In the past years, immigration to Turkey has grown significantly, with more and more people from foreign countries seeking permanent residence and citizenship there. The number of people migrating to Turkey increased by 22.4% only in 2017, and is expected to go further up. Turkish universities, too, continue to attract students from other countries based on their favourable global rankings.
The biggest reason behind the world’s interest and growing investments in Turkey, however, is its prospering economy: by 2026, it will be the world’s 13th largest economy, with countries like China showing a keen interest in investing in Turkey.
Anyone who’s been keeping up with the economic scene in Turkey knows that the Lira took a slight hit in 2018—but bounced right back up, leaving a promising future for real estate in its wake. 2019 looks equally promising for real estate investment in Turkey.
In 2018, the Lira hit an all-time low, prompting many potential investors to backtrack. The recession came as a result of trade sanctions and other political complications. Erdogan’s response was swift and sure, allowing the Lira to bounce back up in a short span of time.
In an ingenious move, the 12th Turkish President slashed the thresholds for citizenship and real estate investment in Turkey. The plummeting went as low as $250,000 from $1 million. Under the new regulations, the transformation from foreigner to citizen in Turkey becomes far easier: if you own property amounting to $250,000 in Turkey, you can get citizenship in the country. Previously, you had to own property worth 4 times that amount.
These regulations put Turkey’s promising position as a real estate behemoth back in focus, with foreigners looking towards the country with renewed interest. There’s a greater demand to find apartments, bungalows, and property in Turkey. Given how the requirements for attaining citizenship have also been relaxed, it’s expected that a higher density of people will be moving to the country. Turkey already has a rich past and a globally acknowledged cultural tradition which inspires many to seek permanent residence in the country.
For real estate investors, this means good money and a soaring business is up for grabs. The growing demand for real estate, especially in places like Istanbul, means that someone will have to provide it. Whether you’re buying a place for yourself or are investing in real estate to reap long-term benefits, the stakes are high and the outcome is profitable.
In 2017 alone, foreigners invested $4.6 billion in Turkish real estate. Now that the citizenship requirements have been slashed and the Lira is back on track to make its way up, the investment is certain to go further up.
Turkey is teeming with young citizens who have disposable incomes on their hands. These people, mostly professionals with corporate jobs and university degrees, are naturally on the lookout for liveable spaces. These young professionals prefer high-end and upscale living options, whether rental or otherwise.
Foreign investors have a good grain to make in the rental and development sector, especially since real estate is now competitively priced given its growing demand. For entry-level investors, the real estate market in a few years from now will be approached by hoards of young local professionals looking for high-end rental apartments and spaces. Investments in luxury living spaces will produce even greater profits.
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