It all starts with Tourism. Buying Real estate is a big decision in your life. And it does not just come the easy way. Before purchasing any property, you must visit the place with your family and make decisions. Istanbul is love at first sight for all the people who visit.
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The Impact of Tourism on the Real Estate Market in Istanbul
The History and nature combined in it make it just worth visiting. The title of Istanbul is such as the Capital of the Byzantine Empire or the city that connects Europe and Asia.
Therefore, I relate the real estate market with the following words: the market flourishes only when you start tourism. Thus, in Conclusion, Tourism is an essential ingredient in the Real Estate Market.
When a nation is referred to as a tourism destination, its economy is established and affluent, which will favorably impact all its sectors.
Due to the abundance of historical and archaeological sites and numerous unique and distinctive natural features, Turkey is known for having a tourist-friendly nature.
This article will discuss how tourism has affected the Turkish real estate market.
Many people need help understanding what real estate tourism entails when a tourist purchases real estate for residential or commercial use in a nation other than his country of origin, invests there, and then reaps the benefits of the property’s monthly and yearly returns.
When a tourist is not in Turkey, he can use his house as an investment by renting it out, and when he travels to Turkey during the tourist season, he stays at his house to enjoy himself.
After the amenities offered by the Turkish government, the comparatively low real estate prices compared to European and American real estate and the low costs of tourism in Turkey have led to the growing appeal of real estate tourism in recent years.
Why do Foreigners prefer Turkiye as their tourist destination?
Middle East (excluding the Gulf States)
Many nations in the region, including Iraq, Iran, Lebanon, Syria, and many more, are currently experiencing political, economic, or military crises.
Investors take action to guarantee their future in a safe country because all of this leads to unstable conditions and security dangers to people. They discover that Turkey, a neighboring country, is the most excellent option because it is convenient to travel to and safe.
Gulf countries
The only luxury these oil-rich nations, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, lack is generally pleasant weather.
Turkiye is a particularly excellent alternative because the country is blessed with nature and lovely weather, and they also share many similarities in their cultures. Unfortunately, the weather in Gulf countries is severe and can reach 50 degrees Celsius in the summer.
RUSSIA
Following the Ukraine conflict outbreak, Russians began investing more frequently. But unfortunately, in response to the conflict, Europe and America chose to sever all relations with Russia, and as a result, Russians experienced economic uncertainty.
UK and USA
One might wonder why people from these countries—and even many of them—want to become citizens of Turkey and invest there.
The answer is that these British, American, or Canadian nationals are primarily from Muslim-majority nations. As a result, they enjoy hearing the Azan voice in public and eating halal food whenever they want, both conveniences that one might not find in the West.
In addition, Turkey makes them feel welcome and secure and has a modern environment that blends the East and the West, making it simple for foreign nationals from these nations to adopt Turkey as a second home.
What motivates foreigners to visit Istanbul?
1. City that connects Europe and Asia
Istanbul is a city that connects Europe and Asia. That is very known and also a significant part because of which tourists are interested in visiting, but the most beautiful part of this connectivity is how beautiful it is.
Massive Bosphorus bridges with nature around it filled with green and luxurious houses. Moreover, at the same place, you find too many historical sites such as historical Galata port, Dolmabahche Palace, Maiden Tower, Ortakoy Camii, Rumeli Hasari, and Kucuksu Kauri. All this combination makes it interesting to visit.
2. HISTORIC HAGIA SOFIA
Hagia Sofia, also known as Aya Sofia in Turkish, has a fascinating history. Originally constructed as a basilica for the Greek Orthodox Christian Church, Hagia Sophia was finished in five years, ten months, and four days between 532 and 537.
Aya Sofia was initially constructed as a church. Sultan Mehmet Fatih converted Istanbul into a mosque once the Ottomans took control of the city. Under the Turkish Republic, the mosque was transformed into a religious museum with a vast image collection.
Under Turkish President Recep Tayyip Erdogan, the museum was reclassified as a mosque in 2020. One of the most notable instances of Ottoman decoration and Byzantine architecture can be seen there.
3. Affordable Luxury
Istanbul allows you to have absolute luxury but at much more affordable prices than Most Other Touristic destinations worldwide, from Public transportation charges to tasty food courts.
You enjoy breathtaking views of the Bosphorus and much more on the cruise at a meager price, as low as 5 USD. Similarly to this, many destinations in Istanbul are affordable.
4. Istanbul has excellent cuisine
It’s common knowledge that many tourists to Istanbul come primarily for food, and we can’t blame them. Halal food is easily accessible, specifically for most common tourists coming from Gulf states
Turkish food originates in the Ottoman Empire and is significantly influenced by the Mediterranean, the Middle East, and the Balkans.
This results in an explosion of positive sensations with each bite, whether you enjoy savory or sweet meals and snacks, full breakfasts, or gloriously perfumed streets.
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