Even at the height of the Covid-19 pandemic, Turkey remained one of the most attractive and promising destinations for foreign property buyers. Now, due to the changing epidemiological situation in many countries and the introduction of new restrictive measures, it is still one of the countries where buying a home seems to be a profitable investment. There are at least 7 good reasons to buy real estate in Turkey now.
1. Despite the discovery of a new strain of coronavirus, Turkey has no plans to close its borders with Russia in the near future. Russians still do not need an entry visa, and the period of continuous stay in the country is 90 days every six months. Accordingly, when you come here as a tourist, you can inspect the objects and conclude a purchase and sale transaction on the spot, which is much more convenient compared to performing all actions online.
2. The increase in prices for houses and apartments, including those located in seaside resorts and large cities, which took place during the summer holidays, has slowed down. This trend will continue in the coming months – also due to a sharp decrease in the number of foreign investors from other countries (primarily from Germany and the UK). The cost of liquid objects, which can subsequently bring guaranteed income, varies between 60-100 thousand euros.
3. The local real estate market offers a wide selection of properties that are of greatest interest during the period of quarantine restrictions. We are talking about detached houses and apartments in residential complexes located away from the center, next to green spaces, within walking distance from the sea and all the necessary infrastructure.
4. Compared to many other countries, the procedure for purchasing real estate in Turkey is faster, simpler and more transparent, and does not entail any serious risks at any of its stages. In addition, Russians are now very desirable clients, and local real estate agencies are willing to make concessions to them.
5. Following the unprecedented reduction in mortgage rates that took place in May 2020, Turkish banks have become more willing to lend to foreigners planning to buy property in Turkey. It is also possible to receive an interest-free loan if you purchase housing from the developer before it is put into operation. Mortgages in Turkey are issued both in the national currency (lira), and in US dollars, euros and even Russian rubles.
6. The price level for basic food products and essential items remained the same. An amount of 500-600 euros per month, excluding the cost of utilities and costs of education, treatment and leisure, will be quite enough for a standard family of four. The amount of other expenses depends on the individual characteristics and needs of each household.
7. Turkey has a simplified program for obtaining a residence permit for real estate buyers who have chosen this country for permanent residence. Unlike Turkish citizenship, which you can apply for when purchasing in the amount of 250 thousand USD, there are no price restrictions for a residence permit. In the case of purchasing so-called “vacation” real estate in a tourist region, there is always the opportunity to rent it out at a profit.