Istanbul has always been one of the major cities in the world, both historically and in modern times, because of its distinct geographical location, that it is located in the center of the world and linking the continents of Asia and Europe, and the Eastern with the Western culture.
Istanbul’s real estate market is undoubtedly the first destination for those who are interested in property, and it is attracting investors from all corners of the globe. This is due to what Turkey's government has made of enormous efforts to inspire foreign investors, also because of what they are providing of massive incentives such as the facilitation of purchasing process, which made it one of the most competitive markets in the world. Last year, it hit a high record with 8,182 properties sold to foreigners of various nationalities and 238,383 domestic sales, and by 2020, economic experts expect that Turkish economy will exceed the trillion dollar ranks. In this article we will explain in details, why investors are buying in Istanbul's real estate market?
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First, the facilities and incentives for investors:
Turkey's government offers a lot of support and incentives to foreign investors when purchasing real estate in Turkey, so they announced the Turkish Citizenship Law when buying a property worth $250,000, in addition to other facilities offered to buyers, such as allowing people of all nationalities to own properties, the ease and quick of extracting the title deed for buyers, and the exemption of foreign investors from VAT.
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Second, the constant improvement in investing environment:
Turkey's government has taken further measures to improve investing environment such as handling transactions, financial services and business deals more professionally, in addition to decreasing costs for setting up a new company. Also, it rolled up future plans to simplify the processes related to real estate sector by combining all procedures into one database across the board, which will reduce the need for property buyers to go from one office to another. The aim of this is to protect the rights of investors, therefore creating a more desirable investing environment that would boost the economy's status.
Third, the strong economy that keeps on growing:
Economic experts confirm that Turkey's economy continues to progress and prosperity as a safe haven for investors from all over the world, and Turkey is moving forward in the development process despite all the difficulties and political circumstances it faced. Also, investments and development projects that support Turkey's vision of 2023 have already launched, and the volume of Turkey's exports last year has also exceeded 20 billion from various sectors such as agriculture sector, weapon manufacturing, textiles industry and others.
Fourth, the prosperity of tourism sector:
Tourism is still one of the most influential sectors on Turkey's economy, as Turkey, especially Istanbul, is the first destination for tourists from around the world. This is because of the cultural touch that distinguishes Istanbul from other cities, that it contains the most famous mosques, churches and museums in the world, in addition to the classy restaurants and cafes, as well as a lot of shopping malls with international brands and entertainment venues that suit everyone.
To read more about tourism in Turkey: Tourism in Istanbul and the most important tourist areas that visitors go to
