Turkey has gained an important position among the countries of the world in light of its continuous economic growth, as it ranked 19th among the strongest economies around the world and is still keeping pace with urban, agricultural and military technological development as well.
Real estate investment in Turkey was one of the areas that grew and rose to the forefront of investments, as Turkey brought thousands of real estate investors to its lands and real estate sales achieved record numbers.
These data indicate Türkiye’s amazing growth over 8 consecutive years. In 2023, Turkey aspires to go out into the world with projects of the century, such as the giant Istanbul Water Canal project, Istanbul’s third airport, the new city of Istanbul, and many other large projects supervised by the Turkish government.
This is in order to continue the wheel of growth at all levels.
Istanbul ranks among the best cities in Turkey for living and real estate investment for several reasons, including:
- The presence of huge projects, such as the new canal project, the new Istanbul airport, and the third bridge on the Bosphorus Strait.
- Real estate in Turkey is characterized by its reasonable prices and is considered much lower than its counterparts in European countries, especially Britain, London, and Germany.
- Istanbul is famous for its tourist attractions, including palaces, castles, towers, and mosques, which have made it an important tourist destination.
- Istanbul is the Turkish economic capital. In addition to its tourist and natural places, it is one of the Turkish industrial cities whose products cover the markets of Istanbul and Turkey in addition to export.
- Trade is one of Istanbul’s landmarks, which is prominent in its major shopping centers such as Mall of Istanbul, Cevahir Mall, Marmara Park and others, which attract hundreds of thousands of shoppers and visitors.
- The opening of the rest of the sections of Istanbul International Airport, as well as for the Basaksehir Medical City and the Istanbul International Finance Center, the first phase of which was opened in April 2023, which enhances its important international position.
- The Turkish governments are not satisfied with the achievements at the infrastructure level, but rather continue their plans within “Turkey Vision 2023” and the “Turkey Century” for a new era that paves the way for another hundred years of development and achievement at various levels and is among the most important projects that Turkey aspires to accomplish in the coming period.
- The real estate market in Istanbul is very diverse and in this it surpasses many famous international markets because it meets different tastes, budgets and desires.
- Istanbul is the largest Turkish city in terms of population, with a total of about 16 million people. Turks, Arabs, and foreigners alike live there, making it a global cultural forum.
Is real estate investment in Istanbul successful?
Certainly, real estate investment in Turkey is highly profitable and to a large and high level in light of the significantly rising growth.
Real estate projects and investment in the real estate sector also achieved significant profits for investors, which continued at an accelerated rate over the past years until the present day
The success of the real estate and investment sector in Turkey is due to government interest in this sector and to the diversity and quality of real estate and its global reach in its origins, designs, shapes, structure, vitality, and distinguished strategic location on the map.
The competitiveness of the Istanbul real estate market has increased the momentum of real estate investment in Istanbul, and the profits of foreign investors have increased through all investment methods, whether short, medium or long-term, in properties that are ready or that are still under construction through investment in rental or investment in resale.
Istanbul real estate prices increased between 2018 and 2023 by more than 800% due to various reasons, such as the decline in the value of the Turkish lira, high inflation index, lack of supply, increased demand, high costs of building materials, workers’ wages, and others.
Istanbul real estate often tops the most sold Turkish properties to Turks and foreigners on the monthly and annual levels, according to figures issued by the Turkish Statistics Authority.
The best areas in Istanbul for real estate investment:
Ownership near the new Istanbul Canal:
The new Istanbul Canal represented a major development for the city of Istanbul and its surrounding areas, and ownership near the canal provides many advantages for those looking to invest in real estate and benefit from the urban expansion that the city will witness thanks to the canal and the impact it will have.
It also offers stunning views of the Bosphorus Strait and its many islands. In addition, ownership near the canal can provide convenience for those moving around the city, as it is connected to many transportation links such as metro lines, ferries, and bus lines. Moreover, with increasing investment in development. In this area, owning near a canal may also result in a potential increase in property value over time.
The areas through which the canal will pass, which constitute a golden opportunity for investment:
- Avcılar area: The Avcılar area is located along the wonderful Sea of Marmara on the European side of Istanbul, but the impressive competitive advantage of the Avcılar area is certainly its presence near the Istanbul Water Canal.
- Kucukcekmece area: It is an ideal area for real estate investments due to its many advantages, as it is located on the European side of Istanbul, which makes it a desirable location for many buyers and provides direct access to both the Sea of Marmara and the Black Sea, and provides many recreational activities and access to areas Famous attractions along the coast.
- Basaksehir: The area is well developed, with upscale residential complexes, many shops, restaurants and entertainment options to choose from, and has excellent transport links with both metro and bus services available.
- Bahçeşehir area: Bahçeşehir area is one of the most popular neighborhoods in Istanbul that has increased demand for its apartments and houses for residence or real estate investment. Bahçeşehir area is distinguished by the nature of its green land with small plateaus, hills and valleys, which gives it an atmosphere of tranquility.
- Arnavutköy area: Buying real estate in Arnavutköy is a great investment opportunity. The area is located near the center of Istanbul and provides easy access to the airport, ports and other transportation centers and also has a unique charm with its cobblestone streets and traditional architecture.
- Yenişehir area: which is still under construction. With the imminent announcement of the “Modern Century Project in Turkey, the new Istanbul Canal”, building permits for the “promising Yenişehir” have been issued, which is expected to create a boom in the world of real estate investment in Turkey.
Basin Express area has a promising future for investment:
With the rapid development witnessed by Istanbul and the qualitative changes taking place in various areas of the city, the “Basin Express area” was the most striking on the European side and the main focus of the strategic plan of the Greater Istanbul Municipality.
The goal of which was to discover the best areas in Istanbul, strengthen its infrastructure, and give priority to transforming them into business centers that attract various foreign investments. The entry of major real estate projects into the region also formed an amazing real estate oasis to which those who wish to secure their investment and increase their profits turn several times.
It is worth noting that real estate prices in the Basin Express area have increased more than 20 times over the past ten years.
Which led to the creation of widespread competition between the largest construction companies in Turkey, each of which is now offering offers encouraging investment in them.
According to the Turkish Statistical Authority, Basin Express in Istanbul is a wonderful destination for real estate investment, and prices there are expected to rise significantly during the coming period, ensuring that the investor will obtain high and abundant profits if he wants to sell in the future to benefit from the price difference that results between the buying and selling stages.