Turkey is one of the adequate countries with cultural diversity, historical substantiality, and geographical opportunities. With the recent decrease in the value of the Turkish lira against the exchange rate, it has been an increasing rate for foreign investors to buy houses in Turkey. Owning a house in Turkey is also an important element of a take residence permit. Therefore, Turkey is one of the leading countries preferred by many investors to buy a house.
These lands have welcomed numerous civilizations over the millennia. For this hosting, cultural diversity has increased over the years, and tolerance towards all cultures has begun. Foreign direct investment is one of the best options in Turkey, a country where all cultures respect and blend each other.
The role of Anatolia as a crossroads for numerous civilizations is significant not just from a cultural but also from a historical perspective. Many historical structures exist in Turkey, particularly in Istanbul and other cities, and their historical legacies affect most individuals who aspire to live in a place rich in history. Turkey occupies an important place among the host countries in terms of historical importance, and foreign investment opportunities in Turkey are also quite high.
Why Should Foreign Investors Consider Turkey as a Place to Invest?
At the same time, Turkey has a temperate climate with four distinct seasons. Turkey is a particularly important country since it is surrounded on three sides by seas and connects the continents of Asia and Europe. Foreign businessmen and visitors are attracted to this region to buy investment property in Istanbul, which connects two continents.
Turkey is a desirable place to live and invest in. Long-term foreign investors in Turkey can take advantage of the same opportunities as other Turkish investors. Therefore, many foreign investors prefer to invest in Turkey, particularly in Europe. Turkey is one of the most attractive countries for investors with its proximity to European and Middle Eastern markets.
So, let's look at real estate investment in Turkey, what the newest real estate market changes are, and which countries' citizens are investing in Turkey.
What are the Recent Changes in the Real Estate Market in Turkey?
Turkish real estate is one of the most active and dynamic markets in the world, attracting foreign investors looking to purchase flats in Istanbul and other Turkish cities for investment or personal use. According to Turkish data, international investors have recently shown a strong desire of buying real estate in Turkey and Istanbul for a variety of reasons, including real estate investment, particularly housing.
Property sales in Turkey increased significantly in 2022 compared to 2021. 134,170 houses were sold in March. Houses in Istanbul, Antalya, Ankara, and Izmir are preferred by foreign investors due to their geographical and historical location in Turkey.
The Turkish economy grew by 1.8 percent in 2020, making Turkey one of the few countries in the world to avoid an economic downturn caused by COVID-19. This expansion was fueled mostly by a credit boom in mid-2020, with government bank lending nearly doubling in 2020 from the previous year.
Why are Turkish Real Estate Transactions So Appealing to Investors?
Investment in Turkish real estate is in a solid position for all investors since the strong economy has remained stable during the crisis and political and economic upheavals, enhancing investor confidence and the rate of purchase in Turkish real estate in general.
Which Country Citizens Invest in Turkey?
In 2022, Iranian investors bought most of the real estate in Turkey compared to the other countries. They purchased 2256 properties in the first quarter of 2022. The rest of the list is as follows:
- Iran (2256 properties)
- Iraq (1887 properties)
- Russia (1535 properties)
- Germany (617 properties)
- Kazakhstan (570 properties)
What Are the Advantages of Purchasing Property in Turkey for Investors?
The whole family can take advantage of this opportunity.
An investor can enter the country even if the borders are closed.
Additional Revenue From Real Estate Rentals
Additional revenue can be obtained by renting homes in tourist hotspots.
Obtaining a Dwelling Permit for Real Estate
If an investor purchases a home in Turkey, the government may grant them a residence permit.
Europe's Cheapest Real Estate
The Turkish real estate and construction industries have flourished in recent years, providing customers with a wide range of elegant and modern housing options. While most newly constructed homes feature smart home technology, almost all of them also have luxurious social amenities like a swimming pool, spa, and gym.
Turkey's cost of living is also significantly lower than those of European countries. Because of the currency rate, foreigners from other countries can live comfortably in the country.
If you do things correctly and work with a leading real estate company that understands your needs and demands and has deep knowledge of the real estate sector, purchasing property in Turkey is quite safe and uncomplicated.