Istanbul has long been a favorite destination for travelers whether for business or pleasure. And the number of property sales to foreign investors continues to grow. However, with the recent news announcement, which proves that there is every reason to be confident in Turkey’s economy. The property market is bound to see even more sales to foreigners over the coming months. Of course, prices will rise, to meet demand, so there really hasn’t been a better time to invest in Istanbul!
Official figures just released show that Turkey’s economy grew by 0.9% in 2019, with GDP standing at $755 billion last year. These figures have resulted in Fitch ratings upgrading Turkey’s 2020 GDP forecast by 0.8% to 3.9%, according to Douglas Winslow, the ratings service’s director, who explained that confidence in Turkey’s economic growth is increasing.
Turkish Government’s Plans
The Turkish government have also released plans which show acontinuing commitment to investment in Turkey’s economy, with 11 projects receiving funding totaling some $71m. This announcement, together with news that further support is being introduced to increase Turkey’s tourism market, by removing the visa requirement for several countries, aiming to attract around 75 million foreign tourists by 2023, was welcomed by financial markets and industry bosses.
Undoubtedly foreign visitors will also see the opportunity to invest in the country’s property market and property sales to foreign investors is expected to increase month by month during 2020.
Invest in Istanbul, Turkish Citizenships and More…
Another indication that buying a new property in Istanbul is at the forefront of investor plans was confirmed by the news that Turkey has already granted more than 5,000 Turkish passports since legislative amendments were made 2 years ago. Turkey’s Interior Ministry said a few days ago that citizenship applications continue to rise, with 5,111 Turkish citizenships already issued, and a further 9000 still being processed. Acquiring Turkish citizenship is an easy process for investors who buy Turkish real estate to the value of $250,000. This figure was substantially reduced 2 years ago whichh ledled to a boom in demand for residential properties across the country.
According to information provided by the Turkish Statistical Institute (TurkStat), nearly 1.35 million housing units were sold in Turkey in 2019, with up to 45,500 houses being bought by foreigners – a 14.7% increase compared to the previous year.
If you have been thinking about buying a home in Turkey, whether for investment or living, now is the best time. Furthermore, Turesta’s reputation for integrity and good service. backed up with a no-fee service, and smart legal team will ensure your purchase and citizenship application is a smooth and easy process.
As one of the industry’s longest established companies Turesta Real Estate offers the best service for investors. With our finger on the pulse, we are fully aware of latest legislative changes and offer sound advice and support to all investors. . Our experienced Aftersales Department can take care of your property, whether you are looking for a simple key holding and bill payment facility, or need to earn money by renting your property, our team is at your service in Istanbul
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