. In 2021-2023, we saw a sharp spike in real estate prices in Turkey. But even now, when we no longer see such an increase in prices, a potential investor can focus on the positive trend of rising real estate prices in Turkey. On average, before the jump, we observed about a 10% increase in the increase in the value of real estate in Turkey in foreign currency per year. That is, you can focus on about this amount. And good investment profitable projects in Turkey will bring you from 20% per annum and above.

Residence permit (ikamete)

Obtaining a residence permit through the purchase of real estate is one of the significant advantages of investing in Turkey. Investors who purchase real estate in the amount of $ 200,000 or more receive not just a real estate object, but also an opportunity for a long-term stay in the country. This opens up additional opportunities for business, education and personal life in one of the fastest growing countries in the region.

Turkish citizenship

The Citizenship by Investment Program provides a unique opportunity for foreigners to become full-fledged citizens of Turkey. Real estate investments starting at $400,000 open the way to obtaining a Turkish passport, which provides a number of advantages, including visa-free access to many countries, business opportunities and access to social services on equal terms with local residents.

Обычный жилой комплекс в Турции
An ordinary residential complex in Turkey

Real estate prices

The variety of price offers makes the real estate market in Turkey accessible to a wide range of investors. Starting from 40,000 euros for studios and up to exclusive villas and apartments in prestigious areas, the market offers facilities for every taste and budget. The company’s offices in the largest cities of Turkey, such as Mersin, Alanya, Istanbul and Antalya, provide a wide range of facilities and professional support at all stages of purchase.

Real estate rental

If you want to come and rent a property in Turkey, then when renting for a long time, the rental price will be about 500 euros or more, depending on the apartment and the complex. The possibility of obtaining passive rental income makes investments in Turkish real estate even more attractive. The rental yield can vary from 5% per annum in foreign currency for long-term rentals and from 8% per annum for short-term rentals, depending on the type of lease and location of the facility. This provides a stable source of income and additional financial security for investors.

Bank account

The ease of opening a bank account in Turkey for foreigners facilitates the process of buying and managing real estate. Having an account with a local bank allows you to make all the necessary financial transactions, including paying utilities and taxes, as well as using online services to control your finances.

Строящийся проект недвижимости в Турции
Real estate investment projects in Turkey

Expenses for the maintenance of real estate

Electricity, gas and water in Turkey by meters. Therefore, accordingly, if you live and use it, you pay, if you do not live, you do not pay anything. But you will have fixed expenses. This is the so-called monthly maintenance fee for the aydat complex. It depends on the complex and averages from 100 euros per year to 3,000 euros per year, depending on the complex’s infrastructure and the number of residents. You will also have to pay an annual property tax, but it is very small in Turkey, on average about 100 euros or $ 100 per year for real estate.

The most interesting thing is that you can choose and purchase real estate in Turkey online without coming here at all. To do this, you will need to issue a power of attorney at the consulate or at a notary, we also talked about this in detail in other articles. You can always find out about all the latest news about real estate in Turkey and about new laws not only on our YouTube channel but also in our social networks that we actively maintain, so do not forget to subscribe to our Instagram and YouTube channel. So, if you have any additional questions, you can always ask them. All messengers are available by phone number that you will find in contacts.

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