In 2019 Turkey entered the list of top 10 most popular destinations of the world with 1.61% inquiries about the country per month. Due to a variety of reasons starting from the history of the country, the crisis of the 1980s, the previous economic depression, fall of their currency, and a sudden upsurge of population growth, Turkey is expanding investment on real estate fuelled by the excellent provisions being created by the government itself.
- House Price Growth: There are global political and economic uncertainty and chances of economic depression. In this scenario, real estate investment and capital growth are important factors to long-term appeal. After the financial crisis, Turkey’s capital growth is one of the significant and primary selling points for investments. Another important factor is the unique exit strategy of Turkey, where after five years, there is no need for paying capital gains tax. Balance and combination of three golden legs and investment are one of the major reasons and USPs of the Istanbul property market.
- Population Growth: Turkey is a country with a population of about 80 million people and a steadily increasing population of up to 1.35% per year. Istanbul itself is home to about 15 million people, which significantly increased over the last decade. Thus, the population demands more real estate and property purchases. This is the major reason Turkey’s real estate market, like luxury villas in Istanbul, is blooming and ensuring development. According to statistics, in the last year, almost 32% of the property sales by foreigners have been in Istanbul.
- Tourism: The market recoveries and investment appeals are directly affected by tourism in a country. There is a significant rise of 46.4 % of foreign travelers visiting Istanbul, according to the Ministry of Culture and Tourism. The more the number of tourists, the more they are mesmerized by the country and the more they invest.
- Citizenship: These days, every country in the world are making their laws about migration and citizenship more and more strict. In a situation like this, Turkey is the best place you can get easy citizenship. Buying a property or investing in Turkey gives you the provision of applying for a residential certificate. Residential certificate, along with staying over the country for a couple of years, nominates you for applying for citizenship. The whole procedure is extremely easy and takes very little time.
- Infrastructure: Istanbul’s development arm is very much active with the best and latest urban renewal and infrastructure plans to please the residents and improve the quality of life. Megaprojects, city projects along with tunnels, and other major infrastructural developments like loft apartments in Istanbul are also being completed.
The Turkish currency, the Lira, is among the world’s worst-performing currencies at present as it fell about 20% against the dollar last year. Although this makes investing in Turkey more affordable for foreign buyers, just like it happened in the UK after the Brexit vote. Property investment in Turkey is considered to be extremely of low risk, high growth, affordable, and convenient.