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Steps of Buying a Property in Turkey 2022

buying a property in Turkey 2022
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Buying a property in these hard financial times is one of the best decisions a person can make. Buying a property in Turkey in 2022 is the right decision to make in order to save your investments. 

Today Turkey is first ranked in the volume of exports, removing both China and the European Union from the first position; as for heavy industries, Turkey plays an influential role in manufacturing and exporting heavy weapons and transport ships.

Turkey today exports to many developed countries such as Denmark and Norway after it was among third world countries known for only importing and consuming.

On the political level, Turkey has become one of the decision-makers in the world and has achieved stability and security for its economy.

Which makes it an attractive destination for foreign investors to invest and trade, especially after many laws related to foreigners were amended to create dual interest.

The recent legal amendments to buying a property in Turkey laws

1- Grant Turkish citizenship to foreign investors by buying a property in Turkey or
depositing money in Turkish banks.
2- Tax exemption on the VAT tax, the added value tax for foreign investors
3- Commercial and industrial facilitations for foreign investors
4- Granting the real estate residence permit in Turkey for foreign investors

And many attractions were built on solid foundations, all of which have doubled the demand for buying property in Turkey.

According to the latest statistics of the Turkish Statistical Institute, real estate sales to foreigners in Turkey by 2021 have exceeded two million properties in many major cities in Turkey, such as Istanbul, Izmir, Antalya, and Ankara, the political capital of Turkey.

But the crucial question is, what are the most suitable ways to find the ideal property in Turkey? What are the specifications of the applicable property if it is to settle in Turkey or real estate investment?

In this article, Maximum Real Estate will provide you with steps and a comprehensive guide to buying a property in Turkey in 2022:

First: Determining the purpose of owning real estate in Turkey:

Before starting the journey to search for real estate in Istanbul or any Turkish city, the purpose of buying a property in Turkey must be determined, specifying the type of property to be searched.

Types of Properties Foreigners can Buy in Turkey : 

A-  Residential Apartments in Turkey

Apartments in Turkey are divided into two categories; The first kind of suitable real estate for foreigners is the residential apartments, which are equipped with what families need, such as international schools, universities, and massive shopping centers.

In addition to the solid fundamentals that enrich and support the residential property in Turkey is the well-developed infrastructure, such as transportation means, that facilitate accessibility.

Meanwhile, the rental demand will boost and become more desirable for families and investors. The residential apartments in Turkey are located within significant municipalities, such as Istanbul, which includes more than 32 municipalities, many of which are suitable for family life in Istanbul.

The residential apartments in Istanbul are characterized by their spacious interior spaces, located within residential complexes, which contain all Interior services and facilities, which makes it an essential attraction for buying a property in Turkey with the aim of housing.

B- Commercial Properties in Turkey

The second type of residential real estate in Turkey is investment real estate; it has several specifications that make it profitable on the investment front.

The small interior spaces for furnished apartments are invested through tourist rental, achieving a high investment return, up to 15% of the property’s value annually. That investment property usually targets university students, employees, and tourists who come to the tourist cities in Turkey, such as Istanbul, Izmir, coastal Antalya, mountainous Düzce, and many other Turkish cities.

The second method of investing the residential apartments is by repeating the resale process and achieving an investment return from the added value of the property value, which is not less than 150%. Up to 200% profit is added to the original property value.

2- Commercial Properties in Turkey

Commercial real estate in Turkey is in the form of either offices, shops, or logistic storage warehouses. Perhaps the most crucial benefit obtained from buying a commercial property in Turkey is the contradictory state of supply and demand; the real estate market is witnessing very high demand; however, the available stocks do not cover it. The commercial real estate market in Istanbul is in need.

Meanwhile, in addition to the fact that the commercial rental rate is very high, it achieves a high revenue of at least 16-18% of the property value annually as a result of commercial real estate rental, in addition to the possibility of achieving a high investment return from the resale of commercial property as well.

3- Tourist Real Estate in Turkey

Undoubtedly, the real estate market in Istanbul offers an infinite number of options. Villas in Istanbul are considered profitable investment options the market has witnessed in recent times; there is a great demand due to the abundance of designs, stunning views, and high-end services that include fancy interior finishes and elegant exterior architecture.

Therefore, given the great demand for buying real estate in Turkey, the option of buying a villa in Turkey has become considerable for many investors to live in it or invest by renting it to tourists.

The demand will get higher if the villa’s location is sited in Turkish cities within the tourist areas overlooking the sea or the picturesque green spaces within the countless incredible Turkish towns.

4- Agricultural lands

Buying agricultural land in Istanbul has become a potential investment option within the Turkish real estate market.

Especially after foreigners were allowed to buy land in Turkey, regardless of the purpose of purchase or the potential method of operation, where many licenses can be extracted, whether agricultural or commercial, that aims to establish commercial projects or residential complexes.

However, the most prominent difficulty that a foreign investor face when buying land in Turkey is knowing the appropriate location for buying in the first place. Therefore, Maximum Property provides a complete study for each location, the market value between the past and the present, and obtaining all the required licenses and accompanying you at all stages until reaching the land of safe investment in Turkey.

By determining the goal of buying a property in Turkey from the very beginning, the appropriate type of property will be appointed, whether a residential apartment or a commercial office.

Therefore the remaining steps are about completing all of the legal matters related to the cash transfer and extracting the certification of legal papers.

However, what should be noted here is that since the first stage, which revolves around studying the market, determining the purchase goal, choosing the right property, and receiving the apartment’s key, Maximum Real Estate will be with you step by step, contact us today to draw with you the first beginnings.

 

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