Real estate investment emerged in recent years as one of the most promising markets in Turkey. Many investors pouring huge funds to buy real estate in different cities in Turkey.
The first three months of this year recorded sales about 8,000 real estates to foreigners, which made the first quarter of this year achieve a record number of sales that during the past ten years. This number has been exceeded only in the first quarter of 2019, which achieved 9,000 real estates.
According to the statistical data, Istanbul was the most demanded city for real estate investment, after maintaining its percentage of real estate investment in Turkey with more than 1500 real estate been sold, which is an approximation number of the last year and exceed the rates achieved in 2018 by about 170%.
These numbers are a result of the legal facilities which the Turkish government has made with regard to real estate investment laws. Moreover, real estate investments in Turkey were distinguished by retaining their value even in light of the fluctuations of other markets, which helped to create more investment opportunities and encouraged more investors to go through this experience.
Factors that pushed real estate investment positively in Turkey:
- Real estate investment in Turkey also benefited from the Turkish lira dropping due to the low real estate prices for foreigners. These numbers are an important indicator of the exit of real estate investment in Turkey from its recession during the last period.
- Among the most important factors that boosted real estate investment is the increase of demand, especially in the big states.
- Actually there is a growing increase in the population in these states, which pushes the prices up. Economic growth has led to more trust in the real estate market.
Why invest in real estate in Turkey?
- Annual increases in the value of the property annually by 10%.
- There is around 2.5 million real estate units shortage in the supply.
- The governmental facilities for foreign investments, as Turkey reduced the corporate tax from 32% to 20%.
- The strong infrastructure has boosted Turkey to be a safe investment destination.
Some points to consider before starting a real estate investment in Turkey:
- You have to check that the seller actually owns the property and has the full right to sell it.
- Make sure that the property does not have other owners.
- Ensure that the property does not have any mortgages, rents, or bills due.
- Make sure to obtain the property ownership contract to ensure that the property has not been transferred to anyone else.
- Make sure the area and specifications stated in the property contract with the area of the property.
Real estate investment in Turkey is in a great prosperity state. This comes with the increase in demand and the size of the market in terms of population. There is a significant development in the infrastructure too which encourages more investors to join the market.
