The Turkish real estate market is anticipated to grow significantly in the near future, according to the most recent figures provided by the Turkish Statistical Institute (TÜİK) and Turkish Presidential Investment Office. A number of variables, such as a rise in tourism, a high demand for houses, cheap loan rates, and government market-stimulating activities, support this expansion.
The expansion of Türkiye's real estate market has been significantly promoted by tourism. The building of hotels and other forms of lodging has increased along with Türkiye's growing attractiveness as a holiday destination. Property demand has thus greatly grown, particularly in popular tourist destinations. A 16.3% rise from the prior year, Turkey received over 39 million foreign tourists in 2022. In 2023 and beyond, this pattern is anticipated to continue, offering real estate investors a terrific chance to profit from the rising demand.
In addition, a major element supplying Turkey's real estate market expansion is the country's high housing demand. The need for housing has risen as a result of Turkey's continually growing population. In addition, the demand for affordable housing is anticipated to rise even further due to the rising number of young people looking for work and families looking for a place to call home.
Additionally, it has become simpler for consumers to fund their property purchases because to the low interest rates Turkish banks are offering. People are investing in real estate because of the cheap interest rates and lengthy payback terms. The real estate industry is likely to benefit from this trend continuing in 2023.
Finally, to promote the real estate sector, the Turkish government has put into action a number of programs. The government has made it simpler for investors to enter the market by providing tax exemptions and other incentives. The government has also raised its infrastructure spending, which has bolstered the demand for real estate.
The real estate market in Turkey is predicted to rise by 7.2% in 2023, making it one of the markets with the strongest growth rates globally. Turkey is furthermore listed among the top 10 nations having the greatest potential for growth in the real estate industry.
Finally, the Turkish real estate industry appears to have a bright future. In 2023 and beyond, market growth is anticipated to be driven by rising housing demand, rising tourism, cheap lending rates, and government initiatives. Real estate investors may thus anticipate large returns on their investments in Turkey's real estate industry.
here are the website addresses for the sources mentioned in the article:
TUIK (Turkish Statistical Institute): http://www.tuik.gov.tr
Turkish Presidential Investment Office: https://www.invest.gov.tr
Global Property Guide: https://www.globalpropertyguide.com
Knight Frank: https://www.knightfrank.com
Summary of the description
The real estate market in Turkey is expected to experience significant growth in the near future, fueled by increasing tourism industry, high demand for buying house in Turkey, favorable bank financing (low interest), and government initiatives. TÜİK and the Turkish Presidential Investment Office provide data to support this trend, while global statistics show Turkey's real estate market as one of the fastest-growing in the world.
