In a recent conversation with Eyüp Soyel—one of Turkey’s most well-known names in real estate and investment—we explored key trends shaping today’s property market. From post-pandemic shifts to new global investment routes, his insights offer valuable guidance for investors looking to expand beyond traditional markets like Istanbul. In this article, we present a comprehensive look at investing in Turkey, Montenegro, and Dubai from Eyüp Soyel’s expert perspective.
Who is Eyüp Soyel?
Born in 1989, Eyüp Soyel studied Industrial Product Design and later completed a master’s degree in Construction Management and Real Estate Development. Since 2011, he has led his own company, focusing on construction, renovation, store architecture, and turnkey projects. He is also a real estate investor, primarily active in Istanbul and other regions of Turkey.
The Current State of the Real Estate Market in Turkey
According to Eyüp Soyel, Turkey's property and rental prices have soared following the pandemic. New laws such as the Turkish Lira protection regulation and rent increase caps have created tension in the market, limiting both investors and developers. While some investment potential remains in developing areas like Kağıthane, Ayazağa, and the outskirts of Istanbul (e.g., Silivri and Çatalca), the construction sector overall is experiencing stagnation.
Rising costs of materials and labor have increased construction expenses, while high interest rates have further slowed new project launches. Eyüp highlights the importance of urban renewal in Istanbul but notes that ownership disputes and high costs often delay the process.
He suggests that building reinforcement, steel construction technologies, and even population decentralization from Istanbul to Anatolia could help rebalance urban density. Promoting agriculture and remote work might lead to a more sustainable future.
New Investment Horizon: Montenegro
Though Montenegro is not yet part of the EU, it offers unique opportunities for foreign investors. By establishing a company, investors can quickly obtain a residence permit, which becomes permanent after five years. If the country joins the EU, this permit could lead to free movement across Europe—a significant benefit for Turkish citizens.
With a small population and a tourism-based economy, Montenegro resembles Dubai 15 years ago: small, fast-growing, and full of promise. While English isn’t widely spoken, the country offers a sense of independence and security. According to Eyüp, the younger population is supportive of EU membership, and political risks remain limited compared to Istanbul.
Dubai: A Hub for Global Property Investors
Dubai continues to attract international investors with its flexible payment plans, installment options, and freehold ownership rights. English is widely spoken, easing communication for foreigners. The market offers both strong rental yields and capital appreciation potential.
As Eyüp explains, Dubai is a mature market with well-developed infrastructure, yet still offers plenty of opportunities—particularly in areas undergoing transformation or expansion.
Key Considerations for Overseas Investment
Eyüp Soyel emphasizes the following factors for successful international property investment:
Language & Communication: Choose countries where communication is accessible.
Property Rights: Opt for freehold over leasehold where possible.
Political & Economic Stability: Always assess the risk profile of the destination country.
Diversification & Portfolio Strategy
Although Eyüp doesn’t view his watch collection as a financial asset, he prefers real estate-heavy portfolios. His ideal allocation is:
50–70% real estate
30–50% liquid assets (e.g., gold, foreign currency, bonds, mutual funds)
He underscores the importance of liquidity—having assets that can be quickly converted to cash. While he prefers holding cash in Turkey due to high interest returns, he points out that negative interest rates in countries like Switzerland can be a disadvantage for investors.
Investment Opportunities in Turkey and Abroad
In Turkey, areas surrounding major cities such as Istanbul, Ankara, and Izmir continue to offer good returns. Ankara, with its stable civil servant population, and Izmir, with its younger, more minimalist lifestyle trends, both hold long-term potential.
Internationally, investors should consider markets such as Montenegro, Dubai, Northern Cyprus, the UK, and even parts of Eastern Europe—though political stability and language barriers remain key concerns. Dubai’s English-speaking environment, in particular, makes the process smoother and more transparent.
Youth Migration vs. Staying in Turkey
According to Eyüp, many young people are leaving Turkey to "chase bread," but he warns that not everyone becomes successful abroad. Many end up in low-wage jobs such as hotel housekeeping. He believes it's more sustainable to stay in Turkey and earn globally through remote work or international entrepreneurship—then reinvest earnings into local assets.
Examples like Blueground show how global business ideas can thrive while remaining anchored in Turkey.
Conclusion: New Horizons in Real Estate Investment
Eyüp Soyel’s perspective underscores the importance of looking beyond traditional real estate markets. Countries like Montenegro and Dubai offer promising alternatives to investors prepared to think globally. From shifting economic policies to geopolitical factors, the real estate world is evolving rapidly.
For mid- to large-scale investors, diversification, long-term planning, and a focus on liquidity are essential strategies. In Turkey, structural reforms like urban decentralization and regeneration may open new doors. Abroad, emerging markets with low entry costs and long-term growth potential can help balance risk and return.
A diversified portfolio that includes real estate, financial instruments, and international assets is no longer a luxury—it’s a necessity for future success.
