The real estate sector in Turkey and its impact on the Turkish economy
The Turkish economy is distinguished by its general competitive ground in various economic sectors, especially in the real estate sector as it is one of the main sectors that support the economy in Turkey greatly as we will see in this article from Ebla Real Estate.
The real estate sector and the Turkish economy:
The real estate sector in Turkey is witnessing an increasing growth, especially after the new amendments to the real estate ownership law for foreigners, as the Turkish law has allowed many nationalities to own real estate in Turkey. Thus, a large number of foreigners have the opportunity to enter the Turkish real estate market.
The growth of the real estate sector means an increase in profits that ultimately flow into the Turkish state treasury. Moreover, the boom of the real estate sector means increasing income rates and thus increasing spending and consumption rates and the development of the economic movement in the country.
Today, the Turkish economy is ranked thirteen in the world.. And it has never been satisfied, but rather aspires to progress more than that to become one of the most powerful economic countries in the world.
The impact of the real estate sector in Turkey on the economy:
The real estate sector in Turkey has supported the Turkish economy significantly in light of the decline in the price of the Turkish lira, as foreign investment in real estate has increased. That’s because the decline in the value of the Turkish lira encouraged investors who deal with foreign currencies to enter the Turkish market, which would contribute to support the Turkish currency and the Turkish economy.
Moreover, the real estate sales to foreigners form the basis of direct investments in the sectors of the Turkish economy.
Furthermore, investment in real estate constitutes one-fifth of the Turkish economy’s GDP.
In addition, the real estate sector in Turkey has not been affected by the crises. On the contrary, real estate investment has increased even in the most difficult conditions.. And it has achieved profits and prosperity during that period.
Measures led to the growth of the real estate sector in Turkey:
There is a set of legislation and laws that have contributed significantly to the growth of the real estate sector in Turkey, which are:
- The Turkish government grants foreign investors legal residence in Turkey.
- It also grants foreign investors Turkish citizenship through buying a property worth 400.000 $.. And a real estate residency through buying a property worth 75.000 $.
- Foreign investors are entitled to apply for loans from Turkish banks.
- In addition, it provides investors with tax exemptions.
- Treating the foreign investor as the Turkish investor in terms of rights and duties.
- Ease of transferring money from abroad to Turkey and vice versa, without legal obstacles and impediments.
- Increase the number of development projects in Turkey. Such as major projects such as building airports, water canals, huge commercial centers, hospitals, universities, and others.
Edited by: Ebla Group Real Estate
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