|Date:||Thursday, January 12, 2023|
The Turkish real estate market is considered one of the most active and strongest real estate markets around the world. It attracts the
Reasons for increasing real estate sales to foreigners in Turkey:
The Turkish real estate market is considered one of the most active and strongest real estate markets around the world. It attracts Arab and foreign investors to buy apartments in Istanbul and other Turkish cities for the purpose of real estate investment or housing. The city of Istanbul ranked first in terms of foreign ownership of real estate in Turkey , which is strategically important and being the economic capital of Turkey. In addition to its large population, which provides a wide range of consumers and labor force at the same time. The infrastructure projects carried out by the Turkish government in Istanbul also greatly affect the real estate market, such as Istanbul's third airport, "the largest airport in the world" and the Istanbul Water Canal, "the new Bosphorus".
The question that arises in this context is, what are the reasons that played a major role in the increase in real estate sales to foreigners in Turkey?
Factors for increasing real estate sales:
Turkish citizenship law:
Real estate experts confirm that the Turkish government's decision issued in September 2018, which provides for granting Turkish citizenship to anyone who owns a property worth $250,000, was one of the most important factors that encouraged Arab and foreign investors to buy real estate in Turkey, and according to the Turkish Statistics Authority, he obtained Turkish citizenship. 5 thousand investors in two years.
Arab investors considered this law an exceptional opportunity that combines obtaining Turkish citizenship, which is one of the strong nationalities in the world, and entering the world of investment in the Turkish real estate market.
Real estate prices:
Real estate in Turkey is distinguished by its competitive prices , and the prices of apartments in Istanbul are among the most important reasons that attract foreign investments to the country. If we compare the real estate market in Turkey with European markets, real estate prices in Turkey are very appropriate, well-thought-out and less expensive than other real estate markets. You can buy an apartment in Istanbul, for example, in a vital, central location with wonderful sea views within an upscale residential complex, and it provides you with high profitability returns, at a much lower cost than what you would pay for a similar apartment in a European country.
The cultural rapprochement between the Arab and Turkish society is one of the most important reasons that encourage the Arab investor to run his money in Turkey. Where Arabs and Turks combine many common customs and life details. It is known that hundreds of Arab families who used to live in Europe and America moved to live in Turkey. The migrant families towards an open country that accepts the other and have strong social and religious ties with it, worked and used their money in various commercial and industrial sectors, and buying real estate in Istanbul was at the top of their list of priorities, some preferred to live in an apartment they owned and others searched for apartments for sale in Istanbul In its Asian and European parts, for the purpose of investment and benefiting from its high profit returns. Another team went towards buying apartments in Istanbul under construction to resell them when they are ready for housing and benefit from the profit return, which exceeds 25%. Others preferred to invest in projects that offer the best hotel apartments in Istanbul with a rental guarantee for several years.
Exchange of the Turkish lira:
With the decline in the exchange rate of the Turkish lira against the dollar in the past periods, and the stability of real estate prices, buying a property in Turkey has become a distinguished investment opportunity and a guaranteed profit for Arab and foreign businessmen, and with the improvement of the Turkish lira, everyone who bought a property benefited in that period, and it is worth noting that the Turkish government has issued A decision obligating both the seller and the buyer to deal in Turkish lira, which saved the investor the exchange rate difference.
The Turkish government has taken many measures to revive the real estate investment sector and its prosperity, as it has made a bag of amendments to the laws of real estate ownership for foreigners in Turkey. Restrictions were lifted on many nationalities that were not entitled to own apartments in Turkey , and doors were opened for Arab and foreign investors, and plans were made to protect the rights of foreigners in the country as it issued a decision obligating both the seller and the buyer to bring in a real estate appraisal expert whose task is to value the apartment, so that the right of the buyer is preserved The foreigner, so as not to fall victim to the weak-minded and be exposed to real estate fraud.
If you are planning to enter the world of real estate investment and are looking for homes for sale in Turkey or apartments in Istanbul, we are pleased to offer you a set of our distinguished real estate services, which start from free real estate consultation to registering the property in your name in the Turkish real estate registry .
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