Even amid the Covid-19 pandemic, Turkey remained one of the most attractive and promising destinations for foreign property buyers. Now, due to the changing epidemiological situation in many countries and the introduction of new restrictive measures, it is still one of the countries where buying a property seems to be a profitable investment. On the Turk.Estate website you can find real estate in Marmaris, Izmir, or Mersin for purchase and investing. There are at least 7 good reasons to buy property in Turkey now.
1. Hospitable conditions
Despite the discovery of a new strain of coronavirus, Turkey does not plan to close its borders soon. Most foreigners still do not need an entry visa, and the period of uninterrupted stay in the country is 90 days every six months.
2. Modest prices
The rise in prices for houses and apartments, including those located in seaside resorts and in large cities, which took place during the summer holidays, has slowed down.
This trend will continue in the coming months, including due to a sharp decrease in the number of foreign investors from some countries (primarily from Germany and Great Britain). The cost of commercial housing units which can subsequently bring a guaranteed income varies between EUR 60,000 to EUR 100,000.
3. Wide choice
On the local real estate market, there is a rich selection of real estate of greatest interest during the period of quarantine restrictions. We are talking about detached houses and apartments in residential complexes located far from the center, next to green spaces, within walking distance from the sea, and all the necessary infrastructure.
4. Quick and easy
Compared to many other countries, the procedure for buying real estate in Turkey is:
- more transparent,
- does not entail any serious risks at any of its stages.
In addition, foreigners are now very desirable clients, and local real estate agencies are willing to make concessions to them.
5. Interest-free loan
After an unprecedented decrease in mortgage rates in May 2020, Turkish banks have become more willing to lend to foreigners who are going to buy real estate in Turkey. There is an opportunity to get an interest-free loan if you buy a house from a developer even before commissioning. Mortgages in Turkey are issued both in national currency (lira), in US dollars, and in euros.
6. Low expenses
The level of prices for basic foodstuffs and necessities remained the same. The amount of EUR 500-600 per month, excluding the cost of utilities and the cost of training, treatment, and leisure will be quite enough for a standard family of four. The amount of other expenses depends on the individual characteristics and needs of each household.
7. Residence permit
Turkey has a simplified residence permit program for property buyers who choose this country as a permanent residence. Unlike Turkish citizenship, which can be applied for when spending an amount of USD 250,000 purchasing property, there are no price restrictions for a residence permit. In the case of acquiring the so-called “holiday” real estate in the tourist region, there is always an opportunity to lease it profitably.
Real estate in Turkey
In the world market, Turkey is considered one of the most attractive countries for investment due to its mild climate, picturesque landscapes, developed tourism, and loyal visa regime. Another argument is a fairly simple procedure for buying real estate for a non-resident.