Many real estate buyers in Turkey choose to buy a property with the guarantee of the Turkish government, to obtain many of the advantages that result from such a choice.
What do we mean by real estate guaranteed by the Turkish government and why do many people choose to buy it? In this article, you can find all the answers you are looking for.
What is meant by buying a property with the guarantee of the Turkish government?
A government guarantee is a type of insurance the Turkish government offers to investors looking to buy a property in Turkey. This type of guarantee ensures that the project is completed and that the buyer will get his title deed upon completion. The government guarantee also provides buyers with peace of mind knowing that their investment is backed by the Turkish government.
Why do you choose to buy a property with a government guarantee in Turkey?
The Turkish government is keen to control the real estate projects it sponsors by ensuring that the buyers of apartments for sale in Turkey or the investors, in general, have accurate information at all stages of the project. For example, it monitors the pre-sale phase by examining all licenses issued by the contracting company to implement the housing project and reviewing all promotional and marketing advertisements for the project.
A field inspection of the model apartments is conducted in the sales offices before the start of the project by real estate experts accredited by the Turkish government. Are they keen to follow all the procedures for selling real estate to a foreign investor correctly? Are all apartment purchase contracts documented, ensuring the transfer of ownership to the foreign investor? Were the financial payments or installments transferred directly to government bank accounts? This ensures safety and reliability during this sensitive process and that the funds are not transferred to the contracting companies until after the housing project is completed.
The Turkish government undertakes to transfer the installments of money paid by the foreign investor to the contracting companies once the project is finally completed.
Advantages of buying real estate in Turkey
Turkey offers many advantages to real estate investors, the most important of which are:
- First, the Turkish economy is strong and growing and this provides stability and makes investments in Turkey safer.
- Second, the Turkish government offers several incentives to foreign investors, including tax breaks and residence permits.
- Third, Turkey has a young population belonging to a growing middle class and this creates a demand for apartments and other types of real estate.
- Fourth, the country is characterized by geographical diversity and provides a variety of investment opportunities in different climatic regions and locations.
- Last but not least, Turkey is a beautiful country with a rich culture and history as it is an increasingly popular tourist destination, providing another potential source of income for real estate investors.
The most important cities in Turkey to buy real estate
The most important cities in Turkey for buying real estate are Istanbul, Ankara, and Izmir where these three cities make up the vast majority of the country's population, so they provide the greatest opportunity to find a property that suits your needs.
Istanbul is the largest city in Turkey, and it is also the most expensive city in the country. However, it is still possible to find affordable apartments and houses if you know where to look. It should be noted that the city center is very crowded, so many people who live here choose to live in a suburb and there are also several gated complexes available if you want more security.
Ankara is the capital of Turkey. It offers a more relaxed lifestyle than Istanbul and the cost of living is lower. There are plenty of cultural activities to enjoy. If you are looking for a slower pace of life, Ankara may be the perfect place for you.
Izmir is a large city on the coast of the Aegean Sea in Turkey and is famous for its beautiful beaches and vibrant nightlife. If you are looking for a place to retire or just want to live in a place with great weather, Izmir might be the right choice for you after looking at the offers available in it.
Notes when buying real estate in Turkey
When buying a property in Turkey, foreigners are advised to seek professional legal and tax advice to ensure the process runs smoothly and they don't end up with any unwanted surprises. Here are some important points to keep in mind:
- Any foreigner, regardless of his nationality, can buy real estate in Turkey. (Only 5 nationalities are excluded from this).
- The process of buying real estate in Turkey is relatively simple and it usually takes about 2-3 months to complete the purchase.
- It is advisable to hire a reputable and experienced attorney to assist with the purchase process as this will help ensure that all necessary paperwork is in order and that you understand your rights and responsibilities as a buyer.
The future of real estate in Turkey
Here are some of the reasons why investing in Turkish real estate is a good idea:
Economic growth: The progress of the Turkish economy will not stop at this point. According to European expectations, it will continue to grow and will surpass many economies of European countries thanks to the young demographics and the strategic plans set by the Turkish government.
Tourism increase: Turkey is becoming an increasingly popular tourist destination, with the number of foreign visitors expected to reach 50 million by 2023. This increase in tourism will lead to increased demand for hotel rooms and other tourist accommodations, which will benefit investors in the Turkish real estate market.
Buying a property with the guarantee of the Turkish government or through private companies, trust that you will be in front of many safe and distinguished options through which you can achieve a lot of success and distinction.
Our advisory team is always ready to the real estate market's reality in Turkey and the reality of the real estate market in Turkey and to provide you with the most important opportunities and offers available. You can contact us to get the right apartment for you.
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