Tired of sitting on the fence while you let opportunity after opportunity pass you by before taking the first step towards owning your dream property in Istanbul? You’ve been putting off making that decision for far too long, but that may still actually turn out in your favor (and then some!) since you, my friends, may have stumbled into the investment opportunity of your lives if you decide to make 2017 the year you finally delve into the world of Turkish real estate!
Whether you’re looking to spend an unforgettable summer in Istanbul or planning on making a fast buck by buying to sell later, now is the time to make that dream a reality, and in the unlikely case that you still have any doubts in your minds about this venture, let us take a shot at convincing you with 7 ‘insider’ facts!
Did you hear about Turkey’s new citizenship law? Wait, you have? Then what are you waiting for?
Turkey has proven over the past decade to be one of the world’s leading economies and now it’s offering foreign buyers the chance to not only own a house but also the opportunity to obtain Turkish citizenship under the new investment law (No 29946./12/01/2017).
Under the new article that has been added to the regulation promises that, not only you, but your family as well, will be granted lifelong permanent residence in Turkey when buying a property worth at least $1m anywhere in the country!
Those who invest today in Istanbul’s real estate market are already making profits!
Foreign buyers will find the discrepancy between the US dollar and the Turkish Lira creates the right window for everyone wishing to go into the Turkish real estate market as the prices of properties have more or less remained at the same value. However, that won’t be the case for long, as experts predict the Turkish Lira will in due course regain its value, meaning that your properties will soon be worth more than what that initial price tag said.
All of that is to say that you have to be quick if you want to join the ranks of those set to reap large returns on their investments in Istanbul’s booming real estate market.
(More!) Mega transportation projects planned for 2017 and beyond!
Turkey’s advancement within the transportation sector, particularly in big cities such as Istanbul has had a major impact on the real estate market. Mega projects such as the 3rd Bosporus Bridge and the planned 3rd Istanbul International airport promise to boost property prices as demand for housing in new residential projects is expected to reach new highs.
Additionally, these projects promise to facilitate mobility across the city with an improved public transportation system that is constantly being developed as plans for new metro lines in Istanbul’s continue to be drawn up, make commuting more convenient for residents of the metropolitan city.
If all that wasn’t enough, Turkey announced it plans to build a third 3-storey tunnel under the Bosporus, which is bound to pave the way for even more real estate projects in previously underserved areas of Istanbul.
Rising demand for real estate in Istanbul
One thing any future investor in Istanbul’s real estate market will never have to worry about is demand. Turkey has a very big market locally because of the high and learned population, which also happens to be very young. This, coupled with the fact that younger people are leaving parental homes earlier and setting up on their own increases the need for quality accommodation and housing.
Get this: There is actually a shortfall of around 2.5 million properties in Turkey, a large percentage of which is in Istanbul where a quarter of the population resides. You do the math!
Tourist arrivals reached 30 million in 2015, many of whom plan to either put down roots in the country or will seek to invest in Istanbul’s real estate sector.
Low taxes and a wide array of incentives!
Any country seeking to attract foreign investments must offer significant incentives and Turkey is no exception in that regard. Offering reduced taxes in several sectors, Turkey has slashed the corporate tax rate from 33% to 20%!
Taking into consideration all of the above, it becomes clear that there truly has never been a better time to invest in Istanbul’s booming real estate market, especially for those looking to make a quick buck for minimum risks!