Bridging the continents of Asia and Europe, Turkey has long been a popular holiday destination, known for its diverse landscape, cultural heritage, great weather, and delicious foods. However, it’s no more only a vacation spot. It’s an emerging market economy with several promising opportunities for international investors.
Displaying an overall positive growth trend for about a decade or so, Turkey has been attracting a large number of international investors in all sectors. However, foreign investment has particularly increased in the country’s real estate industry.
It’s One of The Most Beneficial Real Estate Markets for Foreign Investors
With a unique geographical location, robust economy, good GDP growth, dynamic demographics, tourism, and relatively low cost of living, Turkey has all the basic features of an attractive market. According to Remote Ventures, a US-based international real estate investment firm, Turkey’s real estate industry is the 14th most advantageous property market of the world for foreign investors.
The real estate industry accounted for about 8.4% of the country’s GDP during the last decade and 45% (5.9 billion) of Foreign Direct Investment (FDI) in 2018.
Wondering what makes Turkey’s property market ideal for investment?
While there are several reasons that Turkey’s real estate industry is readily becoming a center for financial activities and international investments, here are the top four:
1. Turkish Economy Is Expected to Display a Record Growth In Near Future
Experts are predicting that Turkey’s economy is going to boom, even further, in future. According to Douglas Winslow, the director of a Fitch Ratings’ team, Turkey’s GDP is likely to increase by 4.5% in 2021. The World Bank, however, has predicted the expected growth rate in 2021 to be a record 5%.
If you have been considering investing in Turkey’s real estate, this is the right time to do it.
2. Property Prices Are Still Low
Despite the fact that Turkey’s property market and overall economy have largely been displaying positive trends, property prices in Turkey are still significantly lower than other European countries. This makes it an ideal investment opportunity.
3. Property Taxes Are Low As Well
While the rate of tax varies for different types of properties (land, residential property, commercial buildings), it is significantly lower than most other parts of the world. Property owners are even exempted from income tax on capital gains earned from the sale of immovable properties that they held for more than five years (four years if the property was bought before January 2007).
4. You Can Get Turkish Citizenship, as an Added Advantage
Foreigners making an investment of over $250,000 in Turkey’s real estate industry are provided the opportunity to apply for Turkish citizenship.
Can it get any better than this? We bet, it can’t! So, don’t miss the amazing investment opportunity and contact us to buy a property in Turkey. Take our word for it – it will be one of your best financial decisions for yourself and your family.