Guide to buying a home in Turkey

In recent years, Turkey has become one of the most attractive real estate investment destinations. Due to its unique geographical location, wonderful climate and diversity of cultures, this country attracts more and more foreign buyers and investors.

Real Estate in Turkey: Why is it profitable?

Turkey is a country where East and West merge, making it unique and attractive to investors from all over the world. At the same time real estate market in Turkey offers a wide range of home buying opportunities, from cozy apartments on the coast to luxury villas in the capital.

The growing interest in real estate in Turkey among foreign investors and buyers is due to several factors. Firstly, it is a stable economy and political situation in the country. Secondly, Turkey offers attractive conditions for foreign buyers, including the possibility of obtaining citizenship when buying real estate for a certain amount.

It's also worth noting that when you buy real estate in Turkey you get the opportunity not only to invest money, but also to enjoy living in this unique country. Whether it is beach vacations, gastronomic tours or visiting historical sights, Turkey offers a variety of opportunities for active and interesting vacations.

Buying real estate in Turkey is not only a profitable investment, but also a great opportunity to expand your horizons and get to know a new culture.

Popular regions for buying real estate

Turkey is a country with a rich historical and cultural heritage, beautiful landscapes and unique atmosphere. Therefore, choosing a region to buy real estate depends on your preferences and goals.

Istanbul - Turkey's capital and one of the largest cities in the world. Here you can find real estate for every taste: from stylish apartments in the city center to luxury villas on the shores of the Bosphorus. Istanbul is also an important economic and cultural center, which makes it attractive to investors. It is important to note that Istanbul offers a high level of urbanization, excellent transport links and rich infrastructure.

DAP YENI LEVENT

from $ 644 066

Istanbul, Turkey

ZERAY RESIDENCE

from $ 134,169

Izmit, Turkey

HAYA CITY

from $ 197,922

Istanbul, Turkey

MELISA APARTMENTS

from $ 150,000

Fethiye, Turkey

FARALYA PANORAMA

from $ 140 314

Antalya, Turkey

LOTUS TERRACE

from $ 174 032

Antalya, Turkey

Antalya - is a resort city in the south of the country, famous for its beaches and historical sights. Antalya attracts tourists with its mild climate, beautiful scenery and rich history. Here you can find real estate of different price categories, from budget apartments to luxury villas. The city is also known for its golf resorts and yacht clubs.

Bodrum and Fethiye - popular resorts on the Aegean coast, attracting tourists with their beautiful landscapes, clean sea and cozy towns. These regions are ideal for those looking for a home away from the hustle and bustle of the city. Most of the properties here have sea views and are in close proximity to the beaches. Bodrum and Fethiye are also known for their marinas where you can buy or rent a yacht.

Ankara - Turkey's capital and the second largest city in the country. Ankara attracts buyers with its modern infrastructure, rich history and high quality of life. The city is the political center of the country, all government offices and foreign embassies are located here.

VELUX BAYRAKLI

from $ 235 003

Izmir, Turkey

DIVAN RESIDENCE

from $ 145,564

Izmir, Turkey

Izmir - the third largest city in Turkey and one of the fastest growing economic centers in the country. Izmir is known for its friendly atmosphere, modern architecture and high quality of life. The city is also famous for its universities, making it an attractive destination for students and young professionals.

In addition to these regions, there are many other attractive places to buy real estate in Turkey, including Cappadocia, Trabzon, and many others. Each of these regions has its own unique features and benefits, so it is important to do thorough research before making a buying decision.

Types of real estate and prices

Types of real estate in Turkey present a diverse selection that can meet every need and budget.

• Apartments - is the most common and affordable housing option, especially in resort cities. Prices for apartments start from 50,000 dollars and can reach several hundred thousand depending on location, size and level of comfort.
• Villas and mansions - is a more expensive option that offers more space and often has a private garden or pool. Prices for villas and mansions start at $150,000 and can reach several million for luxury properties in prestigious neighborhoods.
• Commercial real estate - is another popular option for investors, which includes offices, stores, restaurants and hotels. Commercial real estate prices vary depending on location, type of property and its potential to generate income.

