Over the years, Turkey has emerged as a pretty good investment destination. It is situated at the junction of Europe and Asia. The European part is known as Thrace (Trakya) and the Asian part is called Anatolia (Anadolu). Over the last few years, the Turkish real estate sector has developed enormously. Due to the recent economic meltdown, where the several parts of the world including Europe and America are experiencing a decline in their real estate business, the real estate sector in Turkey is still flourishing and has grew by 18.4% in 2014-2015. Further, the cost of living and houses for sale in Turkey are quite cheaper as compared to other European countries.
Here are some of the interesting facts about Turkey that you must be aware of:
- Turkey is the 17th largest economy in the world and 6th largest economy in Europe with a GDP of around USD 786 billion.
- Istanbul is one of the most striking cities for real estate investment in Europe while Turkey on the whole is ranked 3rd most ideal country for investment in real estate worldwide.
- The real estate sector in Turkey represents 19.5% of the total GDP and offers great investment potential.
- The key drivers of the real estate sector in Turkey are its advantageous geographical position, young population, demographic advantage, growing per capita income, large-scale urban renewal and development and the ease of doing business in this country.
- The boost and desire for foreign investors in real estate has been encouraged by the potential of Turkey’s EU membership. This has further motivated holiday home owners and investors throughout the world to buy properties in Turkey.
- Turkey offers incentives to its investors on different areas and the corporate tax has also been reduced from 33% to 20%.
- As per the Doing Business 2014 report by the World Bank, Turkey is ranked 69th among 189 countries on the ease of doing business.
- The number of tourists is expected to reach 60 million by 2023.
- Turkey has undergone profound economic transformation over the last decade and its economic foundation is fairly solid.
- Its location between Europe and Asia, allows Turkey to create a link between 3 continents with over 1.5 billion people and a GDP of USD 25 trillion.
- There are a number of opportunities for foreigners who wish to buy property in Turkey.
Turkey is one of the top-most growing economies in the world. The Republic of Turkey has made it very simple and feasible for real estate investors to contribute and support the growth of the country. If you are planning to invest in Turkey’s property, you are probably taking the right decision. The swift economic expansion, growing number of tourists and the most viable and friendly investment environment, all makes this country worth for property investment.