Real estate blog

As of 2023, Turkey is a country that is still going through change and progress in various aspects of life. The country is heading towards its centenary as a republic with a bright future in many fields.

One of the most important changes in Türkiye is the infrastructure. The country has embarked on several mega infrastructure projects, including Istanbul Airport, which is now one of the largest airports in the world. In addition, the Marmaray Tunnel, which connects the European and Asian sides of Istanbul via an underwater railway tunnel, has been completed. The Istanbul Canal project, which will create a new waterway connecting the Black Sea with the Sea of Marmara, is also underway.

The Turkish economy continues to grow, with an emphasis on diversification and technological innovation. Turkey has several world-leading manufacturers of cars, textiles, and other products, and the country’s tourism industry is booming. In addition, Turkey has become a hub for tech startups, and the government has made significant investments in research and development to boost innovation.

Politically, Turkey has a presidential system of government, with Recep Tayyip Erdogan serving as the country’s president. The country has gone through major political changes in recent years, including a constitutional referendum in 2017 that led to the implementation of a presidential system. Turkey’s relations with other countries, including the United States and the European Union, were complex, but Turkey continued to play an important role in regional and global politics.

Turkey’s cultural scene is diverse and vibrant, with a rich history and traditions still celebrated. The country is home to several UNESCO World Heritage Sites, including the ancient city of Ephesus and the historic city of Istanbul. Turkey is also known for its cuisine, which combines the flavors of the Mediterranean, the Middle East, and Central Asia.

In terms of social issues, Turkey has made great strides in recent years to promote gender equality and women’s rights. The state implemented policies to combat domestic violence and improve women’s access to education and health care. In addition, Turkey has received millions of Syrian refugees and made great efforts to provide assistance and support to those in need.

In conclusion, Turkey in 2023 is a country that will witness great changes and progress in various aspects of life. From infrastructure to economy to politics and culture, Turkey is a country with a bright future ahead

Real estate development in Turkey has been booming over the past few years, and Istanbul, as the country’s largest city and economic hub, has been at the forefront of this trend. From luxury apartments to commercial real estate, real estate investment has become an attractive option for both local and foreign investors.

In recent years, the Turkish government has made efforts to encourage real estate investment in the country. These efforts included tax incentives, simplified government transactions, and the creation of special economic zones. The government has also implemented policies to make it easier for foreigners to buy real estate in Türkiye.

Istanbul, with a population of more than 15 million, has seen a boom in real estate development in recent years. One of the reasons for this is the city’s growing economy and increasing urbanization. Istanbul’s population is expected to reach 18 million by 2025, creating a high demand for new residential and commercial spaces.

The city’s real estate market is divided into several regions, each with its own unique characteristics. The most popular areas for real estate investment in Istanbul are the European side, the Asian side, and the city center. The European side is the most developed and has the highest real estate prices, while the Asian side is an emerging area with low prices and great potential for growth.

In recent years, there has been a rise in luxury real estate development in Istanbul, with the construction of many high-end apartments and villas. These projects target affluent buyers who are looking for modern and luxurious living spaces. However, there are also many affordable housing options available, particularly in the outer areas of the city.

In addition to residential real estate, the development of commercial real estate in Istanbul is also on the rise. The city is home to many international companies and has a thriving tourism industry, which makes it an attractive location for business investment. Many new shopping malls, office buildings and hotels are being built to meet the growing demand.

Despite the growth in the real estate market, there are some challenges that investors may face. These include bureaucratic hurdles, legal complexities, and exchange rate volatility. However, with the right support and guidance from real estate consulting firms, these challenges can be overcome, and investors can benefit from the city’s thriving real estate market.

In conclusion, real estate development in Turkey, especially in Istanbul, has been on the rise in recent years. With the growth of the economy and the increase in urbanization and the commitment of the government to encourage investment.

The city offers many opportunities for both local and foreign investors. From luxury apartments to commercial properties, there is definitely something for everyone in Istanbul’s thriving real estate market.

Earthquake-resistant buildings within modern residential complexes and independent buildings of Turkish real estate are among the advantages that encourage many to buy real estate in Turkey.

What is meant by earthquake resistant buildings?

They are buildings designed to protect lives and property in the event of earthquakes and earthquakes. The Turkish government obligated all contracting companies to build projects that include earthquake-resistant systems, especially after the devastating earthquake that hit the northern Marmara region in 1999, and among the laws that the Turkish government obliges everyone who owns real estate in Turkey of any kind to insure it against earthquakes and natural disasters, which is an annual insurance called “DASK” in Turkey.

