Investing in Turkey’s real estate promises investors several benefits. In addition to investing in the Turkish city of Istanbul for example, investors can also gain highly revered Turkish citizenship if more than 250,000 USD is invested in real estate. International buyers have dramatically boosted the real estate market in recent years, and analysts expect this trend will continue for years to come.
It is also worth remembering that a residency permit is not mandatory for buying a property in Turkey, making the buying process simpler for foreigners. International buyers can peacefully own a beautiful house in Turkey by selecting an established and reputed real estate agency in Turkey that could serve them as a second home, an investment for the future, or a guaranteed rental income source.
Why invest in the Turkey real estate market?
Turkey has a remarkable socio-economic growth amid several challenges and other counterparts in the world. Whether it was the 2008 Global Recession or the political instability in its history, the nation has always succeeded in strategizing specific steps to emerge as a winner.
Is the Turkish Economy stable?
Turkey, with its large economy, ranks 19th among the largest economies in the world. The nation has shown a balanced combination of contributions that drive its economy, from manufacturing and services.
Since 2000, several reforms to uplift the underprivileged sectors have been implemented by the Turkish government. The job rate, as well as its economy, was boosted by these acts.
In Turkey’s economy, the period between 2002 and 2015 is particularly relevant. During this time, the rate of poverty almost dropped dramatically. The government has opened its doors to trade and finance abroad. It has also updated its economic laws and taken all steps to place itself in the European economy.
Turkey’s economy statistics and Investment
Turkey has faced troubles from the COVID crisis, like the rest of the planet. There was a severe effect on the tourism sector, one of the key contributors to the economy. Turkey’s GDP is forecast to decrease by 3.5%. However, Turkey’s GDP could recover to 6% by 2021. When considering Turkey as an option for a global investment destination, it is an element that raises hope. When viewed from an investment viewpoint, Turkey also has several other beneficial aspects.
As of the first half of 2020, the country has a population of 82 million, and life expectancy is 77.2. The nation has a large population of young people, which means that the supply of skilled labour is readily available.
What are the incentives for foreign investors in Turkey?
Turkey also draws foreign investors because of the majority of the benefits it provides them with. The incentives offered to investors differ according to the type of investment made and the project.
Some of the benefits involve the procurement of VAT-free and Customs duty-free equipment, which applies to all investments, irrespective of the investment area.
Are there regional investment incentives?
Investors will enjoy high incentives when investments take place in underdeveloped regions. These include the exemption from property tax, the withholding of income tax, attractive interest rates, the allocation of land for ventures, the reimbursement of VAT, and the exemption from customs duties, along with other benefits.
Are there project based incentives?
Turkey’s government offers project-based incentives to stimulate investment in particular sectors that require an economic boost. Some of the many benefits under this programme include, for example, energy support, infrastructure incentives, buying guarantees, property tax exemption and social security support.
Why should I invest in Turkey real estate?
The entire global outlook shifted after the COVID crisis. Countries and investors are now looking at diversified alternatives for investment that would reduce their reliance on China. Given its economic forecasts and the benefits that the nation provides, Turkey may be the top option for real estate investment.