Number of issued residential real estate construction licenses increased in Turkey

Number of issued residential real estate construction licenses increased in Turkey

Emlak Kulisi, the Turkish real estate newspaper has published the data on the licenses for the construction of apartment buildings in Turkey issued in the first half of 2020. According to the published report, the number of licenses issued almost halved in the first six months of this year: 45.5 percent compared to the same period in 2019. The area of projects that received licenses increased by 40.8 percent, the cost of construction - by 54.8 percent, the number of apartments increased by 72.9 percent. From these data, we can conclude that the area of apartments in new projects will be smaller and their cost will increase significantly (the rise in prices for residential real estate in Turkey was observed throughout the summer 2020).

In the second quarter of 2020, sales of new apartments in Turkey decreased by 8.1 percent compared to the same period last year and sales of secondary housing decreased by 28 percent. However, already in the first two months of the third quarter this year in Turkey there was a boom in housing sales: both new and secondary housing. In June-July 2020, 420 thousand apartments and houses were sold.

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