What makes Turkish real estate attractive to foreign buyers?
Tendencies of the Turkish market of real estate in 2013 and prospects for 2014
The cost of housing grows, investments increase
The end of the year – is a high time to sum up the preliminary results of the passable way and to estimate future opportunities.
So, active development of the market of the real estate, noted in Turkey in 2012, proceeded and in the 2013. Only in the first half of the year of this year in Turkey about 600 thousand real estate objects were sold, which is 78,7% more, than in 2012.
The proof of that the market actively develops, the forward rise in prices for housing serves. Just in October, 2013 the new real estate in Turkey rose in price by 1,06% (if to compare with October of the 2012, the rise in price makes 14,18%). The prices and in the secondary market grew: for October – by 1,3%, in a year – from October to October – by 12, 92%.
The greatest rates housing prices grew in Istanbul – by 16,44%, real estate in Izmir – by 10,88%, country houses and apartments in Antalya – by 8,78% (by data for the same October) this year. And, the rise in price concerned not only purchases, but also residential real estate rent. In the same cities respectively – by 10,55%, 7,44%, 2,83%.
One more tendency of the growing market of the Turkish real estate – increasing volumes of housing crediting. If in 2012 they made 43,2 billion dollars, only for the first five months of 2013 this figure hit 48,7 billion dollars.
Experts of Association of partners of investment in real estate predict growth of investments into real estate in Turkey and further. As confirmation of this thesis give demand for the Turkish real estate from foreign investors: in 2012 foreign buyers acquired housing in Turkey for the total of 2,64 billion dollars, following the results of even incomplete 2013 this figure is near 3 billion dollars.
Rules become simpler
Certainly, Turkish real estate becomes more popular in the opinion of foreign buyers, especially cosnidering the new rule on real estate in Turkey.
First of all it concerns entered in 2012 by law, cancelling the principle of reciprocity on real estate purchase to citizens of 183 countries. So the changes made to the law on reciprocity, opened the real estate market for buyers outside Europe, including the Middle East, Russia, Kazakhstan, etc.
Besides in the 2013 changes are made to the law on residence permit, including concerning and foreign owners of the Turkish real estate. For foreign investors now there is no threshold of the minimum cost of real estate when receiving residence permit. In Turkey for receiving residence permit it is enough to buy any real estate in any place of the country. Important change on which the foreigner who has received the work permit in Turkey, automatically receives residence permit. And the foreign citizens having residence permit in Turkey, have a number of advantages: can stay for unlimited time on the territory of the country, freely drive and leave the country, in general have equal rights to citizens of Turkey apart from voting.
In 2013 process of registration of real estate and receiving TAPU is reconsidered also. Since October 14, 2013 need of obtaining permission of military department on acquisition of any real estate in the territory of Turkey disappeared in case the request for real estate purchase on the same site was already considered according to someone's statement at least time since May 5, 2011. Thus, process of purchase of the Turkish real estate for foreigners was in most cases reduced from 6-8 weeks to several days.
All above-mentioned undoubtedly makes Turkey investment very attractive to foreign buyers of housing and lays the foundation of forward growth of the Turkish market of real estate in 2014.
Author: RestProperty
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