How did the real estate market in Turkey withstand the economic challenges?

Over the past years, the real estate market in Turkey has faced many challenges and crises that led to a decline in prices at times and led to a decline in the annual sales volume, but all of this was able to defeat and overcome them and once again became one of the strongest real estate markets in the world.

Facing the real estate market to economic challenges

The Turkish real estate market has faced many economic challenges in recent years, including the global economic crisis and the COVID-19 pandemic. Despite this, the Turkish real estate market has remained resilient and remains an attractive option for foreign investors, due to the incentives offered by the Turkish government.

Government-led projects such as the Istanbul Water Canal and the new Istanbul Airport have increased the demand for real estate, while measures such as the abolition of the principle of reciprocity have opened the doors to foreign investors and with the variety of real estate available, backed by strong economic growth and a host of incentives, it is set to remain Turkey is an attractive option for real estate investors in the near future.

The relationship of the Turkish economy with the real estate market

The relationship between the Turkish economy and the real estate market has been very beneficial for both of them. The country's thriving economy has made it a desirable destination for investors looking to invest in real estate, and the government has been keen to provide incentives to foreign investors in order to attract more foreign capital.

This has led to an increase in the number of foreign investors buying real estate in Turkey, which has had a positive impact on both the real estate market and the Turkish economy as a whole. It led to increased profits for investors and developers.

Reasons for the growth of the real estate sector in Turkey

The real estate sector in Turkey has witnessed significant growth over the past few years, due to a combination of factors. First, the Turkish government has implemented a number of incentives for foreign investors, including the abolition of the principle of reciprocity, and the granting of Turkish citizenship to those who buy real estate worth more than a certain value.

Many construction companies have invested heavily in Turkey and bought land to build real estate projects, while providing all the necessary amenities and finally, with the rise in global prices, real estate prices in Turkey are also expected to rise significantly in the coming years and all these factors have played an important role in making Turkey An attractive destination for real estate investment.

The most nationalities buying real estate in Turkey

The Turkish real estate market is booming in 2022, as sales in the first half of the year reached a record high and foreigners were particularly keen to buy real estate in Turkey, with 35,383 purchases made in the first six months alone. Russians were the most active buyers, followed by Iranians and Iraqis. And the Chinese, and this is an indication of the great confidence that investors enjoy in Turkish real estate and its growth potential.

 With factories back at full capacity and exports continuing to rise, it is not surprising that foreigners are keen to invest in the real estate sector in Turkey and it is clear that the Turkish economy is well positioned for continued success and growth in the coming years.

How will the future of real estate in Turkey be?

The future of theTurkish real estate sectorlooks brighter than ever, with factories operating at full capacity since the full lifting of Corona restrictions in July 2021, and Turkish exports exceeding $126 billion in the first half of 2022. Turkish real estate sales have continued to shine, hitting record highs.

 Despite the many economic challenges facing Turkey, such as the significant depreciation of the Turkish lira and the high inflation rate of nearly 80%, the country's economy remains strong due to its focus on industry, production, and exports. Moreover, the measures taken by the government to transform Foreign currency earned from real estate sales into the Turkish lira provides an additional boost to the economy.

Real estate prices in Turkey

Real estate prices in Turkey have been on the rise in recent years, with the Turkish Statistical Authority reporting that the average house price increased by 5.2% in the first half of 2022 due to a variety of factors, including increased demand from foreign buyers, and an increase in the number of projects. new, improved economy.

 Despite these increases, Turkey remains one of the most affordable places to invest in real estate, as foreign buyers can get great value for their money, while local buyers can enjoy some of the most competitive prices in Europe.

Conditions for owning real estate in Turkey

Foreigners are allowed to buy real estate in Turkey, as long as they meet certain conditions. Generally, they must be at least 18 years old, they must have a valid passport or residence permit, and they must also provide evidence that they have sufficient financial resources to purchase a property. In addition, They must pay taxes on their purchases and any profits made from the sale of their property.

One of the basic conditions that must be adhered to is that no foreigner is allowed to purchase more than 30 hectares, and they cannot own property within regions or municipalities where foreign ownership amounts to more than 10% of its total area.

Add to your information that a foreigner cannot own property within security or military areas, and a real estate appraisal document must be obtained that determines the real property value without increase or decrease and thus prevents the buyer from being a victim of fraud or the like.

The idea of ​​buying real estate in Turkeyhas become popular among those interested in obtaining an ideal opportunity for housing or investment and take advantage of the appropriate real estate investment options in Istanbul to obtain a high return by communicating with our real estate consultants.

Do not forget that investing in real estate in Turkey is only a way to gain Turkish citizenshipor real estate residencepermit that allows you to stay in the country legally and then acquire many of the privileges that a Turkish citizen gets.

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