No bias —Istanbul is one of the greatest cities to live in. Although its biggest flex is it’s the only city in the world that straddles both Asia and Europe, there’s more to Istanbul than being the crossroads of human civilization.
Below, we list down the reasons why you should jump in the bandwagon and invest in Istanbul’s real estate market.
Potential for capital growth
Although Istanbul is known for successfully blending modern with tradition, its real estate market is yet to catch up with its European neighbors —and that’s exactly what makes it a promising location.
The vision plan for Turkey in 2023 is to bring the city to London standards, whose price per square meter is a whopping 677% to 862% higher than Istanbul.
Potential for liquidity
Real estate investors no longer purchase properties solely for end-use. House flipping, the practice of buying properties with the intent to sell it for profit later on, is now common practice. In fact, a study in the UK revealed that the average Brit will live in 11different homes in his or her lifetime. The concept of “forever home” is now a thing of the past.
Along with raising the city’s standards, Turkey’s 2023 vision plan also outlines how the country plans to increase the capita per household to match its European neighbors. This, along with government incentives and a growing population, is set to boost the real estate market even more.
The Turkish government also ensured a quicker and easier process for foreign real estate investors, along with other benefits. Learn more about them on our FAQ page.
Ongoing urbanization
Real estate developers in Istanbul have been pretty aggressive with their branded housing projects, some of which have reached the outskirts of the main city center. These brand new contemporary houses reflect modern architecture practices without overpowering the heritage of Turkey’s biggest and most populated city.
Neighborhoods such as Kucukcekmee and Beylikduze have managed to replicate city life in the suburbs with easy access to shopping and public transportation. Meanwhile, Esenyurt and Buyukcekmece are hosting branded lifestyle projects that can rival even those in Bosphorus and Sisli.
Mega projects such as Istanbul’s newest airportand the Istanbul Canal are also piquing the interest of international investors.
Booming tourism and business landscape
Istanbul is recognized as one of the earliest sites of civilization, particularly as the capital ruling center of both the Byzantine and Ottoman empires. Given its rich history, it comes to no surprise that its tourism industry is highly successful. In fact, 45.1 million foreign visitors set foot in the city in 2019.
Moreover, the government has also made plans to elevate Istanbul as a global business and finance powerhouse and at the same time highlight the potential of its own citizens through the development of Istanbul Financial Center, which is slated for completion in 2022.
Need more reasons to invest in Istanbul? Get in touch with our real estate professionals for a consultation!
