Turkey is an attractive place for foreign investors who want to diversify their financial portfolio by including some apartments, villas, or other property abroad. There are plenty of reasons why Turkey is attracting so much interest lately – the booming tourism in the region is one of the main reasons since it is an almost absolute guarantee that investors will not just get their money back, but they will also get some extra on top of their investment.
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Popular tourist destinations are almost always an ideal investment option when it comes to property – the booming tourism means that visitors and other investors will be looking to purchase or rent property in the region, therefore driving the prices up. If you are not familiar with the market, then let us tell you that investing in property in Turkey has been a trend for over a decade, and more and more foreign investors are looking into this business venture.
Before investing in Turkish property, you must carefully think about your plans for the property. There are approximately three primary groups of property owners in the region:
- People who have fallen in love with the country and want to be able to visit more often without being dependent on other people. By purchasing a property, they can have a vacation property that feels like home.
- Retirees who want to escape the busy and mundane life in their home country, and prefer to experience Turkey’s low cost of living, great healthcare, and accommodating locals.
- Investors and businessmen who are all about the return of investments and focus on reselling properties or renting out homes in popular tourist destinations.
Overall, investing in Turkish properties is a great idea regardless of what type of owner you plan to be – the properties there are cheaper compared to the rest of the European Union, and the cost of living is also much better compared to major European countries.
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Low-Cost Homes of Good Quality
If you have experience in the European property market, then you are probably aware of the ludicrous prices that homes in certain areas can reach. We assure you that the Turkish market is nothing like that – the prices of property in the region are relatively low compared to the rest of the European Union (EU), and investors will spend their money on refurbished or newly built properties of good quality. Keep in mind that the cost of buying a property includes more than just the property itself – you also have to consider the cost of lawyers, survey fees, and necessary renovations/cleaning services.
A simple comparison shows that a one-bedroom apartment in a prime European country such as the United Kingdom can end up costing about the same as a four-bedroom in some of Turkey’s popular cities.
Great Climate Year-around
If you are a businessman or real-estate developer, then the climate probably does not matter a lot to you, but people who plan on spending time at their newly purchased Turkish homes should certainly get to know a bit more about the climate conditions in the region. Turkey’s weather is very well-balanced, but slightly leans towards the warmer side – you are very unlikely to have to think about removing a meter of snow from the pathway. Anyone interested in Turkey knows that it is a favorite summer destination for tourists, so this should tell you more than enough about the great weather you can enjoy during the summer months.
Great Economy and Potential Returns
In addition to the low cost of Turkish properties, investors will also be able to take advantage of the great mortgage rates offered to foreign citizens. The country is an awesome location if you plan to retire from work, or even if you want to explore the job prospects in a new country. Buyers can choose from a wide range of apartments and villas in different areas, but they should keep in mind that property in popular tourist spots is highly sought after.
Turkey is visited by millions of tourists each year, so it only natural that the cost of rent and properties keeps increasing regularly. If you do not plan on living full-time in Turkey, then you may want to consider renting out for some extra money.
Rich Transport Options
Worrying about transportation in Turkey is a rare occurrence – the country has a very well-developed road infrastructure and transport options. There is a large number of airports that are easily accessible via car or public transport, and residents of more popular cities and resorts should spend no more than 30 minutes getting home from the airport. A train is also a popular form of public transport, especially if you want to travel between the major cities. Last but not least, there are Dolmuş buses, which are a great choice for traveling locally.
Property Owners are Eligible for Turkish Residency
With recent updates to the country’s laws, foreign property owners are eligible to become Turkish citizens – the open market policy and the good living conditions have attracted a lot of investors in the Turkish real estate market. Keep in mind that while a residency is not mandatory, it might become a necessity if you plan to spend more than just a few weeks in the country – tourist visas come with certain restrictions while being a Turkish resident allows you to evade this issue entirely.
Affordable Living Costs
If you come from Western Europe, then it is almost certain that you fill find Turkish commodities to be much more affordable compared to your home. Foods, drinks, nights out, electricity, gas, water, maintenance, transport, and even petrol tend to be much cheaper compared to Germany, the United Kingdom, and similar countries. This is excellent news for retirees who want to spend their free time in Turkey – they will be able to use their savings to buy much more than usual. And even if you are not a retiree, the lower prices of everything will help you set aside more money that can be eventually used for a summer vacation in one of Turkey’s marvelous resorts.
No Inheritance Tax in Turkey
Many European countries have the so-called inheritance tax. This means that if you want to transfer your property to a family member, you will need to pay a certain tax on the property’s price – the sum may go up to 20%. The good news is that Turkey is heaven for such deals since there is no concept of inheritance tax there. There is a possibility that some country laws may interfere with the deal if the other party is not a Turkish resident – if you are planning such a deal, it is recommended to consult with a lawyer and to look into local laws.
Turkish Cuisine
Everyone has heard of Turkish sweets, but we assure you that their entire cuisine is something to die for. The country is riddled with authentic restaurants and ‘lokantas’ that offer Turkish food of superior quality, and acceptable prices. Many of the traditional Turkish dishes are healthy, and the local places often use fresh local produce – a guarantee that your meet will be more nutritious. While the United Kingdom is known for its tea traditions, you can rest assured that Turkish tea is also something that you will fall in love with instantly.
You Can Get By With Any Budget
The restaurants, markets, and shops in Turkey are very diverse when it comes to price ranges – regardless if you are a low budget or high budget individual, you will find a place that will allow you to buy anything you need without going over your budget. The property options do not stray away from this rule – you can find an inexpensive one-bedroom apartment with basic appliances, or a large modern villa with all sorts of extras. For example, small apartments can go for as low as €30,000 – a price that you certainly would not find in any well-developed European country.
Rich Culture and History
Turkey has thousands of years of history – the region was inhabited by the Roman Empire, the Byzantine Empire, and the Ottoman Empire. There are tons of ruins, museums, and landmarks that will tell you so much about this country’s rich history. Do not forget that Turkey’s land falls onto both Asia and Europe, and both parts of the country can take you to places that reveal so much about the country’s great history. Because the land has been inhabited for thousands of years, there is history to be found in just about any part of Turkey – the government is constantly working on revealing and restoring new historical sites that will be available to visitors.
Comfortable Transport Options to the Rest of Europe
Living in Turkey is also great because you will have easy transport options to other major European cities, even though you are living in a country with a much lower cost of living. For example, Istanbul is home to two international airports that offer flights year-around. There are also official talks about building a third airport that will be the biggest in the world. Even if your property is not near Istanbul, you can easily get to Turkey’s biggest city thanks to the cheap taxis, buses, trains, and domestic flights from smaller airports.
You Have Complete Control over Your Property
Although this is the case in most European countries, there are certain regions whose laws may prevent you from completing home renovation operations without consulting with the local municipality and receiving the necessary permissions first. In Turkey, this is not an issue – you will be the sole owner of your property and the land it is built on. You will have full freedom when it comes to renovating or selling the property, and you will also have some control over what is happening in the land around you.
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