Are you an investor? Start thinking of Istanbul real estate because it has great potential.
One of the currently booming businesses in Turkey is the real estate. People who consider Istanbul property investment will be racking profits because the market conditions are just right. Istanbul has grown to competitive foreign property investments, from being the destination for only domestic property sales.
Its rise has seen it overtake Mediterranean region of Antalya destination in terms of popularity in sales to foreign buyers. In 2017, it sold over 200,000 properties to locals and over 8,000 properties to foreigners from different countries.
These are the reasons why investors are considering Istanbul property investment:
In the real estate market, Istanbul is just beginning to pick pace compared to other major cities. It can capitalize on being one of the major cities of the world both historically and today. The government is injecting cash into the real estate in order to streamline it to the modern capacity of other great destinations. As a result, buyers have decided to put in cash while it is still making its first strides. The vision plan for Turkey 2023 aims to bring Istanbul to London city standards, which is one of the most established world cities.
All property in Turkey has the potential for income deals and capital growth. The government is also looking out for its citizens by giving them financial credits to young entrepreneurs.
Today, it is easy to buy a house in Istanbul. Both locals and foreigners can quickly purchase property compared to other countries. The taxes are low and so are the prices of the property. The capital gain taxes are exempted after only 5 years of owning a property. The Turkish government aims to raise capita per household to equal the European countries by 2023.
This business is valid because in current times people can own, on average, three houses in their lives. The real estate market here can be busy since people are mostly moving homes.
Istanbul’s decision to renew its properties is one of the major reasons the real estate market has blossomed. Cleaning up its environment and redesigning building with modern architecture is a great attraction. They are also incorporating both social and community amenities for its people.
Surrounding towns like Beylikduzu provide the city dwellers with a suburban experience for nightlife, shopping, and transport links.
There are several mega projects in Turkey that are a real attraction to the real estate market. The new third Istanbul airport to be completed in 2028. Another project is the Istanbul Canal project, and investors are already buying a property.
Other projects like bridges and road links are foreseen to contribute to capital growth once they are completed.
As you know, Istanbul is a historical city in other cities. It is known for having been the ruling center of both Ottoman and Byzantine empires. The Turkish government has aided the tourism market through mass marketing. Since Istanbul has overtaken cities like Rome in visitors’ numbers, the real estate market will considerably grow.
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