10 Top Reasons Why Invest in Real Estate in Turkey in 2024?:
Lately, Turkey has become a famous destination among first-time real estate investors and experienced ones. With its stunning nature, urban regeneration, huge growth in the Real estate market, and Strategic Location it’s hard to say no to the idea of investing in Turkey.
Strong and Growing Economy:
Over the past two decades, the economy of Turkey has been rapidly growing and thriving.
According to the Investment Office of the Presidency of the Republic of Turkiye, the economy of Turkey has substantially grown by increasing the size of its overall GPD from USD 236 billion in 2002 to USD 890 billion in 2022. Moreover, due to this outstanding development, Turkey in 2023 placed as the 19th largest economy in the world with a massive USD 906 billion GPD, and also Turkey is a member of the G20 and OECD.
Turkish Citizenship and Residency:
Turkish Citizenship program via real estate investment is an attractive opportunity for investors from all over the world to obtain a second passport and that is due to its smooth procedure, simple requirements, and short application period.
Having Turkish citizenship is a great advantage, especially for those who want to move to the country with their family, you will get free health insurance, public schools, and universities are free of charge for your children, and many other benefits.
Strategic Location:
In real estate, the most famous quote is “Location, Location, Location”, Turkey's strategic location plays a major role in encouraging investors to buy apartments in Turkey. Turkey has a unique location featuring a connection between Europe and Asia and is surrounded by four seas and controls two Straits (Bosphorus & Dardanelles)
Urban regeneration and development:
The scene of Real Estate in Turkey is continuously changing and thriving in the last few years. The Turkish Government worked on creating several urban regeneration and development programs to improve the quality of infrastructure in existing neighborhoods, add new public facilities, demolish old buildings, and build new properties. The new infrastructure and public facilities upgraded the conditions of the neighborhoods increasing the Capital appreciation of the property and the demand for rental homes in the area.
High Rental Yields:
Turkey holds a high rental income as a result of the high demand for rental apartments, especially in Major cities such as Istanbul, Ankara, and more. Why the high demand, thousands of Turkish residents move from small cities to metropolitan cities looking for a better life, to study, or to work.
Investors take advantage of this high demand by purchasing apartments close to major universities and the business district. High Demand equals High ROI.
Diverse Property Options:
Turkey is a huge country spread over 81 provinces with Geographical diversity, you can choose a home next to the sea, forest, valley, city center, or any other location that matches your wants for a residence.
Yes, Turkey has it all, from single-family apartments downtown, to waterfront penthouses and countryside villas. Turkey offers a wide range of property options so whatever is your budget, you will find an investment property that suits your requirements.
Flourishing Tourism Industry:
Turkey is a desirable touristic destination, millions of Tourists visit Turkey annually due to its rich history, gorgeous landscapes, and vibrant culture. Buying properties near popular tourist destinations and renting them during the high season through a property management company or online websites (Airbnb, Booking.com) will generate a high Return on investment.
Governmental support for the Real Estate sector:
For the last few years, the government of Turkish has taken an interest in the Real Estate sector by implementing laws to boost foreign investment in the Real Estate Market in Turkey and by creating Turkish Citizenship through the Real Estate program. Investors believe that countries with governmental support will have high ROI and capital appreciation making it a good investment.
Tax exemptions for foreign investors:
The Real Estate Laws in Turkey are investor-friendly and encourage inventors to consider buying and investing in Turkey. Foreign investors are exempted from paying Value-added Tax on their investments if they don’t hold a residency permit in Turkey. Making Turkey an attractive destination for foreign investors.
Welcoming and diverse Culture:
Turkish hospitality is famous worldwide for its warm and welcoming behavior towards guests visiting Turkey. The warm culture charms tourists and visitors into moving to Tukey and making the country their second home. The diverse culture of Turkey welcomes and accepts people from different backgrounds and nationalities. You will feel at home in Turkey.
The Real Estate market is booming in Turkey due to its strategic location, strong economy, governmental support, and High rental income, making it an attractive investment opportunity for both domestic and international investors. To learn more about investing in Real Estate in Turkey contact us to help understand the market and provide you with suitable offers.
