Economics
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Great news for Russians investing in Turkey for the purpose of living, as well as for those who rent real estate: there is hope that soon the issue of the inability to pay in Turkey with anything other than cash will be resolved. Recall that in the autumn of 2022, the Republic of Turkey stopped accepting Russian MIR cards for payment, which created...
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By tradition, we remind you of some of the most interesting news in the construction and real estate sector of Turkey over the past week - the last one in April. The pace of home sales decreased in March; this is partly due to an increase in the cost of construction. Wage growth does not "keep up" with the rise in real estate prices, so...
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Development costs are growing rapidly, as the Turkish media write. Only in February 2023, the construction cost index increased by 2.08% compared to the previous month; the year-on-year increase was 72.37%. The index of the cost of materials increased by 3.43 compared to the previous month; for the year, the increase is 62.52%. The labor...
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Emlak Konut Gayrimenkul Yatırım Ortaklığı (GYO) Trust has published a sales report for the 1st quarter of 2023.The volume of transactions reached 15.265 billion Turkish lira (TL): it was for this amount that real estate of various types was sold in the period from January 1 to March 31, 2023. Namely – 2 272 lots with a total area of...
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The statistics collected at the end of last month show a drop in indicators for a number of parameters. Analysts compared the March figures with the figures of the same month last year - 2022, as well as data for the first quarter of both years. So, in comparison with the same month of 2022: the number of mortgage transactions...
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In March 2023, foreigners purchased 3,415 housing units in Turkey; this is 3.2% of total sales. Moreover, more than a third - 1,175 residences - were bought by citizens of the Russian Federation. Which have been leading in this sense for a year, and every month. The next in terms of volume, albeit with a fair "lag", are Iranians: 472 lots....
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A selection of the most relevant news of the Turkish real estate market is in our weekly digest. Despite the fact that the average cost of a housing unit in Turkey has reached 2.3 million liras, the growth rate of housing prices in the country has slowed somewhat; economists comment on the reasons. Moreover, the construction itself, on the...
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In the second half of April, the Turkish media actively discussed the topic of reducing the growth rate of residential real estate. Analysts are voicing the alleged reasons. Firstly, there is a slight decrease in demand: many of those who planned to buy apartments or houses have already done so. Someone got a chance to take part in a...
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The Turkish authorities have decided to create satellite mini-cities in Istanbul". They will appear on both sides of the Istanbul Canal under construction, an "alternative" to the Bosphorus. Such a "city within a city" format is needed, among other things, for the resettlement of megalopolis residents from emergency and similar buildings...
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The banking "wing" of the Istanbul Financial Center officially opened yesterday, April 17, 2023. The ceremony was attended by key players of the business world and the banking sector. Recall that the Istanbul Financial Center is a new huge business complex in the largest metropolis of Turkey: office space alone occupies 1.3 million square...
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