Benefits of Real Estate Ownership in Istanbul 2024
Istanbul is one of Türkiye’s most prosperous real estate markets, including some of the most high-end properties in the whole country. Year after year, Istanbul continues to occupy the position of having the highest property sales and contributes significantly to the upward trajectory of this sector.
The critical role of Istanbul real estate in the Turkish property market is largely due to the city’s substantial benefits to foreign buyers upon investment. Let’s have a detailed look at all of the benefits of real estate ownership in Istanbul in 2024.
Why You Should Invest in Istanbul Real Estate in 2024
Istanbul has everything to entice buyers which is why the real estate in this city is one of the most demanded in the whole country and has sky-rocketed in value.
Massive Growth and Development
Istanbul is Türkiye’s largest city, filled to the brim with historical sites, scenic forests, beaches, and exquisite museums. The road network and highway system is one of the most robust in the world. Moreover, the transportation links are advanced and expansive.
Only recently, train lines such as the M9 and M3 were extended while new ones were inaugurated, such as the new M11 Metro Line which extends to the Istanbul Airport.
This new airport is one of the largest and busiest in Europe and is set to accommodate over 200 million passengers annually once it is fully complete by 2025.
Moving to this city is a dream for many because of the many modern facilities and overall high standards of life this city offers.
Crucial Location
Istanbul’s location is one of the main reasons why so many global property buyers rush to make investments. With one part in Europe and another in Asia, Istanbul boasts a uniqueness in both its demographics and landscape that lures so many to it.
This city is inhabited by diverse nationalities and locals from various cultural backgrounds while each one of its districts exhibits its own distinct character.
No matter what type of area a buyer desires, they can surely find it in this extensive city.
To add to this, its appealing position in Eurasia has made it a sought-after city among investors who wish to start businesses and extend their reach to Asia, Europe, and the Middle East.
Residence Permits
Buying real estate in Istanbul is one of the most reliable ways to obtain a Turkish Residency. Real estate residency is an excellent way to access a plethora of opportunities such as living, studying, working, or even starting a business in the country.
One of the main requirements is that the real estate purchased should boast a value of $200,000 minimum.
Turkish Citizenship
Turkish citizenship by investment program has garnered massive popularity among foreign investors who wish to live in the country and make it their forever home. Whether investors seek apartments, villas, offices, or even shop spaces, Istanbul has plenty of options for them to consider.
In the last few years, a large number of foreign nationals; especially Arabs and Russians, have purchased property to acquire Turkish citizenship. The process is one of the fastest and only takes about 3 to 6 months, making it one of the simplest ways to get citizenship in Türkiye.
Lucrative Rental Yields
Since tourism is always on the rise in Türkiye, especially in Istanbul, buying property here can unlock many lucrative opportunities. Tourism has led to a boosted demand for rental sea-view apartments, villas, vacation homes, etc.
As long as the purchased property is one that has an attractive location near all the tourist hotspots, it is guaranteed to bring impressive rental income for its owners.
Generally, the rental yields in Istanbul can be anywhere from 5% to 8%. However, it should be remembered the ROI is largely dependent on certain factors such as the type of real estate, its location, and its demand among investors.
Exceptional Resale Value
The resale value of Istanbul’s properties is the highest in Türkiye. Buying a property here is considered a robust long-term investment where the real estate boosts in resale value and results in excellent capital appreciation.
Turkish Government’s Backing of the Turkish Real Estate Market
The Turkish government has taken various measures to boost economic progress and foster the progress of the local property market. Along with citizenship and residency through real estate investment initiatives, the construction of high-value and affordable projects, and the lowered interest rates show that the Turkish government is serious about the progress of this sector.
Buy Real Estate with the Best in the Market!
The real estate market in Istanbul isn’t slowing down any time soon and is, in fact, expected to thrive even more owing to the many urban development projects in this city and the growing demand from foreign buyers.
When purchasing property, timing is key and right now is the perfect time to invest. So if are thinking of buying a property in Istanbul, don’t delay further and let our professionals help you navigate the intricacies of the market and lead you to make a profitable property purchase.