Last Updated on July 27, 2023 by Kimberly Crawford
The convenient geographical location, favorable climatic conditions, excellent tourist services, and a lot of foreigners living in the country make Turkey quite attractive to citizens of other countries.
With world-famous architectural monuments and construction projects opening up new investment opportunities, it’s easy to see why you should invest in Istanbul real estate. Istanbul is one of the developed metropolises with moderate prices.
Property in Istanbul for sale becomes a beneficial opportunity when we talk about the huge investment potential. So, what are the reasons to invest in real estate in Istanbul, and how to facilitate the process of a deal? We will discuss it in this article.
Benefits of living in Istanbul
1. Comfortable location and pleasant climate.
A positive characteristic of a popular Turkish metropolis is that there is always something to see and somewhere to go. Besides, the warm climate and proximity to the sea provide outstanding conditions for living.
2. Developed transportation system.
The city has a developed transportation system. Due to this, the way around the city and to other Turkish cities is quick and comfortable.
3. Affordable prices on living.
As for the prices of food and other goods, it is worth choosing the right places to shop. After all, it’s worth remembering that in the city you can meet a fairly large number of tourists. But still you can find places where the prices for everything will be significantly lower.
4. Level of medicine and education.
Level of education and medicine is at the top of things to consider when moving to the city. There is an abundance of educational and medical establishments with professional specialists in Istanbul. This characteristic is to be considered primarily, especially if you relocate with children.
Feature worth paying attention
When you decide on investing in real estate in Istanbul, it is important to select a suitable district. Regardless of the purpose of the purchase, the location of an apartment or a house changes everything.
After all, the city has many tourist areas and places with poor infrastructure. When choosing, consider how far away you will be from stores, pharmacies, schools, and other important places for you. If you have any difficulties you can always consult with people who have already bought an apartment there and moved in.
They will be able to objectively tell you which area of Istanbul is most convenient for permanent residence. Proximity to crucial infrastructure also raises the chances of successful renting out as no one wants to live far away from shops or entertainment.
Reasons to invest in real estate in Istanbul
The aim of a buyer to invest in the sphere of real estate in Turkey may be forced by multiple reasons. Some of them are common to most investors, but individual purposes still exist. Let`s have a look at the most popular reasons why foreigners choose apartments and houses in Istanbul.
1. Great opportunity to increase capital.
Being located in a tourist zone, the real estate market in Istanbul features high demand. It constantly develops and introduces new housing objects with high liquidity.
2. Reasonable prices on housing units.
The wide selection of available housing units from different segments attracts foreigners to Turkey. It is possible to find an affordable spacious villa as well as a cozy apartment in Istanbul. Low prices have allowed many foreigners to buy property directly without a mortgage and this is one of the best reasons to buy property in Istanbul.
In addition, Istanbul consists of different neighborhoods, each with its own characteristics. A major aggregator Turk.Estate provides an outstanding selection of exclusive real estate to meet the needs of any buyer. With the catalog of high-quality accommodation from trusted developers, the purchase of a real estate in Istanbul is performed quickly and safely.
3. Historical value of the city.
Istanbul was the capital of the Byzantine and Ottoman empires, and for this reason, it has many historical monuments that attract many tourists every year.
Understanding the potential profit for city development, the government has made huge investments in the tourism industry. In addition, Istanbul is the number one center of trade, finance, and economy in Turkey and is becoming a global powerhouse in Turkey.
Drawbacks of Istanbul as a place for living
There are no particular disadvantages of Istanbul as a place for a permanent stay. Most of them are similar to other metropolises. The residents of the city will have to tackle lots of cars, hours of traffic jams, noisy and polluted air in some areas. Besides, in the city center, crowds of tourists make noise. So, if you think about relocation to Istanbul, select more quiet districts.
Citizenship for investment in Istanbul real estate
The government of Turkey provides a simple procedure for becoming a citizen for foreign real estate buyers. To obtain Turkish citizenship, it is necessary to purchase a housing unit for more than $400,000. The process of obtaining a passport takes 2 months. Its main advantages are the following:
- Family members also have the right to obtain citizenship.
- The right of visa-free entry to 110 countries, including Japan, Singapore, and South Korea.
- Ability to move more easily to the UK on a Turkish entrepreneur visa, the ability to open a business in the country, get a residence permit, and then citizenship.
- Possibility of easier relocation to the U.S. on an investor visa with long-term residency. Visa is valid for 5 years, renewable every 2 years.
- Income from other countries is not declared in Turkey.
- A buyer does not have to live in Turkey permanently. Moreover, there is no need to pass language and history exams and serve in the army.
The final word about Istanbul
Everyone who is planning to buy a villa or an apartment in Istanbul should get to know the country better, learn the peculiarities of local life, culture, and customs. There are pros and cons in every decision, and the buyer must determine for himself what in his case will outweigh the advantages or disadvantages. Remember that to buy property in Istanbul there are no obstacles: every foreign citizen can buy a home without a residence permit, or citizenship.