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Things to Consider When Buying a Villa in Turkey
There are several factors to consider before purchasing a villa in Turkey, as well as a straightforward procedure of pre-thinking, pre-searching, market analysis, and finally making a final decision. Real estate investing is more complicated, and there are several factors to consider before making a final decision. Furthermore, when it comes to the same topic, everyone has different interests and expectations. The same might be said for someone looking to buy a house. As a result, the first step is to determine your priorities.
Many people dream of living in a large villa with their families. The 400.000 USD citizenship program in Turkey makes this dream more appealing. However, buying a home in another country is always a challenge for foreigners.
Here is a list of things you should consider before making any property purchase in Turkey:
- Making a list of your criteria: Understanding what kind of property you want and why you want to buy is crucial whether you're buying a house or an investment property in your own country or abroad. Whether it's a simple residential apartment, a luxurious apartment, a sea-front villa, a city view penthouse, or a beachfront family home, knowing what you want to invest in should be the first item on your checklist. Also, knowing where you want to buy is a great question to ask yourself; the answer is depending on where you see yourself living in Turkey: is it a nice area surrounded by nature or a home with a breathtaking view of the city?
- Which area in Turkey is best for you and your family? When deciding what to buy, the location of a house is crucial. For any house buyer, quiet surroundings with plenty of amenities, as well as properties close to major areas, are must-haves. Because you may be unfamiliar with Turkey's cities and regions, a thorough investigation by a real estate business is essential so that you can choose the best option possible.
- Rental Income and Capital Gains: Investors are compelled to make decisions based on their expected return on investment and the potential growth of their initial capital. Turkey is an excellent place to invest because it is one of the most promising real estate markets in the world. As a result, selecting the right attribute is critical. There are several projects in Turkey that promise a guaranteed return, and if this is the case, investors may want to explore flipping their units for a higher profit than they paid initially. Experts advise commercial real estate owners to invest in office space that they may rent out for a profit to multinational firms based in the country.
- Residence permit: The Turkish government is making a concentrated effort to encourage and facilitate international real estate purchases in Turkey. In 2013, the government declared that an investor could apply for a residence permit that would be renewed as long as the property remained in the buyer's name. If you do not intend to remain in Turkey permanently and are only visiting for vacations, you do not need a residency permit.
- Choosing the Right Agent: When you want to buy real estate in a foreign nation, finding the correct real estate agent might be tough. An agent understands that each client's demands are unique and strives to provide the best service possible. Buying a home in a foreign country is a huge life change that requires careful consideration, and finding an agent who understands your needs is crucial.
- Property Purchasing Expenses: Purchasing a home in Turkey entails several stages that can take weeks to complete. The entire process can take anywhere from 12 to 16 weeks, and buyers must be informed of all charges and expenses involved; fees typically range from 7% to 10.5 percent of the property's value. It covers charges such as property tax, stamp duty, legal fees, and the commission paid to the real estate agent. Turkey is a great place to invest because it is less expensive than other European countries.
- Having alternatives: It's critical to have options when purchasing a home. As a result, hiring the right real estate agent can improve your buying experience by a factor of ten. The country's financial and cultural centers and hotspots are Istanbul, Antalya, Alanya, Bodrum, Izmir, Sakarya, and Mersin. Make an appointment to see some of the most potential investment homes with Istanbul Property professionals.
- Negotiation: Keep in mind that some property developers provide a package deal that includes furniture and utilities while bargaining on your own or with your real estate agent. Other developers will also offer buyers a better bargain by allowing them to choose from a variety of payment choices.
- Inspection tours: The greatest way to learn about a property is to have it inspected. Purchasing real estate in Turkey necessitates a careful evaluation of the property, its surroundings, and the local way of life. After you've narrowed down your list of projects, you should schedule an inspection tour and travel to the city.
- Booking the Property: You should reserve your dream home when you've chosen it. Because the Turkish real estate market is active and extraordinary bargains must be seized swiftly, the agent will prepare a reservation document for you after you confirm. The purchasing process can begin once the reservation has been made. If you decide not to purchase, the booking fee is deducted from the total price agreed upon, but it is non-refundable.
