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On the 28th of May 2023, President Recep Tayyip Erdogan secured a notable victory in the Turkish elections, emerging as the nation’s leader again. With his re-election, many experts and analysts are predicting a significant increase in real estate purchases in Turkey.
This article explores the factors contributing to this expected surge and the potential implications for the Turkish real estate market.
Political Stability and Investor Confidence – A Prime Reason behind the Increase in real estate purchases in Turkey
President Erdogan’s victory brings a sense of political stability to Turkey, an essential factor that investors often seek before making significant financial commitments. With a stable political environment, investors gain confidence in the country’s future directionuntry, leading to increased economic activities, including real estate investments.
Furthermore, President Erdogan’s leadership has demonstrated a commitment to economic growth and development, attracting both domestic and international investors. His focus on infrastructure projects and economic reforms has positioned Turkey as an emerging market for real estate investments, making it an appealing destination for potential buyers.
Booming Tourism Industry
Turkey’s vibrant tourism industry has been experiencing consistent growth in recent years, attracting millions of visitors. The Turkish Government continued to focus on promoting the country’s tourism sector is likely to yield positive results, contributing to increased demand for real estate.
Tourism plays a crucial role in driving real estate investments, as visitors often look for accommodation options such as hotels, resorts, and vacation homes. The influx of tourists not only creates a rental market but also increases the value of properties, making them attractive investment opportunities for both domestic and international buyers.
Infrastructure Development and Urban Renewal
President Erdogan’s administration has prioritized infrastructure development, including the construction of airports, roads, and public transportation systems. These initiatives have not only improved the overall connectivity and accessibility of cities but also stimulated urban renewal projects.
Investors are drawn to areas undergoing urban transformation, as they present opportunities for capital appreciation and rental income. The revitalization of neighborhoods and the creation of modern urban spaces attract both businesses and residents, driving up demand for real estate.
Foreign Investment Incentives
President Erdogan’s government has implemented various incentives to attract foreign investment, including those targeting the real estate sector. The introduction of citizenship programs for property investors, such as the “Turkish Citizenship by Investment” scheme, has been instrumental in attracting high-net-worth individuals seeking alternative residency or citizenship options.
These programs, along with favorable tax policies and relaxed regulations, have made it easier for foreigners to invest in Turkish real estate. The availability of affordable properties, particularly in comparison to other global markets, has further enticed international buyers.
