The COVID-19 pandemic has contributed to the growth of popularity of citizenship-by-investment programs that several national states administer. Turkey offers one of the most affordable and most transparent schemes of acquiring foreign citizenship by investing in the country’s economy. It will suffice to invest US $¼ of a million in a house or apartment in Turkey to qualify for a second passport. The choice of real property in the country is diverse, however, and you have to choose the investment object with care. We invite you to consider the opportunity to purchase an apartment in Gülpark Yuvam Projesi, a new residential complex in Istanbul.
A country with a rich history, a warm climate, a clean nature, and a unique culture, Turkey attracts foreign nationals looking for a second (or a new) home. Foreign investors will find practically unlimited opportunities for finding a nice place to live in Turkey. Businesspeople, professionals, and pensioners from different countries of the world find abodes in Istanbul or some other Turkish city, acquire the passports of the country, and relocate there for good or visit it on vacations otherwise.
Introducing Gülpark Yuvam Projesi residential complex in Istanbul
Gülpark Yuvam Projesi is located in the central part of Istanbul in the district of Bayrampaşa. This means that you can buy an apartment in a residential complex sitting close to various places of interest in the ancient city. In addition, you will find all sorts of social and recreational infrastructure objects in close proximity to the place including shops, restaurants, schools, universities, hospitals, and so on.
The fact that Gülpark Yuvam Projesi is located near numerous tourist attractions makes the possibility of investing in Turkish citizenship even more attractive. You will be able to let your apartment on a short-term lease to tourists, which is probably the fastest way to return your investments.
The central location of the residential complex and the proximity of public transport stations allows reaching any destination in Istanbul within a few minutes if you reside in Bayrampaşa district. A bus that stops nearby will quickly take you from Gülpark Yuvam Projesi to the airport, for example, and the subway station is only five minutes away on foot.
Another advantage of the location is the proximity of a large bus terminal that is the busiest one in Turkey and probably in Europe too. There you can catch a bus that will take you to any province of Turkey.
Only high-quality materials have been used for Gülpark Yuvam Projesi exteriors and interiors. The residential complex occupies an area of 8 thousand square meters and consists of three high-rise buildings that have 159 apartments and 30 commercial facilities. You can choose from 2 + 1, 3 + 1, and 4 + 1 apartments (the first figure denotes the number of bedrooms and the second one means that the apartment has one kitchen-diner). The rooms including the bathrooms are very spacious as well as the balconies and the cloakroom.
Gülpark Yuvam Projesi residential complex offers a great number of social infrastructure objects. These include two indoor swimming pools (for adults and for children), children’s playgrounds, underground and on-the-surface parking areas (the latter is for the guests), and a fitness center. IN addition to that, the buildings are equipped with reliable elevators. Central heating, seismic protection, and round-the-clock security surveillance are also available. The table below lists the main properties that Gülpark Yuvam Projesi residential complex boasts.
|Property type||Mixed-purpose property: residential accommodations and commercial facilities|
|Property location||The district of Bayrampaşa in Istanbul|
|Technical characteristics of the property||House area — 8,267 m2. 3 buildings of 14 stories. 30 shops.|
|Number and types of apartments||159 apartments in total: 2 + 1, 3 + 1, 4 + 1. The number of apartments on each floor is 4.|
|Places if interest in the vicinity:||Cetin Emec Stadium|
|Transport:||• E-5 highway;
• Central bus terminal of Istanbul;
• Subway station (5 minutes away).
|Infrastructure objects on the territory of the residential complex||Recreational objects||• A fitness center;
• A sauna.
|Social infrastructure||• An open-air swimming pool for adults;
• A swimming pool for children;
• Children’s playgrounds;
• Restaurants and cafes;
• A party zone.
|Car park||• Surface car park;
• Underground car park.
|Security||• Round-the-clock security services;
• Video surveillance;
• Key cards.
|Apartment equipment||• Storage rooms;
• Household appliances;
• Central heating;
• Heat consumption meter;
• Video intercom.
Prices for apartments in Gülpark Yuvam Projesi residential complex
If you decide to invest in an apartment in Gülpark Yuvam Projesi, you can use a special offer available to InternationalWealth clients.
|Apartment type||Gross area, square meters *||Net area, square meters **||Number of bathrooms||Price, Turkish liras|
|2+1||121.66||83.74||One||1,355,000 – 1,648,000|
|3+1||151.89||105.89||Two||1,925,000 – 2,057,000|
|4+1||242||167||Two||3,080,000 – 3,143,000|
* The total area of the apartment including the non-livable space.