How Are Villa Prices Determined in Turkey?
Some of the specific elements influencing villa prices in Turkey are as follows:
- Villa’s location: Villas in the city center are more expensive than those in the outskirts since the distance between the city center and the villa has a direct impact on its worth. The villa's proximity to historical sites, as well as its sea views, all play a role in determining its value.
- The architecture: A villa that is under construction is likely to be less expensive than a ready villa, allowing for a higher margin for a good return on investment and the possibility of future price increases.
- The Villa's Actual Capacity: In general, the cheaper the unit price per square meter, the larger the property's area, and vice versa.
- Luxurious Finishes on the Inside and Outside: The building is fully finished. It has to deal with the walls, floors, ceilings, and roofs of the villa. The importance of finishes stems from the fact that they will be visible throughout the villa, whether inside or out. The level of finish quality can be controlled, and the price of the villa will usually reflect this.
- Villa supply and demand in Turkey: Real estate, like any other commodity, is subject to the supply and demand rule, which causes prices to fall when there is plenty of supply and to rise when there isn't.
What are the Price Ranges of Villas in Turkey?
The cost of a villa in Turkey varies in dollars depending on its location, size, and proximity or distance to notable landmarks. The type of villa, as well as other factors such as the quality of the décor, finishes, and views, influences its price. Because each city has its unique beauty, villa prices in Istanbul differ from those in Sapanca, Trabzon, and Antalya, for example. When compared to their European counterparts, Turkish villas are less expensive, with average prices ranging from $1 million to $2 million, making Turkey a potential investment alternative.
What are the Advantages of Buying a Villa in Turkey?
Purchasing real estate in Turkey is not difficult. Foreign investors have always been drawn to Turkey because of its natural and cultural resources, wide transportation network, geopolitical location, tourism, trade, entertainment, and transportation. Turkey's strong, stable, and growing economy has always and will continue to create fresh opportunities for investors.
The Advantages of Buying a Villa in Turkey are listed below.
- Turkish Passport: Foreigners who own real estate in Turkey can apply for residency. Foreigners can apply to become Turkish citizens if they purchase property worth at least $400,000. The foreigner and his or her family will be eligible for Turkish citizenship after six months. Purchasing a home in Turkey allows you to make a profitable investment while also allowing you to apply for Turkish citizenship.
- Residence Permit: Foreigners who acquired the property in Turkey can simply get a residency permit. Buying property for 650 thousand Turkish Liras gets you and your family a 3-year residence permit. This residency permit covers the entire family (wife/husband and children under 18). Children of foreigners living in Turkey with a residency permit are eligible to enroll in Turkish schools.
- Europe's cheapest villas: Customers can now choose from a variety of attractive and sophisticated dwelling options thanks to recent improvements in Turkey's real estate and construction business. While most modern homes include smart home technology, they typically include costly social facilities such as a pool, spa, and gym.
- Excellent Return of Investment: Because Turkey has strong financial institutions, locating the ideal financing solution to assist you in purchasing your dream property is simple and quick. Real estate is the safest and least risky investment choice available.
- Low cost of living: Turkey is also less expensive than the EU or the US. Turkey is a predominantly agricultural country. Throughout the country, fresh fruits and vegetables are available all year. As a result, our country's food costs are low. Foreigners can live comfortably in our country because of the exchange rate.
- Location and history: The capital is Ankara, and Istanbul is the largest city. Turkey is bordered by four seas: the Black Sea, the Marmara Sea, the Aegean Sea, and the Mediterranean Sea. Turkey became a tourist-friendly country as a result of all of these characteristics, not only because of its topography, but also because of its rich history, flora, and fauna. In January and February, 3.2 million tourists visited Turkey. In 2018, Turkey's tourism profits totaled about $ 30 billion.
Who can Buy a Villa in Turkey?
