Foreign nationals who have retired and hanker after a holiday home – or a permanent residency – in Turkey aren’t just restricting themselves to older properties, new builds or even property at all it seems, as we’ve been witnessing here at Oceanwide Properties Turkey. That’s because many have recently been buying land on which they can plan and have built their own custom-designed homes.
It makes sense since the Turkish government has already made it easier for non-Turkish nationals to invest in the country by relaxing some of the previous red tape such as the reciprocity agreement (which particularly hit Middle Eastern investors) and making permanent residency for foreign nationals easier, and quicker, to establish. For instance, in the case of the latter it’s now possible to get a year’s permanent residency in Turkey as a foreigners purchasing property. In the past it was restricted to just three months.
The Turkish government has even made entering the country easier with the introduction of its e-visa meaning tourists can avoid lengthy airport queues.
Last year Turkey was placed seventh in a global chart of countries which had sold the most real estate – both land and Turkey property. The country’s total figure was actually an increase of 11.5 per cent on the previous year.
Favourite Locations in Turkey to Buy Land
The coastal resorts near the Mediterranean and Aegean Sea are very much sought after, especially Fethiye, Kalkan, Bodrum, Calis, Gocek, Antalya and the growing city of Istanbul where the suburbs in particularly are witnessing a lot of residential construction.
Plot sizes in area which prove popular such as coastal tourist resorts tend to be smaller than those in the city suburbs and Turkish rules outline exactly how much of the available land can actually be used for building.
Other pluses for Investing in Turkey
Turkey is certainly an up and coming nation, with a young workforce and improved infrastructure projects. The quality of facilities in general is improving to the extent it narrowly missed out to Tokyo for hosting the 2020 Olympic Games last month. In addition, property isn’t priced sky-high to the extent it is very feasible for many non-Turkish residents to afford to retire there.
High Number of British Ex-pats in Turkey
Depends on how you feel about living with ex-pats, but certainly if you’re looking for familiarity in a foreign country then Turkey is ideal. Of all foreign nationals who have purchased land and property in Turkey in recent years, the British is the second highest nationalist (Russia is first).
In fact, official Turkish Land Registry General Directorate figures shows that non-Turkish nationals own 38.5 million square meters of physical real estate in Turkey. And that belongs to a total of 73,000 foreign nationals.
The British seem to favour areas such as Mugla and Fethiye in particular. The former has 10,039 British registered Turkish property owners from a total of 12,865 foreign nationals owning title deeds.
For more information on buying land or property in Turkey then contact our team at Oceanwide Properties who’ll be only too happy to give advice and guide you through the buying – or selling – process.