Real Estate Market in Turkey
The depreciation of the Turkish local currency the lira by nearly 40% in 2018 is being exploited by foreign investors, who see it as an ideal time to invest in the Turkish real estate market. The GCC region and in particular Saudi Arabia nationals, have been cited to have shown the most interest in picking up a ‘bargain’ during this downturn in the Turkish economy.
Gulf investors have been flocking to buy apartments in Istanbul in recent years, according to Arab News. A lot of this is to do with not only having an investment, but also investing in their ‘lifestyle’ as they enjoy the sights and cultural vibe that Istanbul offers. Their affinity is strong with Turkey due to it being a Muslim country and it offers a stability that cannot be easily matched by other middle eastern countries.
Most important sector in the economy
The Turkish real estate sector contributed to 8.4% of The GDP in 2017 with urban regeneration being the dominant feature of the Turkish real estate market. In 2017 the number of property transactions reached 1.4 million and the number of units being sold to foreign investors increasing by 22% versus prior year.
Istanbul is Turkey’s largest and most vibrant city, attracting over 6 million tourists each year. It is the banking and financial capital of the country and home to over 15 million inhabitants making for a very buoyant Real Estate market. There is a large selection of properties available to be purchased in this sought-after city at a range of different budgets depending on location, amenities and size. Properties are available both off plan and ready to move in. It is important that you invest in a reputable development that is resistant against earthquakes, built by a well-known developer and of course has a title deed. A title deed is required as part of the process to obtain Turkish Citizenship through real estate investment.
Portfolio of outstanding investment opportunities
This is where Terranova Global and our team of experts can help you. We have already done our research in the real estate sector in Istanbul and have a property portfolio of outstanding investment opportunities that can take away the stress from the process of purchasing property. We can send you across our portfolio so you can narrow down your preferences. Then, when you travel to Turkey one of our real estate specialists will take you around to view them so you can make your final decision. Whether you want to invest in one or multiple units we can offer you the best available options within Istanbul that will make you a good return.
If, however you have a preference to buy in a different area in Turkey this is also possible. Other popular spots to buy include Antalya, Fethiye and Bodrum. Fethiye is located in the South West of Turkey on the Aegean coast. A lot of expats have located to this area, and due to the attraction to this city over summer months it is a popular spot for purchasing summer houses. Bodrum, just further north is also a popular spot for investors as it attracts budgets of all ranges from budget through to luxury with an array of villas and apartments to choose from, and in close proximity to a major airport. Antalya, located directly East of Bodrum and also on the Aegean coast, is the second most popular spot in Turkey for holiday makers. It also ranks as a top spot for property investors. With an airport in close proximity as well as a good shopping district and transportation facilities, Antalya with its strength in the tourism market is an ideal place for investors to buy property.