Turkey Real Estate

Turkey is one of the most promising real
estate markets in Europe, and the mantra “location, location,
location” rings especially true for this country. Strategically
situated at the crossroads of Europe, the Middle East, and
Central Asia, and home to almost 81 million people, Turkey
offers great opportunities for real estate developers and
investors by combining a large construction sector with growing
commercial and industrial output.

 

Some key facts and figures in the Turkish
real estate sector include:

 

  • The real estate sector accounted for
    approximately 8.4 percent of GDP in the last decade. On the
    investment side, FDI inflows stood at USD 10.8 billion, with
    real estate and construction garnering USD
    ۴٫۶ billion (42.9 percent) of total FDI in 2017.
  • Urban renewal and mega projects dominate
    the agenda for the foreseeable future, particularly in
    Istanbul. Some projects in the city include Marmaray, Canal
    Istanbul, Yavuz Sultan Selim Bridge, Eurasia Tunnel, 3-Storey
    Grand Istanbul Tunnel, and Istanbul’s
    ۳rd airport.
  • The Urban Renewal and Development
    initiative will encompass 7.5 million housing units. The
    initiative has a budget of USD 400 billion, with a large
    contribution coming from the private sector.
  • According to the Knight Frank Global House
    Price Index, Turkey ranked 6th in the
    ۵۶-location index in Q3 of 2017 in terms of the annual price
    growth index. Turkey saw a year-on-year increase of 11.1
    percent, and thus emerged as one of the top-performing
    housing markets in the world, ahead of Australia, Latvia, and
    India.
  • The total number of houses sold in the
    Turkish property market reached 1.4 million units
    in 2017; likewise, sales of real estate to foreigners began
    to increase following the abolishment of the reciprocity law
    in 2012. In 2017, 22,234 houses were sold to foreigners in
    Turkey, marking a year-on-year increase of 22.2 percent.
    Regarding house sales to foreigners, Istanbul was the
    top-performing province with 8,182 sales in 2017, followed by
    Antalya with 4,707 sales, Bursa with 1,474 sales, and Yalova
    with 1,079 sales.
  • As of 2017 year-end, the existing Grade A
    office stock in Istanbul surpassed 5.3 million square meters
    across 249 office buildings. Annual gross leasable area
    growth in the office market was around 12 percent on average
    between 2010 and 2017. There is more than 1.2
    million square meters of office supply under
    construction, and it is expected that the total grade A
    office supply will reach almost 7.1 million square meters
    gross leasable area by the end of 2020.
  • ۴۰۱ shopping centers are operational in Turkey with a
    total gross leasable area of 12.2 million square
    meters. 114 shopping centers in Istanbul with a
    total gross leasable area of 4.2 million square
    meters represent 34 percent of the total leasable
    shopping center area in Turkey.
  • According to JLL’s Cross Border Retailer
    Attractiveness Index 2016, Istanbul is the
    ۶th most attractive market in Europe after
    London, Paris, Moscow, Milan, and Madrid.
  • In spite of the growth in recent years,
    Turkey is still below the average of total leasable area per
    person compared to the European average. This indicates
    potential for further retail growth in Turkey.
  • According to the Ministry of Culture and
    Tourism Directorate, Turkey has 3,641 graded hotels with a
    total of 426,981 rooms as of 2016 year-end. 5-star hotels
    account for 42.7 percent of hotel stock, while 4-star hotels
    secure a 24.8 percent share, and the 3-star segment makes up
    ۱۲٫۶ percent of the market share.

source:http://www.invest.gov.tr

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