The legal requirements to invest in Turkey might depend on your nationality and type of investment. Real estate investment is not something you can jump into casually and expect instant returns. You need to learn more about what’s the climate like in Turkey before making your decision to invest in Turkey. We’re providing you some of the key details about Turkey’s geography, economy, and culture. Plus, some more information which may be the answer to your question why to invest in Turkey.
Turkey at a Glance
Turkey is a Eurasian, country in southeast Europe and Western Asia. It’s located at the crossroads of Europe, Western Asia, and the Middle East. About 97 percent of its landmass is on the Anatolian peninsula and just three percent is in Europe’s East Thrace. Thanks to its unique location access to countries in Europe, Middle East, North Africa, Asia, and Gulf is fairly easy.
As of 2021, Turkey’s population is around 82 million. Turkey is a secular state. Ankara, Turkey’s capital city, has a population of nearly 6 million people. Istanbul is the country’s most populous city, with a total population of 16 million people. The official and spoken language is Turkish. Although the major religion is Islam, Christianity and Judaism are also present in the country. Turkey has a young population demographics in terms of population with an average age of 32.
State-Level Support when you want to invest in Turkey
Turkey has not only a good environment for investment but also structure that encourages and supports investment at the state-level. There is an official government organization in charge of promoting Turkey’s investment opportunities to the investors who seek to invest in Turkey. It is the Investment Office of the Republic of Turkey. The office both provides numeric data and procedural support, in many languages, to investors seeking legit information.
Legal Guide to Invest In Turkey
The first thing to remember, get legal guidance from an expert lawyer. Working with a property lawyer can become handy to learn everything you need to know to invest in Turkey. Especially, comprehensive information on Turkey’s legal environment. Since investors should take laws into consideration on their way to invest in Turkey.
The Top 5 reasons to invest in Turkey’s real estate market;
Passive Income
Renting real estate is regarded as one of the most significant features of the Turkish real estate industry. This is not only a significant feature in Turkey but also globally. Real estate allows you to have greater leverage of your investment. Since your property is a tangible asset that you can use to generate many income sources while still gaining capital appreciation. Such as, rental fees as a form of passive income.
Citizenship
Thanks to the latest amendments made in law investors can acquire Turkish citizenship. To be qualified for citizenship, the primary claimant must meet one of the following;
Investment requirements
- Purchase a real estate with a worth of at least USD 250,000.
- Do a fixed capital investment of a minimum of USD 500,000.
Culture
Turkish society exemplifies a beautiful harmony between people of various backgrounds. Traces of many religious, ethnic, and cultural backgrounds of humanity can be found on Turkish lands. Turkey has been home to many societies and civilizations that have left traces on daily life. Turkey is also situated on migration and trading routes. As a result of this continuing multicultural diversity and long-rooted past, people in Turkey are harmonious, cheerful, hospitable, and supportive.
Economy
Turkey is a dynamic and rising G20 economy that connects the east and west. Compared to other country’s investment markets Turkey is relatively cheaper to invest. The economy of Turkey is growing fast over the last 10 years. As a result, it is greater than 140+ countries’ economies, making it rank 13th globally.
Cost of Living
According to Mercer’s Cost of Living Survey which is one of the most diverse and detailed surveys in the world, the cost of living in Turkey is quite low when compared to the many countries in the world. Because of its wonderfully warm and sunny climate, the country is prominent in agriculture. The prices of food and basic needs in the country are also quite affordable compared to many other countries.
Last but not least;
Remember that every investment carries a certain amount of risk. In order to minimize it make sure that you monitor the price movements in the market for a period of time and carefully research country’s past financial data and forecasts of growth and profitability. Always collaborate with an independent solicitor for your legal proceedings.
