Economics
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Unlike residential real estate, the demand for which decreased in autumn and winter, there is no slowdown in the land sales segment. On the contrary, there is growth. Moreover, many Turks who cannot afford to purchase residences choose a way to buy land plots. As a result, there were record land deals in 2023, and land prices rose by 150% compared...
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On April 1, 2024, a sad joke awaited the builders: prices for ready-mixed concrete increased by at least 30%. The real estate sector closely monitors the cost of buildings materials. Both concrete and cement are classified as "basic". The price spike is so large that it has attracted the attention of the Ministry of Commerce: despite promises to...
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The state’s target for real estate sales and rentals in 2024 is almost TL 13.2 billion, writes Turkish media. According to the data collected on the draft law on the state budget for 2024 (which is being discussed in parliament), this amount of money is planned to be received into the treasury in two directions — from the sale and lease of real...
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Although residential real estate sales in February 2024 increased slightly compared to previous months, when there was a decrease in the number of transactions, the sale of housing in mortgages fell in 76 provinces out of 81. For example, while the volume of deals in Istanbul grew by 9%, mortgage loans fell by almost half: by 46.9%, from 3,167 to...
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A selection of the most relevant real estate market news in Turkey is in our weekly digest. Experts advise not to delay the purchase of housing: the average cost of 1 sq. m has exceeded $1,000 in the country. Locals are increasingly buying land plots to build more budget houses instead of buying expensive residences. The cost of land is steadily...
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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...
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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...
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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...
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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...
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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...
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