Turkey/istanbul is an amazing country/city. Airline flights are also cheap around the world since istanbul is hq of turkish airlines. There lira is going much worse than pkr. I think it lost 1/3 or 1/4 value in past 5 years. Iām thinking about investing there. Does anybody have any suggestion about it.
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After the fall of Ottoman Empire, Turkey was handcuffed on so many international bindings (The treaty of Lausanne).
In 2023, Turkeyās almost century old treaty is going to see its end .
Turkey has already been gearing up to take Muslim world lead once again. You can see its brave steps to support Muslim countries and a blunt attitude against Israel.
But Turkey is red marked on all āInternational Badmashiaās listsā and they have had many attempts to bring again their puppet Military govt but failed badly as the proud people of Turkey are against the military rule now.
Another factor has taken Turkey to sky high, is the gulf embargo on Qatar. Turkey is having fun of it and increased its trade with Qatar by 100ās time.
This embargo is going to stay as Qatar has many things now on Saudia & UAE and post freeing from big brothers, progressing on gross scale. Turkey and all other countries such as Oman and even Pakistan & India have huge opportunity to trade with Qatar.
Whatever happens to Turkey, the country has all resources to develop even if lira continues to depreciate!
Investments are now shifting from Malaysia/Dubai to Turkey.
One of my friends has made a heavy industrial project here in gulf, and all machinery from Turkey including electronic system to make a curved vessel, with hydraulic system, with 4" plain steel sheet: This explains how Turkey has been developed recently. They are making a huge production line of almost everything.
Turkey came out from IMF and now has huge $ deposits with its National bank.
Only one problem for Pakistanis:
Zaban e yaar e mun Turkey wa mun Turkey Namee danaum
āMere dost ki zaban Turkey hay magar mujhe Turkey naheen aateeā
Thanks AQ Sir, I will explore more about it. Thanks for your feedback.
The answer is yes ? I think they give residence on buying residential property, is it true and is it beneficial?
I also wanted to buy residential property in Turkey, please let me know if it will be worth it and better than Dubai..
Historically countries do prosper if they have at least one out of four resources:
1: Agriculture
--Dubai has no agriculture
--Turkey: Huge agri resources
2: Natural resources
--Dubai is now producing not in barrels but in buckets. No future in oil.
--Turkey: Fairly good but huge gold reserves (116 tonnes)
3: Management expertise
--Dubai: NIL
-- Turkey: Very Rich
4: Industrial Growth
--Dubai: Hardily any, Just trading and leisure industry
--Turkey: Developed so much that now became a threat to the developed countries.
I am working in gulf and almost every gulf national has invested in Turkey. Very lucrative rental income and they say good property management, if you are not there.
These gulf national lost millions in Dubai during Dubai fall in 2008.
Dubai investment is very risky but Ajman/Sharjah may be good just for short span of time.
Thank you much AQ sahb. Any idea on how and where to invest in turkey? Whats the average prices or residential property in places where they can generate rental income?
Another question is there any problem if i transfer my money to turkey from here? I am a tax filer and source of income is software export.
Dear Typhoon
I have checked with Qataris to answer your queries but these youngsters even do not know ROI or appreciation or rental income per investment.
These Bedouins only to use their Turkish property as an alternate visiting location to Dubai/Bahrain for the ā OBVIOUS REASONSā as there is an embargo on them to visit UAE or Bahrain.
Their areas of investment are: Istanbul, Antalya, Bursa & Yalova
But I know Istanbul is the 6th most attractive market in Europe after London, Paris, Moscow, Milan, and Madrid.
Most of them did their investments through:
https://www.turkeyhomes.com/info/buyers-guide/turkey-property-purchase-process
This office also has an App for downloading on your cell.
Here are the queries, I myself put forward to this office: You will sure can fine tune/add much better than me:
āDear Sir/Madam
I need to invest in Turkeyās real estate where I can get steady rental monthly/annual income for my retirement . I need to put forward the following questions, before I visit Turkey:
1: My investment worth, for beginning, is $ xx,xxx
2: I am Pakistani National.
2: Do I qualify for the Turkish Resident Permit. If not then how much investment can make me eligible for Turkeyās RP or any other āstaying statusā in Turkey and for how long per my investment.
3: How much rental can I expect from, say, a villa, an office or an apartment.
4: The property ānext of kinā status, say, if me or/and my spouse are not in this world, how my investment would be dealt on legal basis.
5: Type of property: Freehold/common hold or leasehold
6: If I opt for an office/villa/flat then how much rent appreciation.
7: Property appreciation per year: Please specify good performing areas for the best appreciation.
8: āProperty management servicesā available in Turkey, if yes, then how much fee for the management. Is it per unit, per square feet or any other measuring unit.
9: Maintenance charges of my property.
10: Is there any limitation on sending my rental/property selling income from Turkey to Pakistan.
11: State bound taxis on my investment (All inclusive).
Thank you so much for your help and guidance. Much appreciated. JazakAllah.
AQ sahb, can you please share with me if you do get any answers from them?
Of course, Ty phoon sb, I shall do In Shaa Allah.
Dear Gents
Here is the reply to my mail from a well reputed Property Management Service provider:
Dear Mohammad Yousef,
Thank you for choosing Antalya Homes Emlak AÅ. As a leading real estate company in Turkey, we proudly own and operate the brands Istanbul Homes and Trabzon Homes as well. We have fully operating offices in Lara (Antalya), Konyaaltı (Antalya), Alanya, Trabzon and Istanbul. We have professional before sales and after sales services offered to our clients free of charge.
