The Economy Of Izmir

The Economy Of Izmir

The Economy Of Izmir

Izmir continues to rank third among Turkish provinces in terms of economic output, after Ankara and Istanbul. While our city received 6.30% of Turkey’s national GDP in 2008, by 2020, this percentage had dropped to 6.9%. The gross domestic product (GDP) per capita decreased from $12,400 in 2015 to $9,947 in 2020. The GDP per capita is 71.000 TL on a TL basis. Izmir is now the second-largest city in the Turkish economy in the sectors of industry, agriculture, forestry, andtourism.

When the loan amounts issued in Izmir are broken down by industry, wholesale trade and brokerage account for the largest portion, 17 billion TL as of 2021. Food, beverages, and tobacco received 14.6 billion; energy received 12.8 billion; metal and processing mining received 11 billion; agriculture and fisheries received 9.9 billion; and construction received 8.7 billion.4.9 billion on textiles and related items, 2.9 billion on the marine sector, 2.9 billion on tourism, and 206 million TL on financial institutions.

As of 2020, Izmir has 5,732 registered trademarks, or 5.5% of all trademarks in Turkey. It also had 89 patents, or 5% of all patents in Turkey, and 1,893 registered designs, or 5% of all registered designs in Turkey. Izmir has a total agricultural area of 3,218,000 decares and a planted area of 1,407,000 decares as of 2021. There are 783,000 cattle and 935,000 tiny cattle.

The Benefits Of Purchasing Real Estate In Turkey

Turkey has lately been one of the most popular locations for real estate investment due to its central location between the east and west, as well as other considerations like its cultural diversity and stunning scenery. Property in Turkey is a popular investment choice for several domestic and international buyers. The number of homes sold each year is rising, which supports this condition. According to statistics from the Turkish Statistics Institute, the number of real estate transactions in Turkey climbed by 25.1 percentage points in January 2022 as compared to the same month the year before. Even in dire circumstances like the COVID-19 outbreak, purchasing property in Turkey continued to attract purchasers from all over the globe. According to data, Turkey saw 70,587 home sales in January 2021.

International investors who purchased property in Turkey reaped several benefits, both monetarily and in the sense of living and relocating there. For international investors, the Turkish government provides an alluring option to get Turkish citizenship. One of the several ways to obtain Turkish citizenship through the investment program is by purchasing real estate in Turkey. International investors are attracted to Turkey since investing in the property industry there yields a high return. According to estimates, Turkey will have received $1 billion in real estate investments by 2023. Luxury real estate is accessible for buyers with foreign exchange earnings. Turkey has thus emerged as a desirable location for international real estate investment.

Unlike in several other nations, all properties in Turkey are leasehold regardless of the owner’s citizenship. Foreigners who purchase real estate in Turkey enjoy lifelong rights of ownership. According to Turkish inheritance rights, if the owner dies, the title to the property will be passed on to the owner’s heirs.