Real estate is the best long-term investment, and the real estate investment market in Turkey knows no borders. Many foreigners flock to take advantage of lower prices, new construction and the potential for more capital and investment.
The real estate market in Turkey has grown in popularity in recent years and Turkey has become the destination of choice for Arab investors interested in finding apartments for sale in Turkey and buying apartments in Istanbul.
Foreigner owning property in Turkey or any other country is a big step and its owners need to research the Turkish real estate market before entering the world of real estate investment and property ownership.
But an important question to consider when buying a property is whether the property will be rented out or sold.
In this article, we'll help you make the right decision. So it's best to define your goals before you start. When you know your goal, you can start on the right track.
Because reselling a property or renting it out are two different things that require different approaches to property selection and processes, it is important to decide from the outset which course of action you wish to take.
If you plan to resell your property frequently, you want the process to be completed as quickly as possible to recoup your capital and profits as quickly as possible.
But it takes more than money, it takes your ability to buy and track repairs so you can resell them as quickly as possible for a quick profit.
Rental properties require less maintenance but more time to generate profits.
Additionally, rental properties require a long-term commitment to make necessary repairs, but they also offer long-term returns.
As for capital gains tax in Turkey, capital gains tax is levied on the gain between the purchase price and the sale price when the property is sold during the first five years of ownership. If the owner's income reaches or exceeds 70,000 TL, the deduction is up to 35%. In Turkey, it is worth waiting five years before selling.
Therefore, being a homeowner requires patience as dealing with tenants takes a lot of time. Renters are often demanding, have maintenance costs, and while cleanliness is everything, some renters leave the property in dire need of repairs and renovations.
So if you want to rent out properties, marketing and property management are must-have skills you must have.
When it comes to taxation, landlords in Turkey need to register and pay taxes like any other income. Lower incomes are exempt, but you can still claim expenses. However, you must be registered on the GIYKIMBIL system to register, organize and certify formal contracts for everyone living in your property, and appoint an accountant to manage the finances. Structured, proactive, and excellent financial management are coveted skills a business owner must have.
The Turkish government has made a number of changes to foreign ownership decisions in real estate as it removed a ban on some Arab nationalities who were not eligible to own real estate in Turkey and discouraged investors from buying and owning more than just a property.
A foreign owner can sell his property at any time. We advise our valued clients, if they intend to sell their property, to coordinate with one of the estate companies or trust offices
Foreigners have the right to own real estate in all cities in Turkey. We recommend that customers who want to buy real estate in Turkey choose Istanbul because it is the economic and tourist capital of Turkey and has the elements for a successful investment.
Capital gains tax rates range from 15% to 35% and are only payable if the property is sold within 5 years from the date of purchase in Turkey.
Property tax in Turkey is 4% of the total property value. There is only one payment at the Land and Land Registry when the property is registered in the name of the new buyer and the title deed is issued in his name.
Yes, foreign owners in Turkey will get a property residence for themselves and their family, which is renewed every year.
Yes. It is possible to buy real estate without traveling to Turkey by having a legal agency representing you in Turkey, which takes place at the Turkish embassy in your place of residence.
Enjoy the pre-sale and post-sale services of a licensed real estate agent, including airport reception, translation, real estate advice, house inspections, etc.
In this article, we have explained to you the difference between a resale property and a sublease property, now you can make the right decision when buying a property.
You can contact us through Property Superiors, as we have a respected professional real estate consulting team, we put the team's years of practical experience in the hands of our valued clients, and always strive to earn your trust and secure your investment success.
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