Istanbul’s real estate market got off to a flying start in 2019, as January figures revealed foreign property buyers and investors bought 1,361 homes in what is Turkey’s largest and most prominent city. In January 2018, just 545 homes were sold in Istanbul. Therefore, industry insiders are celebrating the nearly triple increase in figures.
Overall, year-on-year figures for January 2019, saw a staggering 81.9% increase countrywide as foreign buyers flocked to other favorite places like Antalya, Bursa, Ankara, and Trabzon. Middle eastern nationalities are driving the surge in purchases, as they take advantage of a lucrative exchange rate and incentives like the citizenship by investment scheme, which sees buyers eligible to apply for Turkish citizenship if they buy a property worth 250.000 USD and keep it for at least three years. Iraqis and Iranians led the way in buying homes in Turkey, with Russians coming in third place.
Why Investors Like Istanbul’s Real Estate Market?
As well as offering affordable prices, and potential citizenship, many other factors keep Istanbul top of the list for potential house buyers in Turkey. It is one of the world’s iconic cities and the hub of everything and anything in the country including tourism, education, health, business, economy, and trade.
Over the last ten years, Istanbul has also reinvented its real estate market through new constructions on the outskirts of the city center. Not only do they provide lower prices per square meter, but the cutting-edge architecture and design are making them key landmarks of the horizon. With a focus on a modern lifestyle, many apartment complexes feature concepts like smart home technology, green living features, swimming pools, on-site gyms, landscaped gardens, and a children’s playground.
Investors are no doubt keeping their eye on the long-term capital appreciation and are hoping to cash in on areas where megaprojects will take place. One such example is the planned canal route that will link the Black and Marmara Sea and turn the European side into an island. Starting near the Kucukcekmece district, it will stretch to the Durusu district on the other side and investors are optimistic that when completed, the return on investment will be worth the wait.
The new airport is another mega project that sparked a flurry of investors to turn their attention to Istanbul. When complete in 2023, it will be the world’s leading travel hub with flights to over 350 destinations.
With many economic insiders predicting that the Turkish lira won’t move this year, it looks like Istanbul’s real estate market will continue to outperform all previous records as Turkey’s central hub for foreign investors.
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