Recently, Istanbul has become a favorite tourist and investment destination for many around the world and in addition to its stunning natural beauty and ancient history, the city enjoys a distinct strategic location that attracts investors and tourists alike and during the past years, Istanbul has witnessed an increase in demand for its real estate, and this increase is expected to continue until 2023, so what are the reasons for the increase in demand for Istanbul real estate during this period? Follow us to answer this question in this article.
The activity of the Turkish economy is one of the reasons for the increase in real estate prices:
The activity of the Turkish economy is one of the main factors that help increase real estate prices in Turkey, especially in major cities such as Istanbul, Ankara and Bursa when the economy is witnessing continuous activity, the individual and total wealth increases, which prompts them to invest in real estate, and as economic activity returns to increasing job opportunities and improving the standard of living as this attracts more new residents to major cities, which increases the demand for real estate and pushes up prices at the same time, the Turkish economy is characterized by an important strategic location that makes it a magnet for foreign investments, which contributes to supporting the real estate market and increasing demand for it.
Residential apartments are in great demand in the Turkish real estate market:
The Turkish real estate market is witnessing a high demand for apartments, and this is primarily due to the continuous increase in the number of residents in Turkey and in addition, the rates of immigration to major cities such as Istanbul, Antalya and Bursa are constantly increasing, which greatly enhances the demand for apartments.
This increase helped to significantly increase real estate prices in the Turkish market, and it is one of the advantages that help attract investors who are looking for good opportunities to invest in Turkey and thus, apartments are considered one of the most wanted properties in the Turkish real estate market, and it is possible to expect growth in demand indicators for these apartments in the coming years.
High real estate prices in Turkey:
Real estate prices in Turkey are expected to rise in the year 2023, due to the increase in the population in the country and the increase in demand for residential and commercial real estate as in recent years, Turkey has turned into a real estate investment pole thanks to the availability of tax benefits, economic development and political transformations that have attracted investors from different countries of the world as it is expected that this real estate growth will continue during the coming period due to the influx of tourists who searched for places to reside and invest as it is also expected that the real estate market in the major regions of Turkey, such as Istanbul, Antalya and Bursa, will increase in the demand for residential and commercial real estate, which is consistent with the development of the infrastructure of those areas.
High demand for commercial real estate in Istanbul and Ankara:
Major cities in Turkey, such as Istanbul and Ankara, are a center for real estate investments due to the significant increase in demand for commercial real estate in those areas and despite the high cost of land in these cities, the high demand for these properties continues and the rise in demand can be attributed to the increasing business, productivity and economic growth in Turkey as a result, the high demand for commercial real estate raises its price in these areas, which puts investors in the real estate trade market in a favorable position to increase their income.
Developments affecting the real estate market in Turkey:
Commercial activities and infrastructure have increased in Turkey during the recent period, which positively affected the real estate market in the country as the establishment of new projects and the development of infrastructure in major cities such as Istanbul are among the most important factors that increase the attractiveness of real estate in Turkey and for example, the construction of the metro, new highways, and the provision of advanced public transportation in the cities of Turkey is an indication that real estate has benefited from its high value and in addition, the growth of commercial activities and economic investments in Turkey also has a significant impact on the real estate sector, as investors feel reassured about economic stability and confidence in the real estate market.
The impact of tourism on real estate in Turkey:
Turkey, especially Istanbul, is witnessing an increasing number of tourists from all over the world which directly affects the real estate market in the city, as this increase in tourism indicates an increase in the demand for residential and tourist real estate, because tourists need to stay in a comfortable and suitable place for them during their stay and in addition, the influx of tourists reflects the economic growth of the region, which gives confidence to investors who flock to search for real estate investment opportunities.
The most important area for buying real estate in Istanbul:
The areas for buying real estate in Istanbul are characterized by their diversity and multiplicity of options, as they guarantee the ability to live in places with different advantages as Besiktas is one of the areas characterized by its scenic landscapes and is located in the heart of the city, where public services, restaurants and shops can be accessed around the clock and Bakirkoy and Nisantasi are also upscale and luxurious areas with many modern and luxurious buildings and the Taksim area is distinguished as the center of nightlife, shopping and cultural activities, as tourists and locals flock to this area continuously, and it is not possible to talk about the areas overlooking the sea without mentioning the Besiktas area, as it is characterized by amazing views of the sea and a mixture of vitality and tranquility, and it is considered one of the best areas for real estate investment in Istanbul.
Many investors prefer to search for real estate located in areas close to the main commercial and tourist places, as real estate investments in those areas are more feasible and beneficial however, the rural location of properties can influence the timing of purchase, as prices are lower in rural locations than in urban areas as it is also worth noting that real estate specifications, including space, interior design and available facilities, affect the timing of purchase and for example, when a property with a larger area is available at a reasonable price, investors tend to buy it, even if the location is not in a major urban area.
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