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The Turkish real estate sector, offering
ever-greater opportunities for investors every year, has come to prominence
especially in the last decade. Although with the recent economic crisis and
the global economic recession the European and US real estate markets have
been negatively affected, the real estate market in Turkey is still
promising. While the reduction in demand and a downward trend in house
prices have been observed all over Europe, according to TurkStat statistics
the number of apartment units sold in the second quarter of 2009 increased
72 percent compared with the same period of 2008 in Turkey, which shows that
Turkey has a huge growth potential in the real estate sector.
The entry of global actors into the real estate market is increasing the
competitiveness of the sector, while massive mergers and acquisitions taking
place help its expansion and overall growth rates. Different surveys and
publications such as the “Emerging Trends in Real Estate Europe”, prepared
jointly by PricewaterhouseCoopers (PWC) and the Urban Land Institute, show
how global and local interest in the Turkish real estate sector has
increased. According to the 2009 publication of this report, Istanbul is
ranked as the third most attractive investment market in Europe after Munich
and Hamburg.
As Turkey progresses along the road to EU membership, the essential
legislative reforms introduced have made investing in the real estate market
even easier and more profitable. The amendments to the Land Registry Law,
the Draft Mortgage Law and the redrafting of tax laws are also designed to
improve the competitiveness of the Turkish real estate sector.
The real estate sector in Turkey also has great prospects thanks to
demographic factors that are changing in parallel with improving economic
figures. The demand for offices and logistical and industrial areas is
expected to increase in line with the increasing number of global and local
companies.
Stable, institutionalized, internationalized sector thanks to predictable
inflation rates and consistent prices.
Dematerialization, transparency, auditing, high quality and standards,
institutionalization and statistical information in line with the ongoing EU
accession process.
60 percent of Turkey’s population is under the age of 34, while the
country’s GDP was USD 618 billion in 2009. The share of housing loans in
Turkey’s GDP is estimated to hit 15 percent in 2015.
Housing loans increased from TRY 3.5 billion in 2004 to TRY 37.5 billion in
2008, according to the statistics of The Banks Association of Turkey (TBB).
27.3 million tourists visited Turkey in 2009, making Turkey the 7th most
visited holiday destination in the world. These figures show the great
potential of the Turkish real estate sector as regards the tourism industry.
The number of modern shopping centers increased from 44 to 190 between 2000
and 2008.
Turkey, as a regional hub providing easy access to 1.5 billion consumers in
Europe, the CIS, and as an energy corridor and terminal between Europe,
Central Asia and the Middle East, creates more and more enterprises each
year within its borders.
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Property Kusadasi