Istanbul is currently one of the most attractive cities for real estate investment in the world. This explains why both individuals as well as foreign investment companies have been buying up large numbers of apartments just to put on rents and make some profits. Of course, there are many reasons to invest in real estate in Istanbul. Some of the reasons nevertheless include;
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1) Large population
Istanbul is known to be the largest city in Turkey with an estimated population of 14 million residents. Being both the cultural and economic center of Turkey, Istanbul is bound to attract so many people. Besides, it has been one of the oldest cities in the world which has attracted many different nationalities as well as cultures to live together. Therefore, investing in real estate in Istanbul is always a logical decision because there is likely to be a high demand for homes, guest houses, hotels as well as apartments that matches the huge population. Thus, real estate is likely to always yield profits in this city due to its high demand generated by the large population.
2) It’s a global tourism hub
You will never go wrong with investing in real estate in Istanbul because of its touristic potentials. It is evident that Istanbul’s touristic trade has been growing from strength to strength with the government boosting it thereby making it one of the top visited destinations in Turkey. It should be recalled that Istanbul had in some years recorded more tourists when compared to other major European cities like Rome. This was the case in the years 2014 and 2017. Some of the top rated touristic attractions in Istanbul, however include the Blue Mosque, Basilica Cistern, Aya Sofya, Spice Bazar and Dolmabahçe Palace etc. As a matter of fact, there are indications that an estimated 20 million people visit this city annually. Of course, tourism is also popular in Istanbul because historically, it was the capital for both Byzantine and Ottoman empires.
3) Business potentials
Another reason to invest in real estate in Istanbul is in a bid to take advantage of its business potentials. Apparently, Istanbul is a great business city which attracts a lot of businessmen from different parts of the world. Thus, there is a high demand for apartments and homes by business people rushing into the city to take advantage of the business opportunities.
4) High foreign demand for real estate
Real estate aspirants should consider investing in real estate in Istanbul because many foreigners have developed an interest in the region. It should be recalled that the New Turkish Property Law that was passed on December 3, 2012 allowed citizens of up to 181 countries to buy or rent properties in Turkey. Many foreigners have therefore considered Istanbul to be an excellent choice for a holiday home, an investment property or a permanent place to live. Thus, Turkish nationals dealing in real estate could easily find a market among the foreign population who aspire to own a property in Turkey.
Other reasons to invest in real estate in Istanbul include its unique location, capital growth as well as the ongoing mega projects such as the third continental bridge on the Bosphorus and North Marmara Motorway.