Buy Property in Istanbul
The first thing comes to the mind when someone mentions Turkey, is Istanbul, the country’s historic and culture center, the economic capital, and the attractive city with limitless beauty.
Istanbul is a natural bridge connects Asia and Europe, located between the Sea of Marmara and the Black Sea, and one of the world’s most populous cities with total population of around 15 million.
The largest part of the population and the commercial centers is concentrated in the Istanbul’s European side, which is also surrounded with the historical places. While the Eastern side is considered more modern, and less populous than the European one.
Generally, Turkish real estate market has witnessed a dramatic improvement in the recent years, in which it accounts for around 9% of the gross domestic product, thanks to the government’s huge effort in developing the investment environment, starting from well-established infrastructure and public services, until the investment regulations and incentives, which contributes significantly in attracting both local and foreign investors.
The Turkish residential market has grown rapidly over the recent years, due to both population growth which is about 1.29% per year, and the mounting foreign demand arises from the investment incentives which adopted by Turkish government. In 2017, the total number of housing units is around 32 million, however, Istanbul alone holds the largest share which is approximately 5.4 million units. Additionly, the unique location of Istanbul city makes it favorable over other cities in terms of the housing sales which accounts for around 18% in 2017.
According to the data published by central bank of Turkey, the house price index rose by 10.5% in November 2018, compared to 2017 of the same month.
Istanbul is not limited only to the residential market, but it also includes one of the most promising office markets, which offers a very appropriate environment for business. The importance of Istanbul city as a commercial and economic capital of Turkey, encourages the real estate developers to build more office projects equipped with prestigious facilities, alongside more local and foreign investors to run their businesses there.
According to 2017 statistics, 249 office buildings lie on 5.3 million square meters, while the prime rent of office has decreased significantly from 45$ per square meter in 2015, to 30$ per square meter at the end of 2017 on the back of the recent drop in the global demand since 2015, and the recent crisis of depreciation in the Turkish lire.
Istanbul city is a global destination to a lot of people from all around the world, although the reasons of targeting it very from person to person, all go along with the point of that Istanbul’s gorgeous life is something very unique.
The tourism in Istanbul has developed dramatically since 2000, attracting millions of people with different nationalities. Istanbul has a variety of historical sites including the Sultan Ahmed Mosque, the Hagia Sophia, the Topkapı Palace, the Basilica Cistern, the Dolmabahçe Palace, the Galata Tower, the Grand Bazaar and the Spice Bazaar.
The beauty of Istanbul is shaped by being the only city in which a sea passes through it in the whole world, as well as the Bosphorus which is the most beautiful seaway in the world.
Furthermore, the Turkish government has been spending billions on public services and infrastructure, following a public investment policy aimed to encourage investors and tourists from all around the world to visit Turkey, especially Istanbul which offers one of the most appropriate environments.
So those people who would like to buy a property in Istanbul, alongside the unique location, they should look at the available public services which offered by government. Beginning with transportation, Istanbul has a very developed transportation system which includes around 57 airports, a massive railways network, and metro and tram systems, making your life easier and more comfortable.
Education is another important point you should consider, if you bought a property, deciding to settle down in Istanbul. The Turkish education system has also improved rapidly in terms of both the number of educational institutions for all levels, as well as the quality of education, therefore, you can ensure that your children will receive education with high quality.
To make sure that you and your family receives the best health services, you should have sufficient information about the quality of health system in Turkey. Health system in Turkey has witnessed a high growth over the recent years, offering a high quality medical treatments via the social security institution.
Istanbul has more and more advantages, which make you completely ready to make a decision about owing a property there, without any kind of hesitation or worry, because you became aware of the importance of Istanbul as a perfect city has a very exclusive investment environment.