Turkish housing sector the land registry – Turkey is a country that attaches great importance to the construction and real estate sector since 1980. New housing projects, shopping malls, commercial properties, bridges, and airports are being built all over the country.
We need to know that the construction industry is the leading sector of the Turkish economy and it creates employment for millions of people and their families.
Old buildings are demolished and more safer and innovative structures are built within the scope of urban transformation. Therefore, citizens are provided to live in better conditions and own houses with more favorable payment terms. Let’s detail some important information you need to know about the Turkish housing and real estate sector.
What do you need to know about the Turkish housing sector?
It is very important to have a house in Anatolia. The statement “May your place in the world and your faith in the afterlife are not lacking” emphasizes the importance of having a house.
It has become both easier and extremely advantageous to own a home with the remarkable increase in purchasing power in the last 25 years, state support for people who want to own a home, affordable real estate developed by the Mass Housing Administration, and loan opportunities from the Turkish banks.
In December 2019, we only see that the issue sold close to 1.5 million in Turkey. If we underline that the figures were 1,341,557 in 2016, we can say that there was a profitable growth of 5.1 percent in the real estate sector for 2019.
In 2015, 1,289,400 houses were sold, and in 2014 1,165,550 houses were sold. In summary, it is possible to observe that the confidence in the real estate sector is increasing steadily.
Collective Housing Administration is progressing with “We are building the cities of the future for Turkey’s Future” slogan. Collective Housing Administration is an official institution tasked with meeting the increasing demand in a planned manner by encouraging the housing sector. It has helped millions of people to have a home in Turkey with reasonable prices and payment options acting on the idea of social benefit.
It started the construction of 50 thousand social housing in 2019. The Collective Housing Administration has built a total of 800 thousand houses until 2017. And we can call it a ”market maker” of the real estate sector in Turkey.
Foreigners who buy a house also get Turkish citizenship
Foreigners who buy housing from Turkey and their relatives that are under 18 years old, may have the right to Turkish citizenship with updates in the Turkish Citizenship Act. Accordingly, foreigners who buy real estate, land, and workplaces worth at least 250,000 dollars can directly become Turkish citizens if they apply and protect their investments for 3 years.
Foreigners prefer Istanbul for investment
We can say that Istanbul is the heart of the matter of the economy and the Turkish housing industry. This historic city which is highly praised by domestic and foreign investors constitutes 22 percent of residential sales in Turkey.
Turkish housing sector
18.7 percent of Turkey’s population lives in Istanbul. Istanbul will also be Turkey’s investment center in the coming year thanks to its investment and educational opportunities, health tourism, wonders of nature, and history.
Experts say that the interest in Istanbul and the Marmara Region will continue to increase and it is predicted that the number of foreigners who buy houses from Istanbul will increase gradually.
What you need to know about housing sales to foreigners
Foreign national real persons can own any kind of immovable property (residence, commercial property, workplace, land, and field) provided that the limits in the laws are observed.
According to the data of the Turkish Statistical Institute, the top five ranks are Iraq, Iran, Saudi Arabia, Kuwait, and the Russian Federation. The cities that foreigners are most interested in are Istanbul, Antalya, Bursa, Ankara, Izmir, Trabzon, and Yalova.
You can contact our expert team and get information about the most suitable real estate investment for yourself and your family from this rapidly growing sector. We are here to answer any questions you may have. Feel free to contact us at +90 542 553 30 60 or via email through [email protected]