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Things To Be Aware Of Before Investing In Turkey Real Estate

2 February 2021
Things To Be Aware Of Before Investing In Turkey Real Estate

According to the statistics, Turkey has attracted the highest number of investors in the last five years. When you get turkish nationality in return for a Turkey property, it is indeed a beautiful offer. This law has attracted several foreign investors in both personal and commercial property. Almost ten billion people have invested in Turkey property, and the number is increasing. Besides, the lucid investment law for foreigners has been a boon for the country. If you have thought to invest in a Turkey property, you must know some basic things. This article intends to supply you with vivid knowledge before taking a step ahead to buy apartment in İstanbul or any city in Turkey.

List Of The Things You Should Take Into Consideration

Most of the foreign investors show interest in commercial turkish property. The reason is valid because Turkey has been the most prominent business station in the last five years. The unbelievable flourishing of the hotel and healthcare industry in the previous five years is pretty amazing. Real estate investors are expecting a vast and remarkable leap in the industry by 2023. If you search for "apartments for sale in Turkey," look for these unavoidable signs like:

  • The place of property
  • The limitation on reselling the property
  • The minimum limit
  • The maximum limit
  • Differences in the currency rate
  • The number of immovable assets
  • Timing of buying houses

No matter what kind of turkish property you are buying, you must be aware of the property's place. Whether it's for a commercial purpose or a personal one, you must look after the pros and cons of real estate.

You cannot sell your property in the next three years once you are affiliated with the citizenship program of the country. Therefore, before you buy apartment in Turkey, confirm your property status.

However lucid it may be, the law has some boundaries like the upper and lower limit of the property. For Turkey, it's ten hectares.

Lira has a significant difference from a dollar. When you go for a Turkey property, the difference in the currency will matter. The investment must have been equal to $250.000 in whatever currency you are paying in. The central bank of Turkey sets the limit.

The upper limit is either 10 hectares or $250,000. You can buy a property amounting to $250,000 or buy more than one that costs $250,000 but not more than that.

Focus On Some Least Talked-About Points

Q1. Do I need huge money to enter the Turkish real estate industry?

Ans. This is a complete myth. Though the source is unaware, when you search "apartments for sale in Istanbul," you should know that there are ample chances of mortgages. Yes, you can take a loan even if you're a foreigner. Turkish banks cover 80%-90% of the home loans and 40%-50% of commercial loans.

Q2. How to make a massive profit out of a Turkish property?

Ans. Making a profit out of a turkish property is even easier than purchasing one. Lend your property in the hotel industry or the healthcare industry. Turkey has made enormous profits out of these two industries.

Q3. What kind of properties should you avoid?

Ans. A dedicated agent of real estate Turkey will guide you that property without proper paperwork should never be on your list. Without TAPU (title deed), a property's validation is not granted. Several properties lack adequate paperwork.

Q4. Is it necessary to hire a lawyer?

Ans. Before buying a property İstanbuls, it's not necessary to hire a lawyer. Taking assistance from professionals while purchasing a property in a foreign land will be a wise decision. An independent lawyer costs only £1,000. They will verify the deeds and other necessary documents. By applying for military clearance, they will make sure every criterion is fulfilled.

Q5. Will the validity of my turkish nationality expire if I sell the property?

Ans. Once your Turkish nationality is granted, you will carry that throughout your life. Even if you sell the property, your citizenship will not expire. But you cannot sell the property for the next three years of purchase.

Some Other Points To Consider

Q1. Why is it the best to buy apartment in İstanbul?

Ans. Among other cities of Turkey, Istanbul stays on the top list for the property. Besides being the business capital, the city is the connector between Asia and Europe. The tourism industry has taken a noteworthy development in this city. Giant enterprises target Istanbul for their new initiative.

Q2. Which city is the best for private property in Turkey?

Ans. If your target is to purchase apartments for sale, you should target Antalya. This city has a prosperous neighborhood. The city enjoys all the metropolitan advantages.

Q3. What purpose does a commercial property serve in Turkey?

Ans. Commercial property usually serves the purpose of a hotel or a hospital, or an entertainment center. But the demand for an office building is also high enough. You can buy apartment in Turkey and use it as a commercial property. Finding tenants in Turkey is not a big deal!

Q4. Whom to trust when I buy a turkish property?

Ans. Finding a trusted Turkish real estate agent is difficult but not impossible. Websites like Property.com come to your assistance. Always bestow your trust in agents who stay transparent to you and make a fair transaction.

Play Smooth, Play Safe

Buying a real estate Turkey is probably one of your life-changing decisions. But going according to the plan is essential for there are thousands of apartments for sale in istanbul. You must choose the one that will make you profit and not increase your trouble. A large number of properties exist without proper paperwork. Some of them are not made according to the drawn plan. You might not get confused about whether you're making the right choice. Only a professional can take you out of this ocean of confusion. Consider the points this article has mentioned before buying a property İstanbuls.

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