Istanbul is one of the most magical cities in the world. One of a kind, divided by The Bosphorus into 2 different continents, Asia and Europe. Istanbul hosts different cultural symbols, history and a unique soul,… etc. Although Istanbul isn’t the capital of Turkey, but it is the biggest city in Turkey. It is considered the capital city of finance, culture and entertainment of Turkey, living in Istanbul is an unforgettable adventure that everyone should live.
Most Promising Real Estates in Istanbul, Turkey
As Turkey is one of the most promising real estate markets in Europe, it is one step ahead from others with Istanbul. Urban renewal and lots of mega projects like Eurasia Tunnel, Marmaray, Yavuz Sultan Selim Bridge, 3-Storey Grand Istanbul Tunnel and Istanbul’s 3rd airport are changing the face of the city and creating a new future for it. In 2017, the real estate market has sold 1.4 million houses in Turkey. And 22,234 houses of them has been sold to foreigners. Regarding numbers of sales to foreigners, Istanbul was in the first place and has the best performance with 8,182 sales.
- Istanbul has 114 shopping center with rentable gross area of 4.2 million square meters.
- These areas are the 34% of the total rentable shopping center area in Turkey.
- According to JLL’s Cross Border Retailer Attractiveness Index in 2016, Istanbul was the sixth most attractive real estate market after London, Paris, Moscow, Milan and Madrid.
Despite of growth in rentable area per person, Turkey has been under the medium of total rentable area per person compared to the European average.
Real Estate in Istanbul Turkey Offers Great Opportunities For Real Estate Investors
Thanks to urban renewals in Istanbul offers so many great opportunities for real estate investors and developers with a large construction sector and increasing in commercial and industrial production.
According to market observers the plunge in the value of Turkish Lira encourages investors especially comes from Gulf countries. Because of this situation house sellers want to sell their property to foreigners. Over the past 5 years, especially Gulf countries, like Saudi Arabia etc, investors had flocked to Istanbul and bought apartments, houses etc as their second homes. Normally they chose Turkey because of most of people in Turkey are Muslim. They didn’t see an opportunity for real estate investment. But this trend or this situation increased because of the currency crisis in Turkish Lira had intensified. But still most of them choose Istanbul for lifestyle. They just want a house in Istanbul. Investment in Istanbul is their second motive.
Because of the plunge in the value of Turkish Lira you can buy an house with 1.57 million dollars instead of 1.9 million dollars in Istanbul. So you can save 300.000 Dollars. And also tourism is a good tool to fuel real estate market in Turkey. According to the Culture and Tourism Ministry, Turkey has 11.5 million foreign visitors in the first five months of last year. This number shows that there is a 30 percent increase over the same period of 2017. And Istanbul was the first city which has the most foreign visitors in Turkey.
So if you come to Istanbul and buy a house there, you will have a wonderful life and make a perfect real estate investment.