How to invest real estate in real estate? If you want to make an investment in real estate, Turkey offers you many opportunities. Especially the affordable prices of properties attract many investors every year.
However, investors also have questions about why it is cheap. These can be listed as below;
- The Pandemic
- Cheap Deed Fees & Taxes
- Supply and Demand
- Currency Exchange Rate Fluctuation
Such reasons can be shown as an answer to the question of why real estate is cheap in Turkey.
The Pandemic (Covid-19)
Another reason why real estate prices are cheap is the pandemic. Because when it was understood that Covid-19 would not be erased from the world immediately, people went to coastal cities, which were more empty than big cities.
While this situation has increased the prices in the relevant coastal cities, it has led to an increase in the number of vacant apartments in big places such as Istanbul, thus making the prices affordable.
However, prices are not the same everywhere in Turkey. There are more suitable opportunities in different places in Istanbul. Therefore, if you want to invest, consulting a real estate agent will help you find the most suitable solutions.
Cheap Deed Fees & Taxes
There are many reasons why real estate prices in Turkey are cheap. The suitability of title deed fees and taxes is one of them.
In 2019, the Organization for Economic Cooperation and Development showed that the percentage of property tax in Turkey is only 0.001% for residences, below the average of the total tax percentage in the world.
In addition, the title tax is only 4 percent of the registered price of the property in the contract. This also helps to keep the prices cheap.
Supply and Demand
Another reason why real estate prices are affordable is supply and demand. The 2023 Vision Plan evokes this. While doing this in the housing market, it refers to the number of properties offered for sale against demand.
In addition, thanks to the special interest in the sector, it is one of the leading investment areas. Domestic and foreign investors can benefit from investment advantages and opportunities to enter the Turkish real estate market. In addition, profit rates are quite high.
Apart from this, the conveniences made from time to time are another reason why real estate prices are affordable.
Currency Exchange Rate Fluctuation
Why is real estate cheap in Turkey? If you want to invest and wonder why the prices are affordable, one of the reasons is the fluctuation in the exchange rate. The appreciation of the Turkish lira against the dollar and the euro provides foreign investors with many properties at lower prices.
In addition to all these, it also provides real estate residence permit in Turkey. If you buy a house, it is also possible to apply for a residence permit. If you work with a real estate agency, you can discover the best offers for you in the process.