In Turkey, almost any nationality can purchase real estate. Buyers from the United Kingdom, Europe, the United States, and the Middle East are all represented. Only Syria, Armenia, North Korea, Nigeria, and Cuba are forbidden from acquiring property in Turkey. Anyone can purchase a home. For most international buyers, purchasing property in Turkey is simple. The Turkish government has simplified the property purchasing process to the point where most people may purchase a luxury property in Turkey much more quickly than in other countries.
In Which Cities Can I Buy Villa in Turkey?
Here is a list of the best places to buy a villa in Turkey:
- Istanbul: The economic, financial, educational, and tourism center of Turkey is Istanbul. As the country's major city, Foreigners who want to utilize their Istanbul home or flat for vacation or retirement will also appreciate living here.
- Antalya: This Mediterranean coast city has an airport. After Istanbul, it is Turkey's second most visited city. The housing market is usually hot here, yet the prices are low.
- Alanya: Although technically in Antalya, this resort has its distinct charm.
- Bodrum: This luxurious Aegean resort has an airport. You will encounter many westernized Turks and foreigners from all over the world.
- Bursa: This city is in the country's northwest. It has so far proved popular with Middle Eastern investors. They migrate here because of shared history, culture, and cuisine.
- Trabzon: people buy estates here not for the support, but the untouched nature.
- Fethiye: It's a city on the Turkish Riviera or Turquoise Coast. The Blue Lagoon is its main attraction.
- Didim: This little Aegean hamlet is notable for its ancient Apollo Temple. Most international investors and tourists are from the UK. The infrastructure is currently lacking, but there is plenty of room for future growth, so both comfort and pricing are anticipated to rise in the future.
Can I Become a Turkish Citizen by Buying a Villa in Turkey?
When purchasing Turkish citizenship, keep in mind that only your spouse and children are eligible (if they are under eighteen, except children with disabilities, they can participate in the program without any age limit). Other relatives (parents, siblings, uncles, aunts, nephews, and so on) will be allowed to apply for a Turkish residency permit.
Is There a Villa Tax in Turkey?
Yes, there is a villa tax in Turkey. Non-Turkish nationals, for example, have the same rights and obligations as Turkish citizens. When it comes to property taxes, foreigners have the same rights and obligations whether they purchase property before or after becoming citizens. Foreigners who own real estate must also pay property tax. This is also true for the villa. When a foreigner rents out his or her villa, the rental revenue is subject to property income tax. If he sells his house, he will have to pay capital gains tax. Furthermore, the seller and the buyer pay the title deed fee individually throughout the transaction. In other words, the title deed charge is paid regardless of whether a foreigner or a Turkish citizen is selling or buying.
If the kind of villa is a luxury villa with a modern structure, a luxury dwelling tax is paid in addition to these taxes. There is an exception to these taxes. If the two countries have a periodic or permanent special agreement, the tax is likewise waived. The two countries' actions are guided by mutual reciprocity. Regional tax cuts are provided regularly under the Turkish government's incentive programs.
Luxury housing complexes, villas, residences, and beachfront flats will be subject to a housing tax as well as a property tax. Houses costing between 5 and 7.5 million TL are taxed at 3 per thousand, properties worth between 7.5 and 10 million TL are taxed at 6, while houses worth more than 10 million TL are taxed at 10. It's known as the additional luxury house tax.
In 2021, the property tax rate will be 4.55 percent. These are subject to change every six months, though. Other fees and taxes related to title deeds differ as well. There is no fixed number of seats available.
Do Foreigners Pay Villa Tax in Turkey?
For their immovable properties in Turkey, foreigners become taxpayers. They must pay rental income tax on the rental income they get from the immovable. If they sell the property within five years, they will have to pay capital gains tax on the profit.
The tax and duty liabilities that foreign investors will face in the process that will start with the transfer of the real estate are as follows;
- Stamp Duty
- Annual Property Tax
- Income Tax
- Inheritance and Gift Tax
Foreign real persons who do not reside in Turkey, - foreign institutions that have been granted permission to acquire real estate in Turkey within the scope of special laws, are exempted from tax in case of realization (provided that other conditions in the Law are met).
