: 2017-01-17 Modified date : 2019-03-12
Today Istanbul is considered the most important economic center in Turkey, providing about 25% of the Turkish national income, and contains nearly 20% of the population of Turkey's 79 million people.
Furthermore, Istanbul occupies the eighth place among the most receiving cities for tourists globally and the first place in Turkey, as the city has received about 11,000,950 visitors during 2016, and receives annually an equivalent of 33.03% of the total number of tourists coming to Turkey.
The importance of Istanbul is redoubled in the recent years, as a result of the massive projects undertaken by the government, which it has made it one of the most powerful cities in terms of infrastructure, where 40% of the global infrastructure investment in Turkey is centered, so in this regard, we mention several projects that will pave the way to make Istanbul an important global economic center:
Istanbul municipality will continue to work the planning, and implementing of large projects contribute to making it a model emulated by other municipalities as "Kader Top Bash" head of Istanbul Municipality confirmed, after the city council approved Istanbul’s budget for 2017, amounting about 42 billion Turkish liras.
Istanbul city offers many investment opportunities, distributed in several sectors, and the important one is the textile sector, as the volume of Turkey's exports in the field of home textiles is about $ 13 billion a year, while aiming to reach $ 40 billion by the coming of 2023.
As well as the chemical industries; in Istanbul, many investments in this sector are active, like paint industry, mineral oils, medicines, cosmetics, cleaning materials, and other chemical industries.
For agriculture, Turkey has been defined as a bridge between Asia and Europe. These two continents and their civilizations have left many marks on Turkey and the Turkish people. For thousands of years in Anatolia (Asian part) and Thrace (European part), life has been mostly based on agriculture. Istanbul, situated on this bridge, is growing rapidly as it attracts immigrants from rural areas. It is there that this initiative on urban agriculture is situated.
According to Forbes magazine, Istanbul had a total of 37 billionaires in 2013, ranking 5th in the world behind Moscow (84 billionaires), New York City (62 billionaires), Hong Kong (43 billionaires) and London (43 billionaires).
Income distribution is not evenly distributed in Istanbul, such that 20% of the highest income group uses 64% of the resources and 20% of the lowest income group uses 4% of the resources based on 1994 statistics. The change in Istanbul's living standards is a direct reflection of the nation's statistics as the 27.5% share of the total consumption in Turkey is performed by the population of Istanbul.
Istanbul metro region has become a megacity, ranking 8th out of 78 OECD metro regions in terms of population size and first for population growth since the mid-1990s. Apart from being the largest city and former political capital of the country, Istanbul has always been the center of Turkey's economic life because of its location as a junction of international land and sea trade routes.
Istanbul is also Turkey's largest industrial center. It produces almost 27 percent of national GDP, 38 percent of total industrial output and more than 50 percent of services, and generates 40 percent of tax revenues. Its GDP per capita exceeds the national average by more than 70 percent, the third highest level among the largest 78 OECD metro regions.
The city employs approximately 20 percent of Turkey's industrial labor. Istanbul and its surrounding province produce cotton, fruit, olive oil, silk, and tobacco.
Food processing, textile production, oil products, rubber, metal ware, leather, chemicals, pharmaceuticals, electronics, glass, machinery, automotive, transport vehicles, paper and paper products, and alcoholic drinks are among the city's major industrial products.
The city generates more than 50 percent of Turkey's trade and 45 percent of the country's wholesale trade. In 2012, the city of Istanbul had a GDP of $332, 4 billion.
Real Estate Istanbul investment:
The real estate investment sector in Istanbul is considered one of the most remarkable opportunities that attracted a lot of investors in recent years, and Turkey has been selected by the British specialized in real estate magazine "in the sun", among the top 10 countries for the purchase of real estate in the year 2017, where Turkish Statistical Institution data indicated that foreigners prefer Istanbul among the Turkish cities to buy properties.
It is noticed that Real estate prices have risen in Istanbul by 71% in the period between 2013 – 2016.
According to the Turkish newspaper "The Star”; the value of properties in Istanbul has reached about 1.5 trillion Turkish liras in the recent years.
Istanbul has occupied the first place as the most Turkish cities, selling properties, as the number of properties sold during 2016 approximately about 206 and 430 units.
Many investors prefer to go to the real estate sector, since it is one of the largest growing and profitable sectors in the world, as well as quite being out of risk, also the legal facilitations provided by the government in this regard, such as getting a permanent Turkish residence statement once owned property in Turkey, as well as an opportunity to get the Turkish citizenship by the recent amendment to the law to grant citizenship, which ensures obtaining the citizenship in the case of owning a property worth at least $ 1000.000.
Since ancient times Istanbul city was considered of great importance, due to its strategic location, it is the only extended big city that links two continents, also it is a trade link between onshore and offshore ways, and is considered an important economic nerve in the world. In this regard, Napoleon Bonaparte said: "If the whole world united as one country, its capital would have been Istanbul ".
We mention here some of the real estate projects in Istanbul:
Europe Park Project in Istanbul (Investment opportunity with governmental guarantee)