However, it is important to consider everything before buying a property financial aspectsThe cost of the property, including taxes, insurance and maintenance of the property. For example, property owners in Turkey are required to pay annual property tax, earthquake insurance and utility bills. In addition, if you plan to rent out your property, you will also have to pay tax on the rental income. Therefore, it is recommended to get professional advice on tax and financial issues before buying a property.

Legal aspects of buying real estate

Buying real estate in Turkey for foreigners is a relatively simple and transparent process. However, there are certain legal aspectsThere are a number of things to consider. In Turkey, it is necessary to go to a notary to formalize the transaction. In addition, a permit from the local authorities is required to register the property in the name of a foreigner.

It is important to know that since 2012 Turkey has lifted restrictions on the purchase of real estate for citizens of many countries, which has greatly simplified the purchase process. This means that foreigners can now buy most types of real estate, including land, houses, apartments and commercial properties.

It is also worth noting that Turkey offers a program to obtain citizenship through real estate investments. A foreign investor who purchases real estate worth $250,000 or more can apply for Turkish citizenship. This offer makes buying real estate in Turkey even more attractive to foreign buyers.

In conclusion, although the process of buying a property in Turkey is relatively straightforward, it is always advisable to consult a professional lawyer or real estate agent to ensure that all necessary procedures and laws are followed.

Tax and financial aspects

Buying real estate in Turkey implies certain tax liabilities and financial responsibilities that are important to consider.

• Transfer tax on transfer of ownership: This is a one-time tax that is paid when the transaction is finalized. It is usually about 4% of the value of the property and is divided equally between the buyer and seller.
• Annual property tax: This tax varies depending on the location of the property and its type, but usually ranges from 0.1% to 0.6% of the cadastral value of the property.
• Tax on rental income: If you plan to rent out your property, you will have to pay rental income tax, which is 15-35% on the income, depending on the size of the property.

In addition to taxes, there are other expenses to consider. For example, property owners are required to pay annual earthquake insurance (DASK), as well as property maintenance costs such as utility bills, repair costs and maintenance of common property in the case of housing in apartment buildings.

It is important to note that tax rates and rules are subject to change, so it is advisable to consult a professional tax advisor or real estate agent before buying a home in Turkey.

Tips for potential buyers

Buying real estate abroad is a big step, and it's important to prepare well.

• Study the market: Before making a decision, research the real estate market in Turkey. Compare prices in different regions, consider the potential for appreciation and the possibility of rental income. Consider different types of real estate and choose the most suitable option based on your goals and budget.
• Visit the facility in real life: Photographs and descriptions can be deceptive. It is best to visit the property in person to verify its condition and fit the description. Evaluate the location, neighborhood infrastructure, quality of construction and other important factors.
• Call in the professionals: It is advisable to contact professional real estate agents and lawyers who will help you complete the transaction and avoid possible problems. They will help you find the most suitable object, check the documents, organize the inspection of the object and help you in the execution of the transaction.

• Check the paperwork: Before signing a contract, make sure that all the property documents are in order. Check that there are no debts or encumbrances on the property. Make sure that the seller is the legal owner of the property and has the right to sell it.
• Consider additional costs: In addition to the cost of the property, consider additional expenses such as taxes, insurance, maintenance costs, etc. These costs can add up to a significant amount and should be taken into account when planning your budget.

All these factors will help you make the right choice and avoid possible problems when buying real estate in Turkey.

Turkey offers a wide range of real estate opportunities, from affordable apartments on the coast to luxury villas in the capital. With the right approach and proper preparation, buying real estate in Turkey can be a great investment and an opportunity to enjoy life in this unique country.

If you have any questions or need help finding and buying real estate in Turkey, you can always contact us.