The Turkish property market has maintained its progress and expansion owing to rising demands from local and foreign investors. The market growth can also be attributed to the government’s efforts to drive foreign investments in the country through the Turkish Citizenship by Investment Program.
So, will the market maintain the same growth in 2024? Continue reading to get more detailed insight into what this year has in store for real estate investments in Türkiye.
A General View of the Current Market
While the pandemic of 2020 posed some restrictions, the Turkish real estate market bounced back well. The following years saw massive interest from Middle Eastern investors in Turkish real estate, especially those who opted to benefit from the citizenship program.
Moreover, the war between Russia and Ukraine also brought an influx of foreign investors, making the local property market reach unprecedented growth.
All this demand resulted in elevated property prices, especially residential properties, and boosted the potential of the local properties for real estate investors.
Turkish Real Estate Investment Outlook
Despite the destruction caused by the earthquake in Türkiye’s Southern regions and the rising inflation, property values rose by 37.52%. Apart from the citizenship program, the Turkish state also allows foreigners to acquire resident permits smoothly through investing in real estate. This, along with the favorable investment conditions has only accelerated the sales in the market and will continue to do so.
Another major driver of this market’s progress is the tourism industry. The diverse property portfolio captivates foreign tourists which causes a surge in interest in prime real estate. This includes seafront properties, penthouses, and deluxe villas.
Additionally, the value of the property market in Türkiye is predicted to increase even higher in value and reach $7.81 trillion in 2024. However, residential properties are leading the way while this sector has been forecasted to reach a market volume of $10.29 trillion by 2028.
Türkiye’s global strategic position, continuous urban development projects, and ease of investment and transactions will always be the major factors to keep the local property market going.
All the urban and industrial development projects are also affecting the price of real estate and making the properties more expensive, especially in large cities such as Istanbul. Rising building costs also play their part in this increase. Nevertheless, it is the phenomenal profits that are motivating foreign investors to explore and invest in Turkish real estate.
All-in-all, the sky-rocketing demands for local properties with the predicted increase in the market value give us strong signs that 2024 will be a bright year for this sector.
How You Can Make the Best Real Estate Investment
The best way to get a profitable property investment is to understand the market conditions and act strategically with room for flexibility. This will ensure your investment remains secure no matter what happens.
Do your research on the local regulations and get a lawyer onboard to help you with your contract and understanding taxes. To add to this, ensure that the location of your investment is always in high demand and its value will remain unaffected by fluctuations in the market.
The property type you select should be one that you can maintain easily. Go with one that is according to your budget and can bring you sufficient profits.
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