The urban and engineering sector in Turkey has witnessed great development in the past two decades, and earthquake-resistant buildings have been constructed. There are five basic criteria that must be adhered to when constructing earthquake-resistant buildings:

Designing buildings in such a way that support is provided for the building by lining the roofs and walls with a solid square that remains stable when earthquakes occur, and the vertical support of the building tends to help resist lateral forces generated by earthquakes.
As for the towers and skyscrapers, they are built on separate bases consisting of springs, cylinders, and metal balls whose function is to absorb shocks so that the building is not exposed to vibrations resulting from earthquakes.
The use of strong building joints that help reduce risks and absorb pressure, which makes them able to absorb seismic forces, and also makes the building work as a single unit without disintegrating due to an earthquake.
Another important characteristic is the strength of the foundations of the building that characterize earthquake-resistant buildings, where the appropriate soil is chosen to build the buildings on it and dirt or sandy areas are removed from it, and the construction of buildings on a solid ground reduces the vibration of the building in the event of earthquakes.
The dimensions of the building are taken into account. In the event that the length of the building exceeds 50 meters, expansion and landing joints are placed on the upper floors, and seismic joints are put in place, with the aim of maintaining the safety of the building in the event that the area is exposed to earthquakes.

The Turkish government said that it will provide millions of liras (as financial support) to real estate agencies in the country and companies that promote the sale of real estate to foreigners, according to the decree issued by Turkish President Recep Tayyip Erdogan.

Media reports revealed that the drawing, which was published in the Official Gazette before yesterday, Wednesday, included the country’s real estate sector within the scope of “service exports,” adding that countries will grant money to companies and other institutions in Turkey that provide real estate services to foreigners.

The Ministry of Commerce is set to provide approximately 1.8 million liras ($122,000) annually to support advertising and up to 300,000 liras ($20,400) to participate in exhibitions and other events.

The decision also stipulated that the concerned ministry would provide financial support amounting to 600,000 Egyptian pounds ($40,800) for marketing by launching products in films and TV series.

Turkish real estate sales to foreigners recorded a record high last year with more than 58 thousand properties, an increase of 43.5% year on year, and Turkish real estate sales to foreigners increased in the first quarter of 2022 by 45.1%, by more than 14 thousand properties, which is the best number ever since the removal of restrictions on foreign ownership of Turkish real estate in mid-2012.

As soon as the idea of buying a property arises, a set of questions arises that start and almost never end. One does not buy a property every day, and the main goals of foreigners are to own Turkish real estate in housing, real estate investment in Turkey, or obtain Turkish citizenship.

The location of the property is the main concern and the first thing that comes to mind, and the goal of purchase plays a major role in determining the specifications of the residential property that differs from the investment property as well as the areas, and looking at the map of Istanbul we see that it extends over two continents separated by the Bosphorus Strait that connects the Black Sea and the Sea of Marmara.

As is known,

Istanbul is divided into 39 municipalities, 25 of which are on the European side and 14 on the Asian side.

Areas such as “Fatih, Beyoglu, Sisli, Besiktas, Uskudar, Eminonu, Topkapi” are considered centers of the city of Istanbul, and those working in the real estate sector divide Istanbul into four lines:

downtown line.
around city centres.
the coast.
suburban line.

Areas such as: Buyukcekmece, Silivri on the outskirts of Istanbul are classified.

We have to know that every district in Istanbul has its own municipality. If the customer is looking for a service area and believes that the suburbs are without services, then he is mistaken because each municipality is separate from the other and provides its services to the population by organizing infrastructure, public facilities, buildings, and health, educational and recreational centers.

As for prices, the prices of Istanbul real estate in city centers are higher than in the suburbs. The closer to the city center, the higher the price and vice versa. In terms of quality, this has nothing to do with the location of the property. We may find real estate and residential complexes on the outskirts of Istanbul with a degree of quality, modernity and workmanship much higher than real estate in the city center.

The reason for the high real estate prices in the centers of Istanbul is due to the increase in demand for them, just like any vital city in the world “Dubai, London, New York…”.

And about the best places to own real estate in Istanbul, it is difficult to name one area without another, because the matter depends, as we mentioned in the introduction, on the purpose of the purchase.

The other thing is the buyer’s budget. Whoever wants to buy a property within the centers of Istanbul should know that Istanbul real estate prices in 2022 for city centers are very high and can start from a million dollars and rise more as we head towards the banks of the Bosphorus without a specific ceiling.

As for Istanbul real estate prices in the suburbs, they are low compared to real estate in city centers

Not because of its low quality or lack of services around it, but each area is served by separate services and the quality of the property is linked to the construction company itself, but the real reason is the distance of the property from the centers of Istanbul, but some do not see anything negative in this matter, especially since everything they need to buy is within the residential complex in which they live or within the surrounding area and a few minutes away. The same applies to government transactions, although most government transactions can be completed through the e-government application E-Devlet, in almost every region there are government institutions such as directorates of education, country, tax directorates, real estate registry, notary public, and service institutions such as water, gas, electricity, and the Internet