Why Do Arabs Invest In Istanbul Real Estate
Why do Arabs invest in Istanbul real estate?
Istanbul, Turkey’s largest city with an area of 5,461 square kilometers and the second largest city in the world in terms of population, which is currently more than 15 million people, according to Turkish Population website (www.nvi.gov.tr). Turkey is the capital of tourism, economy and culture due to its ancient history. The city lies in Marmara region in Northwest Turkey, having borders between the Black Sea to the north and the Sea of Marmara to the south with the famous Bosphorus passing from the center, which divides the city into two halves, the city that combines the continents of Europe and Asia.
Different religions and cultures
Istanbul is the Turkish city that hosts the largest number of foreigners and immigrants, and despite the diversity of nationalities and different religions and cultures, everyone lives in peace and harmony, maintaining the religious identity and nationality of his country. The city has a large number of Muslims practicing their faith in complete tranquility, especially since the character of the Islamic city helps. The mosques cover all neighborhoods of the city, and there are neighborhoods for conservative families and places of veiled women, such as all other religions living in the city.
Istanbul the city of tourism
Its history as one of the oldest cities in history made Istanbul one of the most visited cities in the world. Istanbul was the capital of many empires from the first Roman Empire to Byzantine and Latin Empire to Ottoman Empire. It combines historical features between Christianity and Islamic religion. The beautiful atmosphere and nature of the city has been described in books, poetries and press. Everyone who visited Istanbul was enchanted by its charm and wished to have a home in Istanbul. It is the city of beautiful views between the blue of the sea, the lakes and the greenery of gardens and forests.
Istanbul is the beating heart of the Turkish economy
The tourism sector certainly generates huge incomes for the Turkish economy, but the economy of Istanbul is not only based on this sector. The city also attracts economic strength from the agriculture sector, which is manifested in the cultivation of fruits, sunflowers, tobacco and olives. As for the industrial sector, Istanbul is characterized by several industries, mainly foodstuff, pharmaceuticals, textiles and clothing. Istanbul accounts for more than a third of the country’s GDP and produces 55% of its exports, except that it provides jobs for 20% of the labor force. It has all the qualifications to attract investors from all over the world, headed by real estate investment pioneers.
Real estate investment in Istanbul
One of the most important areas of development in Istanbul is the real estate sector. Therefore, why are Arabs and foreigners interested about the real estate market in Istanbul? And why do foreigners, especially Arabs, want to buy real estate in Istanbul?
It is sufficient to say that the prosperity of tourism and economy in any country in the world may bring investors in all fields, especially real estate. Therefore, Istanbul with its climate, landscapes, and lifestyle makes you excited to live in it without a doubt. However, the Arabs especially like housing in Istanbul and having their holidays in calm and peace, as it is a city at the top of modernity inhabited by the majority of Muslims and maintain the religious and civilizational character at the same time which gives them the desire to buy a house in Istanbul. But the most important factors for real estate investment in Istanbul are as follows:
The city infrastructure: Istanbul is characterized by high-speed infrastructure that connects all areas of the city as the highways E-5 and E-80. Apart from the three bridges of the Bosphorus Strait and the Marmaray Highway, this reaches the European and Asian continents in a record time. The entire city is covered by metro lines, including new routes, which will be completed by 2019. A 24-hour metro-bus line, tramway, ferry boats, minibuses and buses all over the city.
Population density: The majority of the population is young, active and contributing to the strong economic movement of the city, whether Turkish or foreign people, which are separated from the family housing and living in their own spaces, the reason why there is always a high demand for real estate and renting houses, which is one of the indicators of the successful real estate investment in Istanbul.
Real Estate Projects: Hundreds of housing projects in Istanbul which create multiple opportunities for buying or investing. The variety of projects with full services and facilities gives the buyer more opportunities in terms of prices, payment methods, type of property or desired area of purchase. The construction and reconstruction of the city has flourished at various levels so that all society levels can get affordable offers whether it is cheap homes or the most luxurious apartments in Istanbul.
Mega projects of the Turkish government: The Turkish government has planned and initiated the implementation of large projects that will turn the balance of the economy in Istanbul and Turkey. Among the most important mega projects, are as follows:
- The third airport of Istanbul: Which is one of the largest airports in the world.
- Istanbul channel: That is stretching from the Black Sea to the Sea of Marmara to accommodate a larger number of vessels and contribute to the development of maritime navigation.
- The global financial center: That will develop the financial market in the country, and which will be based in Istanbul.
- The Eurasia Tunnel: It will connect the European side to the Asian side passing under the Sea of Marmara and having a huge capacity.