How To Buy a Villa in Turkey?
Kaplankaya emerges as a top choice in the thriving real estate market, appealing to both investors and those seeking a desirable lifestyle.
Located near Bodrum, known as the “St. Tropez of Türkiye“, and with stunning natural surroundings, it presents an ideal opportunity for investment, particularly for those interested in purchasing a villa in Turkey.
The area not only offers profitable investment prospects but also serves as an enclave for those desiring a lifestyle steeped in local culture.
This article aims to provide you with all the necessary insights to effectively explore the dynamic real estate landscape of Kaplankaya.
The Real Estate Market in Turkey
The real estate market in Türkiye has been experiencing steady growth in recent years. Home sales transactions have increased as both domestic and international buyers look to the Turkish property market for investment opportunities.
Many foreign investors, in particular, have been attracted to the relatively affordable home prices and rental yields compared to other European countries.
Several regions across Türkiye have become popular for buyers. Istanbul had the largest share of house sales in 2022 globally, accounting for 17.5% of the total 259,654 sales. Ankara and Izmir followed with 8.5% and 5.5% market share, respectively. When considering coastal areas of Türkiye, Antalya had one of the top sales volumes, followed by Bodrum.
Nice to Know: Comparison of Property Prices in Bodrum Over the Years
Why do you Need to Buy a Villa in Turkey?
Here’s why you should invest in Türkiye’s real estate today:
1. Tourist Reception
The captivating history of Türkiye, stunning scenery, and lively culture position it as a favorite among tourists. Having a villa for sale in Türkiye, particularly in the renowned holiday area of Milas, offers notable benefits.
2. High Return on Investment (ROI)
The demand for rental properties, driven by the expanding expatriate community and the tourism sector, can lead to substantial rental income, indicating a promising return on investment (ROI).
Furthermore, the Turkish real estate market has demonstrated growth and resilience, indicating the possibility of future increases in property values.
3. Citizenship Opportunities
Turkey offers a citizenship-by-investment program where foreign nationals can obtain Turkish citizenship by putting villas for sale in Türkiye. This program presents a compelling path to acquiring a second passport, accompanied by the advantages of entry into numerous countries without a visa or with one upon arrival.
In April 2018, Turkish President Recep Tayyip Erdogan introduced Resolution No. 106, revising the legislation concerning citizenship acquisition through investment. This change came as part of a presidential decree in 2018 aimed at reforming the law related to Turkish citizenship. The law states:
“In accordance with Article 46 of the Turkish Citizenship Law No. 5901, an amendment decision was made to implement Law No. 139/2010, issued on February 11, 2010, regarding granting Turkish citizenship by amending the condition for depositing money as a fixed deposit in a Turkish bank to be worth 500 thousand dollars or their equivalent in Turkish Lira instead of $2 million or their equivalent in Turkish Lira.”
Legalities to Understand
Legal considerations and procedures are crucial aspects when buying a villa in Türkiye, especially for those seeking residency or citizenship.
1. Eligibility for Citizenship
Foreign nationals can qualify for Turkish citizenship by investing in real estate valued at $400,000. An alternative approach is to rent out the purchased property with the option to sell it after three years, especially if acquiring Turkish citizenship is the primary goal of the investment.
2. Securing Permanent Residency and Citizenship
Individuals who obtain Turkish residency and maintain it for three years can retain their residency rights even after selling the property. This provision facilitates the path to permanent residency and ultimately citizenship in Türkiye.
3. Property Standards and Legal Requirements
In Türkiye, every property must possess a title deed, a valid building license, and a habitation certificate to meet legal standards.
- Title Deed: The title deed is the definitive document confirming property ownership. It’s essential to meticulously verify its authenticity and ensure there are no unresolved debts or legal disputes associated with it.
- Building License: This document is crucial as it certifies the property’s construction was conducted legally and adheres to the local building codes and regulations.
- Habitation Certificate: This certificate is a testament to the building’s habitability, indicating it has met all required inspections concerning health, safety, and environmental standards.
4. Checking Legalities with the Land Registry Office
It’s strongly recommended to consult with the Land Registry Office in Türkiye prior to finalizing any property purchase. This step is crucial for verifying legal details and ensuring the transaction’s compliance with local regulations.
Financial Aspects to Watch out For
- Real Estate Agent’s Commission: In Türkiye, real estate agents typically receive a commission of two to four percent of the sale price for villas. Usually, the seller and the buyer split this expense. However, commission rates are negotiable and should be discussed openly during negotiations with your agent.
- Capital Gains Tax: As a property owner, you have the option to sell your property within five years of purchase, but this will incur capital gains tax. Although this tax rate is relatively low, it’s an important factor to consider if you’re thinking about a short-term investment in Turkish real estate.
- Taxes and Property Valuation: Before you buy property in Türkiye, a private company with certification must value it. Certain taxes will be computed using the value that was determined. In particular, 4% of the property’s real value is the tax that sellers must pay. When planning your budget for the expenses of selling your property, this is a crucial factor to take into account.
Is Buying a Villa in Türkiye a Good Idea?
Yes it is! The Six Senses Residences in Kaplankaya offer you a chance of owning your dream villa in Türkiye, where culture, beauty, and opportunity meet. Immerse yourself in rich history, and enjoy a lifestyle that blends modern comforts with traditional charm.
Whether it’s for a private pool villa, an investment, or a new place to call home, don’t miss out on the chance to make your dream a reality.
Kaplankaya is a destination for families, entrepreneurs, and global citizens. This is where the tranquility of nature meets contemporary conveniences, nestled along the serene Aegean coast.
FAQ – Frequently Asked Questions
Q1. How to Choose the Right Villa Location
Choosing the right villa location in Türkiye involves considering your preferred lifestyle, climate, and amenities. Decide if you’re drawn to the vibrant energy of a bustling city like Istanbul or the serene beauty of coastal areas like Bodrum or Fethiye. Reflect on your lifestyle preferences, whether it’s a vibrant social scene, a peaceful retreat, or specific amenities like villas in Türkiye with a private pool. Visiting the area at different times of the year can also offer valuable insights into the local lifestyle and climate, helping you make a well-informed decision for your ideal villa location.
Q2. Can Foreigners Own Villas in Türkiye?
Yes, foreigners are allowed to own a private villa in Türkiye. While there are some restrictions in some areas, foreigners are generally permitted to purchase real estate in Türkiye.
Q3. Do you Have to Be a Resident When Buying a Villa?
No, you are not required to live in Türkiye in order to purchase a villa for sale. But, under some circumstances, acquiring property in Türkiye can be a means of gaining citizenship or permanent residence.