Real Estate Market in Turkey
Updated: Mar 15, 2019
Turkey, one of Europe's most promising real estate market and our mantra is especially true for this country "location, location, location". Europe, Middle East and Central Asia, the crossroads of strategically located and which is home to about 81 million people in Turkey, real estate, combining a large construction sector with a growing commercial and industrial manufacturing offers great opportunities for developers and investors.
Some important facts and figures in the Turkish real estate sector are:
The real estate sector accounts for about 8.4 percent of GDP in the last decade. On the investment side, foreign direct investments were realized as USD 10.8 billion. In 2017, USD 4.6 billion (42.9%) of the real estate and construction sector was invested. Renovation and mega projects come to the fore especially for a foreseeable future in Istanbul. Some of the projects in the city include Marmaray, Kanal Istanbul, Yavuz Sultan Selim Bridge, Eurasia Tunnel, 3-Storey Grand Istanbul Tunnel and Istanbul's 3rd Airport. The Urban Renewal and Development initiative will cover 7.5 million houses. The initiative has a budget of $ 400 billion, with a huge contribution from the private sector. According to the Knight Frank Global House Price Index, Turkey, in terms of annual price increase it ranks 56th in the 3rd quarter of 2017.
Turkey was up 11.1% year-on-year and thus emerged as one of the world's highest-performing housing markets before Australia, Latvia and India. The total number of homes sold in the real estate market in Turkey in 2017 to 1.4 million units; Likewise, in 2012, after the abolition of the reciprocity law, the sale of real estate to foreigners began to increase. In 2017, annual sales of 22 243 housing has been realized in Turkey, this figure has increased at an annual rate of 22.2%. Regarding housing sales for foreigners, Istanbul was the highest performing province in 2017 with 8,182 sales.This was followed by Antalya with 4,707 sales, Bursa with 1,474 sales and Yalova with 1,079 sales. As of the end of 2017, the existing Class A office stock in Istanbul exceeded the 5.3 million square meters in 249 office buildings. Annual gross leasable area growth in the office market was around 12 percent between 2010 and 2017. There are more than 1.2 million square meters of office resources under construction, and the total A class office supply is expected to reach 7.1 million. gross leasable area of the shopping center in Turkey at the end of 2020. 401, total gross leasable area has been operating in Turkey with 12.2 million square meters. Total gross leasable area of 4.2 million square meters, with 114 shopping malls in Istanbul, the total leasable area of the shopping center in Turkey constitute 34 percent. According to JLL's Cross-Border Retailer Index 2016, Istanbul is the 6th most attractive market in Europe after Paris, Moscow, Milan, Madrid and London. ,