Feb 5, 2023

Turkey Real Estate vs Spain Real Estate

Smart and successful real estate investors carefully study the real estate markets in all countries in which they can make their investment path. Therefore, we see comparisons between markets and real estate investments in different countries existing and even competing.

Investors who are about to invest in Turkey real estate compare the Turkey real estate market with the real estate market in Arab countries, Middle East and European countries, including Spain.

Read the following words that contain a comparison between investing in Turkey real estate and Spain real estate in the most prominent points.

A comparison between investing in Turkey real estate and Spain real estate

Government support:

Both governments are aware of the importance of providing support to the real estate investment sector and attracting foreigners and their huge capital and pushing them to invest. Therefore, both the Turkish and Spanish governments provided great support to these sectors, but the only difference is that Spain requires that the price of real estate or investments within it be estimated at half a million euros as a minimum.

As for Turkey, it did not stipulate a specific amount or investment value for investing in Turkey real estate. You can buy Turkey real estate according to your desire for the amount you want. Depending on the amount you invest in Turkey real estate, you can obtain certain privileges. For example, you can buy Turkey real estate at any price less than $200,000 and rent it, resell it, or do whatever investment projects you want with it, but the matter is limited to that only. While if you buy Turkey real estate worth $200,000 or more, you will get great privileges that we will explain in the following paragraphs.

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Real estate taxes and fees:

The Spanish government imposes fixed and specific taxes on real estate investors on the purchase of new and used properties depending on the age of the building. This tax is 11% on old properties and a rate ranging between 8 to 10% for new properties. There are also additional fees and taxes that investors must pay, such as income tax, local council taxes, and waste disposal taxes.

As for Turkey real estate, the investor must pay value-added tax only, and this tax ranges from 1 to 18%. This tax has recently been abolished for foreign investors, provided that they pay the tax in foreign currencies, euros or dollars.

Return on real estate investment:

The average investment profit from real estate investment in Spain is 4.5%, or the investment profit may be 5% of the value of the property within tourist or commercial areas.

The average investment profit from investing in Turkey real estate is 5.5% on average.

Sales and demand in the real estate market:

The majority of investors in the Spanish real estate market are foreign investors, so the market may be affected by gaps or atrophy in some years due to lack of demand.

But the matter is different for the Turkey real estate market. The Turkey real estate market does not contain gaps or sudden atrophy like other real estate markets. This is because this market depends mainly on local investors and the people of the country, the Turks themselves. So, the percentage of Turks buying Turkey real estate compared to the percentage of foreigners buying Turkey real estate is about 93% compared to 7%, which is not a small percentage, which increased the strength and durability of the Turkey real estate market and protected it from the risk of contraction or deterioration.

Strategic projects:

Projects in Spain are limited to well-known commercial or tourist projects such as nightclubs, restaurants, concert or event halls, restaurants, cafes and other similar projects.

While in Turkey, the matter is completely different. Turkey's distinctive location has made it the focus of attention of major investors, businessmen, and international traders, as it is the intersection between East and West. This prompted the Turkish government to establish a number of strategic projects, especially in Istanbul, the city of two continents. These projects would affect international trade and the international economy in general. This made real estate prices around these projects rise incredibly year after year. Examples of these projects include: the new Istanbul Canal and the new financial center.

Obtaining citizenship:

It is also an additional advantage of investing in Turkey real estate over Spain.

The Turkish government grants the possibility of applying for Turkish citizenship by investing in Turkey real estate by purchasing a property in Turkey or more than one property and within more than one state or city for a value of 400 thousand US dollars or the equivalent according to the currency exchange rate at the time. Through this investment, the investor, his/her spouse, and children under eighteen years old obtain Turkish citizenship.

It is also possible to buy a property worth $200,000 in order to obtain Turkish residence permit and enjoy its various privileges. Through this step, it is possible to apply for Turkish citizenship five years later.

There are many other factors...

Conditions of obtaining Turkish citizenship by real estate investment

Foreign investors have the right to apply for Turkish citizenship by buying Turkey real estate upon meeting the following conditions:

The applicant should be conscious, mature, and responsible.
It is required that the investors reside in Turkey for five consecutive years without interruption.
The applicant should be of sound structure, conscious, and of good character.
The applicant's nationality must fall within the nationalities that are allowed to buy real estate in Turkey. In general, all nationalities are allowed to buy real estate in Turkey, except for some, such as Syrian, Armenian, Nigerian, North Korean, and Cuban.
The applicant for citizenship must not belong to any political party or group that contradicts the Turkish political systems.
It is preferable to have the ability to speak the Turkish language in an acceptable manner.

Steps to obtain Turkish citizenship by real estate investment

There are several important steps that must be followed to obtain Turkish citizenship by investing in Turkey real estate, which are:

Choose the property you want to buy, prepare the necessary official papers and documents, and officially transfer ownership of the property.
Obtain real estate residence permit in Turkey after purchasing Turkey real estate.
Submit the application to obtain Turkish citizenship, complete all the required papers and documents, and wait until obtaining it.

Real estate companies in Turkey help you obtain Turkish citizenship by completing the necessary steps and securing properties suitable for purchase to obtain Turkish citizenship.

Real estate offices enable you to obtain Turkish citizenship within a standard period of time of about three months 90 days.

Investing in Turkey real estate carries many advantages in addition to profits and investment returns, so do not hesitate to apply for Turkish citizenship by purchasing distinctive Turkey real estate through the best real estate offices in Turkey.

If you would like to know more about real estate investment in Turkey, do not hesitate to contact us via WhatsApp, here. We will respond to your inquiries as soon as possible.

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