Buying Real Estate in Turkey 2023: A Guide for Expats
Real estate and property is considered a great investment, especially for stable and long term returns. This makes the buying of real estate an important activity and something that many people wish to do. This is especially true with respect to the developing nations. People in these countries try to invest a good chunk of their income in buying property, especially as the property there is more affordable as compared to the prices in some already developed countries. Besides this, the prices of these properties will increase massively once the country starts developing more hence leading to bigger and better returns.
Turkey is one such country which is considered to be developing by some and developed by others. Regardless of the fact, many people seem interested in buying property there. This also includes the expats, that is, those people who have left the country as they consider land to be a good asset to invest in even though they might not physically stay on it. Buying property as an expat can be different than buying it as a resident of a place. People can check this site to buy real estate Turkey properties and follow the specific guide to buy property as an expat in Turkey can be helpful.
1. The kind of property that one should buy
The foreigners, citizens, as well as expats of Turkey can buy different types of real estate properties. These different types of properties can fulfill different needs and expectations that one might have from the property. The various types of properties that can be bought by expats include normal land, farms, villas and apartments, shops and shopping complexes and even bigger buildings like a school.
Buying bigger buildings can be a great way to increase income. If one buys a building that acts like a shopping mall then profits can be made on a regular basis by renting out shops in the mall. This can act as a great way to increase the sources of income and in the long run may help some people in retiring early and using this passive income.
Similarly investing in farms can be helpful but also a bit unpredictable during certain periods. Buying personal property like a Villa or an Apartments can be helpful for those who wish to make a stable income out of renting these properties out. Such property can also act as a backup plan in case the owner wishes to visit Turkey or permanently settle there.
2. The city that one should buy property in
The city that one buys property in is really important too as it does not only affect the prices of the property but also impacts the kinds of profit that one can make from such an investment. A bigger City for example has costlier land but there is a larger demand of housing as well as commercial units in such a city. This is why if one wants to make higher profits and has a higher amount to invest they can choose to buy land in a large and more developed City. On the other hand purchasing land in smaller cities can be profitable as well. Much more area of land can be bought in small cities for the same amount that a person might buy a smaller land in a larger City. But it should also be noted that the demand for houses to rent as well as shops to lease would be lower in such cities.
Some of the cities in Turkey where one can look for good places are Istanbul (which is listed as the best but also expensive), Antalya (which is a good spot for tourism, hene good revenues), Ankara (which is the political capital of the country), Trabzon (with good natural sights) and other amazing locations like Bursa, Sakarya, and Kocaeli. These locations provide great opportunities for buying a variety of properties and making great returns from them.
3. The procedure of buying property in Turkey
One of the most important things that one needs information about is the whole process of purchasing a piece of land. This includes knowledge about the documents one might need and the permissions that one might require. After a person has chosen the apartment or land they want to buy they might have to come down to Turkey to sign the purchase contract. The contract can also be signed by a registered agent of the person who wants to purchase the land at the Turkey Embassy. In case an expat has a family member still living in Turkey they can help in managing the documentation work and dealings with the seller.
It is also important to get the tax number from the tax department of Turkey by the purchaser. One has to also go to the Real Estate Registration Directorate to get the Title Deed of the property so bought. The deed would be complete once the taxes are paid to the previous owner.
4. Know about the taxes
It is also important to know about the types of taxes that are collected while one purchases a land in Turkey. The two types of taxes are Value-added tax and Real estate title deed tax. The value added tax is to be paid once when someone buys a property. It ranges from about 1% to 8% of the total amount but can extent up to 18% in some exceptional cases. The real estate title deed tax is to be paid during the time when the title deed is registered. It amounts to 4% of the total price of the land out of which two percent has to be paid by the buyer and the other two percent is paid by the seller.
Purchasing land in Turkey can be very beneficial for investors as well as people who choose to live there. Using the correct methods and guidelines one can buy the best property suited to their needs and expectations.