7 Reasons Why Now is the Perfect Time to Buy Property in Istanbul (in 2024)

Table of Contents

• Introduction to Real Estate in Istanbul
• Why do you have to buy a property in Istanbul?
• Investing beyond the numbers: Why Turkey must be on the top of your list
• Conclusion
• FAQs - About Property in Istanbul

Introduction To Real Estate In Istanbul 

Are you considering investing in real estate but unsure of the ideal timing and location? Look no further than the vibrant city of Istanbul in 2024. This year, a unique convergence of factors has created a prime opportunity for savvy investors to capitalize on the city's thriving property market. From favourable economic conditions to a booming tourism industry, Istanbul offers a wealth of advantages that make it a top destination for real estate investment. Stay till the end to know 7 Reasons Why Now is the Perfect Time to Buy Property in Istanbul (2024). 

Why do you have to buy a property in Istanbul?

Here are the 7 reasons that explain why you should invest in property in Istanbul in 2024:

1. Economic Stability and Growth

Istanbul has stayed economically strong despite challenges in the global economy. Istanbul's strong business growth, along with the government's efforts to improve infrastructure and increase the city's GDP, has allowed more and more people to join the middle class. As more families have money to spend, the demand for good housing in Istanbul has increased substantially. This high demand for homes means real estate prices are likely to keep rising if you invest now. 

Istanbul's prime location as a major trade hub ensures continued economic progress, making it an excellent place to buy the property and earn profits over many years. With Istanbul's resilient economy, growing need for housing, and favourable real estate conditions, 2024 is an ideal time to consider investing in properties in this thriving city. 

2. Breathtaking cinematics

If you love amazing locations, look no further than Istanbul's prime spot on the Bosphorus Strait. Sitting between the Marmara and Black Seas, this unique geographic position creates a gorgeous natural setting and establishes Istanbul as a vital gateway between Europe and Asia. This advantage attracts businesses and tourists from around the world, boosting the property market.

Beyond its economic strengths, Istanbul is an investment hub thanks to its rich cultural legacy and unrivalled lifestyle options. From the ancient grandeur of Sultanahmet to the trendy Beyoglu and Kadikoy neighbourhoods, the city charms visitors and locals alike. Investing in Istanbul's property market not only offers a great real estate opportunity but also a lifestyle filled with delicious food, vibrant nightlife, and countless cultural events. Whether you enjoy exploring centuries-old bazaars or taking in Bosphorus views, owning a piece of Istanbul provides a unique blend of history and modernity that enhances your life as an investor.

3. Among the strongest economies in the world 

If you still haven't made up your mind about “Is buying property in Istanbul a good idea?” Here is why. Turkey has been one of the world's fastest-growing economies ever since the boom of real estate brought in structure. According to the World Bank's 2021 ranking of GDP at PPP (Purchasing Power Parity), quotes “Turkey was the world's 12th biggest economy soaring up from its previous position in 2018”. 

Turkey has shown its strength by dealing with challenges like rising inflation, natural disasters, and political tensions with neighbouring countries. It's also a member of the G20, which includes the world's 20 largest economies. This means Turkey has a significant influence on global economic decisions, a reason also why investors here see long-term value in the economy.

4. Exchange rates 

No one likes dealing with long queues and complicated math just to exchange currency, especially with the risk of inflation. But in Turkey, you can breathe easy when it comes to exchange rates.

The Turkish lira's decline against major currencies has made property in Istanbul much more affordable for international investors like you. Combined with relatively low property prices compared to other major cities worldwide, this presents an unbeatable opportunity to buy prime real estate in Turkey at a great value.

Whether you're looking for a luxurious waterfront apartment, a charming historic villa, or just a piece of land, Istanbul has diverse options to suit every budget and scenic preference. The favourable exchange rates further increase the potential for your property to appreciate in value, making it an ideal time to enter the market.

So if you want to avoid currency exchange hassles and get more for your money, Istanbul's real estate market is worth considering, thanks to the advantageous exchange rates.

5. Government Incentives and Regulations 

Does all of this seem too good to be true? Well here’s more. 

The Turkish government has implemented various incentives and regulations to encourage real estate investment, both from domestic and international buyers. These measures include tax breaks, residency permits for foreign investors, and favourable financing options. By staying updated on these policies, investors can leverage them to their advantage and maximize their returns. Here are some government projects to look for: 

1. Turkey's "Citizenship by Investment Program" offers global investors Turkish citizenship for $400K+ property purchases, boosting demand.
2. Urban regeneration projects like the Istanbul Canal unlock new investment opportunities, driving up property values.
3. Expanding transportation networks enhance Istanbul's accessibility and appeal to real estate investors.
4. Government incentives and mega-projects position Istanbul property investments for maximum returns in 2024.
5. Favourable economic factors, affordable prices, and proactive government measures make 2024 prime for Istanbul's real estate investment.

