Turkey is the sixth largest economy in Europe and the 17th largest in the world. It is also a member of the G-20, which represents the strongest economies. Turkey has grown into the most prominent country in the Middle East through 14 years of consistent growth and development.
Thanks to its geopolitical location, Turkey serves as a commercial bridge between Asia and Europe. It is on an ever-growing track and is forging ahead to become the world’s shining star, thanks to its coveted position and young and dynamic population.
DATA ON TURKEY
Number of Tourists Received
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Interest in the country has risen after the legal amendments in 2017 made home ownership easier. In 2017, foreigners invested $4.1 billion in homes and real estate in Turkey, which is the focus for investors with house prices annually increasing by 18 percent on average. This figure is as high as $4.3 billion when including service sales.
Izmir, the pearl of the Aegean, tops the list as the most desirable place to live in Turkey. Consequently, demand for Izmir is mounting steadily. Square-meter price for a house has soared by 17.8 percent year-on-year and has increased 104 percent in the past five years. These figures confirm that Izmir is the city that has gained the most value in Turkey.
For nearly three years, sales to foreigners have risen each month year-on-year. Industry players project house sales to foreigners to climb to 40,000 units with $7.5 billion in revenue by 2019.
There are a number of advantages to purchasing a house in Turkey. Purchasing a house valued at 1 million Turkish lira in Turkey will give the buyer a one-year residency permit. If the buyer holds on to the property for three years they will receive the right to become a Turkish citizen.