Inexpensive real estate in Turkey: pros and cons
Investments in real estate are still considered one of the most reliable ways to preserve and increase savings. The main thing is to choose a direction. In some countries, houses and apartments become cheaper every year, and it happens that buying real estate allows you to sell the property after 3-5 years at a price 50-70% higher than the original cost. This is exactly what happens in Turkey, where the housing stock is so diverse that even on a limited budget you can find a great option for living or renting. Let's figure out what advantages await the buyer!
Prices and features
A mortgage when buying real estate in Turkey is real. It is issued at 5-9% on very flexible terms. A certificate of income is enough - and the client receives a loan from a Turkish bank! Most often, foreigners are given loans in the amount of 50% of the price of the property. Sometimes an application can even be submitted online. Application forms have been translated into various languages (including Russian).
Additional costs when purchasing real estate are also small: the property transfer tax is 2%, and legal services to support the transaction are estimated at 1-2%. For comparison, in Bulgaria the property transfer tax is 3%, and in Spain – up to 10%.
You will also need to pay a property tax annually in the amount of 0.1 to 0.3% of the total value of the property. In cities with cultural heritage, a tax on the preservation of the historical past has also been introduced, which amounts to 10%. If you want to save money, the agency will help you select options, the purchase strategy of which will include territories and areas where such a tax is minimal or absent.
Infrastructure and improvement
Inexpensive Turkish real estate in its equipment and quality can be compared with business and premium class housing in the countries of the former USSR. Most residential complexes have a swimming pool, a concierge, the territory is guarded, and regular cleaning and maintenance of communications are carried out. Kindergartens, shops, schools are also within walking distance, or you can get to them by shuttle buses.
Many will be pleased with the stable operation of housing and communal services, and the use of solar energy will significantly reduce utility costs. Most often, monthly expenses do not exceed 30-50 euros.
Inexpensive apartments and houses can be purchased for living or renting out. Properties, even on the primary market, are delivered ready to move in. Many of them already have furniture.
Documents and attitude towards foreigners
The most favorable conditions have been created for citizens of Russia, Ukraine and Kazakhstan - visa-free entry with a corridor of 30, 60 or 90 days. A residence permit after purchasing real estate can be obtained immediately and renewed every year without providing a large number of documents.
Turkey is very welcoming to foreigners, so it will be easy to assimilate here. You can learn Turkish in free courses or make do with English. In many places they even speak Russian. In ordinary life, a foreigner who does not speak Turkish will not experience difficulties. But when buying real estate, this can become a problem - many agencies try to deceive the client by introducing additional conditions for payments into the clauses of the contract and increasing the cost of their services. Therefore, it is important to find an honest agency where they will tell you about the terms of the transaction and help you choose a property.
Are there any disadvantages?
Currently , selection of real estate is not available for foreigners for houses and apartments located directly on the Black Sea coast. But the agency usually knows the nuances, and its employees will help you choose an option as close as possible to the coastal strip, if necessary.
High demand for real estate has led to a natural increase in the number of fraudulent companies or sellers promising to sell the property directly for less. In practice, it turns out the other way around, and the buyer finds out about this after signing the contract. Selecting an agency in this case is more important than searching for housing - all the necessary options will be found in the company’s database, whose employees will find the best purchasing conditions and will do everything to guarantee the transaction. By enlisting the support of specialists, you will profitably purchase real estate and avoid being scammed!
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