2023 Investment Vision in Turkey

Real estate investment in Turkey is one of the most important and popular investment areas, and the government has set a vision for 2023 in this regard, especially since this year marks the 100th anniversary of the Turkish Republic (1923) ).

Centenary of the Turkish Republic:

Republic of Turkey was founded on October 28, 1923 by "Mustafa Kemal Ataturk" after the collapse of the Ottoman Empire, victory over the West and the greedy peoples of the Turkish lands during the War of Independence, and the first centenary. Republic Day falls on foundations in 2023.

In conjunction with the anniversary, the Turkish government is preparing to launch several development projects in several states, especially in the economic capital (Istanbul), and we will review some of the most important projects.

Istanbul International Finance Center:

Forecasts and official statements indicate that the gates of the Istanbul International Financial Center or known as "Istanbul Financial City" will open in the first months of 2023 in the Ataşehir district of the Umraniye district in the Asian part of Istanbul.

The goal of establishing the center is to become Turkey's financial and commercial capital, as well as a financial link connecting the three continents of "Europe, Asia and Africa". Turkey's central bank will move its headquarters to the financial center of Istanbul and open branches for dozens of Turkish and foreign banks, stock exchanges, businesses and corporations.

Istanbul International Airport:

The first phase of the Istanbul Airport project started construction on the occasion of the 95th anniversary of the founding of the Republic of Turkey (2018). Construction of the runway at Istanbul International Airport will be completed in 2023. With an annual throughput of 250 million passengers, it is one of the largest airports in the world, with runways capable of taking off and landing about 500 aircraft simultaneously.

Medical City Basaksehir:

In mid-2020, Turkish President Recep Tayyip Erdogan inaugurated the city's first phases, which are expected to be completed by 2023. When completed, the city will be the largest medical city in Turkey and Europe, and the third largest in the world.

Istanbul Canal:

The foundation stone of the Istanbul Canal project was laid in June 2021. Official data shows that the canal will be opened in 2027, and construction and drilling works will make significant progress in 2023. The investment value of the canal will increase the land and area around the canal.

The geographical plan of the canal shows that it extends from the northern part of Lake Kuchukcekmej to the coast of the Black Sea, connecting it with the Sea of ​​Marmara to form the "Second Bosphorus", with the aim of reducing traffic traversing the area. Number of merchant ships on the Bosphorus.
The advantages of the Istanbul Canal will be far more important than those of the Bosphorus, as it will facilitate shipping traffic from Europe to Africa and vice versa.

How does real estate investing relate to Türkiye's 2023 vision?

Turkey's Vision 2023 forms the backbone of real estate investment in the country, as major government and development projects will increase the momentum of real estate investment and attract more foreign investors, increasing the importance of this important economic sector.

This will ensure a significant increase in land and real estate values, especially in the surrounding areas of the Turkish project (Ataşehir District, which includes the Istanbul Financial Center and the banks of the Istanbul Canal - Basaksehir District - Arnavutkoy District). Big project of the Turkish government.

Will real estate investment in Turkey be affected by election results?

Many are awaiting the results of Turkey's presidential election, scheduled for June 2023, believing the outcome will positively or negatively impact real estate investment in Turkey, and believe the sector could decline if there is a change in the country's ruling party.

History and events show that Turkey is a democracy that has enjoyed political, economic and security stability for more than 30 years. Many analysts believe that changing the current form of government will not harm real estate investment in the country, as the industry is protected by Turkish law and the constitution.

What are the main concerns of foreign investors in Türkiye?

Foreign investors in Turkey are most concerned about losing their investments and funds in the Turkish real estate market due to various factors such as the depreciation of the Turkish lira, rising inflation, and the impact of political and diplomatic relations between the two countries. Türkiye, and countries around the world, are forcing this investor to wait before taking a risk.

Obstacles facing the Turkish economy since 2016, notably the failed coup, the hype over the Turkish lira in 2018, the Turkish Gulf crisis and subsequent events, most notably COVID-19 and the Russian crisis - War Ukraine Economy and Currency The inflation crisis proves that the Turkish economy based on real estate investment is strong and coherent.

Supporting the previous theory, the sector continues to grow today, with Turkey, a member of the international G20, one of the most economically powerful countries in the world.

This is because Turkey's economy is based on exports, investment and employment, not on lira and inflation, and it is this that reassures a foreign investor that his rights and money are in Turkey. I believe that in the medium and long term, there will be a greater profit return.

Türkiye's future real estate investment expectations:

All indicators, especially the crisis facing Turkey, including the inflation index that has started to fall, point to a fruitful future for Turkish real estate investment, and live up to the expectations of Turkish real estate investors.