Commercial real estate in Istanbul 2020 ... How did Turkey become a global economic pole?
Defying all difficulties, relying on itself, bypassing all the surrounding obstacles, Turkey has moved towards the peaks of the global economy, and has managed to challenge the strongest economies, and has become a rival in the global export market, attracting millions of tourists annually, its industry has also flourished in all fields, most recently the vehicle industry and various defense mechanisms.
This civilizational and economic renaissance is evident in Istanbul, the economic and commercial capital of Turkey, where you find many skyscrapers and commercial real estate for major companies that are active and achieve huge profits, given the encouragement of the Turkish government to encourage local and foreign investors who managed to achieve the success that exceeded all expectations, especially in the last ten years.
- So, How did Turkey become one of the largest economies in the world?
- What legislation and decisions have drawn Turkey's name in the new economic map?
- What are Turkey's goals within the vision of Turkey 2023, which numbers will be achieved, and what will they achieve?
Commercial real estate in istanbul 2020.. Intense investment and great demand
In the last decade, the Turkish government has been presenting a package of courageous investment decisions that have caused a real revolution in real estate and the world of finance and business, whether for Turkish citizens or foreigners wishing to buy commercial properties in Turkey.
Real estate investment in Turkey remained steadfast despite all the setbacks that affected the country, whether those resulting from global crises such as the Corona crisis or those fabricated such as the year 2018 when the value of the Turkish lira fell against the dollar due to American pressures, which is another evidence that thinking about buying a property in Turkey, whether buying apartments in Istanbul or buying commercial properties, it is a right decision, given its high profitability returns in the short and long term.
And every foreign investor, before thinking about real estate investment in Turkey, specifically while buying commercial properties in Istanbul, must seek the help of one of the reliable real estate companies similar to Alhuda Real Estate Company, which provides all facilities regarding the procedures and transactions of real estate ownership.
Commercial properties in Istanbul are divided into shops, offices, and residential buildings that can be converted into commercial, industrial, and retail properties.
The prices of commercial real estate in Istanbul are low compared to the rest of the major cities in the world, and the costs are very small, compared to its high investment returns, so buying an office, for example, in a residential complex in one of the promising areas, and releasing it, brings great profits to its owner in a short time.
In this regard, Muhammad an investor, from Algeria, says: "Since I bought an office in the Esenyurt region and leased it, I got my capital back within 7 years and now I am making huge profits due to the high rental prices of commercial real estate in Istanbul, and I advise all those wishing to search for a profitable investment environment to go to Esenyurt in particular, in which I bought a residential property for stability. "
How did Turkey encourage foreign investors to invest in the Turkish real estate market?
Among the most prominent encouragements granted by the Turkish government to foreign investors are:
- Granting Turkish citizenship for buying a property worth 250,000 USD or making an economic investment of 500,000 USD.
- The real estate sector has a great position in the global market and has the trust of the foreign investor
- The large demand for independent homes during this period due to the Corona pandemic and the desire of many families to live in independent places due to the quarantine that depends on the principle of social distancing.
- The rapid growth, diversification, and competitiveness of the Turkish economy in the market compared to other economies.
- The large number of real estate projects that are guaranteed by the Turkish government and the many features they have such as attractiveness, good quality, and commitment to delivery dates.
- Low living costs as living expenses in Turkey are the lowest in the world.
- Lower costs when buying property in Istanbul or Turkey in general, whether in terms of prices, taxes, or fees.
- High returns of real estate investment in Turkey which is proved by the experiences of many Turkish and foreign investors
- Turkey has an excellent location and a charming nature that makes its buildings distinct from others in the world.
- Turkey contains large vital facilities such as the Istanbul airport, the largest airport in the world, Istanbul water Canal, its giant bridges, its technological city “Techno Park” and other mega projects.
- Turkey is distinguished by its charming nature and wonderful climate, which makes it a favorite tourist destination for people from around the world, thus the need for hotel and tourist apartments increases, and this motivates investors to buy more property in Turkey to re-rent them in tourist seasons.
Advantages of the Turkish passport for foreign investors
- Obtaining the Turkish passport, which ranks among the strongest passports in the world, as it ranks 39th in the list of countries with the best passports, for the advantages it provides for the holder, the most important of which is the ability to enter 72 countries in the world without a visa, most notably Russia, Ukraine, Malaysia, Thailand, Brazil, Venezuela Japan, South Korea, Qatar, and Morocco.
- The holder of a Turkish passport can obtain an entry visa to 42 countries upon arrival at the airport or one of the border points such as Kuwait, Bahrain, and the UAE.
- The ability to get the visa of 7 countries electronically, that is, through the Internet without the hassle of moving and submitting the file through the embassy of the country you want to travel to, such as Australia and the Sultanate of Oman.
- Enjoying the rights of citizenship, candidacy, and voting in the various elections
- Granting Turkish citizenship to the wife and children under the age of eighteen, while children over the age of 18 are subject to the same conditions as those who wish to obtain Turkish citizenship, which among them, as mentioned above, is to buy a property in Turkey with 250,000 USD.
- Those with Turkish citizenship can invite their relatives to visit Turkey and guarantee that they can obtain an entry visa to Turkey easily.
- A person who has Turkish citizenship by purchasing a property in Turkey can retain his original nationality. The Turkish state also gives him a turquoise card that allows him to enter and leave Turkey freely if he obtains the nationality of another foreign country, forcing him to give up Turkish citizenship.
- Turkish citizenship gives its holder the possibility of free treatment at state expense in all government hospitals, in addition to low-cost medication in private hospitals and clinics, not to mention the discounts that the Turkish citizen has for some medical prescriptions.
- Regarding the military service, which Alhuda Real Estate company’s consultants receive many questions about, it is worth noting that the Turkish law is clear in this respect for foreigners who have obtained Turkish citizenship and stipulates that:
- Persons who have obtained Turkish citizenship at the age of 22 and above are automatically exempted from military service, in addition to those who have previously performed their military service in their country of origin or have obtained a certificate proving their exemption.
- The possibility of postponing the performance of military service for two years, starting from the date of obtaining citizenship, allows the newly naturalized to settle and organize his affairs, and after the end of the postponement, he is treated like the Turks, where he is summoned directly.
- The possibility of Turkey joining the European Union, one of the largest markets in the modern economic world, in addition to the existence of the customs union agreement.
- Among the most important economic advantages of Turkish citizenship is the availability of job opportunities in government sectors and the ability to invest in all fields and all economic sectors, given that Turkey is a leading country in the sectors of tourism, services, manufacturing, and trade.
- The owner of the Turkish passport, who established a company in Turkey, benefits from the ability to employ whomever he wants in his institution, unlike the foreigner who is obligated to employ a certain number of Turks according to the legislation.
- A Turkish citizenship holder can own all kinds of real estate without any complications in the purchase procedures that the non-Turkish is subject to.
- Turkish citizenship also allows a foreigner to practice several professions that were previously prohibited to him, such as medicine, pharmacy, law, customs, and maritime jobs, etc. for example in medical professions, a holder of Turkish citizenship can work after graduating in various Turkish hospitals and clinics and can open his investment and has his clinic.
- Benefiting from the retirement system upon reaching the age of 60 or more, or after ending 25 years of service
- Enjoying public transportation services of all kinds, whether by land, sea, or railway lines for free, upon reaching the age of 65 and over.