Why you should hurry to buy real estate in Turkey right now

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The Republic of Turkey right now offers almost instant investment citizenship of a friendly country to sufficiently wealthy, clean before the law, and prudent expats. To obtain a Turkish passport as quickly and profitably as possible, we recommend that you hurry up and have a look at the houses for sale in Turkey.

Recent news in property segment

Prices continue to rise. Perhaps this is now the main theme of the housing market. The average price of a 1+1 apartment in a new project in Alanya has already approached EUR 70,0000, even in areas such as Demirtas and Gazipasa. Recall that the price of new apartments in residences with a pool and other infrastructure, as well as just apartments in “Turkish houses”, includes a complete finish, a kitchen set, ready-made bathrooms with a shower and the plumbing. You can save money on repairs by buying an apartment in Turkey.

Prices are rising in developed and prosperous cities around the world. But Turkey continues to show unprecedented growth, as well as unprecedented demand from foreigners. If you plan to move, then the first thought of the majority is to the sea.

At the end of April, the average annual increase in selling prices per square meter in Turkey was 147%. The country’s average price per square meter is USD 503. The average cost of housing in April 2023 reached TRY 1.14 million (USD 71,000). The payback period is forecasted to be eighteen years. 

Prices and the average cost per square meter increased the most in April in the following provinces:

  • Antalya (+183%), USD 690 per square meter,
  • Istanbul (+173%), USD 830 per square meter,
  • Aydin (+161%), USD 750 per square meter.

It is worth noting here that in the resorts of Anatlia and Alanya, the buyer receives not only square meters, but also the use of the infrastructure of the residents of the house, at least: a swimming pool, a bathhouse, a sauna, a hammam, a playground, recreation areas, gazebos. The sea comes in as well, of course!

With inflation rising nearly 70% in April, the house price index (RPPI) rose 110% in March in nominal terms year on year. In real terms (adjusted for inflation), the index rose 29.7% year-on-year and 13.5% month-on-month, the Central Bank of the Republic of Turkey said. And median rent rose 19.7% year-on-year in March, according to the Daily Sabah.

Against the backdrop of the events of recent months, citizens of the Russian Federation in April since long time ago became leaders among foreigners who purchase a housing in Turkey. They purchased 1,152 residential properties. Citizens of Iran purchased 905 apartments, citizens of Iraq – 714, citizens of Kazakhstan – 311, citizens of Ukraine – 263 apartments in April.

In general, in April 2023, housing sales to foreigners increased by 58.1% compared to April 2023, and the national average of housing sales to foreigners was 4.8%, TurkStat reports.

Second citizenship for expats through the purchase of a real estate in Turkey

One of the main reasons for foreigners to hurry to buy real estate in Turkey in the current circumstances is the possibility of expanding the passport collection through the local economic citizenship scheme.

For decades, many countries have practiced issuing passports to foreigners in exchange for the willingness of the latter to invest significant capital in the socio-economic development of their new homeland.

The main advantages of the Turkish proposal are as follows:

  • A collective application is allowed, covering spouse and dependent children under the age of 18;
  • Investors and eligible family members who have obtained Turkish citizenship acquire the right to reside in the host country indefinitely, use the education and health infrastructure;
  • A physical residence is not required, proof of knowledge of the Turkish language, managerial experience;
  • Dual citizenship allowed;
  • Turkish citizenship by investment is granted for life and can be passed on to future generations of the family;
  • The Turkish passport provides visa-free/visa-on-arrival access to over 110 countries and territories.
  • Creation of a business foothold due to the unique location of the host country between southeast Europe and Asia, as well as the presence of a young and educated workforce;
  • The beneficiary is eligible to apply for an E-2 nonimmigrant business visa to the United States.

Possibility of introducing restrictions for immigrant investors / foreign buyers

Experts warn that foreigners may lose access to the Turkish real estate market, and the local economic citizenship program will rise in price / completely disappear from the world market. It should be noted that earlier discussions were held on the possibility of raising the entry threshold for participants in the local investment citizenship scheme from USD 250,000 to USD 500,000.

As a justification for such forecasts, experts cite Canada and New Zealand as an example, whose authorities had previously stopped issuing residency to foreign homebuyers, and also limited the rights of foreign investors in terms of real estate transactions in order to contain the rapid rise in prices and calm the angry electorate, who lost the opportunity to decide on housing question.

Housing prices in Turkey have risen by 286 percent over the last two years (not adjusted for inflation). This increase was mainly due to higher demand and higher prices for cement, iron, and steel due to the currency crisis, disruption of supply chains due to the epidemic, and soaring inflation.

Real Estate in Turkey

Taking into account the above, the decision to buy property in Turkey gives the expats a lot of bonuses and valuable advantages. But making a deal on your own can be problematic, given the language barrier and the specifics of local legislation. Turk.Estate experts will help you buy a liquid asset in a short time and on the most favorable terms!

Article by Born  Realist