With the right approach, buying real estate in Turkey can be a profitable and reliable way to invest money. It is also a great opportunity to have your own house or apartment by the sea. More and more Ukrainians pay attention to such investment options and think about buying an apartment in Istanbul, Antalya or another Turkish city.
Among the advantages of buying housing in Turkey is the variety of offers on the market, attractive conditions for foreign investors, affordable prices and relatively low taxes. Also important role is played by political and economic stability in the country, popularity of Turkey among tourists and favorable climate.
To learn more about buying real estate in Turkey - the rights of Ukrainians, approximate prices for housing in 2024, the stages of buying an apartment and more - you can read this article. Here you can also find recommendations, which city is better to choose for buying real estate.
Can a Ukrainian buy an apartment in Turkey
Both foreign citizens and foreign companies can buy housing in Turkey. For all citizens of Ukraine is available to obtain ownership of real estate in this country.
Turkey is among the ten most popular countries in which Ukrainians actively buy housing since 2022. Thus, the number of housing bought by Ukrainians in Turkish cities in 2022 increased by almost 107% and amounted to more than 2.5 thousand apartments.
What rights does buying real estate in Turkey give
Buying an apartment of any value in Turkey gives foreigners, including Ukrainians, the right to obtain a residence permit. Any investment in real estate allows Ukrainian citizens to issue ikamet (residence permit) for 2 years with the possibility of extension.
With the amount of the transaction over 400 000 dollars, you can get Turkish citizenship. It is important to note that there are pitfalls here. To obtain citizenship it is necessary to buy real estate only from a Turkish individual or legal entity. If the seller is a foreigner, this possibility is excluded. Also, the funds must be transferred officially through the bank from the buyer's account to the seller's account.
Since January 2022, there is also another rule when buying real estate for the purpose of obtaining Turkish citizenship. Before investing in an object worth 400 thousand dollars or more, it is necessary to convert foreign currency into Turkish liras.
To obtain citizenship it is possible to purchase both new housing and an apartment on the secondary market. It can also be commercial real estate or a plot of land. It is important that the property certificate shows an amount in Turkish Lira equivalent to $400,000. The value must also be confirmed by a valuer's report from an accredited company.
What is the average cost of an apartment in Turkey
You can buy real estate in Turkey in different parts of the country - from resort areas to big cities. Each region has its own peculiarities, so housing prices can vary greatly from city to city. It is also important to take into account the characteristics of the object itself. The price range for apartments can be from 50,000 to several million dollars.
According to the Turkish real estate valuation analytics platform, as of November 2023, the increase in housing prices in Turkey was almost 26% in dollars. The national average price per square meter of residential property was recorded at $810. This is 12% more than in July 2023. In the summer, the price per square meter was $723.
The average price of a property increased and reached $102,000 in November 2023 against $94,000 in July of the same year.
The highest cost per square meter of residential property was recorded in Istanbul, Izmir and Antalya. More affordable housing prices can be found in Bursa, Kocaeli, Ankara and Mersin. In these cities, the average cost of 1 m² is about 800-850 dollars.
In the Turkish market you can find relatively inexpensive real estate - for 30-40 thousand dollars. But it is important to choose the right object in order not to make a mistake and not to buy by mistake illiquid real estate, which then will not be able to resell profitably and which will be unsuitable for living.
What is the best city to buy an apartment in Turkey
For a profitable investment, it is best to consider buying an apartment in a large or resort city. Such housing is always in demand, as people vacation, solve business issues, work, study. Real estate in megacities and resorts is popular among tourists. If you buy an apartment for personal residence, the proximity of the sea will also be a great advantage. So, what cities are worth considering.
Istanbul
Istanbul is one of the best options for home ownership in Turkey, given the cultural value of the city, its important role for tourism and investment. There is a huge choice of residential real estate in Istanbul at different prices: there are apartments with sea view, in the city center, near historical sights.
New comfortable housing, bought in Istanbul in a well-appointed neighborhood, will be in demand all year round. This is a good solution for those who buy an apartment for rent.
Alanya
Alanya is a popular among foreigners resort town on the Mediterranean Sea. The infrastructure is well developed here, there is an international airport nearby. The choice of housing in the resort is quite wide and includes villas, apartment buildings, modern residential areas with their own infrastructure.
Buying real estate in Alanya may be of interest to both investors and those who want to move to Turkey for permanent residence. Those who have already bought an apartment here, claim that Alanya is like a European town by the sea and provides really comfortable living conditions.
Antalya
Antalya is a large resort with European service, so it will primarily interest those who want to buy a home for investment purposes. Although it is perfect for permanent residence. There is quality real estate, developed urban infrastructure, international airport, entertainment for every taste.
If you buy an apartment in Antalya to rent out to tourists, you should look for properties near the sea. For permanent residence more suitable neighborhoods with a quiet atmosphere, such as Kundu.
Bodrum
Bodrum is a city that you should definitely consider buying real estate. There is a wide range of housing here, and you can buy it at a very reasonable price. Sales of apartments in this city are constantly growing, so buying real estate can be a profitable investment.
The modern coastal resort is characterized by a unique geographical location, picturesque nature, beautiful architecture. Bodrum has a high quality of life: there are many restaurants, stores, entertainment venues. The modern infrastructure makes it a great place to live permanently.
Mersin
Mersin is another attractive city that investors often overlook. It is located on the shores of the Mediterranean Sea, here is also the second largest port in Turkey. Despite this, Mersin, as a tourist destination, began to develop relatively recently, which still allows you to buy an apartment here at a favorable price.
Among other advantages of Mersin are beautiful sea and beaches, favorable climate, historical heritage in the form of ancient buildings and ancient ruins, developed infrastructure, affordable education system. In addition, the city is one of the most seismically safe in the country.
How the procedure of buying real estate in Turkey
The process of buying real estate is not too complicated, but it still does not hurt to enlist the support of experienced professionals. This is especially true for those Ukrainians who plan to buy housing abroad for the first time.
So, how the procedure of buying real estate in Turkey looks like step by step:
- Selection of the object. When selecting an object, the buyer may still be in Ukraine or may have already arrived in Turkey. Realtors can find suitable options remotely.
- Obtaining a tax number and opening a bank account. To purchase real estate in Turkey, a foreigner must obtain a TIN at the city office of the Tax Inspectorate. The procedure takes no more than 30 minutes. You can also open an account at a local bank within a day.
- Signing of the preliminary agreement. The purchase agreement is signed with the participation of a notary. The document is issued in two copies: in Turkish and in the native language of the buyer. The preliminary contract specifies the characteristics of the object and the deposit.
- Registration of the purchase permit. Since foreigners are not allowed to buy real estate in some strategically important regions of Turkey, obtaining an authorization document from the Military Committee is a prerequisite.
- Transfer of funds to the seller. The buyer pays the seller in full before the title is registered.
- Obtaining the title of ownership. The property can be registered to the new owner at the Cadastral Office in the locality where the property is located.
- Registration of the technical passport. If housing is bought on the secondary market, the seller simply transfers the technical passport to the new owner. When buying an apartment on the primary market, the owner signs contracts for utilities in the local municipality.
If you plan to buy real estate in Turkey, you can do it safely with the agency "Mayak". The company's specialists will select suitable properties, check the documents and accompany the buyer at all stages of the transaction.
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