Before we answer Why It’s Smart to Invest in Real Estate in 2023? First, our prayers are for the people inflicted by the earthquake in 2023 in the southeastern provinces of Turkiye.
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In these indeed difficult times. Option One focuses on helping the people in need in that area and then promotes the ways to prevent such kinds of casualties resulting from an earthquake.
So In this Article, we will discuss more How Turkiye will evolve and change the real estate market in the affected cities and the cities that might have the same consequences in case the earthquake occurs if significant steps are not taken. Turkiye started taking those steps to urbanize the cities altogether.
The first intention is to remain safe for the people, which will also change the real estate market toward a massive growth step.
That is, Lots of construction that the investors can participate in will take place. Making it simple that when the old building is demolished so, in exchange, a New construction will be completed but with a way more modern design and high rise, which will create more units in the same place as before.
Just the place will be smartly utilized. Here the investors will coordinate to be part of this massive campaign where they are part of changing the city towards positive growth, resulting in safety for the people and at the same time having high returns.
The Benefits of Investing in Turkey’s Largest Cities
1. You will become part of the Top Economies in the world:
Turkey’s economy has undergone significant financial and social changes during the past 20 years, including growth in employment and average income since 2000.
With a population of 85.3 million as of 2022. Turkey is one of the world’s top producers of textiles, automobiles, construction materials, consumer electronics, home appliances, and agricultural goods. In addition, the CIA World Factbook adds Turkey to its list of developed countries (DCs) due to its status as a founding member of the OECD.
Turkey was predicted to have the 20th-largest nominal GDP and the 11th-largest GDP by PPP by the end of 2022, according to IMF projections published in the IMF WEO Database of October 2022, which has already been achieved, making Turkiye 11 largest GDP in the world.
2. You will be able to Live in High-class Infrastructure:
Turkiye has highly invested in highways, motorways, and infrastructure to make cities more modern. When seeing Europe or the UK, we find Turkiye to be more modern and unique. People who are traveling a lot may compare Turkiye’s infrastructure to completely new cities like Dubai. The reality is that if you are looking for a place close to Dubai’s Infrastructure and the nature of Europe, you must Land in Turkiye.
3. You will be at Strategic Location:
Turkey has long been favored because of its geographical location. It makes Turkiye an essential hub for attracting local and international investors in various sectors, including real estate and tourism, which has sparked investment interest.
Turkey makes a valuable contribution by acting as a natural link between Asia and Europe. Istanbul is critical for giving strategic access to these areas’ significant markets. The Bosporus is the only route to the Mediterranean Sea and other seas for Bulgaria, Georgia, Romania, Russia (the western part), and Ukraine. Thus, sovereignty over the straits is crucial for these nations and Istanbul, the city through which the Bosporus flows.
In addition, Istanbul has access to 1.5 billion people, a vast market with a 4-hour flight range. According to statistics, the Customs Union and free trade agreements give Turkey access to 955 million consumers.
4. You will experience the abundance of history and culture just at your doorsteps:
Turkiye has the remaining oldest civilization. Whether it’s Greek Gods or Roman Empire Islamic history, it has to offer an abundance of history and culture. Human has a different type of excitement regarding history and culture where one can draw great lessons. Turkiye is the right place to explore it.
5. You will be part of a Major Business environment :
Many multinational companies exist here. Giants, including Coca-Cola, Microsoft, and Sony Ericsson, have regional offices in Istanbul. Thanks to the city’s advantageous location for managing markets in the region. For a glimpse of what just one city of Turkiye is doing when it comes to Business hub, please read the following article: https://optiononetr.com/istanbul-financial-center/
6. You have the opportunity to have High Returns on Investments :
After mentioning the above facts, it is very understandable why Turkiye will be one of the best choices to live in.
Either for Business or a Dream place to live. But that is not it because the facts show that Turkey each year is breaking its record of house sales overall and specifically to foreigners, which we have in detail discuss in the following article.
Istanbul’s Residential Real Estate Market
Turkiye’s most demanded Real estate type is Istanbul’s Residential properties, with high competition.
Turkish developers keep coming up with unique concepts, some with perfect coastal city designing apartments to view lavishing sea and lake views.
Others are filling the complex with green and nature and unlimited facilities or creating a shopping mall within the residential concept, which convinces clients to buy the residential property.
And Indeed, it has resulted from buying, making Istanbul the highest house-selling city in Turkiye and the most prevalent residential property.
The Rise of Luxury Villas in Istanbul
As wealthy investors start to come in from abroad. Therefore demand began to rise from local and abroad buyers resulting in real estate changing to the next level. Before, in Istanbul, the concept of the villa was quite simple.
But as the demand increased, the competition between the developers increased to deliver the best and unique aiming to become first to sale. All this led to the Rise of Luxury Villas in Istanbul.
Villa investments are typically created for independent living, ideally when you have a large family. You can save money and protect your housing security by renting a villa in Istanbul. Istanbul villas offer the privacy, security, and comfortable way of life of a private home. Nonetheless, it is undeniable that Istanbul’s villas appreciate greatly, making them a wise choice for real estate investments and providing lucrative rental income.
The villa in Istanbul will have a higher resale value because the cost of real estate there is constantly rising.
Istanbul’s Commercial Real Estate Market
Commercial Property in Istanbul can become the business hub of the modern world. Istanbul’s geopolitical location allows Istanbul to become the world’s leading business center.
Moreover, there are factors supporting it. Such as Istanbul is the largest populated city in Europe, with over 15 million people.
Recently we saw in the Ukraine grain deal where Istanbul played the most crucial role. In supplying the grains to Europe and Africa. Also notable are the government’s incentives to encourage investment.
Why Istanbul’s Asian Side is a Hotspot for Real Estate Investment
The Asian side of Istanbul has more greenery and nature than the European side.
The Asian side also has a higher standard of living in many districts and is more modern structurally because it was included in the expansion of Istanbul.
Projects in the Asian part of Istanbul are like hidden gems where the prices are still reasonable for what they have to offer.
Most districts of the Asian part have metro stations and other forms of public transportation available, and most have beautiful views of the Princes Islands and the Marmara Sea.
In addition, modern high-rise buildings and skyscrapers on the main highway, which are 4 to 5 lanes wide, will give you the impression that you are in Dubai but with the pleasant weather of Istanbul.
Even the Asian part of Istanbul has Sabiha Gokcen Airport, which is comparatively cheaper to travel from.
Despite the world-class amenities nearby, these districts are not well-known among foreigners due to a lack of marketing, even though prices there are typically selling for between 1500 and 2000 USD per square meter.
The Impact of Mega Projects on Istanbul’s Real Estate Market
Istanbul’s megaprojects and urban development initiatives helped dramatically drive up the cost of homes and lands.
The new Istanbul airport, Istanbul Channel, Eurasia Tunnel, Marmaray, and Yavuz Selim Bridge are only a few of the significant projects that significantly and effectively increased the value of the real estate.
These mega projects allow the city to operate more conveniently and sufficiently, creating opportunities.
However, as the development of the projects is done simultaneously, the prices also tend to increase. And it’s only natural, even if we look from the smaller scale, even if a good road or shopping mall is developed beside your home.
As a result, you will see demand for your house increase, directly impacting the prices. But, likewise, these mega projects attract the world to grab the opportunity that will come.