** The livable area of the apartment.
Please mind that the prices given above do not cover the costs of acquiring Turkish citizenship by investment. The application procedure will involve some administrative costs.
Introducing Bayrampaşa, the district where Gülpark Yuvam Projesi residential complex is located :
The Istanbul district of Bayrampaşa has been inhabited since long ago. If is a place where ancient culture meets modern trends. The density of the population is growing in the district. While it was 130,000 people per hectare in 1970, it grew to 259,000 people per hectare by 2000.
In the previous century, the district was known for the agricultural products grown there. Local vines and milk cows were especially famous. The industrialization process, however, has turned Bayrampaşa into a district with a rapidly growing economy based on manufacturing and trade. You will find no more agricultural lands there any longer.
You will be pleased to learn that there are no heavy industry enterprises in the district where Gülpark Yuvam Projesi is located. Some garages can be found there, a small press-form manufacturer, electronics manufacturers, and a textile factory.
The key state institutions located in Bayrampaşa are the bus terminal, several subway stations, the State Hospital of Bayrampaşa, and a health center. In addition to that, you can find two kindergartens in the district, 15 primary schools, 14 secondary schools, many private educational institutions, and a few departments of various universities. The recreational infrastructure includes, among other things, several parks, Hidayet Türkolu sports center with two stadiums, 4 fitness halls, and 2 swimming pools.
Introducing Sur Yapı Exen İstanbul, the developer of Gülpark Yuvam Projesi residential complex
Sur Yapı Exen İstanbul construction company that has erected Gülpark Yuvam Projesi residential complex is one of the most successful real estate developers in Turkey. The company was started in 1992. By this moment, the company has completed a great number of outstanding development projects implementing innovative solutions.
Sur Yapı Exen İstanbul provides complex services that include the architectural design of the prospective building, the floorplan development, the construction proper, quality control, property management and maintenance, and rental services.
The company aims at erecting buildings that are just perfect for living. In addition to the property construction business, Sur Yapı Exen İstanbul has been involved in several energy production projects since 2007. In particular, it has invested in the construction of four hydro stations and two windmill farms.
As of today, the company has built 6 million square meters of residential property. Some most important residential complexes in Istanbul and Bursa include the following ones: Greenium Villalari, Villa Sera, Selvice Evler, Dora Park, Mahalle Istanbul, Adapark, Metrogarden, Exen İstanbul, Corridor Rezidans, Tilia, Idilia, Vitrin, Marka Rezidans, Ilkbahar, Ilkbahar 2, Mirage Rezidans, Golbahce Evleri, Lavender, Sehir Konakları, Bahceyaka, Tempo City, Topkapi Evleri, YeşilMavi, Excellence Kosuyolu, and Semt Bahcekent.
Besides, the company has erected office buildings for large international conglomerates such as 3M, Novartis, Total, Opet, Sony, Bosch-Siemens, Nobel Ilac, Casper, Aviva, and Isvicre Hayat Sigorta.
In addition to that, Sur Yapı Exen İstanbul has completed the construction of trade centers in Istanbul such as Axis Kagithane MALL (June 2013), Istanbul Umraniye Metrogarden MALL (September 2014), and Axis Istanbul MALL (May 2015). The company has also built the Sur Yapi Marka MALL in the city of Bursa.
Is real property in high demand in Istanbul?
According to the official statistics from Istanbul, 11 thousand pieces of real property were sold in the city in May 2021. In the period between January and May 2021, 82 thousand pieces of property were sold. Speaking of Turkey as a whole, 59 thousand pieces of real property were sold in May 2021, while 418 purchase deals were singed during the first five months of the year.
The number of purchase deals made in Istanbul in May 2021 was greater by 49% in comparison to the same month last year. The growth in Turkey as a whole was more modest: the number of sales grew only by 16% in relation to the previous year.
As you can see, the demand for real property in Istanbul is growing considerably faster than that in Turkey as a whole. This is a confirmation of the fact that investments in real property located in Istanbul are extremely popular both with foreign and domestic investors.
It will be interesting to note that houses and apartments that have been lived in sell better than newly erected buildings. In May 2021, 72% of all property sold in Istanbul was ‘second-hand’ property. The number for Turkey as a whole is 69%.
The statistics given above show that apartments in newly erected buildings such as Gülpark Yuvam Projesi residential complex, for example, are in short supply and the developers are unable to meet the demand. Consequently, the prices for apartments in new buildings are going to remain high in the foreseeable future.
