Non-fungible tokens, or NFTs, are digital assets that are unique and cannot be replicated. NFTs use blockchain technology to verify their authenticity and ownership. In the past year, NFTs have exploded in popularity and become one of the hottest investment opportunities. And Turkey is poised to become a major player in the NFT real estate market.
Turkey is one of the most active countries in crypto and blockchain, and its interest extends beyond market movements. Along with a considerable base of crypto investors, the local community consists of university clubs, Web3 startups, blockchain developers and academics. The country has hosted significant events like ETHIstanbul, Blockchain Economy Istanbul and Istanbul Blockchain Week, and we expect to see similar events in the near future.
The high inflation rate is a key driver behind Turkey’s growing interest in crypto assets, according to economist Erkan Öz:
“Many people [in Turkey] think that they can no longer buy a car or a house within the classical financial system. For this reason, interest in crypto assets is increasing daily.”
So how about NFT Real Estate?
Turkey has long been a popular tourist destination, but its real estate market has not yet reached its potential. That is starting to change, as more and more foreign investors are recognizing the opportunity that Turkey offers. The country’s geographical position and beauty, its young population, and dynamic economy make it an attractive proposition for investors. And with the recent launch of Turkish Citizenship by Investment program, which grants citizenship to foreign investors who purchase property in Turkey, the country is poised for even more growth.
The Turkish Citizenship by Investment program allows applicants to enjoy all the benefits of being a citizen, including access to Turkish healthcare and education.
As aforementioned, a particular factor that makes Turkey an attractive destination for NFT real estate investors is the country’s young population. Over 60% of Turks are under the age of 30, which creates a large pool of potential renters. And with the average monthly rent for a two-bedroom apartment in Istanbul costing $500, there is significant potential for rental income growth.
Finally, despite a shaky past year and decline of the lira, Turkey’s economy overall is growing rapidly. The country’s GDP grew by 5.2% in 2020, making it one of the fastest-growing economies in Europe. This economic growth is expected to continue into 2021 and beyond, making Turkey an attractive proposition for long-term investments.
Turkey is a serious up-and-coming market for NFT real estate investments. The country’s favorable conditions—including its young population, growing economy, and generous citizenship by investment program—make it an appealing destination for foreign investors. With so much potential for growth, now is the time to invest in Turkey’s NFT real estate market.
