Turkey Residential Real Estate Market Size- Share to Exceed US$ 259.46 Billion, Growth Opportunities, Top Key Players, Trends Analysis and Future Competition Report 2023- 2033: SPER Market Research
The market pertains to the trading of residential properties like flats, bungalows, and villas. Turkey’s allure lies in its fusion of oriental and European traits, making it an appealing destination due to its tourism, robust infrastructure, efficient transportation network, and comfortable lifestyle. Turkey is currently at a historical juncture where urban revitalization converges with environmentally conscious housing initiatives, anticipated to enhance the affordability and quality of housing, as well as community development. The market’s growth is attributed to factors such as the increasing surge of foreign buyers, a growing population, and the availability of affordable financing options.
According to SPER market research, ‘Turkey Residential Real Estate Market Size- By Type, By Areas- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Turkey Residential Real Estate Market is predicted to reach USD 259.46 billion by 2033 with a CAGR of 11.4%.
The Turkey residential real estate market is experiencing growth due to several key factors. Population growth, urbanization uptick, rising disposable incomes, and accessible financing are primary drivers propelling market growth in the projected timeframe. The growing appeal of residential real estate among international buyers, influenced by aspects like currency devaluation, is anticipated to fuel market expansion ahead. Furthermore, technological progressions in construction and architectural domains are poised to generate profitable prospects for industry participants.
However, significant hindrances to the market arise from the elevated interest rates and economic constraints are likely to impede market growth. Additionally, the scarcity of housing options for the densely populated middle-income demographic is foreseen to curb the market’s expansion.
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In addition, During the COVID-19 pandemic, the Turkish Real Estate Market remained robust in 2020 due to declining interest rates, resulting in record-breaking home sales. However, a subsequent rise in interest rates caused a decrease in the share of mortgaged sales during H1 2021, compared to the same period in 2020. The initial challenges posed by the pandemic in 2020 were followed by a gradual recovery and resurgence of momentum in the Turkish residential real estate market, thanks to the global relaxation of restrictions.
Geographically, the Turkish residential real estate sector is divided among key regions: Istanbul, Bursa, Antalya, Fethiye, and Bodrum. Istanbul is projected to dominate the market share due to substantial interest from foreign investors in the city. Notably, Iranians and Iraqis contributed nearly one-third of the total foreign property purchases in the previous year. Strategically positioned as a link between Europe and Asia, Istanbul’s allure as a prime investment destination for residential real estate is set to fuel noteworthy market growth at a substantial compound annual growth rate (CAGR) throughout the forecast period. Additionally, some of the market key players are Agaoglu Group, Alarko Holding, Artas Group, Ege Yapı, including others.
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Turkey Real Estate Market Outlook
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