Benefits of Buying Property in Turkey for Foreigners
Foreign investors have taken a great interest in buying property in Turkey since the country provides many benefits for them. Business owners, investors, and developers purchase land or properties to renovate, rent out or use it as holiday accommodation for business. For whatever reason, buying property in Turkey is a winning situation. Properties in Turkey is cheaper than EU and US, if you plan to live in Turkey and become a resident or citizen, the cost of living will help you to settle down.
Foreigners can buy property like housing, workplace, land, field, etc. in Turkey if they comply with the limitations specified in the law. If foreigners purchase a field or land, they need to inform Ministry of Environment and Urbanization about what type of a building they will construct on the said land in two years after the purchase.
There are many benefits of buying property in Turkey but the most important ones are as follows:
Value for Money
Foreigners who come from EU countries or the US will know that buying property is way more expensive. Even the cost of the property is somehow reasonable, the taxes or any renovation add more to the price. In Turkey, where the properties are really inexpensive compared to the EU or US, you get value for money. Also considering the exchange rate, with the money you can only buy a flat in EU or US you can buy a big house with more than three bedrooms in Turkey.
Turkish Residency and Citizenship
The most important benefit for foreigners and investors who are planning to buy property in Turkey, you can get Turkish residency and citizenship granted from the Turkish government. All the foreigners who own immovable property in Turkey eligible to apply for residency in Turkey. As a property owner in Turkey, you will have much more freedom if you apply for residency, especially if you move in and out of the country frequently. Turkish citizenship is only granted to foreigners who buy property in Turkey worth $250 thousand and keep the property for at least 3 years.
Cost of Living
The cost of living in Turkey is also a lot cheaper than EU countries or the US. The cost of electricity and gas, transportation, groceries, and everyday expenses are considerably cheaper. Also if your property needs any renovations, the cost of maintenance is really affordable.
Another important benefit, for all the properties you buy in Turkey you have the freehold ownership. Whether you buy land or a house you are the sole owner of the property. It gives owners much more freedom, they can do whatever they want with their property whether selling or renovating it.
If you are planning to buy property in Turkey and take advantage of many benefits, you can check Buying Property page to get information about the process of purchasing a property in Turkey.