Turkey remains the hub of regional meetings throughout the globe; people travel to this city to enjoy its scenic view and ensure they get the best time of their lives. This city is home to incredible architecture along with natural wonders. One coast of this country is filled with beaches and other scenic views while the other has vast skyscrapers depicting the city’s success and development with suitable weather conditions.
This city is an excellent decision for people seeking settlement abroad and economic benefits. Turkey welcomes foreign nationals to the country by providing multiple benefits to those who buy real estate. Some benefits and laws of buying real estate in the city are listed and discussed below in detail.
How Long Are You Permitted To Stay In Turkey When You Own Property?
Each year Turkey receives a lot of visitors from all around the world. Turkey has a wide range of beautiful locations, which include beaches, archeological sites, and numerous other locations. Numerous tourists enjoy this city for accommodation and enjoy their life with the wonders in Turkey. This is an essential clause for staying in Turkey that you must have a property in this city, and to ease things, the government even provides you with a three-month visa to buy property.
You can visit this site to obtain Turkish citizenship by investment as the government is also providing multiple benefits to the people buying real estate in the city.
A series of documents are required in these transactions ranging from visas to various permissions required in the process. The law governing foreign residents in Turkey underwent new amendments in April 2014, and the duration of the foreign resident’s permit has since been increased by one year.
Benefits Of Owning Property In Turkey
The government promotes buying and selling real estate for foreign nationals within the city, except for military zones, under the citizenship program for buying a house. There are countless benefits to purchasing Turkish homes for foreigners. Let’s look at the benefits available for foreigners who own property in Turkey.
Although buying a house is not necessary to get residency, most homeowners obtain residence to stay in Turkey for extended periods. Investing in real estate in Turkey is more straightforward than getting a resident permit and renewing it regularly.
This residence permit can also be extended from an individual to a family, making it easier for you to settle in this city quickly. There are even various business opportunities in this city which has tremendous scope for people seeking livelihood.
Citizenship in Turkey is available to foreigners who invest at least $400,000 in property there. The foreigner will be qualified for Turkish citizenship within six months, together with family members. Once you have obtained citizenship, you may work here. In other ways, by investing in Turkish real estate, you can become a successful investor and acquire Turkish citizenship. In a short span of 8 months, you would be able to avail Turkish passport.
Cost-effective Luxury Real Estate
The main attraction factor to Turkey for purchasing real estate is the wide range of options available, including luxury and affordable, new construction, off-plan, and renovated apartments. There are many options, from elegant residences with ocean views to straightforward, affordable apartments. It would be best if you did not compromise on your decision to buy real estate in Turkey.
Affordable Living Costs
Staying in Turkey is considerably cheaper than in any other nation in the EU or North America. Agriculture is a significant industry in the core of the city. Throughout the four seasons, essential foods like fruits and vegetables are inexpensive. Due to the exchange rate, visitors from abroad can live comfortably in this nation. Real estate in Turkey is affordable and a significant investment providing massive scope and future ROI.
Various multinational companies have offices in Turkey, making it an epicenter of development. With a proper skillset and utilization of resources, you can have the upper hand in living peacefully.
The Turkish government has established several incentives for international investors in addition to the Citizenship by Investment Program. Since real estate investment accounts for 57% of foreign direct investment, most of these incentives are directed toward this industry.
Following these regulations, foreign investors have flocked to Turkey to buy real estate, withholding a sizable portion of their expenditures and enhancing sales between 2012 and 2015!
With 235,000 flats and 55 apartments, Istanbul ranked first among the most popular Turkish states in terms of real estate sales in 2018, contributing to 17% of all transactions. With 131,161 flats sold, Ankara was second in Turkey (9.5%). The Turkish Statistics Center reports that foreign owners’ purchases of real estate in the city increased by 78.4% in 2018 compared to 2017.
These incentives and other government benefits are luring, attracting a massive number of real estate investors in the country. In the coming years, there will be a massive rise in the country’s land value, providing huge profits to investors.
Considering relocating to Turkey is a great choice. Mediterranean and Aegean shores, as well as massive cities like Istanbul and Izmir, are home to thousands of foreigners who may be seen living in smaller towns there. The quality of life in this city is a significant reason foreign residents are flocking here and trying to establish their trade in this particular country. Multiple companies are even planning to set up their warehouse in this city.
Besides many advantages, Turkey is a highly secure nation, especially in major cities such as Ankara, Istanbul, and Izmir. This city has a meager crime rate than other Western nations, making it a secure place to purchase real estate. Recent data from Numbeo show that Turkey had a safety index of 60.3 in 2023. The US and the UK were 57th and 68th in the highest crime index, while Turkey came in at 93rd with these rates.