The Turkey Residential Real Estate Market involves the buying, selling, and renting of residential properties within Turkey. It experiences growth driven by factors such as population growth, urbanization, and government incentives promoting homeownership. Key players focus on offering a variety of housing options, including apartments, villas, and condominiums, to meet diverse consumer preferences. Market trends include the development of sustainable and eco-friendly residential projects, the integration of smart home technologies, and the expansion of real estate financing options to facilitate property transactions and support the growth of the residential real estate market in Turkey.
According to SPER market research, ‘Turkey Residential Real Estate Market Size- By Type, By Areas- Regional Outlook, Competitive Strategies, and Segment Forecast to 2033′, the Turkey Residential Real Estate Market is expected to reach USD 259.46 billion by 2033, growing at a 11.4% CAGR.
The market focuses on the trade of residential properties such as apartments, bungalows, and villas. Turkey’s charm stems from its combination of oriental and European characteristics, making it a desirable destination owing to its tourism, powerful infrastructure, efficient transit network, and comfortable lifestyle. Turkey is now at a historical crossroads where urban renewal meets ecologically responsible housing projects, which are expected to improve housing affordability and quality while also promoting community development. Factors contributing to the market’s growth include an increase in international purchasers, a growing population, and the availability of reasonable financing alternatives.
Several main variables contribute to the growth of Turkey’s residential real estate industry. Population growth, increased urbanisation, growing disposable incomes, and affordable financing are the major drivers fueling market expansion in the forecasted timeframe. The increased attraction of residential real estate among overseas purchasers, influenced by factors such as currency depreciation, is expected to drive market growth in the coming years. Furthermore, technical progressions in building and architectural sectors are positioned to produce advantageous opportunities for industry participants.
However, high borrowing rates and economic restraints are expected to stymie market expansion. Furthermore, a lack of housing alternatives for the highly populated middle-income group is expected to limit the market’s growth.
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Furthermore, despite the COVID-19 epidemic, the Turkish real estate market remained strong in 2020 because to low interest rates, resulting in record-breaking property sales. However, a subsequent rise in interest rates resulted in a decline in the percentage of mortgaged sales during the first half of 2021 compared to the same time in 2020. The initial obstacles caused by the pandemic in 2020 were followed by a steady rebound and return of impetus in the Turkish residential real estate market, owing to the worldwide removal of restrictions.
The Turkish residential real estate market is separated into five major regions: Istanbul, Bursa, Antalya, Fethiye, and Bodrum. Istanbul is expected to dominate the market because to strong demand from international investors in the city. Notably, Iranians and Iraqis accounted for approximately one-third of all international property acquisitions in the preceding year. Istanbul’s attraction as a premium investment location for residential real estate, strategically positioned as a gateway between Europe and Asia, is expected to stimulate notable market expansion at a significant compound annual growth rate (CAGR) throughout the projection period. Key market participants include Agaoglu Group, Alarko Holding, Artas Group, and Ege Yapı, among others.
Our in-depth analysis of the Turkey Residential Real Estate Market includes the following segments:
By Type:
- Apartments
- Condominiums
- Landed Houses
- Villas
By Areas:
- Rural Markets
- Suburban Markets
- Urban Markets
By Region:
- Antalya
- Bodrum
- Bursa
- Fethiye
- Istanbul
- Rest of Turkey
For More Information about this Report: –
Turkey Real Estate Market Future Outlook
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