Demand for real estate in Turkey is growing annually. According to the Global House Price Index, published by the research agency Knight Frank, the country is the absolute leader in housing price growth, ahead of the United States, Japan, Iceland, and Canada.
Over the past 12 years, housing prices in Turkey have increased by 641,151 TP3T. By comparison, the average increase in this indicator in EU countries was 44.71 TP3T.
Why is it profitable to invest in real estate in Turkey?
Turkey topped the ranking of countries with the highest annual rate of housing price growth. The key feature is that the leader significantly outperformed its competitors. Nominal housing price growth in Turkey was 160.1%, followed by Slovakia with 25.5%, respectively. Real housing price growth (adjusted for inflation) was also high at 45.9%, followed by Iceland with 12.9%, respectively.
In 2021, Turkish housing sales to investors increased by 43.5%.
From January to June 2022, foreigners purchased 35,383 residential properties in Turkey. This is 72.71% more than in the same period last year. A total of 726,398 purchase and sale agreements were signed.
According to industry experts, the most significant price growth is observed in Istanbul and the Mediterranean coast (Alanya, Antalya). These regions are where demand for real estate is highest (331,000,000 of the total housing supply).
Such high rates of growth in real estate prices in Turkey make it a profitable investment.
Benefits of Buying Property in Turkey
In addition to a successful investment, a property owner in Turkey can receive a number of additional benefits.
Foreigners buy property in Turkey for personal use and rental purposes. Turkey is a tourist destination, so resale isn't the only way to make money. Owners can also rent out their properties to tourists. Thanks to the country's climate, the maritime tourism season is quite long, running from April to November.
Purchasing real estate also gives foreigners the opportunity to obtain Turkish citizenship. The minimum investment under the program is 400,000 TP4T. Family members of the investor also receive citizenship. Approximately 13,000 families benefit from the program annually.
So, buying real estate in Turkey offers a number of advantages. Therefore, future investors need not delay; analysts estimate that real estate prices will continue to rise next year.
It's also worth noting that real estate agents estimate that the difference between prices at the foundation stage and after completion can be up to 50%. All the necessary information and consultations on purchasing real estate in Turkey can be found at this link .