Impact of covid-19 pandemic on Turkey property market
This article will discuss how coronavirus pandemic is going to effect Turkey property and real estate market.
While there are uncertainties ahead for major sectors such as real estate and tourism due to coronavirus pandemic, the early estimates anticipated that major economies will lose more than 3 percent of the GDP value throughout 2020.
There is no question that the virus has hit some countries rather worse than it did the others. On the other hand, some countries proved stronger than they appear to be. Countries like Spain, France, Italy, the United Kingdom and the United States were hit really hard by the virus on global scale. Whether it was due to underestimating the effects of the virus or having failed to take prompt measurements or inefficient health care, difficult times are expected for the World’s giant nations.
Turkey, on the other hand, has handled the virus rather efficiently. The mortality rate being 2,7% with 84,7% recovery rate, the country has proved to be a safe environment to raise your children and enjoy your retirement.
Turkey health care service
This is a very important consideration for investors.Turkey has been investing in health sector for over 20 years now. The global chaos proved that the government’s devotion to perfecting the health care system has paid off. First of all, the bed capacity in the country is much higher than that in European Union. The health care is free of charge for all the Turkish citizens. Turkey was able to galvanize more than 40.000 health workers in one night to fight against the virus.
Young population in Turkey is rather higher than most European countries. Thus it is fair to say that also played a role to keep the fatality rate as low as it is.
Turkey property market post-pandemic
There is a growing interest in real estate market in Turkey for obvious reasons. Turkey has proved a good option for life style investments. Given the excellent health care, safe environment, good climate and high living standards, there is a well-deserved demand from foreigners looking for a new home in Turkey property.
The number of potential clients and investors has been increasing since the peak of the pandemic. This shows that while some countries failed to meet what is expected of them, Turkey has risen above and proved to be a much better place to live in.
Turkey property taxation is low
When we are dealing with our clients, we underline the fact that investors who choose Turkey from the masses find excellent value for money here. If you have been interested in investing in Turkey property market for a while now, you would know that the value of Turkish lira. This translates into very high quality and luxurious properties for much cheaper prices for European, Middle Eastern, Scandinavian, Chinese and American investors.
Turkey property taxation is significantly low compared to Italy, France, Spain and the United Kingdom.
Capital Gain Tax
Real property taxes as % of capital stock
Max purchase tax
VAT on property
On that note, there isn’t any net wealth tax in Turkey, which is great news for high networth individuals.
Turkey is a great option for those who are looking for a safe environment to move. The country offers high living standards and excellent value for money. The tax advantages are highly favorable and it will lure more foreigners in in the following months of post pandemic.
Turkey’s health care system is now one of the tops in the World. They offer personalized health insurance for foreigners living in Turkey and it is free of charge for Turkish citizens. The good news is that you can acquire Turkish citizenship via minimum of 250,000$ real estate investment and benefit from the highly favorable system as a citizen while holding the Turkish passport for free.
For more information about buying property in Turkey please visit this page or contact us.