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Investments in Turkish property: statistics and perspectives
January 7, 2006 is the date that changed the image of Turkey for tourists. The law № 5444 on "property purchase by foreigners in Turkey" was enacted. In later years, this law was developed and changed providing new opportunities which include:
• the abolition of minimum property cost for getting residence permit;
• simplification of property registration procedure and getting TAPU;
• the right to purchase the land both within the city and rural areas.
So, Turkey has become valuable for its investment attractiveness. According to the World Investment Project Survey which is formed by the UN Conference on Trade and Development (UNCTAD) Turkey was the fourteenth among the most investment attractive countries in 2013.
Here you can find the dynamics in foreign direct investment (FDI) indicators for the last ten years (according to the Central Bank of Turkey and YASED).
According to above mentioned Central Bank of Turkey and International Investors Association (YASED), the top of the investing countries was presented by Germany, the Netherlands and Russia.
Why is the Turkish property investment market attractive?
The Turkish property investment market provokes a great interest among foreigners. The fact that property is the most reliable way to save money doesn't need to be proved because constructions and the land are the most high-demand resources.
The indicators of the increased interest in property investment:
1. Growth of real estate prices.
• According to the Central Bank of Turkey, for four years (February 2010 – February 2014) the growth of real estate prices was 80 percent. This growth rate was much higher than the inflation rate (only 33 percent) of the same period.
• The recent figures from the National Institute of Statistics show the growth of prices in 2014 up to 12 percent comparing with the same period last year.
2. High demand among foreign purchasers.
• According to the National Institute of Statistics, the number of property sales to foreigners showed 60 percent growth in the first half of 2015 comparing with same period in 2014.
• The property sales dynamics provided by the Directorate General of Land Registry has been showing the constant growth since 2008. Here you can find the data on property sales in Antalya, the most popular region among foreign investors.
3. Favourable investment climate.
• According to IMF, Turkey is the seventeenth among world's largest economies and the sixth among European countries.
• It is said that the economic growth of the country was four percent in 2013 and 4,3 in the first quarter of 2014 and will be the same in 2015.
• The government shows loyalty to the foreign business. The tax laws are developed to make comfortable conditions for nonresidents.
4. Non-economic factors such as good geographic position and climate, environment, well-developed amenities.
How to invest in Turkish property
There are several ways to invest in Turkish property:
• investment in any stage of construction with a view to subsequent sale;
• buying the residential real estate with a view to subsequent renting out or selling;
• buying commercial property for business or renting out.
You can contact the "Multivilla" no matter what type of investment you have chosen. Let us know what you are interested in and we will offer you all services based on your request.
We can help you to make a business plan, assess the project's efficiency, select residential and commercial real estates, organize a property viewing tour, make necessary paperwork, point out what hidden dangers you can meet in this kind of business.