We also have to note that 63% of real property sold in Istanbul in May 2021 is located in the European part of the city (where Gülpark Yuvam Projesi is located too). The sales in the European part of Istanbul grew by 51.6% in relation to May 2020, and the sales in the Anatolian (Asian) part of the city grew by 42.5%.
As far as sales of Istanbul real property to foreigners are concerned, they grew by 93% in May 2021 in relation to the same month of the previous year. The figure for Turkey as a whole is only 10.7%. Interestingly, 46% of all Turkish property sold to foreigners in May 2021 is located in Istanbul. This circumstance is one more reason why you should invest in an apartment in Gülpark Yuvam Projesi.
The cost of real property in Istanbul grew by 31% in April 2021. The figure for Turkey as a whole is 36%. ‘Second-hand’ property grew in value by 28% in Istanbul and by 36% in Turkey as a whole.
Why should you purchase property in Istanbul?
Located between east and west, Turkey combines the best properties of the two worlds. The country is an important player in the international arena and it welcomes foreign investors who contribute to the growth of the national economy. To make investment in Turkey even more attractive the Government of the country started a citizenship-by-investment program that allows acquiring the Turkish passport in exchange for an investment. There are several routes to Turkish citizenship (that is, several investment options) but purchasing real property in Istanbul or another Turkish city has been the most popular investment option thus far.
A villa on a large land lot in the countryside or a penthouse in a prestigious district of a large city – you can find any sort of real property that you can buy in Turkey. The country offers European quality at Asian prices. Below please find the main reasons why you should seriously consider the opportunity to invest in real property in Istanbul or elsewhere in Turkey thus qualifying for citizenship of the country.
- Less expensive housing compared to European countries: The real estate market opened to foreigners only a short while ago. For this reason, the foreign investors have not had enough time to send the prices rocketing thus far. So, the prices for real estate in Turkey are very attractive at the moment. This is especially true for those foreign nationals whose savings are in euros, pounds, or dollars as the cost of the Turkish lira in relation to these currencies has been decreasing over the recent years.
- A perfect long-term investment option: Real property prices have been stably growing in Turkey over the recent years and the prospects for further growth are good. This means that you can have a hefty return on investment if you are prepared to keep your Turkish property in possession for a few years. Indeed, it is much more promising to invest in Turkey rather than Cyprus or Spain, for example, where the property prices have already reached their peak. In addition to that, Turkey is actively opening to the world under the current administration and the number of foreign visitors to the country has been increasing year after year. This means that the potential demand for your apartment in Gülpark Yuvam Projesi residential complex is going to be high if you decide to let it on a lease. Thus, you can make some good money by investing in real property in Turkey: rent your apartment out for a few years and then resell it at a much higher price!
- Diversity of real property in Turkey: One of the main reasons why investing in Turkish real estate is so popular with foreign nationals is the great choice of property to buy. In Istanbul and in other cities in the country, you can find luxurious pieces of property and inexpensive ones; you can find cottages, villas, townhouses, and apartments; you can choose to buy property in a megalopolis such as Istanbul, for example or you can buy a villa with at the shore of the sea. The choice is immense indeed.
- Low cost of living in Turkey: Living in Turkey is inexpensive in comparison to living in Europe or North America. Food products, clothes, medicines, cars, and various services cost considerably less there. A retiree whose pension is paid in dollars or euros can use the favorable currency exchange rates to live a life of ease in Turkey.
- Simple procedures of property purchase in Turkey: With the goal to attract more foreign direct investments to the country, the Turkish Government has simplified the bureaucratic procedures involved in purchasing real property in the country. The same goes for acquiring Turkish citizenship: the application procedures are transparent and easy to go through. There are special investor assistance centers in some cities in Turkey. In addition to that, the Turkish authorities have amended the country’s Tax Code to make it more attractive for foreign investors.
- The possibility to acquire citizenship of Turkey by investment: Another weighty reason why you should consider purchasing real property in Turkey is the possibility to acquire a second passport by doing so. The local citizenship-by-investment program was launched in 2016. Today, many foreign investors use the opportunity to make Turkey their second home country. The price of foreign citizenship is affordable to many people if they choose Turkey. An investment of US$ 250,000 (the equivalent in Turkish liras) in a house or an apartment in the country will make you qualified for the Turkish passport. Foreign citizenship acquisition takes about three months.
How can you buy real property in Turkey?
You can start enjoying the Mediterranean lifestyle without spending too much money. Turkey offers an opportunity to invest an amount that is going to be affordable for many people who make earnings in euros or dollars. At the same time, there are several factors that need to be approached with care when you are applying for Turkish citizenship by investment.
