The Residential Real Estate Transactions market in Turkey has been experiencing significant growth in recent years.
Customer preferences: Customers in Turkey have shown a strong preference for investing in residential real estate. This can be attributed to several factors, including the desire for homeownership, the potential for rental income, and the perception of real estate as a safe and stable investment. Additionally, the government has implemented various incentives and programs to encourage homeownership, further fueling customer demand.
Trends in the market: One of the key trends in the Turkish residential real estate market is the increasing demand for properties in urban areas. As the population continues to grow and more people migrate to cities, the need for housing in urban centers has risen. This has led to a surge in construction activity and the development of new residential projects in major cities such as Istanbul, Ankara, and Izmir. Another notable trend is the growing interest in luxury properties. High-net-worth individuals and foreign investors are attracted to Turkey's luxury real estate market, which offers a range of high-end properties with modern amenities and stunning views. This trend has been driven by the country's improving economy and the government's efforts to attract foreign investment in the real estate sector.
Local special circumstances: Turkey's unique geographical location, at the crossroads of Europe and Asia, has made it an attractive destination for both domestic and international investors. The country's rich history, cultural heritage, and natural beauty also contribute to its appeal. Additionally, the Turkish government has implemented policies to encourage foreign investment in real estate, including granting citizenship to individuals who purchase property above a certain value.
Underlying macroeconomic factors: Several macroeconomic factors have contributed to the development of the residential real estate market in Turkey. The country's strong economic growth, increasing urbanization, and rising middle class have created a favorable environment for property investment. Additionally, low interest rates and favorable mortgage conditions have made it easier for individuals to finance the purchase of residential properties. In conclusion, the Residential Real Estate Transactions market in Turkey is experiencing significant growth due to customer preferences for homeownership, the increasing demand for properties in urban areas, and the growing interest in luxury real estate. The country's unique geographical location, government incentives, and favorable macroeconomic factors have also contributed to the market's development.
Data coverage:
Figures are based on total and average revenue of residential real estate transactions (sales).Modeling approach:
Market size is determined by a bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war considered at a country-specific level.
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