Foreign Direct Investment gives an impetus to an economy and governments in several developing countries provide lucrative incentives to attract investors. Would you invest in a country that grants a citizenship without residing ever in it? Well, Turkey, a transcontinental country that bridges Asia and Europe offers you such a lucrative deal. The Turkish government has gone a mile ahead offering citizenship to foreign nationals who buy real estate property worth over US $1 million. If you are planning to own a second home, here are 6 good reasons to buy one in Turkey.
- Affordable Housing
The real estate market was closed to rest of the world till the start of the millenium. Since it entered the international market late, the housing prices have spiked off at relatively lower rates than most other Western European countries. Although luxury properties are expensive in Istanbul, you can find cheap flats on its outskirts and in the coastal towns like Altinkum and cities like Fethiye. You can find an apartment for sale in Fethiye catering to your lifestyle and needs. For example, you can buy an apartment with balcony to let in fresh breeze at 10 minutes walking distance from the Calis Beach and you can enjoy your laidback lifestyle. You can also use your apartment as a holiday home.
- Excellent Climate
Imagine living at a place where you don’t have to worry about the harsh summers and digging out snow to create trails for your car. Surrounded by the Mediterranean and the Aegean Sea, Turkey enjoys mild summers with around 300 days of sunshine and it rains in February. If you are eager to spend your Easter or Christmas at a beach, then you should consider buying an apartment at a coastal town of the country.
- Low Cost of Living
Electricity, gas and even maintenance costs are relatively less than the Middle Eastern and European countries. So, unlike the Western European countries, you don’t have to spend a fortune mending your pipelines or accessories.
- Ideal Long-Term Investment
Istanbul is the headquarters of Turkey’s largest conglomerates and several multinational companies like Alstom, Bain & Co and Citibank have their offices here. Several mega projects like the Eurasia Tunnel have already spiked the housing prices in Turkey. Over 40 million tourists visit Turkey every year, making it one of the most visited countries in the world. The sea beaches in Bodrum and Fethiye are often visited by celebrities. The tourism is a thriving industry in Turkey. So, investing in real estate here is likely to give you high returns.
- Gastronomy and Culture
Turkey is culturally diverse. The past influences of great kingdoms and civilizations like the Greeks and the Ottomans are clearly visible in its architecture and lifestyle. The Turkish cuisine relies on freshly available ingredients. You can spend an evening amidst the vibrant environment in a cafe or restaurant. The nightlife is particularly striking and people from the Gulf can find several festivals and celebrations that can make them homesick.
- Tax Exemption and Simplified Buying Process
Inheritance Tax is a tax paid by individuals who inherit a property from their ancestors or relatives. In several countries of the European Union like France, UK, Germany and Czech Republic, one has to pay inheritance tax as high as 50% of the value of the property, as in the case of Germany. However, if you buy a property in Turkey, you don’t have to pay an inheritance tax to the Turkish government when you transfer or gift it to your near and dear ones. The buyers should be wary that the inheritance laws of their native country may affect the sale or transfer of properties.
Another lucrative deal is the simplified buying process. Paperwork and hiring legal authorities can cost your arms and legs. However, it is a relatively easier process in Turkey where you can pay in installments to gain the final ownership. The cost of hiring a lawyer is relatively less in Turkey than other EU countries.
No wonder the total count of real estate properties brought by foreigners has exceeded 22000 in 2017. Majority of them were people from the Middle East. The several perks one gets in buying a property in Turkey makes it an ideal destination to invest.