The future of property investment in Turkey
Property investment in Turkey has grown strongly in recent years, and that is taking into account the coronavirus pandemic, which floored economies around the world
The Turkish government has also done a great deal to support this property sector through a number of decisions.
It has given investors many advantages: simply buying a property in Turkey for at least 250 thousand dollars and registering it in your name earns you Turkish citizenship, alongside the many huge projects through which the government is working to increase foreign investment in Turkey. Property in Turkey is also one of the most promising markets in Europe thanks to its strategic position at the crossroads of Europe, the Middle East and Central Asia
The projects that are driving property investment
The opening of the new Istanbul Airport and of the Istanbul Canal (the new Bosphorus) on the European side of Istanbul is intended to ease congestion in the Bosphorus strait, avoid the risks posed by large vessels and turn the Bosphorus into a purely tourist route; the project is scheduled for completion in 2023. Nor should we forget the Eurasia Tunnel, which links the Asian and European sides of the city and has two levels reserved for cars, along with the bridges connecting Turkish cities to shorten distances and journey times, such as the Osmangazi Bridge, which links Istanbul to Yalova and cuts the trip between Istanbul and Bursa from 7 hours to roughly three and a half. By the end of 2023 the government aims to have every district of Istanbul connected by a modern transport network, and to this are added the new metro lines in Bursa and Gaziantep. The Turkish government is also working to adopt modern rail transport in order to lower the cost of travel between Turkish cities for Turks and foreigners in Turkey alike.
Some first advice
If you are one of those keen to make good profits by investing in the property sector in Turkey, and in flats in particular, then choose the location carefully and precisely, and remember that Turkey's big cities are the ones foreign investors favour. Choosing the city alone is not enough, because within Turkey's big cities the importance of one district differs from the next, so picking the right district matters just as much if you want the most successful property project. Pay attention to the liveliest cities, the ones drawing a wider range of foreign investors.
A successful investor looks for property projects that are set to develop, which is why the successful property investor looks for property in Turkey near areas due to see development and construction activity in the near future ” within one to 5 years”.
Among the places you can count on to benefit from the future of property investment are the urban transformation areas, that is the rural and outlying districts that the Turkish government plans to redevelop for housing and construction.
Likewise, areas near recent projects such as a new metro station, an airport or a large, distinctive shopping centre have properties that are promised a sharp rise in price.