Tips for Buying Real Estate in Turkey in 2023
Everything is changing so fast nowadays. When it comes to buying real estate as a foreigner from Turkey, all the legal regulations can be confusing. For example, the necessary investment amount for getting Turkish citizenship by investment was 250.000 USD and it changed in 2022. Now to obtain Turkish citizenship by the investment you need to make an investment of 400.000 USD or more.
It doesn't matter whether you're buying for a living or considering an investment, both are investments. Making an investment is a real deal. You need to follow the market, try to find the opportunities and you need to be well-resourced when it comes to jumping in and catching the opportunity. In that sense, you need to know at least the basics. If you are new to the Turkish real estate market, these tips will help you. Also you can read Real Estate Market and Turkey - What to Expect?
If you are ready, we can dive into buying real estate in Turkey in 2023!
What do you need to know about buying real estate in Turkey?
The first thing you should keep in mind, the Turkish real estate market is a profitable market. Well, why? Why is the Turkish real estate market profitable? First of all, Turkey is a fast-developing country. This means that your investment will gain a lot of value over time.
Secondly, Turkey is a well-known destination for tourists or foreign home-buying and investment.
Thirdly, on the real estate market side, the relationship between the development of the real estate stock and the demand is not linear.
For example, the average value of a property for sale in Antalya was almost 750.000 TL in December 2021, but today the average value of a property for sale in Antalya is around 2 million TL (a rise of over %266). You can see the same trend in Istanbul too. Experts predict that this trend will continue in 2023.
This means it is the right time to invest in the Turkish real estate market. Yet, we are speaking about making investments in real estate. This requires you to have at least basic know-how. Let’s go step by step.
Step 1: Choose the right location to make an investment
When it comes to making investments the code is in the right place at the right time. We mentioned above that 2023 is a good year to make an investment in the Turkish real estate market. What about the right place?
The right place to invest depends on the property type that you want to invest in. Do you want to make an investment in land? Do you want to make an investment in commercial property? Or do you want to make investments in finished or property under construction?
Step 2: Quick Pay Off or Long-Term Income
In addition to the type, you may want to consider whether you want your real estate investment to pay off quickly or you are a buy-and-hold investor. For instance, if you are wanting to quickly pay off, properties in Antalya, especially properties in Alanya, Istanbul and maybe even Izmir or Cyprus might be good investment options. If you want to make an investment for long-term income, you can still consider buying property for sale in Antalya, because of the nature of the Antalya real estate market.
Step 3: Visit the City that You Want to Make Investment If You Can
It is best to see the property for investment, which is the real estate in question. It will help you to imagine the future of your investment. Of course, this will be helpful when it comes to selling your property to another investor or if you want to develop your investment. The choice is yours.
Step 4: Location, Age, Condition, and More
Of course, you are the investor and you need to check all the details. In the real estate market if you are going to buy a property in Turkey then you need to check the property’s location. Is it near the city center, airport, or something else which helps to add value to your investment? What are the distinctive features of your property? Why should you choose this specific location?
If we are talking about buildings, apartments, or flats then you should consider the age and condition of the property. How old is the property? What is the condition of the property? Are there any improvements? What is the average cost of properties in the location you are looking for?
This type of information helps you understand the value of your investment.
Step 5: Get Familiar with the Customs
Buying property customs can differ from country to country. In order to invest you need to know, or at least be familiar with the customs of Turkey. The first thing that you should know is that you don’t need a residence permit to buy a property in Turkey. Buying a property doesn’t grant you a work permit or residence permit as well. But if you buy a property at a minimum cost of 400.000 USD or equivalent in other currencies including TL, you, your wife/husband, and children under 18 years old obtain Turkish citizenship.
On the other hand, you need to get familiar with Turkish real estate buying and selling legislation, taxation, and necessary insurance.
This kind of information helps you to proceed in a safer and faster way. If you want to know more about whether is it safe to buy property in Antalya you can read our related blog post.
Step 6: Make Realistic Predictions
Making an investment is closely related to the future. If you are investing, it means you care about the future. You should consider your investment from every possible angle. When will your investment start generating income? What about taxation and maintenance fees? If it is still looking reasonable, then you are ready to move to the next step.
Well, now we can say that you are ready to start investing in Turkey. All of these steps may take a little time. If you want to know a shortcut, then you can continue to the next step.
Step 7: Choosing the Right Real Estate Agent
You might not be able to learn all the things that you need to know or you might not be able to visit the city that you want to invest in. It’s totally normal. In that kind of situation maybe you should work with an expert, experienced, and licensed real estate agent.
guide you in matters such as regulations and taxes. As Property in Alanya, we are ready to help you in finding the right property to invest in or start to live in Turkey, or obtain Turkish citizenship in the best and fastest possible way.
Call us or fill out the form below now and let’s start to search for the best property and investment opportunities for you.