Economics
-
High prices are an obstacle to buying a home in Turkey. So, the share of families with their own houses and apartments is gradually declining. This figure was above 60%, but dropped to 58%. This happened because housing in Turkish lira has risen in price tenfold over the past few years. Meanwhile, the annual demand of Turkish residents for housing...
Read more -
The increased demand for office space has led to higher rents. This happened because the supply did not keep up with the increasing demand for office and retail spaces in 2023. According to Emlakkulisi, citing a recent report by Cushman&Wakefield on the real estate market outlook for the second half of 2023, office occupancy in Turkey has...
Read more -
Analysts revealed the statistics collected on housing loans. Home sales in Turkey continued to decline in the last quarter of 2023 reaching a total of 326,000 units in three months. Compared with 1.5 million housing units in 2020, which are considered to be the "peak" over the past 10 years, this sharp drop is primarily due to difficulties with the...
Read more -
The Ministry of Agriculture and Forestry has delivered positive news to individuals who have inherited land plots but are unwilling, unsure, or unprepared to cultivate them, and do not wish to sell them. This kind of property is allowed to be rented out. Lands, fields and vineyards that were inherited but remained uncultivated for more than two...
Read more -
January was not successful in home sales to foreigners: this is the lowest figure in two years. Nevertheless, dozens of countries are still interested in residential properties in Turkey. Here are the 20 states, the citizens of which purchased the most apartments and houses in Turkey in the first month of 2024. In descending order: Russia — 555...
Read more -
According to the Turkish Institute of Statistics (TÜIK) and Emlakkulisi, the cost of construction continues to rise. Estimates suggest that the construction cost index rose by 1.94% in December 2023 marking a 67.31% increase from December 2022. The so-called Labour Index increased by almost 2% in a month and by 111.62% in a year. The price index...
Read more -
Minister of Environment, Urbanization and Climate Change Mehmet Özhaseki shared with media representatives information from the TÜIK Statistical Institute and the Land Registry that citizens of other countries had purchased 17,076 land plots in Turkey with a total area of 28,318 sq. m by November 14, 2023. Moreover, this is not only land for...
Read more -
A new term that is increasingly referred to in the Turkish media is "rental migration." This is about people who are forced to move to cheaper cities and neighborhoods because they can no longer afford the high rent in their current locations. Rental migration is becoming more common among pensioners, students, and minimum wage workers who are...
Read more -
According to a statement from the Ministry of Environment, Urbanization, and Climate Change, a total of 32,715 housing units will be constructed in Hatay. The tenders for these projects have already been completed. Hatay is one of the provinces that was severely affected by a devastating earthquake, with its epicenter in Kahramanmaras. According...
Read more -
Analysts complain that the increase of the tax rate and the soaring currency will have a direct impact on the cost of work in the sector of building construction. According to the TÜİK, Turkish Statistical Institute (commonly known as TurkStat, the index of building costs of dwellings grew by 0.77% in May 2023 compared to the...
Read more