Key regions: United States, China, Japan, Germany, United Kingdom
The real estate market in Turkey has been experiencing significant development and growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this positive trend. Customer preferences in the Turkish real estate market have shifted towards urban living and modern amenities. With the rapid urbanization and increasing population in major cities like Istanbul, Ankara, and Izmir, there is a growing demand for residential properties that offer convenience, accessibility, and a high standard of living. Customers are looking for properties with modern designs, smart home technologies, and proximity to transportation hubs, shopping centers, and recreational facilities. Additionally, there is a rising interest in sustainable and eco-friendly developments, as customers become more conscious of environmental issues. The trends in the Turkish real estate market reflect these customer preferences. Developers are focusing on creating mixed-use projects that combine residential, commercial, and recreational spaces in one location. These developments offer residents a complete lifestyle experience, with everything they need within walking distance. High-rise apartment buildings with luxurious amenities such as swimming pools, fitness centers, and landscaped gardens are also gaining popularity. Furthermore, there is a growing trend of gated communities and housing complexes that provide a secure and private environment for residents. Local special circumstances in Turkey have also contributed to the development of the real estate market. The government has implemented various incentives and policies to stimulate the sector, such as reducing taxes on property purchases and providing citizenship to foreign investors who buy real estate in the country. These measures have attracted both local and international investors, leading to an increase in real estate transactions and property prices. Additionally, the government's focus on infrastructure development, including transportation networks and urban regeneration projects, has improved the overall investment climate and increased the value of properties in certain areas. Underlying macroeconomic factors have played a significant role in the growth of the real estate market in Turkey. The country has experienced a stable economic growth rate, low inflation, and low interest rates, which have made it attractive for both domestic and foreign investors. The availability of mortgage loans and flexible payment options has also made it easier for individuals to purchase properties. Furthermore, the depreciation of the Turkish lira against major currencies has made real estate investments more affordable for foreign buyers, leading to an influx of international capital into the market. In conclusion, the real estate market in Turkey is developing due to customer preferences for urban living and modern amenities, trends in the market towards mixed-use developments and high-rise apartments, local special circumstances such as government incentives and infrastructure projects, and underlying macroeconomic factors such as stable economic growth and low interest rates. These factors have created a favorable environment for real estate investment and contributed to the growth of the market in Turkey.
Data coverage:
Figures are based on value of residential and commercial real estate, average real estate value, residential estate transactions and leases.Modeling approach / Market size:
Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data from international organizations and industry associations. Next we use relevant key market indicators and data from country-specific associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, 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:
The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.
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