How and why did the real estate revolution begin in Turkey?
Turkey, which has an architectural character that intermares Ottoman history as an established identity with contemporary modern style, has not stopped in the past decades
The course of construction and building in all its parts, but in recent years these efforts have multiplied, especially after being supported by huge projects within an exceptional plan launched by the Turkish government called "Urbanization Map" for a new, more developed and advanced Turkey.
The urban transformation plan contributed greatly to attracting investment projects in the real estate sector with imaginary amounts and very high profitable returns, hence the real estate revolution that made Turkey a country associated with offers for buying property in Istanbul or apartments and property in Turkey and also how to obtain the Turkish passport through owning a property and others ..
The real estate revolution, as mentioned above, is considered an urban transformation plan that Turkey has been adopting for several years with the aim of rebuilding urban buildings and property in Turkey in accordance with the foundations of urban transformation and modern building conditions that are subject to global safety and quality procedures.
The Turkish real estate revolution plan aims to construct approximately 8 million new homes by the year 2023, that is, the centenary of the founding of the Turkish Republic, and then move to later stages through which the restoration and rehabilitation of 18 million other homes are to be restored.
The percentage of Turkey's progress in its scheme of creating an unparalleled real estate revolution is clearly evident by the size of the purchase of property in Turkey or the numbers of foreigners who have approached how to obtain Turkish citizenship by investment and owning a property.
Why was Turkey determined to make a real estate revolution?
The devastating earthquake in Istanbul in 1991 gave a great lesson to Turkey, the state and the people, as laws obligating real estate insurance against earthquakes and natural disasters increased and at the same time increased the awareness of the population of the need to secure your real estate properties.
Hence, the Turkish government issued final orders to prevent the construction of any property that violates earthquake resistance standards and specifications while initiating a broad plan for the rehabilitation of all old buildings that do not observe the conditions and controls of safety procedures within the framework of what is known as the real estate revolution.
This action was followed by a real gift in construction translated by modern housing projects and the huge push that the Turkish government gave to the process of developing infrastructure in order to create more investment opportunities, especially for foreigners who have become heavily heading to own a property in Turkey and buying property in Istanbul in particular
Which has happened for the first time in 2013 in the Kadikoy district of Istanbul, where a housing complex was built with nearly 3,000 apartments, which attracted many foreign investors for buying property in Istanbul or in Turkey in general, after they’ve benefited from the law of canceling reciprocity.
Through its real estate revolution, Turkey has endeavored to achieve many fundamental goals and objectives. We summarize it in the following:
- Turkey is immune from any damages caused by earthquakes and natural disasters.
- Providing the country with millions of new housing units, especially modern integrated services complexes.
Eliminating slums by rehabilitating nearly 18 million old homes.
Attracting the largest number of foreign investors and increasing the demands on buying property in Istanbul and all types of property in Turkey.
- A prominent presence of the Turkish real estate in international forums and exhibitions.
Developing the infrastructure in Turkey and supporting it with more transportation lines, airports, roads, bridges and major installations.
Supporting and strengthening the country's economy within the framework of the vision of 2023 related to development and real estate revolution.
Support the real estate sector as it is the most active sector in Turkey.
- Achieve profit revenues in excess of $ 500 billion by 2023.
The real estate revolution and the urban revival that the country witnessed during the last ten years has actually contributed to the classification of Turkey in the list of the ten most important countries that foreigners prefer for buying properties, and the real estate prices in Turkey increased by three to five times and more in some regions during this period, which led to a large rush by foreigners to buy property in Turkey.