Obtaining permanent residency in Turkey is a hot topic at the moment. We strongly recommend that you consider obtaining residency through a real estate deal, keep reading to find out why!
Turkey is a country that is known for its warm climate, rich culture, and relaxed lifestyle, making it a desirable place to live for many people. The country is also home to many investment opportunities, including real estate. When you buy property by the sea in Turkey, you can easily become a permanent resident of the state. Not only does it provide the opportunity to live in Turkey, but it can also be a great investment.
Real estate in Turkey is diverse, with a wide range of properties available to suit different budgets and preferences. This, combined with the country’s growing economy and favorable climate conditions, has made the Turkish real estate market one of the most attractive in the world.
This article will explore the process of obtaining permanent residency in Turkey through real estate investment and the advantages that this option offers. It will also take a closer look at the Turkish real estate market, specifically the apartments and flats segment, and the investment opportunities that are available, such as renting out the property to tourists.
How to Get Permanent Residency in Turkey with Real Estate
To obtain permanent residency in Turkey through real estate investment, foreign citizens must purchase a property worth at least $250,000. The process of buying real estate in Turkey is straightforward and involves the following steps:
- Choose a property – There are many properties available in Turkey, from apartments and flats to commercial properties, so it is important to choose a property that meets your budget and preferences.
- Make an offer – Once you have found a property that you are interested in, you can make an offer to the seller.
- Sign a sales contract – If your offer is accepted, you will need to sign a sales contract, which will outline the terms of the sale.
- Apply for residency – After the sale is complete, you can apply for residency through the relevant Turkish government office. You will need to provide proof of the real estate purchase and meet other eligibility criteria, such as proof of financial stability and a clean criminal record.
- Receive a permanent residency permit – If your application is approved, you will receive a permanent residency permit, which can be renewed every five years.
It is important to note that the above process may vary depending on the specific circumstances of each case, and it is advisable to seek the advice of a local real estate agent or lawyer to ensure that you are fully aware of the process and requirements.
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Turkish Real Estate Market: Apartments & Flats
The Turkish real estate market is divided into two main segments: residential and commercial. The residential segment is the largest and most dynamic, with apartments and flats being the most popular options for investment.
Apartments and flats in Turkey are available in a wide range of prices and locations, from large cities such as Istanbul and Antalya to smaller coastal towns such as Bodrum and Marmaris. The prices of apartments and flats in Turkey vary depending on the location, size, and quality of the property.
According to the data of an online property aggregator Turk.Estate, a one-bedroom apartment in Istanbul can cost anywhere from $100,000, while a two-bedroom apartment in Antalya can cost from $100,000 to $300,000. It is important to remember that the cost of living in Turkey is generally lower than in many other countries, which means that your money will go further.
Investment Opportunities with Real Estate in Turkey
One of the investment opportunities offered by real estate in Turkey is renting out the property to tourists. With its stunning coastline, rich culture, and historical heritage, Turkey is a popular tourist destination, attracting millions of visitors every year. The country has a well-developed tourism industry, and many people choose to rent out their properties to tourists as a way to generate additional income.
Renting out a property in Turkey to tourists can be a profitable venture, particularly if the property is located in a popular tourist destination. The demand for rental properties in areas such as Istanbul, Antalya, and Bodrum is high, especially during peak tourist season. Property owners can earn a significant return on their investment by renting out their properties for short-term stays, such as weekly or monthly rentals.
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Conclusion on Permanent Residence & Real Estate Investment
Permanent residency in Turkey through real estate investment is a popular option for many foreign citizens. Not only does it provide the opportunity to live in a desirable country with a relaxed lifestyle, but it can also be a profitable investment. With its growing economy, favourable climate conditions, and attractive real estate market, Turkey offers many investment opportunities for property owners.
Apartments and flats are the most popular options for investment in the Turkish real estate market, with prices ranging from affordable to high-end. By renting out your property to tourists, you can generate additional income and take advantage of the country’s well-developed tourism industry.
In conclusion, if you are considering obtaining permanent residency in Turkey and looking for a profitable investment opportunity, real estate investment is definitely worth considering. With the right property and a well-executed rental strategy, you can enjoy the benefits of living in Turkey and achieve a healthy return on your investment.
