- Turkey is a regional hub for Central Asia, the Middle East, North Africa and Europe. Its strategic position means it is ideally placed for both commercial and private ventures.
- Direct access from most of the worlds major cities, including those in Europe, Middle East, the CIS and the USA.
- Citizens of 79 countries and territories do not require a visa to visit Turkey. Citizens from an additional 43 countries and territories can obtain multiple-entry online Visas prior to travelling to Turkey (alternatively, visas can be paid for upon arrival your destination).
- There are no age restrictions regarding foreign visitors to Turkey (unlike Dubai, where those over 65 years of age must be accompanied by direct relatives).
- Turkey is currently the fastest emerging market of Europe. Turkey’s GDP (The Gross Domestic Product) for the year 2014 was $798bn, compared to $231bn in 2002. The OECD (Organization for Economic Co-operation and Development ) estimates that Turkey will have the 3rd fastest growing economy (after China and India) by 2017) and that this growth will surpass that of India some time after 2017.
- According to Knight Frank, residential real estate price index in Turkey is up 15% over the first quarter of 2016, compared to the 2.7% global average. Turkey is the top performing country.
- Turkey is the world’s 16th and Europe’s 6th largest economy
- Stable currency and sound banking system
- Liberal foreign investment policy
- There are 32,000 foreign capital enterprises operating in Turkey
- 33% of large multinational companies use their Turkey office as their regional headquarters. These include Alstom, Axa, BASF, Benetton, BMS, Bosch, BP, BSH, Citibank, Coca-Cola, FMC Biopolymer, Coface, Diaverium, General Electric, Gefco, GlaxoSmithKline (GSK), Hafele, Hewlett-Packard (HP), Hugo Boss, Hyundai, Imperial Tobacco, Intel, İpragaz, ISI, JTI, LG, Lifung, Mapfre, Mercedes-Benz, Metro Group, Microsoft, Pepsi, Pirelli, Procter&Gamble (P&G), Samsung, Schott Orim, Siemens, TeliaSonera, Tetrapak, Unilever, Vaillant and Visa
- Setting up a business in Turkey takes an average of 6 days, compared to the world average of 31 days
- Over the last 10 years, Turkey has attracted more than $100 billion of Foreign Direct Investments
- Turkey’s tourism sector is one of the biggest in the world. More than 36.2 million foreign tourists visited Turkey in 2015.
COST OF LIVING
- Cost of living in Turkey is more reasonable than in other European destinations. As an example, the cost of living in the Antalya region is 60% less expensive than in southern Spain.
- Owner of property and his/hers direct relatives are eligible for residency in Turkey, irrespective of property investment amount (in Spain, one should invest a minimum of 500.000 Euro in order to be eligible for residency). In Dubai, all residency applications require sponsorship.
- Property owners who have had residency for 5 years can apply for Turkish citizenship
- 18 foreign banks are currently trading in Turkey. In order to open a bank account you simply present you passport and show proof of residency in your home country (this proof can be an electricity bill, telephone bill, driving license or other document). You do not need a residence permit in order to open a bank account (unlike Dubai). In Turkey, citizens from any country are eligible to open bank accounts.
- When you receive your property title deed in Turkey, you will own both the property and the land (or a portion thereof) on which the complex is built. This is not the case in either Dubai or Bulgaria, for instance, where there land is owned by the government.
TITLE DEED TRANSFER TAXES
- Legal fees and transaction taxes in Turkey are lower than in other European countries. If you purchase property in Turkey for 150.000 Euro, legal fees and transaction taxes will be around 4.500 Euro – in Spain, these fees and taxes would be around 15.000 Euro (3 times more).
ANNUAL PROPERTY TAXES
- Annual property tax in Turkey is 0,2% of the property value as defined by the municipality each year – this will be significantly lower than market price. If you own an apartment that costs 150.000 Euro, your property tax will be around 50 Euro. By comparison, in the USA, you would pay around 1.500 Euro tax for the same property.
- Maintenance fees in Turkish Rivera are lower compared to other popular holiday destinations. Depending on the complex, the maintenance fee for a one bedroom apartment varies from 360 Euro to 600 Euro per year. In Dubai, the maintenance fee for the same apartment would cost around 5.500 Euro.
- Rental tax in Turkey is lower than in other European countries. If, say, your rental income is 6.000 Euro per year, annual rental tax would be around 550 Euro., which is 3 times less than in Spain.
- Turkey does not have any restrictions regarding lease term – in Dubai, any tenant has automatic tenancy extension rights up to a 4 year term.
A total of 150.000 units of Turkish real estate have been purchased by foreigners compared to Spain, where around 2.5 million foreigners own property – this means that Turkey’s real estate market has still maturing and offers huge potential. Investors who were buying properties in Spain 15 years ago were later able to sell their properties at 3 or 4 times the price originally paid. Those same investors, realising the potential, are now switching their focus to Turkey.