Turkey Real Estate Market Trends, Share, Revenue, Scope, CAGR Status, Growth Drivers, Challenges, Opportunities and Forecast Research Report 2033


Turkey Real Estate Market Trends, Share, Revenue, Scope, CAGR Status, Growth Drivers, Challenges, Opportunities and Forecast Research Report 2033: SPER Market Research

 Published: Aug-2023
 Author: SPER Analyst

Turkey Residential Real Estate Market is projected to be worth USD 259.46 billion by 2033 and is anticipated to surge at a CAGR of 11.4%.

The sector involves the purchase and sale of residential real estate, including apartments, bungalows, and villas. Turkey's unique blend of both oriental and European characteristics renders it an attractive prospect, bolstered by its tourism, well-developed infrastructure, efficient transportation, and favourable living conditions. Turkey currently finds itself at a juncture where urban renewal intersects with eco-friendly housing initiatives, poised to enhance both housing affordability and quality, along with community development. The market's expansion is driven by factors such as the growing influx of foreign buyers, a rising population, and accessible financing alternatives.

Turkey Residential Real Estate Market Driving Factors and Challenges
The Turkey residential real estate market is experiencing significant growth due to several key factors. Turkey's appeal stems from its excellent transportation infrastructure, vibrant tourism sector, diverse entertainment options, and popularity as a destination for conventions. Istanbul, acting as a crossroads between Europe and Asia, shines as a promising arena for real estate investments, offering a burgeoning landscape rich with opportunities, particularly for high-value and lucrative real estate ventures. The economy has been impacted by high interest rates and economic constraints, resulting in decreased real estate prices and a weakened currency. Scarce urban land availability, especially in Istanbul, has pushed residential developers to expand to the outskirts, embarking on large-scale projects. Simultaneously, mass housing development is rapidly on the rise. The Housing Development Administration (TOKI) is spearheading extensive housing initiatives, focusing on providing social housing for lower and middle-income households. The rapid urbanization, coupled with inadequate city planning and subpar infrastructure, has fostered a demand for earthquake-resistant housing solutions in Turkey.

However, the Turkey residential real estate market encounters various challenges that can affect its growth and operations. Projected challenges for market expansion encompass heightened interest rates and economic limitations, posing potential hindrances. Moreover, the constrained availability of housing alternatives for the densely populated middle-income segment is expected to impede the market's growth prospects. Additional difficulties come from regulatory complications, which are particularly difficult for international investors, and the scarcity of property in urban cores. It takes a balance of new tactics and adaptation to the changing economic landscape to navigate these dynamics and capitalise on the market's potential.

Impact of COVID-19 on Turkey Residential Real Estate Market
The Turkish residential real estate market initially faced adversities due to the pandemic in 2020, but subsequent global easing of restrictions has contributed to its gradual recovery, regaining momentum. Amid the COVID-19 pandemic, decreasing interest rates sustained the Turkish residential market's vitality in 2020, culminating in the highest-ever home sales figures. The subsequent surge in interest rates led to a reduced proportion of mortgaged sales within the overall total during H1 2021, compared to the same timeframe in 2020. 

Turkey Residential Real Estate Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Agaoglu Group, Alarko Holding, Artas Group, Ege Yapı, Novron, Others.

Turkey Residential Real Estate Market Segmentation:

By Type: Based on the Service Type, Turkey Residential Real Estate Market is segmented as; Apartments, Condominiums, Landed Houses, Villas.

By Areas: Based on the Areas, Turkey Residential Real Estate Market is segmented as; Rural Markets, Suburban Markets, Urban Markets.

By Region: This report also provides the data for key regional segments of Antalya, Bodrum, Bursa, Fethiye, Istanbul and rest of Turkey.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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