Turkey Residential Real Estate Market Introduction and Overview
According to SPER Market Research, the Turkey Residential Real Estate Market is estimated to reach USD 259.46 billion by 2033 with a CAGR of 11.4%.
The report includes an in-depth analysis of the Turkey Residential Real Estate market, including market size and trends, product mix, distribution channels, and supplier analysis. The sector encompasses the purchase and sale of various types of residential properties, including apartments, bungalows, and villas. Renowned for its blend of oriental and European influences, Turkey presents a compelling opportunity driven by tourism, well-developed infrastructure, efficient transportation, and a comfortable lifestyle. Turkey finds itself at a unique crossroads of urban renewal intersecting with environmentally conscious housing solutions, a synergy expected to enhance housing affordability, quality, and community growth. The market's expansion is credited to the escalating influx of international buyers, a growing population, and accessible financing alternatives.
- February 2022: Emlak Konut has revealed plans for the development of 900 residential dwellings, with a combined construction worth of TRY 3.1 billion (equivalent to USD 211 million). The project, situated in the Sariyer district, is projected to conclude by the close of 2024.
- January 2021: Ofton Construction has introduced plans for the creation of three residential ventures currently in the stages of planning and design. These projects, named Bomonti, Levente, and Nisantasi, are situated in distinct areas - Sisli, Levent, and Nisantasi, respectively. All three endeavors are anticipated to achieve completion by the year 2025.
Market Opportunities and Challenges
There are several opportunities and challenges existing in Turkey's residential real estate market. On the plus side, the nation's rich cultural and geographic diversity, together with its established infrastructure and desirable living standards, make it a desirable location for both domestic and foreign buyers. A rising population and the expanding tourism industry both contribute to the rising housing demand. Government programmes like urban renewal projects and incentives for foreign investors also help to drive the market.
The market does face certain difficulties, though. For both developers and buyers, regulatory complications, bureaucratic procedures, and potential legal uncertainties can present challenges. Property transactions may be impacted by economic volatility, shifting exchange rates, and financing difficulties. The need for housing is increased by urbanisation and population expansion, necessitating effective and sustainable urban planning. Another issue that needs to be addressed is finding a balance between finding inexpensive housing solutions and preserving property values.
Market Competitive Landscape
Prominent contenders within Turkey's residential real estate sector encompass Agaoglu Group, Artas Group, Novron, Ege Yapı, and Alarko Holding. Given the intense rivalry prevailing in the market, these entities are implementing diverse strategic approaches. These strategies encompass the initiation of extensive housing projects, the establishment of global branches to entice potential foreign investors, and the implementation of international marketing and branding efforts.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Type, By Areas
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| Regions covered | Antalya, Bodrum, Bursa, Fethiye, Istanbul, Rest of Turkey
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| Companies Covered | Agaoglu Group, Alarko Holding, Artas Group, Ege Yapı, Novron, Others
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COVID-19 Impact on Turkey Residential Real Estate Market
Amidst the COVID-19 pandemic, the Turkish residential market remained active in 2020 due to declining interest rates. This led to a record-breaking number of home sales during the year. However, the initial half of 2021 witnessed a decrease in the proportion of mortgaged sales within the overall total due to the increase in interest rates compared to the same period in 2020.
Key Target Audience:
- Architects and Designers
- Construction and Building Material Suppliers
- Expatriates and International Buyers
- Home Buyers
- Home Improvement Retailers
- Housing Associations
- Legal and Financial Advisors
- Property Appraisers and Surveyors
- Property Management Companies
- Real Estate Agents and Brokers
- Real Estate Developers
- Real Estate Investors
- Others
Our in-depth analysis of the Turkey Residential Real Estate Market includes the following segments:
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By Type:
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Apartments
Condominiums
Landed Houses
Villas
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By Areas:
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Rural Markets
Suburban Markets
Urban Markets
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Key Topics Covered in the Report:
- Turkey Residential Real Estate Market Size (FY’2023-FY’2033)
- Overview of Turkey Residential Real Estate Market
- Segmentation of Turkey Residential Real Estate Market By Type (Apartments, Condominiums, Landed Houses, Villas)
- Segmentation of Turkey Residential Real Estate Market By Areas (Rural Markets, Suburban Markets, Urban Markets)
- Statistical Snap of Turkey Residential Real Estate Market
- Expansion Analysis of Turkey Residential Real Estate Market
- Problems and Obstacles in Turkey Residential Real Estate Market
- Competitive Landscape in the Turkey Residential Real Estate Market
- Impact of COVID-19 and Demonetization on Turkey Residential Real Estate Market
- Details on Current Investment in Turkey Residential Real Estate Market
- Competitive Analysis of Turkey Residential Real Estate Market
- Prominent Players in the Turkey Residential Real Estate Market
- SWOT Analysis of Turkey Residential Real Estate Market
- Turkey Residential Real Estate Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Turkey Residential Real Estate Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Turkey Residential Real Estate Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Turkey Residential Real Estate Market
7. Turkey Residential Real Estate Market, By Type (USD Million)
7.1. Turkey Residential Real Estate Market Value Share and Forecast, By Type, 2023-2033
7.2. Apartments
7.3. Condominiums
7.4. Landed Houses
7.5. Villas
8. Turkey Residential Real Estate Market, By Areas (USD Million)
8.1. Turkey Residential Real Estate Market Value Share and Forecast, By Areas, 2023-2033
8.2. Rural Markets
8.3. Suburban Markets
8.4. Urban Markets
9. Turkey Residential Real Estate Market Forecast, 2019-2033 (USD Million)
9.1. Turkey Residential Real Estate Market Size and Market Share
10. Turkey Residential Real Estate Market, By Type, 2019-2033 (USD Million)
10.1. Turkey Residential Real Estate Market Size and Market Share By Type (2019-2026)
10.2. Turkey Residential Real Estate Market Size and Market Share By Type (2027-2033)
11. Turkey Residential Real Estate Market, By Areas, 2019-2033 (USD Million)
11.1. Turkey Residential Real Estate Market Size and Market Share By Areas (2019-2026)
11.2. Turkey Residential Real Estate Market Size and Market Share By Areas (2027-2033)
12. Turkey Residential Real Estate Market, By Region, 2019-2033 (USD Million)
12.1. Turkey Residential Real Estate Market Size and Market Share By Region (2019-2026)
12.2. Turkey Residential Real Estate Market Size and Market Share By Region (2027-2033)
12.3. Antalya
12.4. Bodrum
12.5. Bursa
12.6. Fethiye
12.7. Istanbul
12.8. Rest of Turkey
13. Company Profile
13.1. Agaoglu Group
13.1.1. Company details
13.1.2. Financial outlook
13.1.3. Product summary
13.1.4. Recent developments
13.2. Alarko Holding
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. Artas Group
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. Ege Yapı
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. Novron
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent developments
13.6. Others
14. List of Abbreviations
15. Reference Links
16. Conclusion
17. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
