The market for residential and commercial property development, purchase, and management is known as the real estate industry. This broad market consists of commercial and industrial real estate geared toward manufacturing and company operations, as well as residential real estate serving individuals and families. While real estate investment includes purchasing assets for financial gain, real estate development entails the creation and improvement of properties. The real estate market is a dynamic environment where different stakeholders participate in activities that form urban landscapes, support economic growth, and offer investment opportunities. It is influenced by economic trends, demographic transitions, and regulatory issues.
According to SPER market research, ‘Turkey Residential Real Estate Market Size- By Type, By Areas- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Turkey Residential Real Estate Market is predicted to reach 259.46 billion by 2033 with a CAGR of 11.4%.
Increased Economic Indicators' Influence, Like Interest Rates, is Powering the Regional Market. Economic data are crucial in guiding the real estate industry's dynamics. Interest rate fluctuations are a major factor; as lower rates usually enhance demand for real estate by making mortgages more affordable. Employment rates are a good indicator of the state of the economy since they affect consumer confidence and, in turn, people's propensity to make real estate investments. Moreover, the market expansion is driven by the region's rapidly growing population. The demand for infrastructure and housing is being driven by the region's expanding population, which is strengthening the real estate industry.
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In the real estate sector, environmental issues are related to how building and land development affect the environment. Governments and municipalities may pass laws requiring eco-friendly building methods as knowledge of environmental issues grows. This could involve trash minimization, sustainable materials, and energy-efficient building regulations. These actions could increase building expenses, which would reduce real estate projects' overall profitability. To properly manage this constraining element, investors and developers must thus stay up to date on changing environmental regulations and integrate sustainable methods.
Impact of COVID-19 on Turkey Residential Real Estate Market
In 2020, despite the COVID-19 epidemic, the Turkish residential market continued to grow since mortgage rates were falling. As a result, the year's total number of home sales broke all previous records. But in contrast to the same period in 2020, the first half of 2021 saw a decline in the share of mortgaged sales in the total due to an increase in interest rates.
Turkey Residential Real Estate Market Key Players:
Europe has the biggest revenue share geographically because the region's low interest rates have made borrowing more accessible and have encouraged people to invest in real estate. Demand for residential real estate has also increased as a result of rising job rates and economic growth, which have also increased consumer confidence and purchasing power. Agaoglu Group, Alarko Holding, Artas Group, Ege Yapı, Novron, and other well-known businesses are also notable market participants.
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Turkey Real Estate Market Future Outlook
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