6. Supersonic Rental Yield 

Why would you want to invest if there is no return on the money you have invested?

Istanbul's rental market is a great opportunity for investors looking to earn a steady income. With the city's growing population, more foreigners moving in, and increasing urbanization, the demand for rental properties is very high.

Whether you're renting to long-term tenants or taking advantage of the booming short-term rental trend driven by tourism and business, you can enjoy attractive rental returns that outperform many other cities worldwide.

As Istanbul becomes a popular destination for digital nomads and remote workers, the demand for flexible, well-equipped rental accommodations is set to rise further, offering investors a compelling way to generate income.

In essence, Istanbul's thriving rental market presents a sweet deal for investors seeking a regular income stream from their investments.

7. State-of-the-art health care and education system

Not looking for a property as an investment option? Planning on moving to Turkey? 

Now that sounds like a deal! Becoming a Turkish citizen through the government's various programs offers investors and their families some great benefits that can improve their quality of life.

One big advantage is access to high-quality healthcare facilities. Investors and their loved ones can receive excellent medical care from trained professionals in modern hospitals and clinics. This ensures that their health and well-being are taken care of properly.

Another fantastic benefit is the opportunity for a top-notch education for your children. The education system in Turkey is well-known for its quality, with a wide range of schools, colleges, and even world-renowned universities. This means your kids can get a world-class education that equips them with the skills and knowledge they need to succeed in life.

But Turkish citizenship through these programs offers more than just a passport. It also gives you access to premium services and facilities that keep getting better over time.

So, by becoming a Turkish citizen, you're not only gaining a new nationality but also opening doors to exceptional healthcare, education, and other high-quality services that can truly enhance your family's life. It's an opportunity worth considering for those seeking a better future.

Investing beyond the numbers: Why Turkey must be on the top of your list

While the economic and market factors are undeniably crucial, the true magic of Istanbul lies beyond the numbers. Istanbul is more than just a place to invest money. It's a lively city with an exciting mix of old and new. It's a city full of life, with ancient stories and modern excitement everywhere you look. Owning property here isn't just a financial decision; it's a chance to become part of this captivating story.

Conclusion

Buying property in Istanbul is not just about making a money decision, it's about becoming part of this amazing city's story. If you still have any questions as to “Is this the right time to buy a property in Istanbul?”, “Is now a good time to invest in Turkey” or even “Can I buy a property in Turkey?” You have hit the right spot. Turkey Advisor is here to help make it happen! Whether you're dreaming of a city apartment or a beachside villa, we've got your back. Reach out to us today and let's make your Turkish property dreams come true!

FAQs - About Property In Istanbul

Is buying property in Turkey a good investment?

Buying property in Turkey can be a solid investment. Turkey has a growing economy, a booming tourism industry, and favorable real estate laws for foreigners. Plus, property prices are relatively affordable compared to many other European countries.

Which city in Turkey is the best to buy a house?

Istanbul is often considered the top choice for property investment due to its status as Turkey's economic and cultural hub. It offers a diverse range of properties, from historic to modern, and has strong rental potential. Other cities like Antalya and Izmir are also popular for their coastal locations and tourist attractions.

Who can not buy property in Turkey?

Generally, citizens of countries with which Turkey has diplomatic issues may face restrictions on purchasing property. Additionally, individuals without proper documentation or legal status in Turkey may not be able to buy property.

What are the new rules for buying property in Turkey?

As of my last update, Turkey has streamlined its property purchase process for foreigners, making it easier to buy real estate. However, regulations may vary depending on your nationality and the type of property you wish to purchase. It's always a good idea to consult with a local expert or legal advisor for the most up-to-date information.

What is the outlook for the Turkey property market in 2024?

The outlook for the Turkey property market in 2024 depends on various factors like economic stability, government policies, and global trends. However, with ongoing infrastructure projects, increasing tourism, and foreign investment, the market is expected to remain robust. As always, it's wise to conduct thorough research and consider long-term prospects before making any investment decisions.

Learn More:

• Conditions for Foreigners to Buy Houses and Land in Turkey - Learn about legals aspects for buying property in Istanbul.
• Buying property in Turkey: risks, scams and pitfalls - Investropa - Things to know before investing in real estate in Turkey.
• Turkey Tax Rate in 2024: Complete Taxation Guide - All you need to know about taxations in Turkey as a foreigner.