The Turkish property market has rebounded and thrived in recent months, following a drop in mortgage interest rates. Home sales have increased by 124.3% in July 2020 compared to the same month the previous year. Sales are continuing to surge despite the pandemic. Unusually, the possibility to buy a home in Istanbul, which is currently the first city on the top of the sales list, appears to the spectator to be an outstanding opportunity for a profitable investment.
Real estate sales increased according to the Turkish Statistics Institute, real estate sales increased by 54.2% compared to the same time last year. Real estate experts confirmed that the public bank mortgage loan campaign substantially impacted the significant increase in sales following the gradual resumption of life following the Covid19 virus halt. What is the Turkish real estate market like in 2021?
How did the rates increase?
In the first six months of the year, the rate of increase was 221%. Last September saw a continuation of the upward trend:
The influence of low-interest rates on house loans of less than 1% on the Turkish real estate market has remained. Turkish people’s desire for real estate has increased, notably since the Turkish economy has improved in recent months. Week ending September 11, 2020, the volume of bank loans reached 2 billion and 373 million Turkish Liras. Real estate loans totalled 204 billion and 873 million Turkish Liras.
The real estate market in Turkey had experienced a slight stagnation as a result of the Corona crisis. Still, after a gradual return to normalcy, this market has come back to life. According to world economists, it is now growing faster than before, proving that investing in real estate is always a profitable investment.
Turkish infrastructure is booming – one reason to invest in Turkey
The Turkish government has worked hard to develop Turkey’s infrastructure and make it solid and distinct. It has built highways, tunnels, and bridges to relieve traffic congestion and facilitate and organize the movement. Technology has become a part of the public scene, as it is visible on its streets. Turkey boasts one of the world’s top transportation systems.
New Istanbul Airport
The airport was formally opened in October 2018, and the airport began to operate fully from April 2019 and was named Istanbul Airport. When all of its sections are complete in 2023, it will be the world’s new largest airport. So that the number of passengers who use it each year reaches 250 million, and the capacity of its runways reaches 500 planes at the same time.
Interstate routes, international and domestic
The Ministry of Transport and Infrastructure has built local and international highways to connect parts of the country and neighbouring countries to avoid congestion and regulate the vast numbers of people in a large and crowded city. The Gebze-Izmir road and the southern Marmara route are two roads and highways now under development and projected to open in the following years.
Istanbul Canal is a waterway
Or there’s the “century project,” which is currently Turkey’s most significant undertaking. The world’s first canal is being dug, and it will run from Lake Kucukcekmece in the south to the Black Sea in the north, reducing the pressure on the Bosphorus. The canal is intended to attract investment and tourism projects, as is the case with the Bosphorus Strait and its canal.
Medical cities in Turkey
The Turkish government pays special attention to medical cities. There are ten medical cities in Turkey, such as Basaksehir, each with eight hospitals with various specialities. Eight more medical cities are currently being built.
The Coronavirus crisis highlighted the strength of Turkey’s infrastructure. Therefore Turkey gained explicit acknowledgement from the rest of the world for managing problems efficiently, and the number of people interested in getting Turkish Citizenship grew.