Turkey is a country with a rich history, stunning landscapes, and a thriving real estate market. In recent years, the Turkish real estate market has become an attractive destination for foreign investors looking to invest in property for both personal use and investment purposes. In this article, we will explore the current state of the Turkish real estate market and highlight some of the best cities to settle and invest in as a foreigner.
The Current State of the Turkish Real Estate Market
Turkey has experienced a surge in real estate investment in recent years, with a significant increase in foreign investment. This can be attributed to various factors such as Turkey’s strategic location, favorable tax laws, affordable property prices, and strong economic growth.
According to the Turkish Statistical Institute, property sales in Turkey increased by 32.4% in 2020 compared to the previous year, with foreign buyers accounting for 4.4% of total sales. Istanbul, Antalya, and Ankara were the top three cities in terms of the number of properties sold.
The Turkish government has also implemented several initiatives to stimulate the real estate market, such as reducing the minimum investment amount required for foreigners to obtain Turkish citizenship through property investment from $1 million to $400,000. This has resulted in a significant increase in foreign investment in the Turkish real estate market.
Best Cities to Settle and Invest in Turkey
1-Istanbul
Istanbul is one of the most vibrant and cosmopolitan cities in the world, with a population of over 15 million people. It is also the economic and cultural hub of Turkey, making it an ideal location for foreign investors looking to invest in the real estate market. Property prices in Istanbul are relatively affordable compared to other major European cities, making it an attractive option for both personal use and investment purposes.
The most popular neighborhoods for foreign investors in Istanbul include Beyoglu, Sisli, and Besiktas. These neighborhoods offer a mix of modern and traditional architecture, with a variety of restaurants, cafes, and shops. The Asian side of Istanbul, specifically Kadikoy and Uskudar, is also becoming increasingly popular among foreign investors.
2-Antalya
Antalya is a city located on the Mediterranean coast of Turkey and is a popular tourist destination due to its beautiful beaches, scenic landscapes, and historic landmarks. It is also one of the fastest-growing cities in Turkey, making it an ideal location for property investment.
The most popular areas for foreign investors in Antalya are Konyaalti, Lara, and Belek. These areas offer a mix of luxury villas, apartments, and holiday homes. The average property price in Antalya is relatively affordable compared to other Mediterranean destinations, making it an attractive option for those looking for a vacation home or investment property.
3-Ankara
Ankara is the capital city of Turkey and is an important political and economic center. It is home to several universities and research centers, making it an ideal location for students and young professionals.
The most popular areas for foreign investors in Ankara include Kavaklidere, Gaziosmanpasa, and Cankaya. These areas offer a mix of modern and traditional architecture, with a variety of shops, restaurants, and cafes. The average property price in Ankara is relatively affordable compared to other major European cities, making it an attractive option for both personal use and investment purposes.
4-Izmir
Izmir is the third-largest city in Turkey and is located on the Aegean coast. It is a popular tourist destination and is known for its beautiful beaches, historic landmarks, and vibrant nightlife.
The most popular areas for foreign investors in Izmir include Konak, Alsancak, and Bornova. These areas offer a mix of modern and traditional architecture, with a variety of shops and restaurants.
In conclusion, the Turkish real estate market has become an attractive destination for foreign investors due to various factors such as favorable tax laws, affordable property prices, and strong economic growth. Istanbul, Antalya, Ankara, and Izmir are some of the best cities for foreigners to settle and invest in, with a range of properties available to suit different needs and budgets. With the Turkish government’s initiatives to stimulate the real estate market and attract foreign investment, now is a great time to consider investing in Turkey’s real estate market.
