Turkey is a fast-growing economy in the world. Located amidst the Aegean Sea, Mediterranean Sea, Marmara Sea and the Black Sea, Turkey is an ideal location for businesses and it has a global tourism industry. Istanbul, the economic heart of Turkey was also named the ‘European Culture Capital’ in 2010. There has been a constant surge in the purchase of properties by foreign nationals in the last decade in Turkey. 2017 alone saw a purchase of 22,234 properties by foreigners across the country. Here are the 5 reasons one should invest in real estate in Turkey.
- Capital Growth Potential
Istanbul houses the headquarters of Turkey’s largest companies and offices of multinational companies like Citibank and Accenture. The recent mega projects like Canal Istanbul, Selim Bridge and the Eurasia Tunnel have already spiked the housing prices in Turkey. The Turkish government has gone a mile by waiving off the value-added tax on the sales of real estate properties to foreign nationals and thus, incentivizing the foreign direct investment in the country. Further, the government also grants a citizenship to foreigners who purchase properties worth US $1 million and above. These radical moves by the government will further bolster the construction sector in the country and attract further investment in businesses.
2. Emerging Lifestyle Projects
Brand new residential projects with extensive social and communal features are on rise in cities like Bursa and Antalya. Many of the plots are located in green zones at a short drive from the city centre. So, with an investment of less than $200,000, you can own a house close to your workplace and yet stay away from the hustle and bustle of the city.
3. Global Tourism Hub
Attracting over 42 million foreign tourists every year, Turkey ranks the sixth most attractive tourist destination in the world. The carefree lifestyle has made Bodrum a hangout destination for the rich and the wealthy. Hence, Bodrum property market is a top spot in Turkey for buying holiday destinations. Yalikavak is the queen of Bodrum and the heart of the real estate market in the region which can even cater to your luxury partying and shopping.
4. An Excellent Geographical Location
Turkey is a transcontinental country lying between Europe and Asia with proximity to the Middle East. The major cities of Turkey are well connected to the important economic hubs of Europe and Middle East with flight connectivity around the clock. There are three airports in Istanbul alone with the latest one trailing to become the one of the largest airports in the world. Further, Turkey has a great climate with mild summers, not-so-harsh winters and drizzles in February. Since many of the prominent cities lie along the coastal belt, they offer excellent sea facing houses to buy.
5. Cultural Diversity
Turkey has often been described as ‘the cradle of modern civilization’. The Turks have a great past with numerous powerful empires like Ottoman Empire and the Roman Empire ruling the place. You can find traces of historical architecture like Topkapi Palace in Istanbul and Zeus Temple in Aizanoi boasting of Turkey’s great past. So, the Turkish culture is a fine blend of the Greek, Ottoman and Western cultures. People from the Gulf can find events in Turkey that make them feel closer to home. Coastal cities like Antalya and Fethiye have a lot of westerners. No wonder Iraqis brought over 2500 and Saudis over 1500 real estate properties in 2017.
Real estate contributes approximately 8.4% of Turkey’s GDP and 40% of all Foreign Direct Investment (FDI) in the last decade. As a foreign national, if you buy a property in real estate and keep it for 5 years, you are exempted from capital gains tax as well. Bodrum Peninsula located on the South-West coast of Turkey mesmerizes the tourists with its scenic beauty, great gastronomic culture and an amazing nightlife with artists singing karaoke songs in bars. So, if you are looking to invest in real estate, Turkey is an ideal choice for you.