Everybody knows how attractive Turkey is. It is even more fun to know that it is not just attractive to tourists who wish to explore the wonders of the world, cultural and historical heritage, and mother nature but Turkey is also very attractive to many others like business bigwigs, and potential investors who wish to start or expand their real estate investments in a foreign country.
Turkey is popular for its strategic location, serving as a bridge between Europe and Asia. Also, it is very popular for the favorable climatic conditions and weather that both residents and visitors alike enjoy all the time. The cities of Turkey are very relevant to tourism, and this has played a major role in the nation’s economy.
Expats and foreigners that have heard about the real estate market of Turkey develop interests mostly because of the favorable environments and conditions for foreign investors and potential property owners who wishes to buy property in Turkey in 2024 for expat.
However, they might be short of some information, and this is an avenue to learn more about the Turkish real estate market and what it holds for everyone by keeping expatriates in mind.
What’s in it for foreigners in 2024?
- Citizenship: this might sound unreal to some, but it is true. There is a citizenship-by-investment program in Turkey that gives foreign investors the privilege of enjoying all that a Turkish citizen can. How is this possible? Just invest in the right amount of real estate, and you will be good to go. Impressed yet?
- Turkish weather and fun lifestyle: home to areas with diverse landscapes ranging from the Mediterranean coasts to the mountains of Anatolia, the Turkish cities offer various lifestyle options to foreigners to suit their preferences, whichever it is. For some, it might be the beautiful sights and feel of the beaches, for others, it might be the natural beauty and sounds of the ocean hitting its shores. Whichever works for you, Turkey has it. Talking about the weather, Turkey offers a soothing climate that is suitable for anyone from any part of the world.
- Surprising cost of living: One thing that living in Europe is popular for is the high cost of living. However, in Turkey, the cost of living is affordable when compared to its European counterparts. For this sole reason, Turkey is popular amongst ex-pats looking to secure properties and invest in Turkey’s real estate market.
- Wide range of options: The Turkish real estate market is constantly offering a wide range of properties in every environment, location, and budget. Looking for modern apartments in the bubbling city of Istanbul or a beautiful luxurious villa in the heart of a wonderful neighborhood? Turkey got you covered as there is something for everyone in the real estate market.
- Globally, there has been a downtrend in nations’ economies. But even with these economic uncertainties, the Turkish economy remains stable with great GDP growth, a solid banking sector, and government incentives for ex-pats. Foreign investors in the Turkish real estate market are sure to benefit from the beauties and advantages of the nation’s economic growth potential with assured returns on investments over time.
What is lawful?
Understanding the fact that laws are different across borders is one reason to consider what the law says about investors in Turkey before venturing into the real estate market. This will help in noting all possible limitations in location, and types of properties available for purchase as a foreigner.
- Possible restrictions in the markets for Expats: Turkey generally welcomes expats and foreign investors to enter the real estate market. However, it is key to familiarize oneself with the rules and regulations controlling foreign ownership of the available properties in Turkey to ensure that one complies and avoids breaking the law.
- Occupancy and Visa Requisite: Buying properties in Turkey may open up opportunities for expats to apply for a residency permit. This can allow them to reside in the country for some time. The value and type of investments may be factors that influence the duration of the residency permit. However, it is important to understand the laws and legal framework of Turkey.
- Tax implication for expat property owners and legal acquisition processes: Buying and investing in properties in Turkey involves various steps. Expats should make sure to work with reputable aggregators and agencies in order to acquire properties in Turkey properly. Also, taxes that are applicable must be attended to as it is important not to break the laws governing the purchase of real estate in Turkey.
Where and what to buy in 2024?
Let us explore some reputable locations where expats can buy properties in Turkey. Istanbul takes pride in being the largest city and economic powerhouse of Turkey. Istanbul continues to attract business owners, tourists and expat investors alike due to the vibrant lifestyle, cultural heritage, historical significance and availability of modern amenities.
According to Turk.Estate, Properties in Istanbul range from luxurious apartments in the center of the beautiful city to villas that give residents that waterfront feel.
Antalya is home to beautiful beaches and boasts of a wonderful climate with wonderful sunshine all year round. Expats and visitors looking to acquire properties in a tranquil environment to lead and enjoy relaxed lifestyles are always attracted to this location as it provides just that for them. Property options in Antalya are inclusion, apartments in beachfronts, and luxurious villas.
Other locations include Bodrum and Alanya. All of these features are special, and various types and configurations are available for purchase by expats.
Note to self
Expats are provided with various offers backed with a number of benefits and opportunities through their investments in the various areas of Turkey. Regardless of budget, there is something available for all at various locations. The available properties are also of different types to suit one’s lifestyle in various locations.
