Investing in apartments in Turkey is a popular venture among Turkish and foreign businessmen due to several encouraging factors, primarily the high profit returns from this investment, making real estate in Turkey highly appealing.

In this article, we will explore the main reasons to invest in apartments in Turkey, the types of apartments, how to choose them, and the process of acquiring property in Turkey.

What are the Advantages of Investing in Apartments in Turkey?

If you're considering starting an investment project in Turkey, here are five reasons to choose real estate investment, particularly in apartments:

High Investment Return

Turkey attracts a large number of foreigners annually for tourism, work, or study. Real estate investment ensures profitable returns, especially during peak tourist seasons when demand for rental apartments increases. Choosing the right apartments can yield up to 12% annual profit from either resale or rental.

Buying an Apartment in a Developing Area: Purchase in areas where property values are rising, then rent or sell.

Buying Under-Construction Apartments: Invest in projects under government guarantee, where prices rise upon or near completion.

Eligibility for Turkish Citizenship

Acquiring Turkish citizenship is possible by purchasing any apartment worth 400,000 USD. The Turkish government has facilitated this, granting citizenship to many foreign investors within 90 days of purchase.

Government Support for Real Estate Sector

The Turkish government promotes the real estate sector through campaigns and offers, including installment plans up to 240 months and various investor incentives:

• Reduced down payments from 25% to 20%.
• Exemption from VAT for foreigners purchasing properties.
• Residency permits for investors and their families.
• Eligibility for Turkish citizenship and passport.

Variety of Options

The Turkish real estate market offers a wide range of apartment options, known for their strong infrastructure and increasing foreign demand, which boosts property values.

Low Apartment Prices

Apartment prices in Turkey are relatively low compared to Europe, the US, Canada, and other countries, making it an attractive investment option. This, combined with a favorable climate, promising economy, large real estate market, and numerous historical landmarks, draws tourists and investors alike.

Factors Determining Apartment Prices in Turkey

To ensure a successful apartment investment in Turkey, understand the factors affecting property prices. Key determinants include:

Location

Location is crucial for determining property value. For instance, properties in Istanbul, with its vibrant tourism and commerce, are more valuable than those in other regions. Within a city, prices vary between central/tourist areas and suburbs.

• Apartments near historical sites or with sea views.
• Proximity to essential facilities like shopping centers, schools, and hospitals.
• Accessibility to public transportation.

Age and Condition of the Apartment

Under-construction apartments are generally cheaper, offering higher potential returns compared to ready-to-move-in properties. Future price improvements are also likely.

Apartment Specifications

Features such as floor number, view, décor, and furnishings significantly impact property prices and investment returns.

How to Acquire Apartments in Turkey?

The process of purchasing an apartment in Turkey typically involves:

1. Signing the Purchase Contract
   The buyer must sign the purchase contract in person or appoint a representative with a notarized power of attorney.
2. Obtaining a Tax Number
   A tax number is required for property purchase, obtainable from any Turkish tax office. It includes the foreign buyer's personal information to facilitate the transfer of ownership.
3. Obtaining a Property Valuation Report
   This report is issued by government-approved real estate appraisal companies.
4. Opening a Bank Account
   Open an account in a Turkish bank to transfer the purchase amount.
5. Providing Required Documents
   Submit a translated and notarized copy of the passport and six passport-sized photographs.
6. Completing the Transfer at the Title Deed Office
   Both the buyer and seller must go to the title deed office to transfer ownership. The buyer receives the title deed and apartment keys. If the apartment is under construction, the title deed is handed over upon completion.
7. Paying the Property Acquisition Tax
   The acquisition tax is approximately 4% of the property value, split equally between the buyer and seller.

It's essential to register the property transaction at the land registry office to safeguard against fraud and enable bank loans using the property as collateral.

Read Also:

• Investment in Bosphorus Villas in Istanbul
• Turkish Citizenship - Comprehensive Guide and Detailed Information

Conclusion

This article, presented by Skyline Real Estate, covered the key information about apartment investment in Turkey, its advantages, the factors influencing property value and returns, and the steps to purchase and register an apartment in Turkey.