Turkey has been a go-to vacation spot and investment opportunity for many people over the years.
In the past few years, the real estate market in this country has seen an explosion of activity as investors flock to seize the profitable opportunities.
This area has become a hub for investors looking to make big gains. In particular, investing in off-plan properties in Turkey from developer has become increasingly popular, thanks to the high demand for housing in the country.
In this article, we will explore the different types of residential complexes available for renting in Turkey, the advantages of investing in Turkish apartments for renting, factors to consider before purchasing, legal considerations for foreign investors, and tips for buying apartments in Turkey.
1. Types of Properties Available Directly from the Developer in Turkey
Regarding finding rental properties in Turkey, several options are available.
Some of the most common residential complexes include off-plan complexes, new buildings from the developer, and residential complexes under construction.
Off-Plan Properties in Turkey
Off-plan residential complexes are those that are still in the planning stages.
These properties are usually sold at lower prices than other residential complexes, as investors must pay for the property before it is built.
However, this type of investment can be risky, as the final product may not meet your expectations.
New buildings from the developer are fully constructed complexes ready for occupancy.
These properties are more expensive than off-plan complexes but offer less risk and greater assurance that you will get what you paid for.
Residential Complexes under Construction
Residential complexes under construction are similar to off-plan complexes but have already begun construction.
This type of investment can be less risky than off-plan complexes, as you can see the project’s progress and assess whether it meets your expectations.
Although there may be a higher cost associated with this kind of investment, it generally pays off in the long run.
It is an investment that can offer more security than off-plan complexes.
2. Advantages of Investing in Turkish Real Estate for Renting
There are several advantages to investing in Turkish apartments for renting. The most significant advantage is the lower cost compared to other European cities.
Turkey offers a lower cost of living than many other European countries, meaning property prices are also lower.
This makes investing in Turkish apartments more accessible for investors with smaller budgets.
With the growing population and influx of tourists, the need for rental properties is rapidly increasing. This is another huge benefit to consider when investing in properties.
Turkey is experiencing rapid population growth increasing demand for housing. This trend has caused a strain on housing availability and affordability in Europe.
The tourism sector is seeing continuous growth, thus driving the need for short-term accommodation options. This opens up great business opportunities in the rental property market.
Finally, the Turkish government has implemented several favorable policies for foreign investors.
Turkey is an attractive destination for foreign investors looking to purchase property due to a lack of restrictions and generous tax incentives.
Moreover, the country provides a great opportunity to benefit from profitable investments in real estate.
READ MORE: Tips for Choosing the Best Value Property
3. Factors to Consider Before Investing in Apartments in Turkey
Location is the biggest factor to consider when leasing your Turkish apartments.
You should try to find convenient properties in terms of public transport proximity to popular attractions and city centers.
This will help you maximize your profits while minimizing the risk of vacancy. Properties in these locations tend to be in higher demand, meaning you can charge higher rents.
Another crucial factor is the developer’s reputation. You should research the developer’s background and track record to ensure they have a history of producing quality properties.
This can help you avoid investing in subpar properties that may not yield the desired returns.
Price is another important factor to consider. You should compare the prices of similar properties in the area to ensure you get a fair deal.
When attempting to calculate potential returns, it is essential to remember to include maintenance and management costs.
4. Legal Considerations for Foreign Investors
Investing in properties in Turkey as a foreigner requires following some legal rules.
Before purchasing any property, a Turkish tax number must be acquired, as it is essential to complete the legal formalities. With this number, investing in apartments is possible.
Additionally, you must register the property in your name or your company’s name.
You will also need to understand Turkish rental laws and regulations to ensure that you comply with all legal requirements.
5. Tips for Buying Apartments in Turkey
For those looking to purchase any property in Turkey, it is highly recommended that you enlist the help of a reliable real estate agent.
They can provide pertinent market analysis & advice and make it easier to find properties that fit your investment criteria.
But first, you can analyze the real estate market with the help of real estate aggregators such as Yekta Homes. It has a convenient search system and a separate page with ongoing projects in Turkey.
It is highly advisable to thoroughly inspect the property before investing in it. Visiting the site in person helps you check out its condition, location, and possible rental income that it could generate.
Lastly, don’t hesitate to negotiate the price with the developer or seller.
Many developers are willing to offer discounts or other incentives to attract buyers, which can help you save money on your investment.
In summary, those willing to research thoroughly can reap great rewards by investing in Turkish apartments for rent.
Considering all the factors discussed in this article, you can minimize risks and maximize returns on your investment.
Turkey’s real estate sector provides appealing options for those keen on increasing their wealth or securing passive income.
It is worth exploring these opportunities. Investing in Turkish apartments for rent can be a lucrative and rewarding experience with the right approach.