Since Istanbul is a 24/7 city, there is always something going on at night as well as during the day. Because of this, Istanbul's property prices are higher than those in other Turkish cities. There are, however, special provisions provided by the Turkish government for citizens to invest in and buying property in Turkey.
To buy a house in Turkey, first, research the advantages and disadvantages of buying property in Turkey and then proceed. You may also want to specify your goals for buying property in Turkey so that you can make a more informed decision. Continue reading to learn more about the advantages and disadvantages buying property in Turkey.
People with different motivations buy property in Turkey. It is also essential to determine why you are buying property in Turkey. Because for each purpose, there are discrete and more effective practical recommendations. If you are buying property for investment, Istanbul and Ankara are the best and most beneficial cities. But if you are purchasing a property to obtain a Turkish residence and passport, you must pay at least $400,000 to the seller. In the following, we will review all the significant points when buying property in Turkey and the benefits of buying property in Turkey, so stay with us.
Buying property in Turkey has many benefits and is a great investment opportunity. By purchasing a house in this country, you will receive Turkish residence for yourself and your family, and under certain conditions, you can also obtain Turkish citizenship and its passport. With a Turkish passport, you can travel to 71 countries in the world without a visa. Some of the most important advantages of buying property in Turkey are:
Buying property in Turkey is much cheaper than buying a property in other countries in the region, and thus it can be a good investment opportunity or a nice place to raise a family.
Another benefit of buying property in Turkey is investing and receiving added value. If you have purchased a house in Turkey with the right advice in the correct city and neighborhood, this investment will be profitable for you, and it will be possible to increase your capital.
One of the main benefits of buying property in Turkey is obtaining Turkish residence. You can get a temporary residence in Turkey by purchasing property for any amount. This type of residence is called Taşınmaz residence. If you desire to obtain citizenship and a passport, the rules and conditions are a bit different, but with the right advice and choice, you can get whatever you want.
You shall buy a property worth at least $400,000 (in neighborhoods where the property purchase limit for foreigners to obtain a passport has not been met.) If the property has not been bought and sold by foreigners (non-Turkish) for the past three months, you can receive your citizenship and passport within three months. Of course, there are other ways with different conditions and rules to get Turkish citizenship and a passport through buying property in Turkey.
The cost of living in Turkey is very reasonable, and if you have a work permit in Turkey and can earn an income, you will definitely experience a good life in this country. Buying property in Turkey allows you to work and live in this country with peace of mind.
There are many tourist facilities and attractions in Turkey. You can easily use these facilities and entertainment centers in different cities of Turkey, especially Istanbul, and provide and enjoy happy days for yourself and your family.
Every action you take has advantages as well as disadvantages. By examining these advantages and disadvantages of buying property in Turkey, you will be able to make the best decision and have a good experience. Of course, the mentioned cases cannot be stated as the disadvantages of buying property in Turkey, but they are points that you should pay attention to when buying a property in Turkey.
In addition to the cost of buying property in Turkey, you should also consider other expenses. Side costs of buying property in Turkey include:
Under certain conditions, it is possible to cancel the property purchase contract in Turkey. As a result, pay attention to these points when buying property in Turkey so that you don't face problems.
Due to the increase in buying properties in Turkey, profit-seeking people take advantage of this opportunity and commit fraud. Therefore, you need to follow a series of tips and have the necessary and sufficient information in the field of buying property in Turkey so that you do not lose your capital. Some of these significant points to know when buying property in Turkey include:
According to the mentioned disadvantages and advantages of buying property in Turkey, there are also restrictions for purchasing a property in Turkey. Each foreign national can buy up to 30 hectares of Turkish land. But they only have the right to buy up to 10% of the properties of each city or district. Also, none of the foreigners can buy lands located in the security and military areas. There are no restrictions for you in requesting credits from financial institutions and banks. But we suggest that you make your purchase in cash so you can enjoy better from the advantages of buying property in Turkey.
In case you violate the laws of Turkey when buying a property or the purchased property is not approved by the relevant authorities, your purchase of property in Turkey will be canceled. Also, if the termination of the construction is not announced according to the previously approved plans of the ministry, or the completion of the project and the construction of the property is not announced to the ministry within the specified period, the government can cancel the purchase of the property by foreigners. Therefore, by obtaining complete information and consulting with experts in this field, proceed to buying property in Turkey and invest.