No one denies that Istanbul’s property market is the best attraction for investors from all over the world. Turkey was the country’s first and permanent destination for local real estate sales throughout history. In 2015 it overtook the Mediterranean region of Antalya as the most popular destination for foreign property buyers in Turkey.
Recorded a record high last year, selling 8182 properties to foreigners of different nationalities and 238,383 domestic sales. But what is the secret of the attraction of domestic and foreign buyers to invest in Istanbul real estate and more importantly will this trend continue? We believe that
Why investors rush to invest in the Istanbul real estate market?
Capital growth potential
Istanbul is one of the most basic cities in the world, both ancient and modern. But it is still taking its first steps in the global real estate market. The economic recession coupled with the lack of funding and the low-level urban infrastructure have led to a decline in the real estate market, but by the turn of the century the government has begun modernizing the Turkish real estate market to compete with global destinations.
As a result, buyers have been quick to invest in the real estate market, although it is still an abomination, because property in Turkey has enormous potential when it comes to capital growth. According to the official Noumea Center, prices per square meter in London range from 677% to 862% higher than Istanbul.
While London is one of the world’s major cities, Turkey’s Vision 2023 aims to boost Istanbul’s status to the same level as London, giving real estate investors a real advantage. Where the Global Investment Bureau has named Barnes International Istanbul as the # 1 city of its potential in 2016.
Gone are the days of buying one house for life. The change in daily and practical lifestyle has clearly affected the real estate market. Selling the house is no less important than buying it. Studies have suggested that current generations will have three different homes in their lifetime, so buyers They take good care when it comes to selling and that’s what makes the real estate market in Istanbul continue to rise.
Turkey’s Vision 2023 aims to increase the per capita household size, such as European countries. In addition to the above, government incentives combined with the growing population augur the growth of the buyers’ market.
Buying a home in Turkey is faster and easier for foreigners than for many countries thanks to cheap taxes and reduced costs. Keep your property for five years and you will be exempted from capital gains tax as well.
3: urban renewal and modern life projects
One of the strongest reasons for the increase in investment in real estate in Istanbul is the increase of suitable housing projects for modern life located mainly on the outskirts of the main city, combining modern homes and modern architecture with a number of social and community facilities aimed at redefining the concept of neighborhoods in the largest city in Turkey and the most densely populated.
Developing neighborhoods such as Gijmega Grabiner offer all the advantages of a civic life from easy access to markets, nightlife, and transportation. And yet they give you a sense of suburban ambience more than a sense of city life, which is evident when you sit on its balcony without clamor.
Although the beaches of the Bosphorus Strait and areas like Sisley are considered the elite in the Istanbul real estate market, neighborhoods such as Esnuert and Bukhkumjeh, both modern and new, allow the growing middle class to invest less than £ 100,000 in Istanbul, especially with the current exchange rate between the Turkish lira and the dollar. Everything is in buyer’s favor.
The abundance of mega projects
It is known that the mega projects in Istanbul are the main attraction for investors, which is expected once the completion of the value of real estate more than it is now.
The new Istanbul Airport III project is the focus of international attention and will be the hub of international transport when completed in 2028. Investors will also buy land and houses on the European side where the Istanbul Canal project will be implemented. Counties such as Koguk district of Shikmega are witnessing a wave of interest in value for money, due to the project that will create a small city within the city.
Many other projects, including transmission lines and bridges, completely changed the face of Istanbul and reduced traffic congestion and helped it in its quest to become the center of commercial and residential power.
World Tourism and Business Center
In view of Istanbul’s historical past as the great power of the Byzantine and Ottoman empires, its tourist trade moves from strength to strength, with the Turkish government’s overall marketing helping to make it one of the most visited destinations in the country.
In 2014, Turkey overcame other major cities such as Rome in terms of visitor numbers, followed by a significant decline in the next two years, but the numbers returned to the increase, with 2017 and 2018 being the most successful so far.
Despite being Turkey’s premier business, economy and finance hub, the Turkish government is becoming a world leader in new campaigns such as Invest in Turkey, and it does not ignore the purchasing power of citizens by offering credit benefits to entrepreneurs and entrepreneurs.
Finally, is Turkey’s plan to create a global financial center in Istanbul a huge project comparable to that on Wall Street? Nothing remains the same, Turkey has already begun to move. Anyone planning to invest in Istanbul real estate market will be a truly exciting experience!