Foreigners choose to invest in overseas real estate more and more in recent years, and the number of investors escalates accordingly. While deciding where to buy property, several points need to be considered. Your budget plays a prominent role, while the economic outlook of the country you want to buy a property and the benefits of investing in that country are also crucial.
Check out: Buying Property
Benefits of Buying Property in Turkey
Turkey’s real estate market offers a mass availability for foreign investors. By giving Turkish citizenship by real estate investment, having various budget-friendly options, a simplified purchase and ownership process, and its exchange rate, Turkey attracts investors. According to a survey conducted by international real estate investment company Remote Ventures, Turkey ranked 14th among the world’s most advantageous real estate markets for foreigners in 2020.
Foreigners from all nationalities take advantage of these opportunities in Turkey’s real estate market. According to the Turkish Statistical Institute, despite the pandemic, there were more than 40 thousand houses sold to foreigners in Turkey in 2020.
Turkish citizenship by real estate investment
Foreigners who purchase a real estate property with a minimum value of US $250,000 and hold the ownership for at least three (3) years can obtain Turkish citizenship without any additional condition.
Budget-friendly options
There is a house for every budget in Turkey. With the Turkish Lira’s currency rate and mass availability in the real estate market, there are various options budget-wise for investors. Whether in a modern city or a small village it is very likely for you to find your next home.
Full ownership status
Turkey also offers a simplified real estate purchase process and full ownership of the property to foreign citizens. Foreigners are allowed to obtain freehold ownership, and they are free to renovate or sell their property whenever they prefer. Turkey is one of the few countries to permit foreigners full ownership status.
Also check out: Benefits of Buying Property in Turkey for Foreigners
Where to Buy Property in Turkey
Whether for investment purposes or looking for a home for themselves, foreigners mostly prefer these five cities to buy property in Turkey:
Istanbul
Withholding Turkey’s most populated city title, Istanbul became the ultimate choice of foreign investors, especially in recent years. Istanbul, as a center for business, finance, and tourism, attracts foreigners from all nationalities with its modern city life, alluring social scene, and rich culture. In 2020, Istanbul took first place in housing sales to foreigners with more than 19 thousand houses.
Antalya
Antalya, the second most visited city by foreigners in Turkey, captivates foreigners with its warm weather, expat popularity, and calm and peaceful lifestyle. Being the most preferred destination by foreigners for more than 50 years, Antalya is a multicultural and diverse city. The most popular areas among foreign investors in Antalya are Alanya, Kalkan, Side, and Belek.
Ankara
As Turkey’s capital and second-largest city, Ankara is a cosmopolitan center for all the governing agencies and business community. Ranging from modern apartments to spacious houses, Ankara is the most popular choice in the heart of central Anatolia. The city is the best option for foreign investors who are planning to rent their property rather than living.
Bursa
Bursa, with its economic outlook, accessibility, and classy lifestyle, draws foreigners from all nationalities. Being located at the Uludag Mountain and also having beaches near the Marmara Sea makes Bursa a popular choice for tourists. The city long has been popular for foreign investors, especially with its opulent houses and grand villas.
Mersin
Mersin is another city preferred by foreigners located in the Mediterranean side of the country. Despite Antalya, Mersin is less popular and more affordable while still offering the Mediterranean lifestyle to foreigners. With its warm weather, small city life, and easy transportation Mersin resembles a little European city in the heart of the Middle East.