Why Real Estate In Turkey
Why Real Estate In Turkey
- 15th largest economy in the world with the goal of being among top 10 global economies by 2050
- The 6th largest European economy compared to the 27 EU Countries.
- A new rising star of emerging market economies becoming the “China of Europe”
- Major global credit rating agencies Fitch, Moody’s raised the rating of Turkey to “investment grade” recently.
- This improvement is expected to create a potential of considerable amount of Foreign Direct Investment increase.
- The Turkish economy has been robustly growing with an annual average growth rate of more than 5% over the past decade.
- It is expected to grow with an annual average rate of 5.2% between 2013 and 2017 according to a recent report by OECD.
- National income per capital increased from 3.505 USD to 10.673USD between 2002 and 2012.
- It is an attractive foreign investment destination, FDI grew from 5,6 Bn USD to 29,4 Bn USD between 2002 and 2011.
- The 3rd most attractive real estate investment destination among emerging countries in 2012 according to AFIRE.
- With the amendment of Termination of reciprocity principle, foreigners are now able to purchase real estate in Turkey irrespective of the reciprocal rights.
- Foreign direct investment in the real estate sector which is around 2-2,5 billion USD as of today is expected to reach to 10 billion USD in the mid-term following the enforcement of the law.
- Expected population growth, demographic structure, urbanization rate, changes in the lifestyles, and changes in migration indicators are the determining dynamics of the residential market in Turkey.
- Every year, a housing shortage of 700.000 units is emerged in the market while 500.000-600.000 units of housing construction licenses are issued.
- The share of mortgage credits in GNP and in total credits indicates a significant potential, compared to other countries.
- The rapid increase in sale and rent prices in recent years attracts the attention of investors as well.
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