The Benefits of Buying a Property in Turkey
In the write-up we penned, titled “The Benefits of Purchasing a Property in Turkey”, we elaborate that acquiring a house is not merely a financial venture, but also a device, coupled with numerous societal benefits. Living in Turkey is more than economic advantages because of its historical background, unique cuisine and wonderful nature. Thanks to its features, of course, Turkey has many economic advantages. From passport to citizenship right, you gain many social and economic advantages by purchasing a property in Turkey. Let’s examine these advantages.
The Benefits of Buying a Property in Turkey
Buying a house in Turkey offers many benefits to foreign investors, both financially and in terms of living and moving in Turkey. Let’s take a look at the advantages of buying a house in Turkey.
Getting a Residence Permit by Buying a House in Turkey
Foreign nationals who buy a house in Turkey, together with their families, are entitled to a residence permit in Turkey. This permit is valid for a renewable period of one year as long as they retain ownership of the relevant property. The residence permit does not allow its holders to work in Turkey. However, it grants children under 18 years of age access to all Turkish public schools. No minimum purchase value is required to obtain a residence permit through real estate.
Obtaining Citizenship by Buying a House in Turkey
The Turkish government offers an attractive opportunity for foreign investors to obtain a Turkish passport. Buying a house in Turkey is one of several methods to obtain Turkish citizenship through the investment program.
Foreigners who purchase one or more houses in Turkey worth at least USD 400,000 or equivalent are eligible to apply for Turkish citizenship for themselves and their dependent family members. They can also acquire a Turkish passport within 8 months of purchasing a home. You can read more about the Turkish citizenship by investment program in our related article.
Government Incentives
Besides the Turkish Citizenship by Investment Program, the Turkish government has set many incentives to encourage foreigners to invest in Turkey. Most of these incentives cover the real estate investment sector, which accounts for 57% of FDI. The Turkish government rewards foreign investors who purchase real estate in Turkey with VAT exemption and other tax breaks such as stamp duty.
Taking Full Ownership of the House
One of the advantages of buying a house in Turkey is full ownership and the right to inherit. Unlike some countries, a house in Turkey is freehold, regardless of the nationality of the owner. Foreigners who buy a house in Turkey have full ownership for life. In the event of the owner’s death, ownership of the property will be transferred to his/her heirs according to Turkish inheritance law.
Buying Affordable Luxury Homes in Turkey
Compared to European countries and the United States, real estate prices in Turkey are acceptable. Innovative processes of developed construction sectors have opened a wide range of possibilities with high standards in the market, thus lowering prices. Buyers with foreign currency income are able to purchase luxury real estate at affordable prices. As a result, Turkey has become a globally attractive real estate investment destination.
Turkey is a Safe Country to Buy a Home
Turkey is an extremely safe country, especially in big cities like Istanbul, Ankara and Izmir. Compared to other Western countries, Turkey’s crime rate is extremely low, making it a safe place to buy property. According to the latest data from Numbeo, Turkey had a crime score of 39.62 and a high safety index of 60.3 in 2022. With these rates, Turkey ranked 93rd in the highest crime index, while the United States and the United Kingdom ranked 57th and 68th respectively.
To Buy a House in Turkey
If you are interested in buying a house in Turkey, the experienced consulting company Zaren Invest in Turkey, a member of Zaren Group, will help you with a complete consultancy. You can contact Zaren Invest at any time. Don’t waste time, contact Zaren Invest.
