Turkish Economy and Property Investment in Turkey
The Turkish economy is defined by the International Monetary Fund (IMF) as an emerging market economy. Turkey is seen among the newly industrialized countries of the world. Turkey has a largely developed economy. Most of the economic developments in Turkey belong to Istanbul, which has a population of approximately 20 million. Thanks to technology and the developing business world, it shows a great development in Turkey, especially in Istanbul. In the second quarter of 2022, it grew by 7.6 percent. Housing sales increased by 11.4 percent in the January-September 2022 period compared to the same period of the previous year.
With the power given to the country by the developing Turkish economy, foreign investors see that Turkey, especially Istanbul, is an inevitable opportunity to invest in real estate. New houses are also being built in Istanbul thanks to urban recycling. These new properties are both earthquake resistant and await foreign investors' investments in new city centers. Although the apartment prices in Istanbul seem to have increased compared to previous years in terms of the country's economy, you can own a property at much more affordable prices when the US dollar rate is calculated. You can also obtain Turkish citizenship thanks to the property you have purchased. If you buy a property for a minimum of $400,000, you can also start the process to obtain Turkish citizenship. How to get Turkish citizenship in Turkey?