Why Invest in Real Estate in Turkey?

A Turkish passport gives visa-free travel to 111 countries so is an ideal oppurtunity. 

Why Invest in Real Estate in Turkey?

Turkey is one of the up and coming countries in the world when it comes to investing in Real Estate, but you may not know why… so here are a few reasons why you should consider this unique country with its culmination of the mysterious East and the cosmopolitan West.

Pandemic

As of October 2020, there are not many countries in the world which haven’t been adversely affected by the current Coronavirus Pandemic – but Turkey has been classed as the 3rd least affected. As a result of this classification, Turkey has recently launched new infrastructure projects, such as new hospitals and schools, together with a 330km long highway, linking the Marmara, Black Sea and Mediterranean regions. This has been planned to open in time to coincide with the country’s Centennial celebrations in 2023. Furthermore, Turkey has one of the fastest-growing economies in the world with an average GDP growth rate of 5.5%.

Location, location, location

Turkey’s strategic location has created an efficient and cost-effective hub to major markets giving easy access to 1.5 billion people and a combined market worth 24 trillion USD. Turkey is a central country and therefore flights are plentiful and short. This has attracted worldwide names such as Toyota, Ford, Nestle and Hugo Boss, all of whom have chosen Turkey as a hub for manufacturing, export and management.  These top investments have created huge employment opportunities for the increasing number of young, well-educated citizens of Turkey, a result of the rapid expansion in the number of universities in Turkey, creating a dynamic and educated workforce.

Property Market

Despite the Covid pandemic, Turkey’s property market continues to boom, with more than 41,000 new properties being sold in Turkey during September 2020 – 5,269 of which were sold to foreigners.  Around 8,000 new properties were sold in Istanbul, the main city for buy-to-let investors in Turkey (around ¼ of these properties were bought by foreign investors). Iranian investors accounted for the highest number of property sales to foreigners in Turkey during September 2020, closely followed by Iraqis and Russians. Other foreign investors came from United Kingdom, Germany, United States, and China.

Buying property in Turkey is a very quick and straightforward process and is available to citizens of 129 countries.  There is no Capital Gains Tax in Turkey if you keep your property for 5 years and foreign buyers are also exempt from VAT on a first home purchase when buying with foreign currency. Furthermore, the country’s popular 'Citizenship by Investment Programme, is proving successful. A Turkish passport gives visa-free travel to 111 countries so is an ideal opportunity. 

Summer Homes advisors can help you to invest in your future property and passport. Contact us today.