The rapid economic development that Turkey is witnessing in recent years has made it a destination and the focus of attention of many investors, and the most important investment methods that the investor resort to in Turkey are real estate investment methods, because of Turkey's stability in return on investment.
Perhaps one of the most important reasons for the success of real estate investment is the investment laws issued by the Turkish government, which came in the interest of the investor and gave him absolute freedom in dealing with real estate, the most prominent of which are:
Real estate ownership law in Turkey
The Turkish government has made amendments to the real estate law, especially in some points related to foreign ownership of real estate in Turkey, and Law No. 6302 was approved, which lifted some restrictions imposed on foreign ownership of real estate in Turkey, which encourages real estate investment in Turkey.
Determining the foreigner's share of real estate ownership
It is the determination of the area of what the individual owns, and according to the law, what a foreign individual owns must not exceed 10 percent of the total area of a single area, and if the foreign individual owns more than one property in more than one area, according to the law, the total of what a foreign individual owns must not exceed an area of 30 hectares over the entire Turkish geography.
Repealing the law of reciprocity
Among the important amendments made by the Turkish government to the real estate law, especially related to foreign ownership of real estate in Turkey, is that it is the right of the foreign individual to own real estate in Turkey without being subject to the conditions of reciprocity, and this right has been given to citizens of 138 countries around the world. As this law is considered the most encouraging thing in real estate investment in Turkey.
We will give an example about this law: Suppose a French man wanted to buy a property in Turkey, and the laws in France regarding foreign ownership of real estate there required that the foreigner must present a certificate proving his academic or university qualification, while in Turkey after the law of reciprocity was repealed, it is not necessary for this French to present this certificate in order to own a property in Turkey. There are some other laws that facilitate and encourage real estate investment in Turkey, including: Provides home loan insurance programs
1) Turkish banks provide, in case of a bank loan request, the lowest interest rates and the longest repayment period, due to the lack of opportunities for losses resulting from real estate investment.
2) There are sufficient grace periods before the start of mortgage payments.
3) Tax exemptions on installments paid on the mortgage.
4) Revenue from real estate investment provides an opportunity to pay off the mortgage.
5) The increase in the value of real estate in Turkey over time, increases your chance of profit and increases investment in other real estate.
The reasons related to the nature of Turkey that contributed to the success of real estate investment are:
1) Turkey's geographical location between Asia and Europe prompts the investor to buy or rent a property in Turkey and invest in it.
2) The strong infrastructure that Turkey possesses encourages real estate investment.
3) The moderate climate in most Turkish cities and the charming nature attract many people to rent or buy a property in Turkey in order to spend an enjoyable time.
4) The stability of economic inflation in Turkey includes several aspects: General stability of prices and costs of services, Cash income, wage rise along with the constant cash stock prices.
5) The growth of the Turkish economy and its increase in strength due to the increase in the influx of foreign capital to Turkey, and thus the success of investments and the existence of real opportunities to obtain high returns from real estate investment.
Moreover, real estate investments in Turkey are easy compared to other countries around the world for the following reasons:
1) You can prepare the necessary paperwork for real estate ownership in a few days.
2) The procedures for determining the inheritance of the real estate are easy and the inherited properties are distributed according to the inheritance law in your country.
3) The procedure for obtaining a real estate appraisal does not take more than four to five days.
4) The presence of Arab real estate companies has greatly contributed to overcoming many obstacles between foreign buyers and construction companies in Turkey.
5) Also, government development plans in Turkey play a big role in the success of real estate investment and its development, such as creating safer housing units and providing distinctive services, on the other hand, Turkey aspires to construct many large infrastructure projects, which will give prosperity to the real estate sector.
6) The vital "Basin Express" road in Istanbul contributed to raising the value of the surrounding and nearby properties to 3 times in a short period of time.
It is worth noting that when you own a property in Turkey, you can accurately estimate the daily, weekly, monthly and yearly profits, as the value of the rents in Turkey is fixed for a full year, and thus you can know how much you will achieve during the year from the moment you sign the lease with the tenant.
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