Visas and residence permits
Please note that you do not automatically acquire a residence/ work permit in Turkey when buying real property there. You have to register the deal and contact the TNP services (the foreign nationals service in Turkey) to acquire an identification number, which will let you legalize your presence in the country.
Purchase deal registration and bureaucratic procedures
In accordance with the Turkish legislation, the transition of the property rights has to be registered with the Land Cadaster. Probably, you will have to sign two documents: one for the house or apartment that you are buying and another one for the land where it sits. If you are planning to use the property as the legal foundation for applying for Turkish citizenship, you will have to acquire a legal residence permit first. The procedure involves quite a lot of red tape so we recommend that you request our assistance in the matter. Our Turkish partners are highly knowledgeable about all the procedures involved in acquiring the Turkish passport.
Acquiring Turkish citizenship step by step
You have to go through several stages when applying for Turkish citizenship. Below we describe the steps that you need to take in order to obtain the Turkish passport in a smooth and safe manner.
- Do market research to begin with. Tens of thousands of real estate pieces are on sale in Turkey. The number of real estate agencies is also high. The first thing that you should do is find a reliable realtor. You can ask your friends who have bought property in Turkey if you have any or you can apply for our assistance. InternationalWealth team has a network of reliable partners in Turkey.
- Build rapport with the real estate agency if you want to hear the best offers that they can make.
- Next, you will be well-advised to pay a personal visit to Turkey. Before paying for the piece of property, you should probably see it with your own eyes and walk around the neighborhood. Maybe you can find some more attractive investment options when you are on site.
- Negotiate the price and reserve the property for yourself by making a prepayment.
- Hire a lawyer, issue a Power of Attorney in his/ her name and trust the lawyer to finalize the deal on your behalf. Someone who knows the local laws will keep you from potential pitfalls and save your time.
- Finally, obtain a TAPU (the Turkish document certifying the property ownership).
The real estate agent that you hire will normally charge you four percent of the property price in Turkey. This is the normal commission rate but it is not something required by law so you can try to negotiate the amount of commission with the agent.
Registration of property rights
You will have to pay four percent of the price of the property when obtaining the Turkish document certifying the property rights (TAPU). This is required by law and the percentage is not negotiable. The document will confirm that you are the rightful owner of the Turkish property.
Turkish mortgages and installment plans
You can use borrowed money to purchase real property in Turkey. Several options are available:
- Ask the developer to extend the payment time. Large developers in Turkey try to help their clients take out loans or they allow paying in installments. In the latter case, the minimum down payment will be around 30% to 35% and the deferred payment period can be up to five years.
- You are free to take a mortgage in your home country if you like the interest rates.
- You can also take a mortgage from a Turkish bank. Most banks in the country will give out loans that cover up to 70% of the price of the property. The term of maturity can be up to fifteen years.
Restrictions for foreigners buying real property in Turkey
Unlike in some other countries running citizenship-by-investment programs, there are few restrictions in Turkey as far as selling property to foreign nationals is concerned. There are two main restrictions, however:
- A foreign national cannot purchase property in a strategic location (close to national borders or military bases).
- A foreign national cannot purchase a land lot larger than 30 hectares.
Request professional assistance in purchasing real property in Turkey
The Turkish citizenship-by-investment program is quite young and the rules and regulations are being adjusted all the time. Besides, the choice of real estate in Turkey is huge indeed and the choice is so wide making the right choice can be difficult. InternationalWealth team follows all the changes in the legislation governing the acquisition of Turkish citizenship and we have knowledgeable realtors among our partners in Turkey.
Please contact us and request a personal consultation if you would like to purchase a piece of property in Istanbul or some other location in Turkey and then apply for citizenship of the country. We will be happy to tell you about all the most exciting investment opportunities, special offers, and available discounts.
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Can I pay by instalments if I want to invest US$ 250,000 in Turkish real property and apply for citizenship of the country?
You have to invest at least US$ 250,000 in Turkish real estate, paying from your own pocket. If the price of the property that you would like to buy exceeds this amount, you can take out a bank loan that will cover the excess. Bank loans are normally paid back by instalments.
How long should I hold the property in my possession if I am to keep the Turkish passport?
When you obtain citizenship of Turkey by investment into real property, you have to hold it in your possession for three years before you can sell it back. When this period expires, you are free to sell your Turkish property while keeping the passport of the country.
My eldest son is seventeen and a half years old. Can I add him to the application for Turkish citizenship as a dependent family member?
What matters is the age of the dependent child at the moment when the application for Turkish citizenship is filed. If you start the application process before your son turns 18, you can include him in the application. It does not matter if your son turns 18 while the application documents are processed.