We are proud to announce that we have delivered thousands of keys and Title Deeds (Tapu in Turkish) with ZERO FAILURE since we have been established in 2004. You can read our client testimonials and watch the testimonial videos of our clients who previously bought property from us. As a leading real estate company in Turkey, we have thousands of properties for sale all around Turkey. All property prices and availability on our website are correct as they are daily updated.
Services and Costs
When you buy a property with Antalya Homes;
ā You do not need to pay any real estate commission fee on new build properties. We get fully paid by the property developer companies. If you buy a resale property, you will pay only 2%.
ā Getting a Turkish tax number and opening a bank account is for free. We assist you to open a bank account in Turkey for all our clients, that you can even manage with an internet banking. You can have your accounts in Turkish lira, Dollar, Euro or other convertible currencies.
ā There are some small āone-time feesā such as cadastral tax, translation of your passports, notary approval, application tax, application documents, sworn translator fee (or power of attorney by Notary Public), etc. All you need to pay is about 2.500 TL to cover all these costs.
ā After signing a sales contract, the appraisal report is requested. The cost of the report is approximately 1.000-1.500 TL depending on the city and features of the property. This fee should be paid to SPK validated expert before the title deed transfer.
ā Once only Title Deed Transfer Tax is 3% of the declared taxation value (paid on Title Deed transfer day).
ā After you have a registered Title Deed (Tapu) in your name, we always assist you to get electricity, water and gas subscriptions. After you have the subscriptions we go to your bank to order automatic payments through your bank account in Turkey.
ā We find the best stores to help you to decorate and furnish your new home.
ā When you buy a property in Turkey, you can get a Residence Permit in Turkey that is annually renewable. We co-operate with professional companies to assist you to get a residence permit for your first-degree family members.
Hii Mr Mohammed I can give you an approximate price for 2+1 unequipped, 1,100 tl whit equipped 1,400 tl !!!
I need some detailed information from you to prepare the best possible property options matching perfectly with your expectations and needs.
ā What is your purpose of buying a property in Turkey? Investment, long term living, short term stays, holidays?
ā What type of property are you looking for? Flat, villa, commercial or land.
ā How many bedrooms, which location and budget? Which conditions are very important to you?
ā Will you pay cash? Do you need mortgage or payment plan options?
ā When do you plan to come Turkey?
ā Which phone number do you want us to call you? After I send this e-mail, I would like to call you to have better communication with you.
I promise you a very easy and smooth experience of buying property in Turkey. According to answers to these questions, I will do my homework to find the best options for you. Please feel free to contact me by e-mail or phone. I have Viber and WhatsApp at the same number.
Kindly, I await a reply by e-mail or phone call from you about your property preferences according to the questions above.
Kind Regards,
Ahmet Ortaer
AQ thank you, are you interested in residential? Please share what he has to say about rental and property prices.
Also please watch this report: https://youtu.be/CVavLymhiVI
Ty Phoon
I am interested in commercial, such as an office in good location as maintenance is minimal versus a residential unit.
I will post the rental/prices situation, once I get the reply. I will watch the video in day as I am in night shift.
Turkey real estate prices are cheaper than Pakistan. Secondly they offer citizenship to anyone investing $250K.
Watch this video. This guy from Karachi made special trips to turkey and he has been helping others who might want to explore that route of investment.
https://www.youtube.com/watch?v=Rm0K7owUiao
https://www.flyingtoworld.com/
JDM thanks, Im wondering if its safe to invest in Turkey though, once in a while theyll also get political trouble, secondly a border with Iraq, Syria and what not makes me skeptical about any investment.
AQ, good idea please keep me updated if you will. Ill likely think about doing the same.
Ty Phoon
**Apology to the friends who are not expats!
It seems ROI is not bad but I asked them to tell me how much eventually would come into my pocket after having deducted all state bound/area bound taxes:
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Dear Mr. Mohammed,
Thank you for your email,
First of all my name is Kareem and regarding your inquiry kindly find all the information about the Rental Guarantee as below :
For buyers purchasing as an investment in Istanbul, you have the option of being included in a 5-year guaranteed rental scheme with an annual 6% income on the property purchase price e.g. A property purchased at 500,000 TRY would earn you an income of 2,500 TRY per month which equal to 450 USD.
This is a rare Istanbul central prime location property option that we formed a alliance with development company to market it with a rental package.
Currently prices are only updated on this project on 1st of January 2019. The project completion is in 31st of May 2019. On 1st of June, the price increase of around 12% we are expecting for remaining units.
I think its about same rent as you get in Islamabad. AQ sahb, what are your thoughts about this?
Looking forward to hear on what the final rent would be after tax deducation..
Can you please help me understand this part? "you have the option of being included in a 5-year guaranteed rental scheme with an annual 6% income on the property purchase "
Sir, may be some friends will have reservation upon my comment but I think as we are expats and we can legally invest outside Pak, I would go ahead and say that looking into Rs devaluation, we should think of investing where currency is a bit stronger than PKR. Lira is depreciating, too, but as Turkish foreign reserves are overflowing, Lira depreciation is helping Turkish exports. Plus before investing one has to see TL versus $ historical ratio and work out upon it.
I am praying to steel some time from my business in Pak and visit Turkey and see on ground stuff. I will keep you posted. I am commuting to Pakistan almost every week to see my business. Hopefully I will have some time in next couple of months, In Shaa Allah
AQ sahb, thank you much. Ive software export business and all my money is declared as foreign remittances, I am not sure if you can answer but wondering if therell be a problem wiring this money to Turkey? I will be visiting Turkey after Eid - inshaAllah but I look forward to hear more from you.
I pray our investments are put in the right place inshaAllah.