Pros and cons of buying a home in Turkey
At the beginning of 2023, the General Directorate of the Land Cadastre of Turkey introduced a new set of rules regarding the acquisition of real estate for the purpose of obtaining citizenship. Main points:
- An investor can buy several objects for citizenship, but their total cadastral value should exceed $ 400 thousand.
- It is impossible to apply for citizenship through the purchase of a share. Only one person can be the owner, even if the object is worth $1 million.
- You can buy real estate for citizenship ONLY from a Turkish individual or legal entity, and the object itself must be owned by them for at least three years.
- The purchase must be confirmed by the Ministry of Environmental Protection and Urban Development.
The key “advantages” of buying a home in Turkey include:
- affordable housing prices (there are still a lot of options at a price of up to 100 thousand euros);
- rich infrastructure of residential complexes, including fitness centers, swimming pools, playgrounds, etc.;
- rapid development of coastal regions;
- the rapid growth in the cost of housing, which is interesting to investors;
- relatively low taxes on the purchase and ownership of residential real estate;
- the opportunity to obtain a residence permit and citizenship through the purchase of housing;
- ease of conducting transactions for Russians (now transactions are concluded even remotely, besides, a number of developers have already begun to accept payment in rubles).
In addition to the advantages, it is worth noting some disadvantages:
- non-transparency of the market;
- understating prices in documents, which is fraught with trouble;
- restrictions for foreigners in terms of renting housing;
- “closure” of districts for obtaining a residence permit with TAPU and, accordingly, citizenship in the future;
- local currency volatility.
ARAVANA Multifamily Office experts have more than 5 years of experience in implementing citizenship-by-investment programs. Our partners are large proven developers, so we can offer you proven and reliable real estate for your own residence and for receiving investments.
If you would like to receive detailed advice on purchasing real estate in Turkey, leave a request in the form below and we will contact you as soon as possible.