• Turkey which is strategically located in the point of intersection of Europe, the Middle East, and Central Anatolia, and has a population of 78 million has easy access to 1.5 billion consumers, and is also a significant point of connection between East and West, and North and South as a natural energy corridor. The country which has undergone a radical economic transformation with the economic and political stability provided by the single party government over the last 14 years is the 16th largest economy in the world and he 6th largest economy in Europe with its GDP of approximately 800 billion U.S. dollars as of 2014.
  • With the current state, strategic plans and ongoing and prospective projects that are in the works, Turkey continues to offer significant opportunities for real estate investors. Marmaray which has been completed, the 3rd Istanbul airport project that is under construction and will have a capacity of 96 million passengers, the 3rd bridge project to span the Bosphorus, urban transformation projects that are being implemented, the Kanal Istanbul project for which feasibility efforts continue, as well as other mega projects guide activities in the near future.
  • In 2014, USD 4.3 billion of the total direct foreign investment amount of USD 12.5 billion was obtained from the real estate and construction sectors. Furthermore with the repeal of the law of reciprocity, housing sales to foreigners is undergoing a rapid increase.
  • According to the Knight Frank Global Index of Property Values Index which allows global investors and developers to monitor and compare the performance of major housing markets, Turkey has ranked 2nd after Hong Kong in the index of 56 locations. Furthermore, it has risen to the position of Europe’s best performing country surpassing Ireland, Luxembourg, Estonia, and Iceland with an increase of 18.5% in terms of the annual price increase index. It is obvious that once the above mentioned project are completed, Turkey will rise to a position significant not only in Europe but worldwide.
  • The office market in Turkey, which is one of the most important dynamics of the real estate sector harbors great potential for investors. Workplace building licenses have reached 6.84 million square meters nationwide with an increase of 27%. With the completion of projects such as the Istanbul Financial Center, the Class A office supply is expected to reach 6.5 million square meters by the end of 2017. The Istanbul Financial Center project whose construction began in 2009, and which is expected to cost 2 billion dollars is one of the significant projects of recent years, designed to create and develop a financial region in Istanbul. After its completion the finance center will be larger than its counterparts in New York and London.
  • As a well-known tourist destination, Turkey is the 6th most popular center of attraction of the world. With over 40 million foreign tourists, bed capacity which exceeds 1,250,000, 13,436 registered accommodation facilities, more than 165 hotel chains, 15% of which are owned by international investors, and 281 ongoing projects with a bed capacity of 74,130, Turkey continues to stake its claim in this field.
  • A striking growth is seen in the retail market which arises from high demand. 350 shopping centers operate in Turkey with a total gross rentable area of 10.24 million square meters. The shopping centers in Istanbul alone have a gross rentable area of 3,809,736 square meters. According to the JLL 2015 Overseas Retail Attraction Index, Istanbul is the 7th largest market in Europe with these date. However, the total rentable are per capita is below the European average. This indicates the growth potential of Turkey in the area of retail.
  • In addition to the above mentioned factors, one of the most important sub-sectors that will influence the real estate market in the near future is urban transformation. The rapid population increase in large cities, the increased welfare level and the tendency to urbanize play critical role in increasing the volume of projects in this field, and in the processes of residential renewal. Approximately 6.7 million buildings nationwide are expected to be pulled down and rebuilt within the next 20 years. 15 billion U.S. Dollars' worth of funding will be required for urban transformation projects every year. 400 BILLION U.S. DOLLARS’ worth of resources have been allocated for this venture in which the private is the leading actor.
  • It is not surprising that Turkey has received special mention for the 2nd time in a row in MIPIM in 2014, with a large number of projects which draw the interest of the international community.
  • In consequence, with its convenient location, existing potential, mega projects, regional collaborations, and its major objectives for 2023 Turkey offers significant opportunities for investors by combining its powerful construction sector with its increasing commercial and industrial production.
DO YOU WANT

TO BE INFORMED?

CONTACT US

NEWSLETTER

I want to be aware of all the campaigns and announcements.

Please wait...

Subscibe to our newsletter list and be the first to hear about our monthly news.