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Due to the Price Increase in the domestic Real Estate Market, BiH Citizens are buying Apartments in Turkey

Due to rising real estate prices in Bosnia and Herzegovina(BiH), and especially in Sarajevo, Trebinje, and other BiH cities, the diaspora and wealthier citizens of BiH are turning to buyapartments in Turkey. Judging by the number of domestic and regional real estate agencies in Turkey, it is not difficult to conclude that there is a great interest of BiH citizens, diaspora, but also our neighbors.

Namely, the price of the most expensive residential square in the center of Sarajevo goes up to 6.000 BAM. It is usually determined by the location, but, for example, for an apartment in a new building, in the streets along the tram line in the settlements of Otoka and Stup, it is necessary to set aside at least 2.500 BAM per square meter.

”The Turkish coast offers various facilities, but Alanya is convincingly in first place in terms of sales, ” it was reported bySa-c.net.

For about 55.000 EUR you can find a fully furnished apartment near the sea. For apartments with two or more rooms, it is necessary to set aside 70.000 EUR and more. In Mersin, prices are much lower. The market is still developing in this city. There you can buy an apartment near the sea with one bedroom, living room, bathroom, and balcony for 30.000 EUR.

Required documentation

If we briefly look into an ad on the BiH market, we can notice that an apartment of 55 square meters in Alanya can be bought for 83.500 BAM, which is about 1.520 BAM per square meter. The second ad offers an apartment of 60 square meters, also in Alanya and its price is 82.500 BAM or 1.375 BAM per square meter.

According to Turkish law from 2012, citizens of more than 120 countries, including BiH, are allowed to buy real estate in Turkey and to start with, they only need a passport.

After choosing an apartment or house, a contract is signed between the buyer, the agency that mediates, and a third party (seller). The necessary documentation is collected by the agency who, instead of the client, referred to the cadastre for obtaining a property certificate. The annual property tax is 0.03 percent of the appraised value of the real estate.

One step towards citizenship

It is especially interesting that Turkey introduced a law in 2018 that allows foreign citizens who buy real estate worth at least 250.000 USD (about 415.000 BAM) to acquire the right to Turkish citizenship.

A married couple with minor children can get citizenship, which is another reason for the great interest of BiH citizens in buying real estate in Turkey, EKapija writes.

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