As a country, Turkey has a strategic location due to its geological land connection to Europe, the Middle East, and Middle Asia. The Turkish real estate market is a burgeoning and promising one within the wider European sphere. With 82 million people, Turkey has a multicultural history, famous cuisine, fascinating sea, saline lakes, scenic mountain views, rich agricultural lands, and magnificent beaches, making for an attractive avenue for investors.
Turkey is a developing country with an emerging construction and real estate market that plays a significant role in its economy. It is also one of the world's investor-friendly business and trade centres, offering new investors and entrepreneurs opportunities in the country. Some of these investments seek passive income purposes like rentals, citizenship, owning holiday houses, and many other alternatives.
Reasons why Turkey is attractive for foreign investment:
· Growing Economy
· Local and International Market Opportunities ( free trade agreements)
· Transcontinental country
· Young & Dynamic Population (Half of the population in Turkey is younger than 32 years old)
· Skilled and Cost-Effective Workforce
· Reform Process
· New Generation Reforms Through Public-Private Partnership
· Liberal Investment Climate
· Lucrative Incentives
· Advantageous R&D Ecosystem
· Sectoral Opportunities (a multifaceted economy that offers great opportunities in different sectors).
The Turkish government statistics on the top 10 Turkish cities that are most attractive for foreign investments:
The Turkish real estate sector has become a favourite for corporate and individual investors in recent years.
Demand for real estate and sectoral developments offer essential opportunities for both domestic and foreign investors. While Turkish contractors try to meet the domestic market's needs, they also continue to achieve significant success in many countries.
In Turkey, the construction and real estate industry gained momentum at the end of 2019 and continued in the first three quarters of 2020. By examining the first quarters of both 2019 and 2020, there was an increase of 3.4% in houses sold in Turkey. Also, there was a 119% increase in second-hand homes sold, highlighting the growing demand for properties in Turkey. The GYODER report also reveals that about 9.83% of Turkish properties sold in branded housing projects were to foreign investors. The Turkish property market continues to be an attractive option to international investors. A report from TUIK highlights foreign investors purchased 10,948 Turkish properties during the first quarter of 2020.
Turkish construction and housing sector will continue to be one of the significant sectors of the emerging nation. Compared to the rest of the world, based on demographic and economic developments, the Turkish real estate sector has enormous growth potential. Therefore, as long as the nation is stable, an onward growth trajectory of properties sold in Turkey is expected to be realised year on year.