Many Arab investors are turning their attention to Turkey as an exciting investment destination, as it combines the charm of history and culture with enormous economic potential and many people wonder about the reasons for this increasing demand, and why Arabs choose to own real estate in Turkey, so let us explore together these motivating reasons behind these decisions.
What are the reasons for Arabs owning real estate in Turkey?
- Turkey is witnessing economic stability that enhances confidence in the real estate market.
- Turkey has taken policies to encourage foreign investment, making purchases easier for foreigners.
- The Turkish lira provides a unique opportunity for investment due to its low value.
- Turkey has a geographical diversity that includes seas, mountains, and charming landscapes.
- Many modern and advanced real estate projects in major cities.
- Turkish citizenship programs are offered to investors who invest certain amounts.
- Opportunities to obtain long-term residency for property owners.
- Owning a property in Turkey provides facilities for obtaining travel visas.
- Provides profitable investment opportunities in real estate.
- Turkey is one of the promising emerging markets.
- Flexible payment options and easy financing.
- Providing real estate insurance options.
- Advanced airports and an excellent flight network.
- It provides high-level international schools.
- Modern shopping centers and a variety of goods.
- Long golden beaches on the Mediterranean Sea.
- Organizing sporting and cultural events.
- Interest in the environment and sustainable development.
- High level of security and stability.
- Development in the field of technology and communications.
- The presence of Arab communities in some areas.
- An opportunity to obtain real estate residency by purchasing a property in Turkey worth 200 thousand US dollars
- After you are granted Turkish citizenship, you can obtain a Turkish passport
What are the conditions for owning real estate in Turkey?
In light of Turkish laws that open the doors of real estate opportunities to foreigners, they must adhere to some conditions stated in this context and foreigners are requested not to own property close to military barracks and strategic and security sites, such as airports, seaports, oil and power stations, as well as state cultural and religious centers, at a distance not exceeding 400 metres.
In addition, foreigners are assigned a specific quota in the area of real estate within each municipality or region, as it is prohibited to exceed 10% of the total area of that region and to ensure the diversity of real estate ownership, restrictions are imposed on the total area of real estate that foreigners can own throughout the country, as it must not exceed 300 hectares.
These conditions reflect the delicate balance between opening the door to foreign investments and ensuring the protection of the strategic and cultural interests of the Turkish state.
What are the documents required when owning real estate in Turkey?
The procedures for purchasing real estate in Turkey include several important steps that ensure the facilitation and successful completion of the transaction and the matter begins with the signing of the purchase contract by the contracting parties and its ratification at the Turkish Notary, as this contract represents the property purchase agreement.
On the other hand, the process includes the buyer obtaining a real estate evaluation report that determines the market price of the property, and it remains valid for 3 months from the date of its issuance and after that, the buyer converts the value of the property from foreign currency to Turkish currency via an ATM receipt issued by the Central Bank of Turkey.
The buyer must pay the value of the property in Turkish Lira by transferring it to the seller’s account, and each party must disclose its tax number in this context and in addition, a valid passport is required, in addition to two personal photos.
To ensure transparency and integrity in the process, the buyer must submit a copy of the passport translated into Turkish and have it authenticated by the Turkish notary and nationality must also be proven, and if nationality is not mentioned on the passport pages, duly certified proof of nationality must be presented.
In case of Turkish residency, the buyer must also provide it.
Information you must know before owning real estate in Turkey
- There may be some restrictions and conditions for owning real estate in some areas, such as proximity to military sites or borders.
- It is preferable to obtain a real estate appraisal to determine the market value of the property and ensure that you are not overpaying.
- Check local and international tax liabilities related to real estate ownership and property taxes.
- Carefully calculate all purchase costs, including taxes, attorney's fees, notary fees, and currency conversion
- Make sure that all legal documents and contracts are in good condition and that you understand all of their terms before signing.
- Make sure that the property has a legal identity and does not have any previous legal problems.
- Consider insuring the property to protect it from potential risks, such as earthquakes or other natural disasters.
- Determine the currency that will be used for payment and monitor currency exchange rates.
- Obtain legal advice from a specialized real estate lawyer in Turkey to ensure compliance with local laws.
- Check the conditions for obtaining a residence permit if you intend to reside in Turkey.
In conclusion, the reasons for Arabs owning real estate in Turkey are evident in a unique combination of attractive factors and the stable economic environment, favorable legal system, cultural diversity and rich history of Turkey are all factors that encourage Arabs to invest in real estate in this wonderful country and in addition, the stunning landscape and advanced urban environment make Turkey a popular destination for those seeking to enjoy a luxurious lifestyle and excellent investment opportunities, as by providing a wide range of opportunities and benefits, Turkey remains one of the best destinations for Arabs to own real estate, which strengthens those strong ties between the two communities and reflects mutual trust in real estate dealings.
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