Why Russian citizens should invest in Turkish real estate

For many years, Türkiye has been a favorite tourist destination for Russians. But in addition to recreation, many citizens of the Russian Federation decide to purchase Turkish real estate. And this trend is only gaining momentum.

In 2021, the Russians entered the top three buyers of real estate in Turkey, while spending about 5 billion rubles. In the period from January to April of this year, the Russians bought 1.34 thousand real estate objects, spending 4.74 billion rubles on this. In April alone, Russian citizens re-registered 402 real estate objects in Turkey worth 1.42 billion rubles. The most active citizens of the Russian Federation entered into transactions in March: 419 apartments and suites were purchased.

What is the reason for such an interest of Russians in buying Turkish real estate, we will consider in more detail in this article.

What is the interest of Russians in Turkey?

Developed tourism sector, comfortable climatic conditions, a stable economy, ample opportunities for doing business and receiving quality medical care and education - these are just some of the weighty reasons why Russians choose Turkey. Other important benefits include:

• Competitive property value. Prices for apartments and houses in Turkey for Russian citizens are many times more attractive than in Russian resorts, and the quality of modern Turkish residential complexes with SPA-hotel infrastructure reaches the level of European housing.
• Residence permit. The purchase of residential real estate automatically provides a foreigner with a residence permit for a period of 1 year. The status applies to each member of the family. Having lived in the country for more than 5 years, the owner can legitimize his citizenship.
• Turkish citizenship. The acquisition of ownership of real estate worth more than $400,000 allows you to apply for Turkish citizenship through a simplified procedure. Citizenship can be issued to family members: the spouse of the main investor and children under 18 years of age (children with disabilities can be included in the application regardless of their age). The term for issuing a passport is up to 6 months.
• A simple procedure for buying property. The procedure for acquiring real estate in Turkey implies the most transparent conditions, security and a fast process. Since 2020, it has been possible to conduct a transaction online.
• Profitable investment. Buying real estate in a resort area is of particular value, as it can become a source of stable income, that is, a house or apartment can be rented out to tourists or resold at a higher price.
• Low property taxes. The annual real estate tax in Turkey for Russians is 0.1-0.2% of the value of the property, depending on where exactly it is located - in large settlements the tax is higher, in small ones it is lower.
• Low interest mortgage lending. Turkish banks willingly issue loans to Russians at a favorable interest rate of 6-8%. This requires a minimum package of documents.

The leaders in the re-registration of real estate by foreign buyers are large cities and resorts: Istanbul, Alanya, Antalya, Bursa, Ankara, Yalova. Russians are mainly interested in the Mediterranean coast. Almost half of all transactions are in Alanya.

In the Republic of Turkey, you can buy both a cozy inexpensive apartment and luxurious penthouses. Each buyer has the opportunity to choose the ideal option for their own goals and budget.

Note that all transactions for the purchase of real estate with foreigners take place with the obligatory participation of a sworn translator. This allows you to minimize all risks.

Profitable investments

Let's consider the question - why by housing in Turkey Russian investors from a financial point of view. An increasing number of tourists are inclined to the economic feasibility of investing in real estate in Turkey, with its further use both for personal purposes and for passive income.

Many Russians purchase apartments for renting out apartments, which allows them to receive year-round profit. The yield from renting out housing can be in the range of 6-8% per annum, which is more than on deposits in Russian banks. Buying housing on the first coastline can provide a higher yield and guarantee about 10% per year.

In addition, there is a positive trend in the growth of the cost per square meter. Thus, over the past years, real estate prices have been steadily increasing by 10-15% per year, which allows us to count on a good profit on resale.

The most profitable option for investing in real estate in Turkey for Russians is the purchase of a new building in the early stages of construction. And the earlier you buy, the cheaper the apartment will cost. The difference in prices for the same object at the zero cycle and at the time of completion of construction can reach 30%.

Alanya: in search of an investment object with Nordic Property

The construction company Nordic Property Construction offers a new Cozy Town project in the most Russian-speaking area of Alanya - Mahmutlar. This is a modern residential complex 350 meters from the Mediterranean coast. The residential 8-storey block consists of 54 apartments of various layouts.

The area of the apartments is from 60 m2 to 157.5 m2. Commissioning - end of 2022.

The infrastructure of the residential complex takes into account everything necessary for a comfortable stay for the whole family: a swimming pool, a green area, a playground on the territory of the complex, parking, security, a hammam and a sauna.

Purchasing square meters from the developer Nordic Property Construction, you can get TAPU in your hands after making only 30% of the cost of the object. Managers will tell you in detail how to buy property in Turkey as a Russian citizen, as well as carry out all the necessary procedures for registering property rights.