What are the Features of Villas in Turkey?
Buying a villa in Turkey requires particular actions and knowledge as the price, location, and view are all variable.
The majority of tourist villas are positioned on the beach and provide a spectacular view. They are opulent and inviting. There are single-story, two-story, and three-story options. Most of them, at the very least, have a private garden, although a modest one. The majority of them have swimming pools. There is a communal swimming pool on the premises if it is available. Many living spaces are constructed outside and within the house, because comfort is a priority in touristic villas. Typical villas are encircled by tall, wide walls. The majority of normal villas are situated in quiet areas. They are intended for folks who enjoy peace.
The kitchen and living room are located on the first floor, while the bedrooms are located on the second. A type refers to single floors, duplex B refers to two stories, and triplex C refers to three floors. Extensions to the gardens are available in all types of villas. Unless a basic building is constructed in Turkey, all additions like as pools, tree planting, and gardening are not subject to authorization.
What is Life like in Turkish Villas?
When it comes to the type of home that best suits them, people have a variety of goals and wants. While some people prefer apartments because of their convenience, others prefer a villa because of the unique living experience it provides. Before making a decision, consider the following advantages of living in a villa. The lifestyle is an indication of comfortable living in a villa with a garden or balcony. Every home is a reflection of its owner's personality. Villas signify a certain level of refinement, exclusivity, and elegance.
Villas in Turkey offer the following benefits to their owners.
- A good place to live
- Natural scenery
- Design Freedom
- A sense of belonging
- An investment
- A private open space
- Private patio
Are There Social Activities in Turkish Villas?
The size of the property and the number of private villas varies. Some are small and intimate, while others are large and wide. Both types of villas are capable of hosting events. There are nearly unlimited options for private villas. You could buy a villa in Turkey with as many amenities as you wanted and still find one that meets your needs. If you desire a pool, a large lawn, a patio, or a combination of the three. Furthermore, there is a reason why more people are opting to purchase villas in Turkey. This is especially true in the case of larger groups. A large group outing's major goal is to spend time together, which is tough to do in an apartment. The rooms in apartments are often smaller. You won't have to go through all of that if you buy a spacious private villa where your friends and family can gather in the living room and withdraw to their rooms as needed.
Each private villa has something unique to offer, so you'll be spoilt for choice. In Turkey, almost every villa has something to offer. Some villas include a pool and a jacuzzi, while others include a terrace with a breathtaking view of the city or the beach. Each villa caters to a specific group of people. Choose a villa with beautiful grass and bring your outdoor sports equipment to play FPL (family premier league) or develop your badminton game on the badminton court. Alternatively, you might savor some traditional regional cuisine prepared at home. The possibilities are boundless, and each villa's distinctive touches are unsurpassed.
Are Turkey Villas Suitable for Children?
It's critical to find a child-friendly property. Everyone can benefit from it, especially if you have a pool. To keep your children safe, many Turkish villas have a gated pool. Allow them to splash when you can fully concentrate on them. Lock the gate if you're busy cooking in your villa's kitchen. Some Turkish villas contain game courts, such as tennis courts, basketball courts, or a large grass yard where you may set up your activities to enjoy.
Is it Safe to Buy Villas in Turkey?
Many people ask us if buying property in Turkey is safe, and the answer is yes if done properly. First, check the agent's reputation. Look at their achievements. Check if they already have a steady stream of clients who have gotten their deeds and moved into their houses. Examine their web presence. Professional websites, Facebook pages, and other social media accounts allow clients to engage with specialized agents. Check out sites like Trust Pilot and Google Feedback where consumers can submit reviews about organizations they've worked with. Istanbul Property provides top-quality services based on our reputation in the Turkish real estate sector. the consulting service has helped clients from all over the world accomplish their dreams of owning a property in Turkey or making the best investment in real estate with a multilingual team of over 30 sales consultants fluent in Arabic, English, French, Russian, and Persian, Azeri, and Turkish.