Best investment opportunities in Turkiye in 2024

The Turkish economy has seen consistent growth in recent years, and many investors have begun to look for acceptable possibilities to enter the Turkish market. The Turkish economy is defined by its numerous fields and prospects, with tourism, agriculture, industry, and real estate as the foundations of its growth. In this post, we will try to identify the prospects accessible for 2024 and the benefits of investing in Turkey.

The Pros of Investing in Turkiye in 2024

• Economic Growth: The country's economy is expanding, with a 5.4% increase in GDP between 2022 and 2023. This growth signifies attractive returns and consistent investment in Turkey. The demographic diversity and youth of society also confirm that the economy will continue to expand and continue in the future.
• Strategic Location: Many commercial and industrial companies have become dependent on Turkey to supply most of their products due to Turkey's location and proximity to most countries. It connects the East with the West. Of course, this feature will contribute to reducing shipping and transportation costs, especially if you invest in the industrial sector.
• Entering New Markets: Turkiye provides unprecedented access to a massive market of over 1.5 billion customers, including those from the Middle East, North Africa, and Central Asia.
• Government Incentives: The Turkish government is attempting to attract foreign investment through a variety of incentives, including tax reductions and free trade agreements. It also stimulates investment by providing Turkish citizenship to investors.

Related: Top Reasons for Foreigners to Invest in Turkey's Real Estate Market.

The Booming Investment Sectors of Turkiye in 2024

The Turkish economy's strength stems from its diversification, which is built on large-scale investment projects in fields and sectors such as real estate, tourism, agriculture, and industry.

Manufacturing Investment Sector

Industrial policy is a government initiative that adopts specific steps to alter an economy's sectoral composition. The Turkish government has succeeded in promoting and supporting high-value-added sectors with the potential for economic growth, allowing the economy to grow and develop.

Turkiye's manufacturing industry is flourishing and varied, including a wide range of sectors, including:

• Textiles and apparel: A globally recognized leader, Türkiye accounts for over 5% of global garment exports.
• Food processing: Türkiye offers immense potential in food processing and packaging.
• Automotive: Turkiye is home to major international automotive companies and a strong network of suppliers.
• Machinery: The Turkish machinery industry has experienced exceptional growth, with exports exceeding $20 billion annually.

Tourism Investment Sector

Turkey's cultural richness and abundance of tourist attractions make it one of the world's most significant and dynamic tourist destinations. This opens up intriguing investment opportunities in hotels, resorts, eco-tourism companies, and transportation infrastructure.

In 2023, pre-pandemic tourist numbers increased by an astonishing 88%, and forecasts for 2024 expect a complete recovery, perhaps exceeding 2019 levels.

Agriculture Investment Sector

Although everyone is aware of Turkey's importance for tourism and industrial investment, miles of fertile agricultural land lies behind the tourist attractions and picturesque scenery, ensuring large output and great earnings. Türkiye's favourable climate and huge fertile land provide great circumstances for a wide range of crops. Additionally, its proximity to water sources enhances its agricultural potential.

Check out our offers for the best apartments for sale in Turkiye.

Real Estate Investment Sector

The economy's prosperity and expansion in numerous areas, particularly tourism in Turkey, have had a good impact on the real estate industry. More real estate is being developed to meet the growing demand from international visitors visiting Turkey. Turkey's population is also growing, which contributes to higher demand.

• Property values in Turkiye have grown steadily, with an average annual gain of more than 40% in 2022. This trend is likely to continue until 2024, providing great capital appreciation opportunities.
• Rental returns from apartments, particularly in tourist locations, remain high, providing investors with a consistent source of income.

Types of Real Estate Investment in Turkiye

• Residential Real Estate: Single-family homes, for example, are Classic and reliable, these can be rented out, flipped for profit, or held for long-term appreciation.
• Buy Office Area: Lease to companies in high-demand regions for predictable revenue.
• Buy a Retail spaces: Restaurants, stores, and shopping centres can provide better profits, but they often provide tenant management issues.
• Lands: Investing in lands for sale in Turkiye in strategic places that may be included in developing plans and then selling them for a profit.

Why Choose Real Estate Investment in Turkiye

• Property values surged by more than 40% year on year in 2022, exceeding global market growth expectations.
• Foreign direct investment in Turkish real estate increased by 123% during the first half of 2023, indicating considerable international interest.
• The Turkish government plans to attract 5 million international tourists by 2024, increasing demand for vacation houses and rentals.
• 6% of respondents to a recent Bayut.com study said they planned to invest in Turkish real estate within the next year.
• Global investment firm JLL ranked Turkiye among the top 10 emerging real estate markets for 2024.

Investing Wisely: Important Consideration for Investing in Turkiye

Diversify Your Investment

Diversify your investments into different sectors and at different levels within one sector. Despite the stability witnessed in Turkey, no one can be sure of the future, so the best strategy to avoid losses is diversification.

Research the Market and Conduct Thorough Feasibility Studies

Before starting your project, you must understand the market and carefully study the entry opportunity. Determining the operational costs and necessary budget as well as the expected profits of the project allows you to verify the probability of success or failure of the investment.

Partner with Local Experts

If you have difficulty entering a foreign market, you can rely on a local partner. This would need overcoming several barriers. Local specialists can also give you with valuable insights and profit-making strategies. For example, Imtilak Company, a real estate company, may give the finest investment options to all of its clients while also facilitating the acquisition process and related legal procedures.