What are Turkey's Top Real Estate Investment Areas in 2023?

What are Turkey's Top Real Estate Investment Areas in 2023?

With global inflation rising and the COVID crisis and its variants entering third year, investment in the real estate sector by 2023has proved to be a haven for those wishing to save their money value from significantly higher inflation levels.

Turkey's real estate sector was the most distinctive in the global real estate market in 2021. Real estate in Turkey has maintained its purchasing value through a significant rise in prices exceeding 100%, in parallel with high demand rates and an active movement of buying and selling by Turkish and foreign citizens.

During the pre-2021 periods, property owners in Turkey made significant gains on the value of their properties in many Turkish provinces by 2023, led by Istanbul, demonstrating the theory of safe real estate investment in Turkey.

In this regard, rental revenues in Turkey have increased over the past year and at the beginning of this year, increasing the reliability of investors in the real estate investment sector, which is adapted to high inflation rates and is resistant to various economic crises.

Based on the above, real estate ownership experts have chosen the most important and best Turkish regions and cities that achieve profitability in real estate investment, as follows:

1. Istanbul

Istanbul is associated with high investment value and is the first city in terms of investment value in all sectors in general and the real estate sector in particular.

According to real estate reports issued by official authorities in Turkey, the rate of increase in real estate prices in Istanbul in 2021 was 95%, while the international real estate agency Knight Frank monitored Istanbul's position in the ninth place in the world value of investment globally.

Experts are likely to blame the increase in real estate prices in Istanbul for the high prices of imported raw materials due to the low exchange rates of the Turkish lira, as well as increased demand rates from Turks and foreigners, especially after the reduction of bank interest rates by the Central Bank of Turkey.

Over the past five years, statistics have shown that real estate prices for sale and purchase and rental revenue have increased in Istanbul's real estate market over the past five years.

Experts, therefore, report that Istanbul is one of the first major cities to be on the throne of Turkish cities in terms of investment feasibility in the Turkish real estate market.

The following table shows the average price difference between the last three years in some areas of Istanbul with the expected future increase in the prices of these properties:

2. Ankara

Ankara has a high investment value due to its political position as the administrative and political capital of the country. It, therefore, has a constant and increasing demand for real estate by Turkish and foreign citizens, where the city came second in the number and volume of properties sold over the past year.

Imtilak Real Estate experts classify Ankara as the second most valuable Turkish state in the Turkish real estate market. Studies by the Knight Frank Company, a British real estate market specialist, indicated that Ankara has emerged as the highest investment value of its properties for two consecutive years, namely 2020 and 2021.

The study showed that Ankara ranked 10^th in the world in increasing the investment value of its properties during 2021, an increase of 25.8%.

3. Antalya

Antalya and its warm Mediterranean coasts are a destination for Russians and Europeans. This tourist city tops the list of the most active Turkish states in the buying and selling movement in the Turkish real estate market by Turks and foreigners alike.

As Antalya is primarily a tourist city and is famous for its luxury resorts, high-end hotels, and large tourist numbers annually, property ownership experts classify Antalya as a city that thrives on investment real estate opportunities.

In the past two years, Imtilak Real Estate ownership has noted an increase in real estate prices in the city, reaching a minimum of 8% and a maximum of 23%. Rental revenues during the past period have been steadily increasing due to improved tourism and increased tourist numbers and thus high rental demand rates.

4. Trabzon

The investment value of the real estate in Trabzon is ranked fourth among Turkish states, and Trabzon, which overlooks the Black Sea coast, is a coastal city with charming and green nature and is, therefore, a unique tourist destination.

Through the general rise in real estate prices in Turkey, Trabzon state has had a share of rising real estate prices and increasing rents, with increased urban and construction activity in the city.

5. Sakarya

Sakarya has gained its investment value because it is close to Istanbul. The investment value of the real estate in the city is expected to increase significantly in the coming period, especially after discovering the natural gas field off its shores the start of construction of extraction plants.

Imtilak Real Estate experts also emphasize the importance of the region investment, as the demand for real estate in the city is particularly high among foreigners, as it is a quiet city close to Istanbul.

6. Kocaeli

Over the past years, Kocaeli has seen great interest from construction companies, as the city has flourished with its high-end real estate projects. The city's population has gradually increased, and tourism activity in the state has increased dramatically.

Kocaeli is one of the cities with a high investment future, based on official government plans to develop the city and based on the remarkable development and interest that is taking place on the ground. Therefore, the city is expected to provide profitable real estate investment opportunities in the medium and long term.

7. Bursa

Bursa's investment value lies in being a major tourist and industrial city in Turkey, and the demand for real estate in Turkey is not low, and rental returns for real estate in Bursa are high rental returns.

The city has good real estate investment value. Imtilak in Bursa offers a range of exclusive and rare opportunities for real estate investment, from apartments and shops to large real estate projects, including factories, malls, hotels and agricultural land.