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Rapid Growth in the Turkish Real Estate Market Draws Global Attention
Jan 5, 2024
Rapid Growth in the Turkish Real Estate Market Draws Global Attention Istanbul
By   Internet
  • City News
  • Turkish Real Estate
  • Property Market in Turkey
  • Property Price Growth
Abstract: In recent years, the Turkish real estate market has experienced rapid growth, attracting global attention. According to the report by Knight Frank, property prices in the Turkish capital, Ankara, increased by 102.7% year-on-year, making it the city with the highest global price growth. Istanbul's property prices also rose by 77.6% year-on-year, ranking second globally. The growth in the Turkish real estate market is primarily driven by domestic homebuying demand and overseas investments.

Previously, Knight Frank International's Global House Price Index Report for the second quarter of 2023 also showed that Turkey has topped the global house price growth rankings for three consecutive years. In the first-quarter report, Turkey secured the top spot with a growth rate of 132.8%.


The rapid growth in the Turkish real estate market can be attributed to several factors. Firstly, Turkey has a large population, currently in the demographic dividend period, with a majority being young adults, resulting in strong demand for real estate.


According to the latest data from the Turkish Statistical Institute, a total of 93,514 properties were sold in November 2023, with the highest sales recorded in cities such as Istanbul, Ankara, and Izmir.

Rapid Growth in the Turkish Real Estate Market Draws Global Attention

Secondly, the Turkish real estate market has attracted significant foreign investments. As one of the emerging economies, Turkey enjoys a favorable reputation globally, attracting investors from around the world. The number of permanent foreign residents in Istanbul has increased tenfold in the past eight years, reaching a current total of 2.5 million foreign citizens.


Moreover, the Turkish government has implemented a series of measures to attract foreign investments and property buyers, such as the policy allowing the acquisition of significant real estate for obtaining citizenship in major European countries, which serves as a significant incentive for some investors.


However, investing in real estate carries risks, especially in a booming market, and investors need to proceed with caution. Before deciding to invest in real estate, it is advisable to thoroughly understand market conditions, conduct risk assessments, and seek professional investment advice.

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Rapid Growth in the Turkish Real Estate Market Draws Global Attention
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