تحليل العوامل الاقتصادية والتشريعية والسياسية المؤثرة في قرارات المستثمرين الأجانب في سوق العقارات بمدينة إسطنبول خلال الفترة 2018–2025: دراسة تحليلية

Analysis of the Economic, Legislative, and Political Factors Influencing Foreign Investors’ Decisions in the Real Estate Market of Istanbul During the Period 2018–2025: An Analytical Study

Abstract

This study aims to analyze the intertwined effects of economic, legislative, and political factors on the decisions of foreign investors in the real estate market of Istanbul during the period 2018–2025. The significance of the research arises from the growing interest of foreign investors in the real estate market despite challenges related to fluctuations in the Turkish economy, legal changes, and procedural difficulties that may hinder investment inflows.

The methodology relies on the analysis of official data, government reports, field studies, and interviews with investors and real estate consultants, with a focus on assessing the impact of exchange rate fluctuations of the Turkish lira and major projects such as the Istanbul Canal and the new airport on the attractiveness of the market. The study also discusses the effectiveness of legislation and citizenship-by-investment programs in strengthening foreign capital inflows, particularly among investors from Iran, Russia, Iraq, and the Gulf states, in addition to examining the effects of political stability as well as social and demographic conditions on the growing real estate demand. The findings reveal an upward growth in real estate sales to foreigners, driven by legislative reforms and procedural facilitations, including digital transformation measures, while some obstacles such as bureaucracy and documentation requirements remain. The research recommends the development of legislative policies to simplify ownership procedures, expand investment-based citizenship programs, support infrastructure projects, and establish digital platforms that provide integrated services for investors. It is noteworthy that this study is limited to Istanbul, with a recommendation for future research to cover other regions and to examine the ongoing impact of emerging factors on foreign real estate investment in Turkey.