When it comes to investing in properties in Turkey, this can be a really attractive prospect. There are various luxurious properties in the country that are offered at affordable prices and come at a premium.
Turkey has such a huge property market that many of the properties are currently being developed. This means that there are many available properties for buyers. However, it appears that with time some of these properties will be scarce.
This is why many smart investors are taking the plunge and are investing in various profitable properties in the city.
Buying property in Istanbul: What’s the catch?
Istanbul is one of the most desirable property locations to buy real estate investments. This is because it is a key link between European cities and key Asian cities. Also, it has a lot of attractive landmarks that make tourists flock to the location.
Again, as a city in Turkey, Istanbul benefits from the easy investment entry initiatives that have been implemented by the Turkish government. Unlike many countries in Europe, it is very easy to buy and own properties in the location without any restrictions set in place by the Turkish government.
The country in general seems to welcome investment from foreigners. And it offers a lot of ease of starting your business in real estate, construction, property and facility management, and so on. Because of this, American Asian, and Europe investors want to buy property in Istanbul.
Special focus on properties in Istanbul
Istanbul properties are usually the best in terms of amenities and facilities. It is possible to get cheap luxurious properties in an upscale neighbourhood with effective public infrastructure and services.
The government is also helping many private and public property developers get international buyers by rapidly developing many urban settlement areas. The government and property developers usually collaborate to develop many residential and commercial regions in the country.
Istanbul has benefitted greatly from this accelerated property development. This is why many foreign and Europe Investors want to buy property in Istanbul.
There are lots of hot property listings in Istanbul: Istanbul has a very healthy property market. It still has a lot of undeveloped areas that have great potential as residential and investment properties.
Streamlined property buying processes: Due to the favourable programs promoted by the Turkish government, it is easier than ever to buy any type of property in the city of Istanbul.
Government-supported initiatives: The government of Turkey have initiated and implemented many programmes and initiatives to encourage foreigners to come to invest in the country.
Apart from a favourable business environment and supporting infrastructures, there are other incentives like Turkish citizenship, easy financial systems, availability of loans, and so on.
Faster than other countries: When it comes to investing in properties in Istanbul or Turkey, the process is a lot faster than in most other countries. Turkey has a food economy and the government welcomes foreigners who want to invest in the country.
Some important facts about real estate investment in Turkey
Istanbul is one of the most sought after locations among Europeans to buy properties. In 2019, before the Coronavirus rampaged the world, about 21,000 properties were sold in Istanbul alone. Antalya (9000), Ankara (2,539), and Bursa (2,213).
Property buyers prefer to purchase properties that are located along the Mediterranean coastline of the country. Another hotspot for Europeans to buy property in the region of Mugla (includes Bodrum and Fethiye), and Antalya (which includes Side, Belek, and Kas). These locations previously were used by Europeans as a location for their holiday homes.
These days, a large number of European expatriates reside here after buying and renting their preferred properties. These areas have international airports that easily provide a quick route back home.