Istanbul is a thriving city in Turkey that has attracted many foreign investors in recent years, thanks to its unique location, cultural heritage, and economic growth. The real estate market in Istanbul has been dynamic, and it is subject to fluctuations based on a number of factors including economic conditions, government regulations, and political stability. Here’s what you need to know about investing in Istanbul real estate:
- Rising Property Prices According to the Central Bank of Turkey, the average price per square meter for housing in Istanbul increased by approximately 3.2% in 2020. Luxury properties, including high-end apartments and villas, are significantly higher than average prices.
- Strong Rental Market The rental market in Istanbul is also strong, with high demand for rental properties and a low vacancy rate. The average rental yield for properties in Istanbul is around 4-5% per year, which is considered relatively high compared to other European cities.
- Potential Impact of COVID-19 Pandemic It’s worth noting that the real estate market in Turkey is subject to fluctuations and the current situation with COVID-19 pandemic may have an impact on the market.
- Future Changes The real estate market in Istanbul is relatively small, and it can be affected by any changes in macroeconomic conditions. Government regulations, taxes, and legal frameworks related to real estate investments may also change in the future, which may affect the market.
In summary, Istanbul’s real estate market has been attracting foreign investors due to its strategic location, cultural heritage, and economic growth. Although the market can be dynamic and subject to fluctuations, it offers attractive investment opportunities with high rental yields. Additionally, Turkey’s citizenship by investment program offers a pathway to Turkish citizenship through real estate investment, making it an enticing option for those seeking dual citizenship.
