Last Updated on 05/08/2022
Reasons to buy a property in Istanbul
Istanbul’s real estate market has long been the backbone of Turkey’s real estate industry. In fact, Istanbul has always been the preferred destination for both local and international buyers looking to invest in Turkish real estate. We may claim that there are many compelling reasons to buy a property in Istanbul.
In this article, we will discuss the benefits investors receive when buying a property in Istanbul.
Benefits of buying a property in Istanbul
Istanbul’s strategic location in the world
Turkey is situated between Europe, Eurasia, the Middle East, and North Africa, making it an important location. Furthermore, due to its strategic location between Europe and Asia, Istanbul, Turkey’s largest city, serves as the country’s principal gateway to the rest of the world. To clarify, it is the world’s only city that spans two continents. As a result, foreign investors prefer to buy property in Istanbul over other cities in Turkey. Consequently, millions of investors from all over the world come to Istanbul. Therefore, If you want to buy a property in Istanbul for investment, you will have no trouble finding a buyer or tenant because the city is quite popular with foreign investors.
A growing real estate market in Istanbul
The Istanbul real estate market is growing, making this an excellent time to buy a property in Istanbul if you seek a solid return on your investment. To clarify, if you buy a house in Istanbul today, you’ll have an important chance of generating a profit if you decide to sell later. In fact, when we look at the house sales in Turkey in the last 3 months: March, April, and May, we notice that Istanbul always has the biggest share.
Affordable cost of living for international property buyers in Istanbul
Istanbul is considered reasonable compared to other European cities when it comes to the cost of living. Istanbul may appear pricey to natives whose income is denominated in Turkish Lira. However, many ex-pats in Istanbul live in luxury because of the shifting exchange rate. Foreign investors are encouraged to buy property in Istanbul due to this fact. You may take advantage of Istanbul’s potential whether you plan to live in your house or invest in it as an income-generating asset.
Developed infrastructure
The Turkish government has made significant investments in the country’s infrastructure. As a result, Istanbul has the most important share of infrastructure projects. In other words, the city has a major investment in roads, public transportation connections, and bridges. Moreover, we should also note Istanbul Airport is expected to become Europe’s largest once all stages are completed. Investors considering buying a property in Istanbul can rest assured that the city’s well-developed infrastructure will boost the value of their investments.
High investment potential to buy a property in Istanbul
Istanbul has been the backbone of Turkey’s real estate industry for many years. Despite growing prices, the demand for properties for sale in Istanbul continues to grow. As a result, we may conclude that Istanbul has strong investment potential. Investors who buy a property in Istanbul nowadays can be confident that they will be able to sell or rent it quickly.
Furthermore, they will be exempt from capital gains tax if they hold the home and do not sell it for more than five years, which is a significant incentive for anyone considering buying a property in Istanbul.
New Projects and urban transformation schemes
In Istanbul, new real estate projects are constantly being created, primarily on the city’s outskirts. Growing suburban areas provide property options providing buyers a greater variety and more affordable pricing to buy a property in Istanbul.
Istanbul also features several emerging neighborhoods with new developments and strong infrastructures, such as kağıthane on the European side and Fikirtepe in Kadköy on the Asian side, thanks to the urban regeneration policy.
The government’s encouragement to buy a property in Turkey
International real estate investors in Turkey get numerous benefits from the Turkish government. The government issues Turkish residence to property buyers and their families under certain conditions. W should note that foreigners who buy a property in Istanbul will get a Residence permit in Turkey for a minimum value of 75,000$. Furthermore, starting from June 13, 2022, anyone who purchases a house for $400,000 can get Turkish citizenship. In fact, a new regulation governing the value of the real estate as an investment for Turkish citizenship increased the sum to $400,000.
Best places to buy a property in Istanbul
Istanbul’s neighborhoods are vastly different from one another. As a result, prices vary widely depending on the atmosphere and equipment in each location. Before determining where to buy a property in Istanbul, we recommend taking a tour of the city. It would be preferable if you also decided on the type of property you desire, such as a simple flat or a spectacular apartment with views of the Bosphorus. Remember that the most cost-effective properties are generally on Istanbul’s outskirts. Furthermore, prices in central neighborhoods and along the Bosphorus are high.
Find out the top 5 areas to buy a property in Istanbul.
The process of buying a property in Istanbul
International investors are frequently concerned about regulatory requirements when purchasing a home in another country. However, you may be sure that buying a property in Istanbul or throughout Turkey is a simple and stress-free process. MEO Consultants team provides a step-by-step guide to buying a home in Turkey to help you understand the whole process. All you have to do is to get a risk-free initial consultation. To avoid being a victim of fraud, we recommend that you work with a reputable real estate consultancy.
If you want further details about real estate investment in Turkey, MEO Consultants offer you a complete advisory.
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