When considering real estate investment markets throughout the world, buying property in Turkey is a choice many nationalities are making. Foreign house sales are at an all-time high in prominent areas like Istanbul and Antalya.
This isn’t just marketing hype because we see the proof in the country’s official statistics. While domestic sales slowed down because of high-interest rates, sales to foreigners in the first half of 2019 jumped by a staggering 68% year-on-year.
From January to June, foreigners purchased 19,952 apartments and villas across Turkey. Nationalities choosing to join the Turkish housing market included Iraqis, Iranians, Russians, Germans, and Brits.
But why is the world looking towards the Turkish real estate market and when investing what do you need to know? This comprehensive guide has been put together by AIPP Member Agents and Turkey specialists, Spot Blue.
6 Reasons to Invest in Turkish Real Estate
1 – Lucrative Exchange Rate: With a current exchange rate of over 5 USD to the lira, buyers are getting far more for their cash than 3 years ago. With financial expectations that the lira will rebound, this presents good opportunities for budget buyers to get their foot on their Turkish housing ladder.
2 – Citizenship by Investment: A big boost to the property market came when the Turkish government dropped the minimum entry-level of their citizenship by investment program from 1 million USD to 250,000 USD. This makes it one of the cheapest golden passport schemes in the world and alongside a simplified application process, also the easiest.
3 – Long Term Capital Appreciation: Anyone looking at flipping houses for a quick profit would not fare well in this current market, however a long-term investment of ten years or more presents ideal appreciation since Turkey’s modernised housing market is still in its infancy.
4 – Low Purchasing Costs: While the property buying process in other countries involves hefty purchase costs and taxes, Turkey offers the opposite. Combine this with an easy process that takes 2 to 3 weeks to complete, and you have a stress-free entrance into the market.
5 – Attractive Portfolio: The stark difference from Turkey’s real estate market 20 years ago to present-day is clear in the vast abundance of modern apartments, villas, and commercial buildings for sale.
To boost the market, the government also invested billions in upgrading infrastructure and roads, so together it is a buyer’s market where you can find what you are looking for within your budget.
6 – Ideal Lifestyle: Without a doubt, house buyers looking for another country to retire in choose Turkey for the lifestyle. The gorgeous weather, healthy living attitude, strong community vibes and its seaside location prove too much of a lure. This also appeals to buy-to-let investors who want to tap into one of the world’s fastest growing tourism markets
