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New support packages for real estate buyers and investors in Turkey

تعرف على حزم الدعم الجديدة لمشتري ومستثمري العقارات في تركيا
New support packages for real estate buyers and investors in Turkey

New support packages for real estate buyers and investors in Turkey

Three new support packages were announced for home and real estate buyers, after the three-hour cabinet meeting recently, where President Recep Tayyip Erdogan announced a set of new decisions that contribute to the renaissance of the real estate sector and drawing new lines for the purchase of housing. Erdogan states: “For first-time homeowners, we offer a real estate loan of up to 10 years and an interest rate of 0.99 percent per month for direct purchases of up to 2 million Turkish liras, and the construction sector has allocated 20 billion TL to complete construction projects, completed of 40 percent of them as of May.

President Erdogan explained in detail each type of new package and its features:

In the first package: a real estate loan that can be repaid within a period of 10 years at an interest rate of 0.99 percent is entered on a monthly basis for direct purchases that do not exceed 2 million TL, provided that the citizen will own one home for the first time.

As for the second package: It can be used for the case of homes that will be purchased provided that the deposit accounts in foreign currencies are opened before April 1, 2022, or the actual gold is sold to the Central Bank and covered.

As for the third package: 20 billion TL have been allocated to serve the immediate completion of construction projects, in which the completion rate reaches at least 40 percent, provided that 50 percent of them are unsold at least.

Real estate investment in Turkey

Turkey ranked first among countries in terms of selling properties to foreigners in the past few years, specifically after 2018, where the Turkish government provided many facilities in the real estate sector and investments, especially after adding provisions to the real estate investment law for foreigners that facilitate the ownership process.

The Turkish government has granted foreign investors the right to obtain Turkish citizenship and thus the Turkish passport, which allows its holder to enter 111 countries with a visa color with ease of travel to European countries and many other advantages.

The government has given great attention to investment projects and has worked to organize new residential areas and serve them with transportation networks. Contracting companies have also facilitated sales by installments with or without a down payment.

Istanbul real estate

Istanbul tops the list of most Turkish cities for real estate sales in Turkey, for several reasons:

Distinguished geographical location.

The commercial and economic importance of Istanbul.

Competitive prices for its European peers and a good investment return.

The government's implementation of the Istanbul Water Canal project, which will connect the Sea of Marmara with the Black Sea and will be the most important trade corridor between Asia and Europe.

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