It is not possible to talk about the future of the economy of any country away from the studies and data, because the economy is based on numbers and information. The results of a study conducted by the "PricewaterhouseCoopers (PwC)" showed that the Turkish economy will be the twelfth largest economy in the world by 2030, with a product domestic gross that may rise to $2.996 trillion.

The Turkish economy is characterized by its general competitive ground in various economic sectors, as it has proven its cohesion and strength with the components of strength and merit it has, also the Turkish economy is a vibrant economy that has been the subject of trust among the international parties interested in the economic aspect, and among the investors in general.

The rank of the Turkish economy globally continuous to improve, thanks to the firm steps that Turkey has taken regarding the development and growth, in addition to this, the private sector has an important position on the economic specter, also the public economic sector in Turkey is concerned with the work organization and applying the free foreign trade policy, and the freedom to exchange money and services between Individuals and institutions without any obstacles, in what can be described as a free market economy.

Currently Turkey is in the eighteenth place as the largest economy in the world thanks to its strong economy, with a GDP of about 736.716 billion dollars.

Strength in Turkish Economy

Perhaps the most important characteristic of the Turkish economy in its past two decades is the fact that it has always proven to be above expectations, and that it is a renewed economy in its ability to overcome difficulties in spite of the sensitive stage that the Turkish lira is going through.

At the end of 2018, many economic analysts were pessimistic about Turkey's ability to stabilize its economy and start from it towards the following years, but what happened contradicted expectations regarding the Turkish economy in this matter, the Turkish budget has recorded a surplus of one billion USD in January of the following year, according to data revealed by the Turkish Ministry of Treasury and Finance at that time, and the report showed that the revenues of the Turkish Country during the first month of the next year recorded an increase of 97 billion Turkish lira.

Also, at a time when the economy of the world witnessed a decrease and stagnation due to the global economic crisis in 2008, the Turkish economy witnessed after a year of global recession a growth of 9.2% in 2010 and 8.5% in 2011, which raised the per capita share of the local gross product, all this made many investors continue their financial investments after the Coronaviruscrisis due to their confidence in this economic history based on the data.

Turkish Economy in 2020

The governmental financial policies supporting the growth of the Turkish economy had an important role in improving the economic growth level of Turkey this year, where the Turkish economy achieved the predictions of Moody's International in its report on the global economic and credit forecasts for 2020-2021, it indicated that the Turkish economy is growing faster and faster than it is expected, and it rise it to 3% instead of 2% and expecting Turkey's economic growth to remain stable at 0.25%, and to rise to at least 3% this year and the next.

But it is different when we talk about real estate in Turkey or any other country, as its prices and rents are not related to the spread of any disease, corona or others… it is related to the supply and demand in the real estate market, therefore, Turkey will face a challenge regarding an expected decrease in the number of foreigners who will buy real estate in Turkey during this period, but it will not affect the market because it is a long term investment.

Now during the global economic crisis because of Corona virus, the Turkish real estate sector become a safe place forforeigner investors to keep their money away from the horrific fluctuations in the financial markets, and this will support the Turkish economy for the future.

The Future of The Turkish Economy:

The study, which is based on real economic criteria, also indicated that the global economic balances will change in the coming years, and the economic strength will be headed towards the emerging economies in the long term.

According to the study titled "A Long View: How will the global economic system change by 2050", it is expected that economies of countries -including Turkey- will dominate the list of the top ten economies in the world by 2050.

The study also expected that the gross of domestic product in Turkey by 2030 would be about 2.996 trillion US dollars, outperforming Italy (2.541 trillion dollars) and South Korea (2.651 trillion dollars), the study also showed optimism regarding the rise of the Turkish gross domestic product to more than 5 trillion dollars by 2050, which confirms that the Turkish government in its talk about Turkey's coming economic power is a talk based on indicators, studies, and data.

As we mentioned that the real estate sector in Turkey is flexible, and easily adapt to emergency events, Turkey has been able to overcome economic and political crises during previous years without any noticeable impact on the real estate sector.

There are some potential plans for the Turks to strengthen the real estate market during this period such as tax VAT exemption, reduce interest rates on real estate loans, and allow Syrians to own properties, as there are many Syrians established companies in Turkey and all they need is owning a properties, this will revival the real estate sector in Turkey.

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 Turkeyis only a way to gain Turkish citizenshiporreal estate residencepermit that allows you to stay in the country legally and then acquire many of the privileges that a Turkish citizen gets.