The Turkish Real Estate Market

The Turkish Real Estate Market

The Turkish Real Estate Market

Turkey is one of the most attractive Countries that shows in 2016 the best-performing in the real estate world market. The main driving forces to this rapid growth of the real estate sector in Turkey are :

- Growing Population
- Goverment Mega Projects
- Successful Economy
- Renewing Urban Projects
- The ease of buying properties
- Low Taxes and Incentives ... 

However the market is in very good health, specially The Turkish government amended the reciprocity law in 2012 that opened the door for foreigners to buy property in Turkey. In 2015, 22,991 houses were sold to foreigners In Turkey according to the Turkish Statistical Institute. Istanbul ranks first with 7,493 sales, Antalya with 6,072 sales, Bursa with 1,501 sales and Yalova with 1,425 sales.

Moreover, the new infrastructure developments in and around Istanbul, including new highways and public transport, have led to increases in property prices, improving access to areas previously less attractive to commuters. The construction of the third Bosporus Bridge in particular opens up new areas of Istanbul for development. Without a shadow of a doubt, Istanbul is currently seen by international real estate investors as a winning bet.

Nonetheless, with Turkey’s population growth showing a continuous increasing, demand for housing will remain, providing a counter balance to any potential shocks to the market. Moreover, with international interest in Turkey, particularly Istanbul, still bullish, any downturn will be countered by mitigating factors. The Capital Markets Board of Turkey is now on the point of approving a real estate bridge scheme to facilitate the entry of foreign capital into Turkey’s real estate market.

This project has already attracted considerable interest from key international players in the market, and still showing a big interest in what it could give further. Without forgetting that this project is promoted by the government and the government also consistently pushing forward the building of new affordable housing across the country.