Foreigners Turnout to Real Estate Market in Turkey Reached Historic Peak in 2023
Last Updated: 2023-08-29
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Foreigners Turnout to Real Estate Market in Turkey Reached Historic Peak in 2023
With all the advantages and privileges that a real estate investor can get in Turkey, we find that the numbers are increasing greatly, and Turkey has been able to record numbers of real estate sales and the number of foreigners on its land during the past years.
Their numbers are also expected to rise significantly in the coming period thanks to all the facilities and benefits provided by the Turkish government.
In this article, we have prepared a report on the most prominent reasons why foreigners are interested in real estate ownership in Turkey. We hope you enjoy reading.
Find out the Reasons Why Foreigners Are Purchasing Real Estate in Turkey
Through the following paragraph, we review together the most important and most prominent incentives that the investor or foreigner found in real estate in Turkey:
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High Real Estate Prices in Turkey:
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According to expectations, real estate prices are expected to rise this year by between 40% and 50%.
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High construction costs and prices of raw building materials.
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The demand for real estate purchases in Turkey has increased significantly as a result of the population density it is experiencing, with a population of more than 84 million.
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Every year, Turkey receives thousands of foreigners from around the world, including those who want to stay there for tourism, another for study and a third searching for security and stability.
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Most construction companies tend to construct projects that comply with the conditions for obtaining Turkish citizenship, due to the desire of investors and foreigners to obtain it by purchasing real estate.
All these reasons prompt any investor to take a step to buy a property in Turkey, since the profits are guaranteed whether he wants to rent it out for a fixed monthly income, or want to sell it after a period of time to take advantage of the price difference.
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Strategic Projects and Their Impact on Turkey's Real Estate Sector:
Turkey has the largest and most important infrastructure projects in the world, and these projects have a great impact on the real estate sector, as they contribute to increasing prices and the value of real estate investment in it.
In this regard, it is important to note that the impact of the strategic projects is on the entire city, but the most affected are the areas close to it, which is what prompt the investor to look for properties for sale near them, the most prominent of which are:
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Istanbul Airport (one of the largest air terminals in the world).
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Istanbul Canal (the project of the century).
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Tunnels such as the Eurasia Tunnel, one of Istanbul's most important tunnels, connect its Asian and European portions.
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Expanding the transportation network and highways that reduce traffic congestion and help people in their daily lives by creating an easy way to move without wasting time and effort.
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It has the most important universities, medical institutions and hospitals, and the latest in the medical sector (Başakşehir Medical City).
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An Opportunity to Obtain Turkish Citizenship:
Since the Turkish government allowed foreigners to obtain Turkish citizenship through real estate ownership, their numbers have clearly increased, particularly after it issued amendments after 2018 that reduced the price of the property from $1 million to just $250,000.
One of the conditions for obtaining citizenship through the purchase of real estate is that to pledge not to sell it before three years from the date of purchase.
Some investors may think that his capital will be frozen without being able to dispose of it, during the three years in which he cannot sell the property. However, the reality is quite the opposite, since he can rent it out or resell it after the expiration of the above period of time. Also, taking advantage of the price difference, since the prices will be increased within three years according to the current data.
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The High Quality and Fair Prices of Real Estate in Turkey:
For 10 years now, construction companies have been keen to adhere to international quality standards (earthquake and natural disaster resistance - soundproofing and heat insulation), as well as being exquisite and modern designs to suit all tastes.
You may think that as a result of this excellence and great real estate diversity, prices will be high, but otherwise prices are very suitable. As Turkey has outperformed European countries, American countries and some Arab countries in this aspect.
According to a study presented on the most common types of real estate sold in Turkey, residential complexes are the most sought after for these reasons:
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It provides you with an integrated and quiet lifestyle where you find all your requirements.
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There are service and leisure facilities such as swimming pools, saunas, Turkish baths, gyms and playgrounds.
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Its location is distinctive and its view is beautiful either on the greenery or on the sea.
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Life in it does not require much responsibility and effort, as there is periodic maintenance, hygiene services, 24-hour protection and security.
In addition to all those advantages and privileges mentioned above, the geographical location of this country plays a major role in attracting foreigners to purchase real estate, as well as the buoyant economy and facilities provided by the Turkish government and other incentives that have combined to make Turkey an ideal environment.
The number of properties sold last year exceeded the threshold of 58,000 properties, the highest in its history, and Istanbul topped the list of best-selling Turkish cities ever, followed by the Turkish capital Ankara, and in third place was Izmir.
As for the most foreigners turnout to it, Iranian nationals ranked first worldly, while Iraqi was in second place, and then Russian. In this regard, we note that holders of Iraqi citizenship ranked first in the Arab world.
Important information we have provided you with through this article about the main reasons that encourage foreigners to purchase real estate in Turkey. If you have more questions, contact the Mersat Real Estate Team to provide you with accurate answers.
Do not forget the best real estate and investment opportunities which Mersat Real Estate Company is keen to present to you to help you achieve your goals and reach a profitable and safe real estate investment.
Edited by Mersat Real Estate Team ©
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