According to the recent report published by Business Insider, Turkey was ranked second among the best 13 countries that hit the spot between cheap housing and good quality of life for US expats.
The recent studies done by Upwork freelancing platform, as more companies have chosen to go hybrid and on remote basis, 18.9 million American citizens plan to move to other countries. The findings came from a survey that was done among over 23,000 participants.
Upwork researchers said, “This is especially true when we look at the geographical implications of remote work. For the first time, remote work allowed many people across the country to see a life in which the location of their job and where they live did not have to be one and the same.”
The new report is an outcome of analyzing house price-to-income ratios and an average cost of a 2-bedroom apartment in city centers. While Ireland stays on top of this list, Turkey ranked second and United Arab Emirates claimed third among the other countries.
Turkey as an ethnically mixed and diverse country with its strategic location at the crossroads of Asia and Europe, hosts more than 4 million foreigners as of 2020. With the big number of expats and immigrants, it is not surprising that Turkey’s real estate market attract many foreign investors.
According to statistics published by Turkish Statistical Institute (TÜİK), homes sales to foreigners increased 81.8% in June 2022 comparing to the same period last year. The high annual appreciation and return on investment is one important reason that derive the investors to choose Turkey among other countries. Istanbul, Turkey’s largest city in terms of populationand one of the only cities in the world located on two continents, has the biggest share among other cities.
Turkey’s citizenship program that allows foreigners to obtain the country’s passport by purchasing properties with minimum 500,000 USD has been playing a significant role on attracting the wealthy individuals. Beside that, foreigners who buy properties with more than 75,000 USD also can benefit from obtaining temporary and permanent residency.
The low cost of living in Turkey is one of the important reasons that attract the foreigners to relocate to this country. One of the greatest benefits of living in Turkey is that everything is more affordable compared to its European neighbors and any of the Gulf States. It is highly possible to find a four-bedroom villa with a view of the Mediterranean Sea for the price of a single-bedroom in the outskirts of London.
You can take a look at other 12 countries that stay on top of list below:
- United Arab Emirates
- North Macedonia