Bursa Turkey Real Estate – A Comprehensive Guide
Bursa, Turkey, is a city that boasts a rich historical past, stunning landscapes, and modern amenities. As a result, investors, both locals, and foreigners, have shown a growing interest in investing in real estate in the city. If you are considering investing in Bursa real estate, it is essential to understand the market trends, legal requirements, and other relevant factors that can influence your investment decision.
Why Invest in Bursa Real Estate?
Bursa is the fourth-largest city in Turkey, strategically located in the Marmara region. The city is the center of the Turkish automobile and textile industry and famous for its rich culture and natural beauty. The city is also home to Uludağ, a popular ski resort, and many national parks. Investors are increasingly attracted to the city because of its potentials, such as:
1. High Rental Yield: Bursa offers high rental yield on investments compared to some other cities in Turkey. The city is becoming popular with tourists and businessmen, leading to an increase in rental demand.
2. Favorable Real Estate Market: The Bursa real estate market is favorable for investors looking to make a good return on their investment. The prices of properties in the city are still relatively low compared to other areas in Turkey, making it possible for investors to get good deals.
3. Growing Economy: Bursa is one of the fastest-growing regional economies in Turkey, with various industries growing and contributing to the city’s GDP.
4. Excellent Location: The city is strategically located, with easy access to major roads, airports, and ports. This makes it an important hub for transportation in Turkey, with access to all parts of the country.
5. Rich Culture and Natural Beauty: Bursa has a rich history and culture, with numerous historical sites and landmarks, such as the Grand Mosque and the Bursa Castle, and natural wonders, such as hot springs.
Bursa Real Estate Market Trends
Bursa real estate market has experienced significant growth in recent years, attracting investors from Turkey, Europe, and the Middle East. The city’s real estate market has been positively impacted by several factors, such as the growing economy, infrastructure development, and government policies.
According to a recent report by CBRE Turkey, the residential sector in Bursa continued its positive trend in the first quarter of 2021, with an increase in sales and prices. The report also revealed a growing demand for luxury properties in the city.
Commercial properties, such as offices and retail spaces, have also seen increased demand, with the growing economy and infrastructure developments creating more opportunities for businesses in the city. Since Bursa is a hub of the Turkish automobile and textile industry, there is a rise in industrial office spaces and production sites, as well.
Legal Requirements for Investing in Bursa Real Estate
Foreigners can invest in real estate in Bursa by opening a company in Turkey or through direct property purchase. However, there are legal requirements to be met before investing in the city’s real estate. These include:
1. Obtaining a Tax Number: A tax number is necessary for foreigners looking to invest in property in Bursa. This can be obtained from the Tax Office by providing your passport and residency permit.
2. Signing a Sales Agreement: Before buying any property in Turkey, it is essential to sign a sales agreement that details the property’s specifications, purchase price, and payment terms. The agreement must be in Turkish and preferably reviewed by an attorney.
3. Obtaining a Residency Permit: Foreigners must have a valid residency permit to purchase property in Turkey. This can be obtained from the local authorities and must be renewed annually.
4. Paying Property Taxes: As with all properties in Turkey, Bursa property owners must pay annual property taxes, based on the value of the property.
Frequently Asked Questions
1. What types of properties are available in Bursa?
Bursa offers a wide range of property options, including apartments, villas, commercial spaces, and land.
2. Is Bursa a safe city for investment?
Bursa is considered a safe city for investment, with low crime rates and a stable political climate.
3. What are the property prices in Bursa?
Property prices in Bursa are relatively lower compared to other cities in Turkey, with the average price per square meter for apartments ranging from 1,500 to 3,500 TL, depending on location, amenities, and property type.
4. Can foreigners invest in Bursa real estate?
Yes, foreigners can invest in real estate in Bursa by opening a company in Turkey or through direct property purchase. However, they must meet the legal requirements, such as obtaining a residency permit and tax number.
5. What is the rental yield in Bursa?
The rental yield in Bursa varies depending on location and property type, with an average of 5-7% rental yield per year. However, it is essential to conduct market research before investing in a particular location, property type, and rental period.
Bursa is a city with great potentials for real estate investment, with its strategic location, growing economy, and rich culture and natural beauty. The city offers a wide range of property options, with relatively lower prices compared to other cities in Turkey, making it an attractive destination for investors looking for good deals. However, it is essential to understand the market trends, legal requirements, and other relevant factors before making any investment decision.