There are a number of reasons why investors are likely to choose the option of owning property in Turkey instead of other options. Turkey occupies a strategic position on the world map, making it a destination for investors and tourists alike.
Ownership in Turkey: Reasons and Motives
As for the reasons why Arab investors preferring the option of ownership in Turkey, we mention the following:
The political stability and security in Turkey, especially after the elections of 2018, and what followed it by economic stability, the environment that is truly a haven for the success of real estate investment in Turkey.
The similarity of societies’ nature among the Arabs and Turks in many respects, starting with the religious and moral common denominators, and ending with the simplest details of life, such as food and clothing.
The right atmosphere for education, which has become a real concern for many Arabs in Western countries, and its absence resulted in cases of alienation and denial of the original identity of many of the teenagers there.
The relative proximity of Turkey to the Arab countries led to the ease of reciprocal visits between the resident in Turkey and his family in his home country while saving a great deal of hardship and financial cost.
Tips for prospective buyers in Turkey
The investor's consideration of the following points makes the ownership in Turkey a safer investment process:
- Checking the eligibility of the seller, or the person responsible for selling the property in terms of having the right to execute the sale.
- Making sure there is no other owner or buyer of the property.
- Checking that the property is free from the rights arising from the mortgage, rent, or any other rights.
- Visiting the site of the property, and ensuring its validity and suitability for use in housing, work, or the special purpose of buying it.
- Obtaining a copy of the property ownership contract to ensure that the previous owner has not done any form of transfer of ownership, and to ensure that there are no rights to it.
- Ensuring that the area, specifications, and information contained in the property contract are identical to the actual form of the property.
Types of ownership in Turkey:
Before buying the property, the prospective owner of the property in Turkey should determine the type of property required, according to his purpose of ownership:
Owning commercial property: is to invest in non-residential property types, such as commercial offices, shops.
Owning residential property: is to invest in a property used for residential purposes only such as villas for sale, houses for sale.
What are the steps to be taken before owning property in Turkey?
- Full information about the property you want to own.
- Owning in areas expected to witness intensive investment activity in the future, such as urban transformation areas in Istanbul.
- Considering the advice of experts and experienced in the field of real estate before owing in Turkey.
- Not risking ownership of a property with substantial problems.
Ownership in Turkey = Economic feasibility + Turkish nationality
Every year, millions of tourists flock to Turkey. Many of them, especially the Arabs, visit Turkey on a regular basis in close periods, and with a simple calculation of the expenses paid annually, the economic feasibility of ownership in Turkey will appear in the medium and long term.
In addition to the above, the new law of Turkish nationality, which included important amendments to obtain Turkish citizenship, including the granting of Turkish citizenship in return for buying a property in Turkey worth 250 thousand US dollars, after it was one million US dollars in the previous decision!
What nationalities are entitled to own property in Turkey?
Turkey's ownership law in 2012 abolished the foreign nationalities that are entitled to own property in Turkey. Turkey's ownership laws were reviewed and the principle of reciprocity in the subject of foreign ownership of property was revoked and restrictions on the ownership of most nationalities were lifted in Turkey.
Real estate stay permit in Turkey
A short, renewable stay for foreigners who own real estate in Turkey. Real estate stay is granted (residence in Turkey by buying a property) for one year usually, and the wife and children under the age of 18 are also entitled to get it as owners.
Required documents to apply for a residence in Turkey by buying property
- Title deed of property (tabo).
- Earthquake insurance of the property.
- A valid passport for a minimum period of six months.
- A family statement of children translated into Turkish and certified by the Turkish Embassy in the mother country.
- Health insurance in Turkish territory for each member of the family.
Notes on Real Estate Residence Permit
- Real estate Permit is associated with tourist accommodation in many respects, but real estate Permit is more powerful in terms of viability and duration of renewal granted.
- Real estate Permit in Turkey enables the owner of the property to stay on Turkish land by buying an apartment in Turkey, but he is not entitled to apply for Turkish citizenship through this residence, unless the property worth at least $ 250,000, then the owner can apply for Turkish citizenship in return for buying a property on specific terms.
- Upon renewal of the real estate residence, there must be a title deed for which the residence was granted, and it is not permissible to apply with another one!
Edited by: Imtilak Real Estate