Turkey Residential Real Estate Market

Residential Real Estate Market in Turkey by Types (Condominiums, Villas, and Others), Key Cities (Istanbul, Bursa, Antalya, Fethiye, and Bodrum), Areas (Urban Markets, Suburban Markets, and Rural Markets) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: CM-723
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 145
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The residential real estate market size in Turkey is projected expand at a CAGR of 11.2% during the forecast period, 2021–2028. The growth of the market is attributed to the increasing surge in foreign buyer, rising population, affordable financing options.

Turkey is known for its diverse set of both oriental and European elements, country is a lucrative destination due to its tourism, infrastructure, transportation facilities, and ease of living. Turkey is at a historical combination of aspects where urban transformation meets green housing which is expected to improve affordability and quality of housing and community development. According to Housing Development Administration of Turkey (TOKi) a total of 500,000 residential units were constructed between 2003-2010 in 81 provinces and 830 townships across the country.

Turkey Residential Real Estate Market Key Takeaways

In 2002 Turkish property market was first opened to foreign buyers under the reciprocity clause. According to this clause only countries allowing Turkish citizens reciprocal rights, such as Britain, Germany, and Netherlands. The reciprocity clause was abolished in 2012, and since then nationals from 183 countries have been allowed to buy properties in Turkey. The residential real estate market in Turkey was impacted negatively by the onset of Covid-19 in 2020, the market has since regained some of the momentum due to ease of restrictions worldwide.

According to Turkish Statistical Institute Turkish Statistical Institute (TurkStat) in the first four months of 2020, the total number of home sales in Turkey rose by 8.9% to 383,821 units.

Market Trends, Drivers, Restraints, and Opportunities

  • Rising population, increasing urbanization, disposable income growth, and affordable financing are major factors driving the market growth during the forecast period.
  • Increasing demand for residential real estate among the foreign buyers due to factor such as currency devaluation is estimated to spur the market expansion in the coming years.
  • High interest rates and economic limitations are expected to hamper the market growth.
  • Insufficient supply of housing for highly concentrated middle-income group is projected to restrict the market expansion.
  • Technological advancements in the field of construction and architecture expected to create lucrative opportunities for the market players.

Scope of the Report

The report on the residential real estate market in Turkey includes an assessment of the market, trends, segments. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Residential Real Estate Market - Turkey Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Types (Condominiums, Villas, and Others), Key Cities (Istanbul, Bursa, Antalya, Fethiye, and Bodrum), Areas (Urban Markets, Suburban Markets, and Rural Markets)

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Agaoglu Group, Artas Group, Novron, Ege Yapı, Alarko Holding


Market Segment Insights

Condominium segment is projected to represent a large market share
Based on types, the residential real estate market in Turkey is segmented into Condominiums, Villas, and Others. The condominiums segment is projected to represent a key share of the market during the forecast period due to increasing population and migration to the urban areas. Increasing disposable income is expected to drive the market expansion during the forecast period.

Condominiums benefit from the option of renting or selling them when their price is high, investors typically purchase condominiums in turkey that are still under construction in sizable housing developments with intention of selling them for a profit of more than 20%, this is estimated to drive the market to grow at a significant pace in the coming years.

Turkey Residential Real Estate Market By Types

Istanbul is expected to constitute a major market share
Based on key cities, the residential real estate market in Turkey is segregated into Istanbul, Bursa, Antalya, Fethiye, and Bodrum. Istanbul is expected to represent major market share owing massive demand from foreign investors in the city. In 2019, foreign home purchases rose by almost 15% to 45,967 units from a year earlier according to Turkish Statistical Institute (TurkStat). Iranians and Iraqis accounted for almost one-third of the total foreign purchases last year.

Istanbul is located strategically as a connection between Europe and Asia, this strategic importance makes it a lucrative city to invest in residential real estate which is expected to push the market to grow at a significant CAGR during the forecast period. Istanbul recorded the rise of nominal house price by 11.72% during the year 2020. After adjusting to inflation, the residential housing prices were down slightly by 0.14% year on year.

Urban markets are anticipated to expand at a substantial CAGR
Based on areas, the residential real estate market in Turkey is divided into urban markets, suburban markets, and rural markets. Urban markets are anticipated to expand at a substantial CAGR during the forecast period. This is attributed to the rapidly increasing migration from rural areas and growing population in the cities across the country. Increasing disposable income and affordable financing are major factors anticipated to push the market towards a steady growth rate in the coming years.

 Turkey Residential Real Estate Market By Areas

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Residential Real Estate Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Residential Real Estate Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Residential Real Estate Market - Supply Chain
  4.5. Global Residential Real Estate Market Forecast
     4.5.1. Residential Real Estate Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Residential Real Estate Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Residential Real Estate Market Absolute $ Opportunity
5. Global Residential Real Estate Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Residential Real Estate Market Size and Volume Forecast by Types
     5.3.1. Condominiums
     5.3.2. Villas
     5.3.3. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Residential Real Estate Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Residential Real Estate Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Residential Real Estate Demand Share Forecast, 2019-2026
7. North America Residential Real Estate Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Residential Real Estate Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Residential Real Estate Market Size and Volume Forecast by Types
     7.4.1. Condominiums
     7.4.2. Villas
     7.4.3. Others
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Residential Real Estate Demand Share Forecast, 2019-2026
8. Latin America Residential Real Estate Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Residential Real Estate Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Residential Real Estate Market Size and Volume Forecast by Types
     8.4.1. Condominiums
     8.4.2. Villas
     8.4.3. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Residential Real Estate Demand Share Forecast, 2019-2026
9. Europe Residential Real Estate Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Residential Real Estate Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Residential Real Estate Market Size and Volume Forecast by Types
     9.4.1. Condominiums
     9.4.2. Villas
     9.4.3. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Residential Real Estate Demand Share Forecast, 2019-2026
10. Asia Pacific Residential Real Estate Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Residential Real Estate Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Residential Real Estate Market Size and Volume Forecast by Types
     10.4.1. Condominiums
     10.4.2. Villas
     10.4.3. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Residential Real Estate Demand Share Forecast, 2019-2026
11. Middle East & Africa Residential Real Estate Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Residential Real Estate Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Residential Real Estate Market Size and Volume Forecast by Types
     11.4.1. Condominiums
     11.4.2. Villas
     11.4.3. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Residential Real Estate Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Residential Real Estate Market: Market Share Analysis
  12.2. Residential Real Estate Distributors and Customers
  12.3. Residential Real Estate Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Agaoglu Group
     12.4.2. Artas Group
     12.4.3. Novron
     12.4.4. Ege Yapı
     12.4.5. Alarko Holding
Segments Covered in the Report
The residential real estate market in Turkey has been segmented on the basis of
Types
  • Condominiums
  • Villas
  • Others
Key Cities
  • Istanbul
  • Bursa
  • Antalya
  • Fethiye
  • Bodrum
Areas
  • Urban Markets
  • Suburban Markets
  • Rural Markets
Key Players
  • Agaoglu Group
  • Artas Group
  • Novron
  • Ege Yapı
  • Alarko Holding

Key players competing in the residential real estate market in Turkey include Agaoglu Group, Artas Group, Novron, Ege Yapı, Alarko Holding. The players are adopting various business strategies due to the highly competitive nature of the market. Strategies include mass housing development projects, establishment of international offices for attracting prospective foreign investors, and international marketing & branding.

 Turkey Residential Real Estate Market By Key Players

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