For these reasons, Istanbul is still the first in Turkey’s real estate sales 2023
Istanbul achieved the top spot in property sales in Turkey in 2022, and seems to be sticking to maintaining its ranking from the beginning of this year as well. But what makes Istanbul’s properties favorite among investors, especially foreigners?
In this article we share 7 reasons why a property in Istanbul is the first choice for those interested in buying a property in Turkey or investing property in Turkey.
Istanbul ranking in Turkey real estate sales 2022-2023
During 2022, 1 million, 485,000 and 622 properties were sold in Turkey. Turkish Statistics Authority data showed that Istanbul was the first in the number of property sales and purchases in Turkey.
Istanbul properties sold accounted for 17.5% of total real estate sales in Turkey. 259A and 654 properties.
Istanbul properties were also ranked first in Turkey properties sold to foreigners in 2022, with 24 thousand and 953 apartments in Istanbul.
The statistics for the first two months of this year indicate that the property in Istanbul will remain at the top of Turkey’s sale and purchase list for this year as well.
Istanbul topped the list of the most sold Turkish cities in January 2023, with 29 thousand and 576 properties out of 249 thousand and 852 properties in Turkey.
Istanbul properties sold to foreigners during February accounted for 13% of total property sales in Turkey during the month. This amounts to 19 A and 710 properties, out of 151 A and 416 sales.
Advantages of buying a property in Istanbul
Istanbul brings together all the factors that make its properties ideal for investment, such as unique strategic location, picturesque nature and cultural diversity, and also attracts investors to the following features:
1. Obtaining real estate residency
Property residency in Turkey is short but renewable, and anyone who buys a residential property in Turkey can apply for it on the condition that it is not less than $ 57 thousand.
Read also: 5 alternatives to property residence in Turkey
2. Acquisition of Turkish citizenship
Buying a property in Istanbul, a developed and ancient city, is also an opportunity to obtain Turkish citizenship through real estate investment. However, provided that the property is not worth less than $ 400 thousand.
3. Acquisition of Turkish passport
Obtaining Turkish citizenship automatically means obtaining the Turkish passport, which ranked 38th internationally in 2022.
The Turkish passport allows the holder to enter 120 countries and enter 67 countries without having to obtain a visa.
4. Living in Turkey
The cost of living in Turkey is described as relatively affordable, especially when compared to living costs in Europe or America.
Residents in Turkey have access to all the services that citizens receive, such as health care, education and access to a large and sophisticated public transport network.
During the second half of 2022, Turkey ranked 54th globally in the world’s numbeo quality of life index statistics.
Read also: Information you need to know about Turkey’s quality of life indicators
5. A thriving tourist destination
Istanbul is the only city in the world spanning two continents, the first in Turkey, and the second globally in terms of the number of visitors.
Istanbul’s tourism attracted more than 1 million 281 thousand and 666 tourists during the 2022.
This boom in the tourism sector has encouraged many investors to invest in Istanbul real estate projects and lease Istanbul properties to tourists during the seasons.
6. Integration and luxury in Istanbul properties
Istanbul’s strategic position has made it an investor kiss, a real estate market hub in Turkey, attracting foreign and domestic real estate investments.
Istanbul’s real estate projects and residential complexes, and their subsequent facilities, such as bridges, a massive transportation network and sophisticated infrastructure, have accelerated.
Government projects in Istanbul, such as the Istanbul Canal, and projects have increased with the Turkish Government’s guarantee. It is a property with a high return on investment.
Read also: Why invest in Turkish government guarantee projects?
7. Varied and flexible options
In the city of cultural diversity, coexistence and picturesque nature, real estate choices are diverse, and Istanbul properties offer options suited to all individuals, families, budgets and investment goals.
The first and most important step when buying a property in Turkey, is to determine your goal of real estate investment. Because it is an important and destiny step, do not hesitate to consult its experts. Contact Dari Real Estate today for your consultation from our real estate experts.
