The real estate sector - Türkiye
The real estate sector in Turkey has experienced significant growth in recent years, driven mainly by the construction of new housing to meet growing demand and urban regeneration projects.
Following the devastating earthquake of 1999, Turkey's assessment revealed the non-compliance of 7 million homes intended to be destroyed and 14 million homes to be renovated. At the same time, the need to build nearly 1 million new homes per year to meet growing demographic demand was noted.
The urban transformation went beyond simple rehabilitation, significant real estate opportunities were born: construction of smaller spaces allowing owners and builders to finance themselves without cash flow, construction of luxury complexes... In this framework, urban planning projects and development projects at the scale of the block or district have been carried out.
Following the tragic earthquakes of February 2023 of magnitude 7.8 and 7.6 devastating 11 cities, the need for new, up-to-date housing was strongly impacted with an increase in rental housing prices over the period January-March 2023: the need total housing in earthquake zones is estimated at 300,000 according to the latest estimates.
In the current economic context in Turkey, real estate has become the most profitable investment by creating opportunities for investors both in terms of construction equipment and products intended for the residential, tertiary and storage markets.