Real estate in Turkey: why 2023 is the best time to buy an apartment?

Real estate in Turkey: why 2023 is the best time to buy an apartment?

Real estate in Turkey: why 2023 is the best time to buy an apartment?

"Turkish Coast" has long been attracting tourists not only as a resort, but also as a place for investment - this is not a "discovery". However, it is 2023 that is one of the most ideal moments to enter the local real estate market. Both for buying a home itself, and for making money on it.

There are many reasons to buy a house or apartments, but the hottest ones in 2023 are:

Favorable exchange rate

The Turkish lira has been going down rapidly for a long time. Foreign buyers of real estate in Turkey holding dollars and euros receive significantly more cash at a favorable exchange rate. You should not count on much - the price per square meter is also growing rapidly here, but this will give a certain benefit

High return on investment

Investments in the Turkish real estate market bring high returns, which makes Turkey attractive to international investors. According to experts, real estate investment in Turkey will reach $1 billion in 2023. Those who are looking for a quick speculative profit in Turkey will not succeed in selling property due to the low price index. However, long-term real estate investments of ten years or more offer an ideal increase in value.

Attractive apartment portfolio

The big difference from the Turkish real estate market 20 years ago and today is reflected in the huge abundance of modern apartments, villas and commercial buildings for sale. The Turkish government has invested billions in upgrading infrastructure and roads to encourage foreign investment so that everyone can find what they want within their budget.

Earnings on renting out property in Turkey

Foreigners can rent out their property in Turkey without restrictions and at will. If the property is rented out as a business, foreigners and Turkish citizens living abroad are exempt from income tax.

If the property is rented out as an apartment or a house, a foreigner as well as Turkish citizens living abroad are exempt from paying tax in the amount of up to 7000 Turkish liras, and in other cases from 15 to 40% pay income tax, and of course, must file an income tax return.

Full ownership of real estate

Real estate in Turkey is property regardless of the nationality of the owner, unlike some countries. Foreigners who buy property in Turkey have full ownership for life. In the event of the death of the owner, the property passes to his descendants in accordance with Turkish inheritance law.

Property at a reasonable price

Compared to European countries and the United States, real estate prices in Turkey are acceptable. While buying property in other countries is associated with high prices and taxes, Turkey offers the opposite. The innovative processes of the leading construction sectors have opened up a wide range of opportunities in a market with high standards, resulting in lower prices.

Buyers with foreign exchange income can afford luxury real estate at affordable prices. As a result, Turkey has become an attractive destination for real estate investment worldwide.

Ideal lifestyle

Property buyers who are looking for another country for their retirement choose Turkey as their way of life. Great weather, a healthy attitude, a strong community atmosphere and a seafront location prove too tempting. Investors who want to access one of the fastest growing tourism markets in the world love Turkey.

As we can see even from such a brief overview, 2023 is almost the perfect moment to invest in real estate in Turkey.

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