3 reasons to buy a property in Istanbul
Istanbul is the center of trade between East and West, a city with a centuries–old history, culture and global investment potential, which serves as a powerful magnet for tourists and businessmen from all over the world.
ARAVANA Multifamily Office experts will tell you about the 3 main reasons why real estate in Istanbul is worth buying.
Citizenship for real estate
This program has made life easier for many foreigners who want to settle in this country. Since 2016, in order to obtain Turkish citizenship, it is enough to buy a property in Turkey for a certain amount and keep the object in ownership for 3 years. The Citizenship by Investment program is aimed at attracting foreign deposits and improving the real estate sector.
Today, the minimum investment threshold for housing is $400,000. Within the framework of the program, you can buy any object, including an apartment, the main thing is that at the time of purchase it is fully ready, suitable for living and worth at least the established limit.
In 2022, more than 20,000 foreigners became holders of Turkish citizenship through the purchase of real estate, and their number is steadily increasing.
Turkey’s Economic Progress
International demand for the purchase of residential, commercial and office real estate in Turkey has increased significantly in recent years. This is due to the growing trust and high quality of investment projects. The number of foreign buyers purchasing real estate in Turkey increased by 50% in 2022. This is the largest annual increase since 2010.
According to the latest data, Turkey’s GDP amounted to $ 871.5 billion, and the share of young people is 32% of the total population. This solvent, constantly growing segment attracts foreign investors, implying a huge potential market for goods and services.
The Turkish banking industry is also quite supportive of international investments. There are many mortgage companies operating in the country that provide competitive interest rates and flexible conditions. In 2022, foreign investors received mortgage loans worth $10 billion from these banks.
According to a report by the International Monetary Fund, Turkey achieved economic growth of 5% in 2022, and according to economists, this figure will increase at least during the next few years. By the end of 2023, the volume of exports to Turkey will reach $ 242 billion, and in 2024 – $ 255 billion. Inflation is projected to slow by 8%.
According to statistics, real estate investments protect money from devaluation better than deposits in foreign currencies and precious metals. Real estate investments in Istanbul are very attractive precisely because of their reliability. The cost of housing depends on the exchange rate of the Turkish lira. If the local currency rate drops, the value of the objects increases logically to compensate for any decrease in the price of your property. The Ministry of Economy and the Central Bank of Turkey are two key institutions that ensure the stability and balance of housing and food prices in relation to the Turkish lira.
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