The reasons why property purchasing processes in Turkey by foreign have increased?
In the last few years, Turkey has seen an increase in the number of foreigners who want to #buy_properties_in_Istanbul and other Turkish cities.
Since the beginning of 2019, sales of apartments to foreigners have increased by 68.9% compared to the first half of 2018.
Istanbul has topped the list of Turkish cities in the #foreign_property_ownership_in_Turkey by 44.3%, followed by Antalya with 21% and Iraqis ranked first on the list.
There are many reasons that contributed to the increase of property purchasing by foreigners in Turkey, the most important of which are:
Turkish Citizenship Law:
Real estate experts confirm that the decision of the #Turkish_government issued in September 2018, which provides for granting #Turkish_citizenship to those who own a property worth $ 250 thousand, was one of the most important factors that encouraged foreign investors to #purchase_properties_in_Turkey and according to the Turkish Statistical Commission 2611 investors Foreigner have obtained the #turkish_citizenship in just one year.
#properties_prices_in_Turkey play an important role in attracting foreign investment.
If we compare the Turkish real estate market with the European markets, #real_estate_prices_in_Turkey are very suitable and thoughtful and less expensive than other real estate markets. You can #buy_apartments_in_Istanbul, for example in a central location and a wonderful sea view within a sophisticated residential complex, and provides you with high profitability, at a much lower cost than you pay a similar apartment in a European country.
Lira Exchange Rate:
With the decline of the Turkish lira exchange rate against the dollar recently, and the stability of real estate prices, #buying_property_in_Turkey has become a distinct investment opportunity and guaranteed profit for foreign businessmen,
and with the improvement of the Turkish lira everyone who bought a property in that period was benefited.
It should be noted as well that the #Turkish_government has issued a decision that states, both the seller and the buyer are obliged to deal in Turkish lira, which saves the investor the exchange rate differential.
The cultural rapprochement between the foreigners and Turkish society is one of the main reasons that encourage the foreign investor to operate their money in #Turkey
It should be noted that hundreds of foreign families who lived in Europe and America moved to live and settle in #Turkey.
They have also invested their money in various fields, the most notable of which is the purchase of #properties_in_Istanbul.
Some went to #buying_apartments_in_Istanbul in under construction projects to put them for re-sale when they are ready for housing and benefit from a profit rate exceeding 25%.
Others preferred to invest in projects that offer the best #hotel_apartments_in_Istanbul with a multi-year rental guarantee.
The #Turkish_government has taken a lot of measures to revive the real estate investment sector It amended the laws of ownership of foreigners and opened the doors for foreign investors,
Plans have been drawn up to protect the rights of foreigners in the country so it has issued a decision requiring both the seller and the buyer to bring an appraisal expert for the property whose task is to value the apartment, in order to preserve the right of the foreign buyer.
The Turkish Registry Administration is preparing to open offices in several Arab and European countries to facilitate the procedures of foreign ownership of properties in Turkey.