TÜIK reports a significant decrease in the number of licenses to build new buildings: from 1.4 million to 520,000 in a few years.
If the number of such permits amounted to 725,294 in 2021, 695,804 in 2022 and only 520,209 in 2023 (by the end of November).
The peak figure of 1,405,447 was recorded in 2017 and has been consistent since 2022.
The indicator for 2023 is lower than during the pandemic, although the Turkish construction sector has begun to show positive dynamics. However, this is greatly hampered by the increase in the cost of work.
Thus, the reduction in construction volumes has affected current housing prices and rent levels. There will be a demand for 500,000-550,000 new apartments every year, so investors should not delay buying properties as the selection is becoming limited. At least, ready-made housing: the range of affordable high-quality apartments is decreasing.
There are numerous off-plan residential complexes, but the construction process is at least two years. The conditions for applying for "citizenship by investment" may change at any time without reducing the amount.