TURKEY RESIDENTIAL REAL ESTATE MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 The number of house sales to foreigners has accelerated in Turkey due to legislative amendments that eased citizenship with investment limits for foreigners, campaigns launched by real estate developers and banks, and spiking foreign currency that brought an annual record of 78.4% increase in 2021 compared to the previous year.

According to official sources, the country's most populous city, Istanbul, has continued to be the top choice for foreign buyers. Residential property sales to foreigners in the city in September 2021 increased by 25% year-on-year to 2995, compared to 2370 in September 2020. On the other hand, when it comes to nationalities, Iranian citizens continue to top the list of foreign buyers of residential properties. Iraq was followed by Iran with 7622 units, Russians with 4494 units, Afghanistan with 2508 units, and Germans with 2062 units in 2021.

Chinese investment in Turkey has increased dramatically, and it is expected to increase in the coming years. They generally invest in luxury properties and beautifully designed five-star managed apartments, with services and excellent facilities.

The Residential Real Estate Market in Turkey is estimated at USD 89.11 billion in 2023, and is expected to reach USD 151.23 billion by 2028, growing at a CAGR of 11.16% during the forecast period (2023-2028).

During the COVID-19 pandemic, falling interest rates kept the Turkish residential market activity going in 2020. The year saw the biggest number of home sales in history. Rising interest rates resulted in a smaller share of mortgaged sales in the overall total in the first half of 2021 compared to the same period in 2020.

Turkey is an attractive country because of its transportation facilities, tourism, entertainment opportunities, and convention tourism. Istanbul, where Europe and Asia meet, emerges as a haven for real estate investments and is a rising star full of real estate opportunities and stands out as a haven for high value-added and profitable real estate. High-interest rates and economic restraints have had an impact on the economy, and one of the impacts is a decline in real estate prices and a decline in the lira.

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