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Nowadays, Turkey and some other countries offer many unique opportunities to foreign investors to boost their economies. For instance, foreigners are granted citizenship or residence permit by buying a house or another property depending on the country’s regulations.
Unfortunately, a few people are fully aware of real estate laws, so they face some legal problems during the process. Therefore, if you are interested in investing in real estate, we strongly recommend getting enough information about the country’s laws and political situation before taking any action.
Here, we will tell you all about real estate investments in Turkey. Are there any specific requirements? What are the advantages and disadvantages? Are there any alternatives? Stay with us to find out!
Real Estate Investment Laws and Conditions
Foreigners can buy property under their names in Turkey, but there are some restrictions when choosing the location. You can only invest in city areas. So, if you prefer a fancy suburb or rural area to live in, Turkey is not the right place for you.
However, if you are okay with living in these exceptional and peaceful cities of Turkey, you should go to the nearest Land Registry Office to send your request. They will then review your documents and background. If everything is alright, they will ask you to handle the paperwork and transfer money.
Residence Permit by Investment
Purchasing property in Turkey does not necessarily grant a residence permit or citizenship. They have two completely different processes. Still, according to the recent regulation, if you invest more than $400,000 in real estate, you can also apply for residency without going through any complicated process. As a result, the property will grant living and working rights to foreigners with the condition of not selling the property for at least 3 years.
Safety Issues for Investors
Although Turkey faced many problems before due to lack of regulation in this field, it has set some new amendments to protect the investors’ rights. For example, the government has abolished long-term military checks and issued official licenses to real estate agents to check their legal activities.
Nevertheless, you’d better do research and get to know the necessary laws before investing. Do not forget to ask an independent and well-known solicitor for investment advice. And always do all your transactions via the bank to keep proof of your dealings.
If you do so, you will have a valid document in hand in case of any fraud or scam.
Role of Nationality in Real Estate Investments
Turkey dropped its strict housing laws in 2013, and ever since, the country’s housing market and economy have flourished. The country has opened its doors to investors from all around the world. However, citizens of Nigeria, Syria, Armenia, Cuba, and North Korea still are not allowed to purchase any property in Turkey.
Other nationalities are free to invest in this country and buy property under their names.
Cost of Purchasing Property in Turkey
Turkey is the 37th largest country in the world. So, you can find your desirable prices in every corner of this vast land. For example, in Kalkan, Antalya, you cannot find property for less than $100,000. While in Aydin Province, many one-bedroom cozy apartments start from $50,000.
Is Turkey a Good Place to Buy Real Estate?
A common question that people usually face is whether Turkey is an excellent choice or not while investing. Well, each country has its advantages and disadvantages based on its economic status, regulation, culture, and living conditions.
So we decided to lay out the reasons why Turkey will be suitable for a profitable real estate investment and what likely problems may occur if you do so.
Benefits of Investing in Turkey
- Affordable prices
- Low cost of living expenses
- A nicely developed country
- New and well-architected buildings
- Safe living environment
- Giving residency to investors
- Kind and hospitable people
- Advanced amenities and transportation
- Allowing investors to choose the desired city
Drawbacks of Investing in Turkey
The biggest problem with investing in Turkey is its economic volatility. Although the country has developed significantly over the past few years, the value of the Lira still changes dramatically due to the unstable economy. So, if you buy a property to increase your money and earn a profit, Turkey is not a suitable place to invest in.
On the other hand, most investors have little information about this country and are defrauded easily. As we mentioned before, get a trusted lawyer to walk you through the legal process of investing. There are also several companies promising to do the job for you. Do not trust them easily and ask professionals to help you out.
To get informed about the administrative process and document registration, you should consult with a trusted person and ask him/her to let you know about the requirements. Especially if you do not know any Turkish, you should get help from an expert to read the documents and make sure they are correct.
Which Countries Grant Citizenship in Exchange for Property Investment?
Other than Turkey, many European and Caribbean countries provide foreign immigrants with citizenship and residence permits in exchange for purchasing the property. In this way, you do not need to be familiar with the local language or go through the complicated process of obtaining residency.
You can get a country’s citizenship by doing some property paperwork. That is why many people choose this path to immigrate or get a country’s valid passport. In the following, we will name nine other countries that grant citizenship and tell you the minimum amount of money required to invest.
Before getting your permanent residence or being able to sell your property, you need to live in each of these countries for at least 3 to 5 years.
- Republic of Turkey: $400.000
- Republic of Malta: €700,000
- Dominica: $200,000
- St. Lucia: $300,000
- St. Kitts and Nevis: $200,000
- Grenada: $220,000
- Antigua and Barbuda: $200,000
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