Why to buy property in Turkey?

Why to buy property in Turkey?

Turkey is one of the most strategic countries in the world as in the location. It is the middle point to Europe, Asia and Africa. In addition to this, Turkey owns the two channels (Canakkale and Istanbul Bosphorus) that connect the European and Asian seaways. Hence, for many years Istanbul came forward as one of the world capitals and centers of trade. With this potential, Turkey became one of the fastest growing economies since beginning of 2000s. Beside many more advantages of buying property in Turkey, the return of investment and the growth potential can be pointed out as the first reasons why to buy property in Turkey.

High ROI Properties in Turkey

Property investment is a leading investment instrument in Turkey. Since there is a high demand to properties in Turkey both by domestic and foreign markets, property prices increase averagely 10% – %13 in every year. Additionally, when the rental income is added, return of investment average per annum reaches up to %15-20. In comparison to the other investment instruments, property investment in Turkey generates more income annually. That is one of the main reasons why to buy property in Turkey.

Growing Property Market in Turkey

Turkish economy is growing fast by direct foreign investment, private sector investments and government investments such as Kanal Istanbul, Galata Port and Canakkale Bridge. These investments make direct contribution to the demand in Turkey’s property market.

From west to east, the number of new housing projects are increasing very fast because of the demand. According to TUIK (Turkey Statical Institute) 270.000 new building license application have been done to the related ministry. This statistic shows how fast is the urban transformation is being placed because of the increasing demand. It is expected to increase faster in the upcoming years by the government incentive to the urban transformation activity.

Why to buy property in Istanbul?

Istanbul is the largest city and the financial capital of Turkey. More than 20 million people live in Istanbul from different nationalities. As a leading city in Turkey, Istanbul property prices are increasing faster than anywhere by the contribution of investments. Within the last 5 years, Return of Investment in some areas in Istanbul reached up to %173. Rapid urban transformation and increasing demand show that property prices in Istanbul is not somewhere near to be at its maximum.

Since the urban transformation law is started (2011) only the %15 of buildings have been transformed and there is a long way to go for urban transformation. Statistics and data show that buying property in Istanbul will keep being one of the most profitable investments for long years.

Why to buy property in Turkey now?

Turkey attracted attention from all over the world during coronavirus pandemic with its strong social and economic structure. Turkey came forward with succeeded healthcare facilities and sustainable supply chain during the pandemic. Thus, the idea of “Turkey’s rise will gain speed once the pandemic is over” is started to be spoken out loud. The near future seems exciting for Turkey and Turkish a property mar