Turkey's housing market recovering remarkably!

Turkey's housing market recovering

With the return of flights, the movement has returned to the real estate market, and many investors have bought apartments for sale in Istanbul and real estate in Turkey in general. Many investors were also able to obtain Turkish citizenship after purchasing a property in Turkey worth $ 250,000 or more.

The main airports in Turkey, and their counterparts in Istanbul, will resume the vitality and activity that they were used to before the outbreak of the new Corona epidemic, which paralyzed many sectors around the world.

Figures and statistics ... The vitality returns to the airports in Turkey and Istanbul 

The authorities gradually announced the resumption of flights with some countries of the world, especially after controlling the outbreak of the epidemic.

The resumption of international flights coincided with the tightening of measures to prevent the Coronavirus in Turkish airports in general, and international ones in particular, especially at airports in cities that receive large numbers of foreigners, such as Istanbul, Ankara, Antalya and other tourist states.

According to the data of the Airport Operation in Turkey (DHMİ), the number of airport passengers in the Turkish states of Istanbul, Izmir, Antalya, Mugla and Adana reached 6 million, 95 thousand and 918 during the months of June-July 2020 only.

In Izmir, the number of passengers at Adnan Menderes Airport reached 772,389. In contrast, the number of passengers at Fraport Tav Airport in the state of Antalya reached 756,454 and Gazipasa-Alanya Airport was 37,169.

In the state of Mugla, the number of passengers at Dalaman Airport reached 189,933, and Milas-Bodrum Airport reached 243,805.

As for Adana Airport, the number of passengers there during the two mentioned months reached 353,413.

The number of passengers travelling through Istanbul airports reached 26 million and 831 thousand and 852 people during the first eight months of this year.

During the period between January-August 2020, Istanbul airports witnessed the organization of 224,919 flights.

At Ataturk Airport, the number of domestic flights reached 6,284, while the number of external flights reached 17,41, bringing the total number of flights to 23,325.

During the same period, Sabiha Gokcen Airport witnessed the organization of 49,780 domestic and 26,796 foreign flights, meaning a total of 76,576 flights.

As for Istanbul International Airport, during the first 8 months of this year, 40,268 domestic and 84,750 foreign flights were organized.

During the first 8 months of this year, the total number of flights organized from all Istanbul airports reached 224,919 flights, 128,587 of which were on foreign routes.

In terms of the number of passengers at Istanbul airports, the number of passengers at Istanbul International Airport reached 16 million and 236 thousand and 730 people during the first 8 months of this year, of whom 11 million and 18 thousand and 973 were on foreign lines.

During the same period, 10 million and 595 thousand and 122 passengers traveled through Sabiha Gokcen Airport, including 3 million and 482 thousand and 55 passengers on foreign routes.

During the last summer season, the number of passengers via the Istanbul and Sabiha Gokcen International Airports in Istanbul reached 7 million, 484 thousand and 686, despite the restrictions on air traffic in Turkey and the world, due to the Corona epidemic.

Data from the Airport Operation Department in Turkey showed that Istanbul International Airport witnessed the organization of 7 thousand and 68 domestic and international flights during last June, while this number increased to 15,223 flights during last August.

The total number of flights that Istanbul Airport witnessed during the summer season reached 35,563 flights.

As for Sabiha Gokcen International Airport in the Asian part of Istanbul, during the summer season, 28,159 flights were organized on domestic and international airlines.

In terms of passenger numbers, 3 million 933 thousand and 446 passengers traveled through Istanbul Airport during the summer season.

At Sabiha Gokcen Airport, the number of passengers who travelled on the internal and international routes of the airport during the summer season reached 3 million and 240 thousand.

The Turkish city of Istanbul includes three airports, which are Sabiha Gokcen on the Asian side. On the European side, the international Istanbul and Ataturk airports, and the latter was designated only for cargo and private and government aircraft flights, after moving to Istanbul Airport in April 2019.

The recovery of the real estate market in Turkey

In the past few months, the real estate market has recovered from its peak, and many foreign investors have bought real estate in Turkey for various purposes. And some of them buy apartments for sale in Turkey to rent them and benefit from the financial returns, and some of them want to obtain Turkish citizenship and secure a future for their children. There are many reasons for buying real estate in Turkey, but obtaining Turkish citizenship and a passport enables him to travel to 72 countries without a visa. In addition to the facilities they find in Turkey related to buying a property in Turkey.

What is the volume of foreign investments in Turkey in order to obtain citizenship?

Since it was officially announced that foreign investors were granted the right to obtain Turkish citizenship by investment in Turkey in July of 2016, there has become a great demand for buying apartments for sale in Turkey or buying a property in Turkey in general. In this period, the legislative authorities carried out many legal reforms to facilitate Turkey's real estate investment.

Regarding the volume of foreign investment in Turkey, its value has exceeded 3 billion US dollars, to reach exactly 3 billion 261 million and 500 thousand US dollars since the decisions of 2018. These statistics prove the extent of the Turkish government's incentives to foreigners to own and obtain Turkish citizenship quite easily.

  • What are the facilities offered to obtain Turkish citizenship in return for an investment?

The Turkish government has provided foreigners wishing to invest in obtaining Turkish citizenship all the necessary facilities, whether by reducing the investment amounts or by enumerating his options, as follows:

  • Buying a property in Turkey worth 250 thousand US dollars on condition not to sell it for three years.
  • A bank deposit in a Turkish bank with a minimum value of $ 500,000.
  • Make an investment in Turkey worth at least 500 thousand US dollars.
  • Purchasing government bonds with a minimum amount of $ 500,000.
  • Guarantee of employment of at least 50 Turkish citizens.

It should be noted that the evaluation and calculation of the value of buying a property in Turkey or investment are according to the exchange rate in the Turkish Central Bank on the date of purchasing the property or financial asset.

  •  Why is obtaining Turkish citizenship a good choice?

 Turkey has witnessed significant growth in the number of those who intend to become naturalized due to several advantages, the most important of which are:

  •  Get the same rights that a Turkish citizen holds.
  • The great and continuous economic development that Turkey is witnessing, especially within the framework of Vision 2023.
  • Legal legislations that guarantee the rights and freedoms of Turkish citizens and those who acquired their nationality.
  • The Turkish passport strength enables its holder to enter more than 120 countries in the world without or with an entry visa at the airport.
  • Turkey has a strategic geographical location, as it is located in the middle of three continents (Africa, Asia, and Europe), which made it a dynamic meeting place and a connection point between more than one continent at the same time.
  • The great growth in the number of foreigners immigrating to Turkey, whether to study, live, or invest, has created a new and profitable consumer market, especially the market for Arab foreigners present in abundance.
  • The nature of life in Turkey, which fits both eastern and western customs at the same time.

Demand is rising

Surprisingly, the total number of home sales in Turkey rose by 8.9% to 383,821 units in the first four months of 2020 from the same period last year, following declines of 1.9% in 2019 and 2.4% in 2018, according to Turkish Statistical Institute (TurkStat).

In the first four months of 2020:

  • In Istanbul, which has an 18.2% share of transactions, home sales rose by 8.8% y-o-y to 69,872 units.
  • In Ankara, which accounted for a market share of 11%, the number of home sales surged 24.3% y-o-y to 42,224 units.
  • In Izmir, which represented 6.4% of the market, home sales soared 21.3% y-o-y to 24,545 units.
  • In Antalya, which captured 5.1% share, the number of home sales rose by 12.5% y-o-y to 19,633 units.
  •  In Bursa, which took 3.7% of the market, home sales increased slightly by 1.3% y-o-y to 14,109 units.