The assumption that Turkish real estate is available at low costs is a common misunderstanding. This, however, is far from the case. For residents, real estate is prohibitively pricey. The Turkish currency has depreciated significantly in the last four to five years, as you are aware.
As a result of this decrease, Turkey now has one of the lowest living costs in the world. For foreigners who desire to live in a quiet nation with natural beauty and historical monuments, this is a fantastic chance. Furthermore, Turks are among the world’s most welcoming people. Russians are still buying in Turkey along with investors from across Europe the USA Scandinavia and Asia.
Real estate is deemed inexpensive, especially for Europeans and Americans, because one dollar is worth more than ten Turkish liras. This is the primary cause for the rise in foreign investment in Turkey in recent years. Never has there been a better time to buy or sell property in Turkey.
Is the value of real estate in Turkey increasing?
In the last five years, the price of real estate in Turkey has soared by more than 100 percent. In the last two years, prices have risen by more than 40%. In addition, Turkey has the highest yearly growth in property prices and rentals in Europe.
This tendency is, of course, influenced by the growing number of foreign investors. You may simply buy a luxury house in Turkey for a fair price and sell it the following year for a profit. As a result, the building business in the country is flourishing, notably in recent years.
Will Turkey’s real estate prices fall before the fourth quarter of 2022?
Despite the Turkish government’s latest economic stimulus package, the Turkish lira continues to trail behind all other currencies. As a result, economists anticipate that real estate prices in Turkey will not fall in 2022 or subsequent years.
The majority of industry experts anticipate that real estate prices in Turkey will continue to rise at a high rate during the next four years, and that this trend will last at least a decade, but the curve will be considerably smoother after five years.
The Turkish real estate market is unquestionably one of the best in the world. This market is heated and vibrant all year since the region is both a tourism and an investment hotspot.
The end of the year is an excellent time to review the year’s accomplishments and establish goals for the following year. Turkish real estate experts predict more increases in the cost of land, homes, and flats in Turkey, and explain why.
Is it worthwhile to invest in Turkey?
The ideal time to buy property in Turkey is now. The majority of residents and tourists invest in real estate to make money. In general, investing in a property in Turkey and selling it after only six months may make you a lot of money.
Of course, this is dependent on where you want to put your money. Turkey is also an excellent place to buy a retirement or holiday house. It offers gorgeous beaches, friendly residents, and delicious food. When you consider all of this, as well as the Turkish lira’s depreciation, Turkey is the finest nation to invest in these years.
The epidemic’s influence on the Turkish economy
The impact of the pandemic on the Turkish construction and real estate sectors, according to Emlak Kulisi, a Turkish and real estate publication, was “very serious.” The Turkish construction and real estate sectors, however, were reinvigorated by a one-of-a-kind mortgage campaign started in the summer of 2020. According to the Statistics Institute, approximately 230,000 houses and flats were sold in the country in July alone, a 124 percent rise from July 2019. Due to a considerable increase in demand, prices for flats, which formerly cost. The 500,000 TL mortgage campaign sold for 750,000 TL.
The progressive rise in mortgage rates was accompanied by a dramatic increase in the cost of fundamental construction materials such as iron, steel, and cement. All of these contributed to a slowdown in Turkey’s building and real estate sectors, as well as a rise in apartment prices in 2022.
What is the maximum amount of land that a non-Turkish citizen may purchase in Turkey?
Although foreigners are permitted to purchase property or real estate in Turkey, they must be aware of specific requirements. For example, the Turkish government, like all other nations, prohibits foreigners participating in terrorist operations from acquiring land or property in the country.
Foreigners are also prohibited from purchasing land in or near military zones. Before transferring cash or executing a transaction, one should conduct thorough study on all of these issues. Otherwise, there will be no way for you to receive your land or property.
The maximum amount of land that a foreigner can buy in Turkey is 30 hectares. The nicest feature about this restriction is that it applies to the whole geographical area. This implies you can acquire five, six, or even more hectares of land until you reach a total of 30 hectares.
Is it simple to purchase real estate in Turkey?
Foreigners and Turkish nationals are treated equally by the Turkish government. However, like in any country, there may be persons with nefarious motives who take advantage of outsiders’ kindness. As a result, we strongly advise dealing with an agency when purchasing a home in Turkey.
Working with an agency will benefit you because of the low cost of consultation. They will not only handle all of the paperwork for you, but they will also handle any risks you may encounter. Furthermore, you do not need to be concerned about any issues that may prohibit you from obtaining the land or property that you paid for.
You can also apply for Turkish citizenship if you acquire real estate or property valued at least $250,000 USD. You may obtain your Turkish passport in this manner, which comes with several benefits. It’s also worth noting that the Turkish government permits dual citizenship. Contact us today to buy or sell property in Turkey fast in 2022.