What is life like Living in Izmir? Izmir is a dreamy Turkish real estate location. It is a coastal city in Turkey. The Aegean coast of Turkey kisses Izmir and, therefore, is a city rich in beaches and aquamarine blue seas. Izmir has a strong historical significance as a city. It was formerly known as Smyrna. It is a city that the Greeks discovered.
It’s widely known that Alexander the Great rebuilt the city after the Romans ruined it. The city is associated with the Ottoman Empire and has several archaeological sites. In addition, some museums and landmarks tell surreal stories about the city’s historical past.
Izmir as a city in Turkey
Izmir is located in the Aegean region of Turkey. It is the third biggest city in terms of population. After Istanbul and Ankara, Izmir is Turkey’s most populous city. Over 5 million people live in the city. The city enjoys a lot of dreamy site attractions. It enjoys good nightlife. There are night ocean cruises and Michelin-star restaurants offering continental cuisines. The city is a top tourist destination in Turkey. It attracts millions of tourists on a yearly basis. The top destinations in Izmir are:
The ancient Ephesus
The Pamukkale site
The Temple of Artemis
The coast of Cesme-Alacati
The Ancient Pergamon
Living in Izmir – Real Estate in Izmir
The real estate market in Izmir has grown rapidly over the last few decades. Property in Izmir became a serious business as soon as the local economy of the city took off. The city is responsible for about 13.5% of the yearly GDP of Turkey. This has greatly impacted its real estate market. Currently, Izmir is a lovely real estate location for all types of properties like:
Waterfront properties with sea views
Multistory residential apartment blocks
Large residential complexes
Dreamy property projects
Private mansions surrounded by forests and vegetation
Commercial property investment opportunities
Shops and retail spaces
Why you need to buy a real estate property in Izmir
Izmir is the third biggest city in Turkey. When it comes to buying property in the city, it ticks all the right boxes for both lifestyle buyers and investors. There are several mansions, villas, apartments, shops, and retail spaces for sale in the city.
It has an independent tourism industry that generates a significant amount of income for the city. Also, there is the potential for very high rental returns. Property owners can earn an annual rental income that is within the range of 4% and 7%. There are certain factors that influence the yearly rental income in the city. Common factors are:
The quality of the property
Its distance from the sea/ocean
Availability of prestigious amenities such as pools, gardens, penthouses, and so on.
Izmir properties qualify all foreigners for Turkish citizenship
A foreigner who purchases a piece of property in Izmir is eligible for Turkish citizenship. To qualify, a minimum property investment of $400,000 is expected. This citizenship will also be granted to all spouses and children who are below 18 years old.
The potential for properties in Izmir
The real estate property in Izmir is growing at a very fast rate. Izmir is comparable to both Ankara and Istanbul. However, it boasts of quieter and serene neighborhoods in comparison to Turkey’s famous top cities. The property in this peaceful city is growing at a decent rate. Property watchers have predicted this upward trajectory to last for a while.