Is it still the right time to own a property in Turkey?

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2024-03-08

Real estate investment in Turkey is considered one of the most important economic fields that are witnessing remarkable prosperity in recent years, as the demand for it is increasing dramatically and increasingly, and despite the challenges, the real estate sector in Turkey has not been affected much, but has remained steadfast, but is it still the right time to own real estate in Turkey? ? In this article, we will discuss this topic in detail and tell you about the best opportunities to invest in real estate in this wonderful country.

Advantages of real estate ownership in Turkey:

Benefiting from the law granting Turkish citizenship to investors who buy a property in Turkey at a value of $400,000.
The possibility of obtaining real estate residency by purchasing an apartment in Turkey at a value of 75 thousand US dollars and granting it to the investor’s wife and her children under 18 years old.
The advantage of obtaining a Turkish passport after granting Turkish citizenship to the investor wishing to own real estate in Turkey.
Enjoying the rights of a Turkish citizen and entering more than 200 countries without making a prior visa when obtaining a Turkish passport through real estate investment in Turkey.
Benefit from the tax incentives offered by the Turkish government to those wishing to invest in real estate in the real estate sector in Turkey.
Turkey includes many local schools, private and international universities, as well as educational institutions that provide the best services with modern means and technologies comparable to Europe.
The city contains many hospitals, medical centers and private clinics that provide the finest services to patients.
The country is characterized by its solid infrastructure, as it includes the largest projects that work for the benefit of foreign investors, especially Arabs.
The real estate market in Turkey is characterized by diversity, as it includes a different group of real estate types, including: villas, penthouses, triplexes, duplexes, studio apartments and hotels.
Turkey is proud of the presence of various types of transportation, such as: dolmus, metrobus, tramways, taxis, and sea ferries.
It is characterized by the presence of many ancient historical areas and monuments, in addition to historical museums.
The customs and traditions of Turkey are similar to the customs and traditions of Arab countries, which attracted Arab investors to invest in the real estate sector in Turkey.
The city includes a variety of malls, huge commercial centers, and international shops and stores
You can buy an apartment in Turkey and rent it during the tourist seasons to reap the huge returns and the many financial profits.

The most suitable time for real estate ownership in Turkey:

The views of economic and real estate analysts vary regarding the best time to buy real estate in Turkey and there are those who believe that the right time to buy Turkish real estate is during the period of fluctuation in the value of the Turkish lira and its decline in value and this is what is happening now, the majority of Turkish real estate is priced in the local lira, and therefore the fluctuation in the value of the currency leads to a decline in real estate prices.

Analysts consider this opinion justified because construction companies do not adjust their price lists on a daily or weekly basis, and the adjustment usually takes place after a period of time of at least four weeks has passed, until the real price of the lira is determined and the second reason for adjusting real estate prices is the approaching completion of construction work, as prices increase between 3 to 6 months with the progress of construction work.

According to the opinions of economists, the depreciation of the lira is the right time to buy Turkish real estate, especially if the investor imports his currency to buy from abroad, such as the US dollar, the European euro, the Saudi or Qatari riyal, and other currencies and thus, the foreign investor can take advantage of the decrease in real estate prices compared to the exchange rate difference in his favor and buy the property before the construction companies adjust their prices according to the update of the exchange rate of foreign currencies.

How to choose a property in Turkey suitable for your needs?

Determine the main goal of buying a property in Turkey, do you want to use it as a residence for living, as a commercial property for rent, for long-term real estate investment, or with the aim of obtaining Turkish citizenship? This will help you determine the right type of property and the right area.
Search for available properties in different regions of Turkey, take advantage of various means such as real estate companies, analyze the market and compare prices and different properties of real estate.
Visit the area and assess the infrastructure, and access essential services such as schools, hospitals and shops and also check the property's proximity to public transport and utilities.
Determine the appropriate size of the property, the number of rooms and spaces that meet your needs, look at the design of the property and make sure that it matches your taste and requirements.
Check the legal status of the property and make sure it has all the necessary documents and permits and you can work with a real estate attorney to verify contracts and ensure the integrity of the deal.

What nationalities are prohibited from owning real estate in Turkey?

Syrian nationality
Cuban nationality
North Korean nationality.
Armenian nationality.
Cypriot nationality.

The most famous areas for real estate ownership in Turkey:

The following are the most popular areas for real estate ownership in Turkey:

Istanbul:

Istanbul is located at the intersection of European and Asian continents, which makes it a gathering point for trade and economy and the city offers ample opportunities for business and investment
It is the economic center of Turkey, where many major companies and institutions are located, which enhances job and investment opportunities.
The Turkish government is investing heavily in the development of infrastructure in Istanbul, such as the new Istanbul Airport, the new Istanbul Canal, and the highways and this enhances the ease of access to the different areas of the city and makes it a suitable place for living and investment.
It offers a wide variety of real estate options, ranging from residential apartments and villas to commercial properties and hotels and investors can choose the property that best suits their needs and investment goals.
The real estate market in Istanbul is active and generates good investment returns and whether you want to rent or sell the property in the future, there are opportunities to achieve a high return.

Antalya:

It is distinguished by its picturesque landscapes, as it is located on the Mediterranean coast and surrounded by mountains and the area has beautiful sandy beaches and rose groves of oranges and lemons, which makes it a wonderful tourist destination and enjoys exceptional attractiveness.
It has a mild climate throughout the year, with warm summers and mild winters and this makes it an ideal destination to live and enjoy outdoor activities throughout the year.
It is a major tourist destination in Türkiye, and it attracts tourists from all over the world and this enhances the opportunity to rent real estate and achieve a good investment return through palaces and hotel apartments
It witnesses a continuous development in the infrastructure, as many necessary facilities and services are available such as restaurants, cafes, hospitals, schools, and shopping centers and roads and public transportation are being improved to facilitate access and movement within the city.