A Foreigner’s Guide to Real Estate in Erzurum, Turkey
Erzurum is a city that can be found in the eastern part of Anatolia. This is the biggest city that you can find in the Erzurum province, which is also its capital.
The city is located 1,900 metres above sea level. There are about 500,000 people that live in Erzurum.
Real estate buyers that invest in Erzurum tend to have a better advantage than investing in a location in Spain or Cyprus – both of which have very high property prices without guaranteed returns on investment. A major benefit of buying property in this location is that it is affordable.
Buying Property in Erzurum: A Wide Range of Housing Options
Real estate investors looking to buy property in Erzurum can explore the wide range of housing options present in the region. Foreign nationals can choose to buy property in this part of Turkey due to the extensive housing options.
These options are available for various budgets. Available property for investment includes resale, villas, renovated apartments, off-plan, new build, and various budget options.
You can find all types of luxury private villas to budget apartments with family-friendly facilities. The options are plenty. In Erzurum, you don’t have to compromise on your dream choice of real estate property.
Low Living Costs
Erzurum is one of the most affordable places to live when it comes to the Turkish real estate industry. Many pensioners are leveraging the favourable Turkish Lira exchange rates to invest comfortably in this part of the country. In addition, you can easily afford various products in the local and international shopping centres.
What Are Some Of The Hottest Areas in Erzurum To Buy A Property?
When looking to invest in Erzurum, there are various suitable locations. But the hottest areas are:
Palandoken: This location features lots of modern developments with decent housing options. There are lots of cheap private apartments for sale. You can also find various shops and stores for sale in the area.
Yakutiye: This is a suitable location that comes with so many new building blocks offering decent apartments for sale. You can also find shops to buy as well as plots of land.
Aziziye: This is an area that features a lot of residential and commercial properties for sale. All developments are suitable for both locals and foreigners.
Getting Turkish Citizenship By Buying Property in Erzurum
You can become a citizen of Turkey when you buy any property in Erzurum. The threshold for this initiative was recently increased from $250,000 to $450,000. This is the new law governing the Turkish real estate citizenship program throughout the country. It also says that foreign nationals need not buy a single expensive property to qualify for the citizenship program. They can decide to buy several houses or apartments as long as the total value is equal to $450,000 or more. This regulation is based on the Turkish Citizenship law from clause No. 5091 which has been applied to the real estate industry. All of these stipulations apply to the local property area of Erzurum.
Important Landmarks in Erzurum
Erzurum is home to so many important landmarks and features. These includes:
