What is the future of real estate investment in Turkey in 2023
Turkey celebrates the 100th anniversary of the founding of the Turkish state in 2023, many mega-projects will begin to be implemented, and investment opportunities in Turkey will be provided to foreigners significantly, but which lines will chart the future of Turkey’s real estate investment in 2023 and years to come?
What makes Turkey’s future real estate investment promising?
Turkey’s real estate market is worth $258 billion and is expected to grow further in the coming years. For the following reasons:
1. Wide and multiple opportunities in Turkey’s real estate market
Property investment in Turkey was previously undesirable, due to the lack of field expansions in Turkey’s real estate despite its extensive area.
But now, contractors are building many buildings continuously, and this provides many options for those wishing to invest in real estate in Turkey.
Turkey offers great potential for real estate developers and investors by integrating a large construction industry with expanding commercial and industrial production.
2. Turkish Government’s Incentives for Foreign Investors
Investment in Turkey occupies an important place in the Turkish economy, so the Turkish government has supported the real estate market with many incentives to encourage foreigners to invest in real estate in Turkey. Like:
– Acquisition of Turkish citizenship by investment
by purchasing a property worth at least $ 400 thousand and not selling it 3 years ago. The investor obtains a Turkish passport, which allows him to enter 67 countries without a visa.
– Obtaining real estate residency in Turkey
A foreign investor has the right to obtain real estate residence in Turkey in an easy and renewable manner, subject to specific conditions and steps.
3. Foreigners’ appetite for real estate investment in Turkey
Despite the tragic impact of the COVID crisis, Turkey has become the ninth most popular destination for foreign investment in Europe in 2020.
Turkey’s investment flows by foreigners reached $7.8 billion in 2020, and real estate accounted for $4.4 billion (or 57%) of total FDI.
Since the repeal of the reciprocity law in 2012, Turkey’s property sales to foreigners have begun to rise. In 2020, Turkey’s properties sold to foreigners amounted to 40,812.
Istanbul received the largest share of Turkey’s property sales to foreigners in 2020, with 19,175 sales.
In 2020, Turkey ranked the second most investing destination in Europe with a share of 19%. That’s after she was third in 2019.
4. Mega Projects in Turkey
The future of investment in Turkey is dominated by urban renewal and large-scale projects, particularly in Istanbul, where several mega projects have been initiated or completed entirely such as:
Istanbul International Airport, Eurasia Tunnel, Istanbul Water Canal, Basaksehir Medical City. and many developments and infrastructure improvements.
7.5 million housing units will be included in Turkey’s real estate renovation and urban development plan. The plan’s budget is $400 billion.
5. Termination of the provisions of the Treaty of Lausanne in 2023
The end of the provisions of the Treaty of Lausanne in 2023 is expected to reduce Turkey’s real estate prices and enter a new era in which the economy is growing faster than in previous years.
If you have any enquiries about Turkey real estate or the future of real estate investment in Turkey, feel free to contact Dari Properties now!