Turkey celebrates the 100th anniversary of the start of the Turkish state in 2023, and many mega projects will begin to be implemented, as well as financial investment opportunities in Turkey will be given to foreigners significantly, however, what lines will chart the future of Turkish real estate investment in 2023 and also the years to come?
What makes Turkey’s future real estate investment promising?
Turkey’s real estate market is worth $258 billion and is expected to grow better in the coming years. For the following reasons:
1 . Property or commercial financial investments in Turkey have previously been unfavourable, due to a lack of field growth in Turkish real estate despite its extensive location. Today contracting companies are constantly building many buildings, plus this offers plenty of options for those who want to buy property in Turkey. Turkey offers great potential for real estate developers and investors by integrating a large construction industry while also expanding commercial and industrial production.
2 . The incentives offered by the Turkish government to foreign investors in Turkey are vital in the Turkish economic situation, so the Turkish government has already supported the property market with many motivations to incentivize foreigners to buy property in Turkey. Such as: – Acquiring Turkish citizenship through financial investment by buying a property worth $ 400 thousand and not offering it for sale 3 years ago. The investor obtains a Turkish passport that allows him to go to 67 countries without a visa.
– Obtaining real estate residency in Turkey The foreign investor is entitled to obtain a real estate home in Turkey in a simple and sustainable manner, based on specific conditions and procedures.
3 . The desire of foreigners to invest in real property in Turkey is one of the nine most preferred destinations for real estate investment in Europe in 2020. Turkey’s investment flows by foreigners reached $7.8 billion in 2020, with real estate accounting for $4.4 billion (or 57%) of total FDI. Given the repeal of the reciprocity law in 2012, sales of Turkish residential or commercial properties to foreigners are already rising. In 2020, Turkey’s residential properties marketed to foreigners reached 40,812. Istanbul received the largest share of Turkish building sales to foreigners in 2020, with 19,175 sales. In 2020, Turkey ranked second among Europe’s most invested destinations with a 19% share. This after finishing third in 2019.
4 . Turkey’s mega projects control the future of real estate investment in Turkey’s urban renewal and huge jobs, especially in Istanbul, where many mega projects have already been initiated or completed just as: Istanbul International Flight Terminal, Eurasia Corridor, Istanbul Water Canal, Basaksehir Medical City. and many advances and improvements in infrastructure. 7.5 million real estate housing units will certainly be included in the renovation of properties in Turkey in addition to the urban development strategy. The strategy’s budget plan is $400 billion.
5 . The suspension of the provisions of the Treaty of Lausanne in 2023 is expected to lead the end of the provisions of the Treaty of Lausanne in 2023 to lower Turkish real estate prices as well as enter a whole new period in which the economy expands much faster than in previous years.
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