From residential to commercial property, the Turkish real estate market has flourished in the last years. Buoyed up by economic and demographic growth, rising incomes, market liberalization, and a major urban renewal program, the sector has also been attracting strong international interest which has spread beyond traditional buyers in Europe and the Gulf, and beyond the traditional locations of the Aegean and Mediterranean coasts and Istanbul.
Turkey is already the 18th biggest economy in the world and the seventh-largest in Europe and has set itself the goal of becoming one of the world’s largest economies by 2023. That national commitment to growth is important, as it creates a positive climate for businesses to seek opportunities to expand and diversify.
Secondly, Urbanisation is reshaping Turkish economics and is being supported by infrastructural investments. At least $100 billion of infrastructure projects underway in Turkey, ranging from a $35bn airport to a $10bn motorway. Which should fuel medium-term growth.
We cannot forget the strong fundamental terms of population and income growth, Turkey’s population is comprised of around 17 million households, with an average household size of 4.5 people. 500.000 marriages p.a. is the most important engine for driving the household number up. Over time, due to sociological and socio-economic factors, the average household size is shrinking. Some of these factors include bachelor homes and divorces. These factors bring an extra dynamic to the household increases.
One of the signs of successful investment is the availability of a large consumer market, or in another way. A closer availability of a large, reliable population for the consumption of products or materials provided by investment projects. Turkey’s population of more than 81 million plays an important role in the consumption of domestic and foreign products and projects.
Turkey’s tourism industry is on the list of the top ten most visited countries in the World and is working on achieving a top-three position. Turkey’s growth as a tourism destination will likely spread more demand to the rental and the coastal and historical regions.
Last Updated: 11/2/2020 10:38:49 AM