Turkish property Market Share Archives - Decision Market Insights

Future of Turkey Residential Real Estate Market: Trends and Revenue Forecast 2033

Properties built with the primary purpose of housing are referred to as residential real estate. This covers townhouses, apartments, condominiums, single-family homes, and multi-family housing. It is an essential sector of the real estate market that affects urbanization, economic expansion, and social well-being. Residential properties are long-term investments and places for people and families to live. Urbanization, changes in lifestyle, income levels, and population increase are some of the reasons driving demand in this industry. The market is also greatly impacted by interest rates, housing finance alternatives, and government legislation. With developments that are focused on the community, smart houses, and sustainability, residential real estate is still changing.

According to SPER Market Research, “Turkey Residential Real Estate Market Size- By Type, By Areas- Regional Outlook, Competitive Strategies and Segment Forecast to 2033” states that Turkey Residential Real Estate Market is estimated to reach 259.46 USD billion by 2033 with a CAGR of 11.4%.

Drivers:

The residential real estate industry is growing due to a number of important factors. One of the main causes of the rise in demand for housing in cities and suburbs is urbanization and population increase. A greater number of people can now afford to buy a home thanks to rising income levels and easier access to home loans. Home purchases are also encouraged by government programs including tax breaks, subsidies, and affordable housing plans. The need for contemporary, well-located residential spaces is driven by shifting lifestyles and the desire for higher living standards. Furthermore, both individual and institutional buyers are drawn to real estate since it is seen as a reliable long-term investment. The purchasing process is further streamlined by technological developments like digital transactions and virtual tours, which increase the accessibility and allure of residential real estate.

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Restraints:

Despite its potential for expansion, the residential real estate industry confronts a number of obstacles. Many people cannot afford homeownership due to high property costs, particularly in metropolitan areas, which widens the housing divide. Development is frequently slowed by a lack of available land, growing building prices, and delays in project approvals. Both developers and purchasers face obstacles due to regulatory complexity and regionally disparate rules. Furthermore, strict lending standards might make it challenging for low-income people to get finance. Economic instability and market swings can also affect investor sentiment and purchasing decisions. Furthermore, there are still major barriers to industry expansion, including as inadequate infrastructure, property ownership conflicts, and a lack of transparency in transactions.

California held the biggest revenue share in the Turkey Residential Real Estate Market. It attracts domestic and foreign buyers due to high population density, employment opportunities, and modern infrastructure, with apartments and high-rise condominiums being popular property types. Some of the key market players are Agaoglu Group, Alarko Holding, Artas Group, Ege YapÄ± and Novron.

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Turkey Residential Real Estate Market Outlook

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Turkey Real Estate Market Trends, Size, Share, Revenue, Growth Drivers, Key Players, Challenges, Opportunities and Forecast Till 2033: SPER Market Research

The Turkey Residential Real Estate Market involves the buying, selling, and renting of residential properties within Turkey. It experiences growth driven by factors such as population growth, urbanization, and government incentives promoting homeownership. Key players focus on offering a variety of housing options, including apartments, villas, and condominiums, to meet diverse consumer preferences. Market trends include the development of sustainable and eco-friendly residential projects, the integration of smart home technologies, and the expansion of real estate financing options to facilitate property transactions and support the growth of the residential real estate market in Turkey.

According to SPER market research, ‘Turkey Residential Real Estate Market Size- By Type, By Areas- Regional Outlook, Competitive Strategies, and Segment Forecast to 2033′, the Turkey Residential Real Estate Market is expected to reach USD 259.46 billion by 2033, growing at a 11.4% CAGR.

The market focuses on the trade of residential properties such as apartments, bungalows, and villas. Turkey’s charm stems from its combination of oriental and European characteristics, making it a desirable destination owing to its tourism, powerful infrastructure, efficient transit network, and comfortable lifestyle. Turkey is now at a historical crossroads where urban renewal meets ecologically responsible housing projects, which are expected to improve housing affordability and quality while also promoting community development. Factors contributing to the market’s growth include an increase in international purchasers, a growing population, and the availability of reasonable financing alternatives.

Several main variables contribute to the growth of Turkey’s residential real estate industry. Population growth, increased urbanisation, growing disposable incomes, and affordable financing are the major drivers fueling market expansion in the forecasted timeframe. The increased attraction of residential real estate among overseas purchasers, influenced by factors such as currency depreciation, is expected to drive market growth in the coming years. Furthermore, technical progressions in building and architectural sectors are positioned to produce advantageous opportunities for industry participants.

However, high borrowing rates and economic restraints are expected to stymie market expansion. Furthermore, a lack of housing alternatives for the highly populated middle-income group is expected to limit the market’s growth.

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Furthermore, despite the COVID-19 epidemic, the Turkish real estate market remained strong in 2020 because to low interest rates, resulting in record-breaking property sales. However, a subsequent rise in interest rates resulted in a decline in the percentage of mortgaged sales during the first half of 2021 compared to the same time in 2020. The initial obstacles caused by the pandemic in 2020 were followed by a steady rebound and return of impetus in the Turkish residential real estate market, owing to the worldwide removal of restrictions.

The Turkish residential real estate market is separated into five major regions: Istanbul, Bursa, Antalya, Fethiye, and Bodrum. Istanbul is expected to dominate the market because to strong demand from international investors in the city. Notably, Iranians and Iraqis accounted for approximately one-third of all international property acquisitions in the preceding year. Istanbul’s attraction as a premium investment location for residential real estate, strategically positioned as a gateway between Europe and Asia, is expected to stimulate notable market expansion at a significant compound annual growth rate (CAGR) throughout the projection period. Key market participants include Agaoglu Group, Alarko Holding, Artas Group, and Ege Yapı, among others.

Our in-depth analysis of the Turkey Residential Real Estate Market includes the following segments:

By Type: