Turkey might confuse even the most insightful investors’ minds especially with the recent fluctuations in the Turkish lira. But even with the given situations, it lures foreign investors from across the globe, offering work field diversity, a unique location uniting two continents, and many government incentives. Particularly recent regulations that reduced the minimum amount of investment required to obtain citizenship have been attracting attention. The thing is Turkey’s real estate industry has been steadily growing and is considered as the safest investment tool on good grounds. Despite the decline of the Turkish currency, public debt is reduced by two-third and banks can stand strong against the fluctuations. The GDP figures are also promising with a growth rate of 5.5%, making Turkey rank 13th on a global scale. Especially the construction sector saw a total value of projects that is $372 billion and in 122 countries last year. Contractors didn’t get hit by the depreciation; on the contrary, the real estate industry benefited from the decline in 2019 with the sales made to foreigners rose by 69%.
The real estate market is now brimming with foreigners who can spend their precious USD on luxury homes priced millions of dollars. But this doesn’t mean that Turkish Lira holders are not active in the market. In August alone, 170,408 houses were sold across the country. The January-August period saw an increase of 42.6% in property sales. That means the normalization process might have the most positive effects on the real estate industry. Turkey had secured its place in the global market when it had ranked 14th among the most advantageous markets regarding real estate, and its profitable position did not change with the Coronavirus pandemic while experts expect it to gain even more strength in the upcoming years. The government is not only introducing beneficial incentives and tax-exempts but also actively working on infrastructure developments to add value to properties.
Apart from the booming housing industry, Turkey’s dynamic labor, market opportunities, and strong manufacturing industry with ever-growing export rates make Turkey attractive for foreign investors. The liberal economic environment and a vast number of middle-class consumers keep luring international businessmen.