Turkey's real estate market is one of the most promising in Europe, and the adage "location, location, location" resonates particularly true for this country. Perfectly placed at the crossroads of Europe, the Middle East, and Central Asia, and home to 83 million people, Turkey provides excellent prospects for real estate developers and investors by combining a big construction industry with rising commercial and industrial activity.
In 2020, Turkey received USD 7.8 billion in FDI, of which USD 4.4 billion, or 57%, was invested in real estate.
Urban revitalization and megaprojects will dominate the agenda for the foreseeable future, particularly in Istanbul, where Marmaray, the Yavuz Sultan Selim Bridge, the Eurasia Tunnel, and Istanbul Airport are now under construction.
The Urban Renewal and Development initiative will consist of seven and a half million housing units and have a budget of four hundred billion dollars, with considerable private sector participation.
The total number of properties sold on the Turkish real estate market reached 1.5 million units in 2020, and with the repeal of the reciprocity rule in 2012, sales to foreigners also climbed. Turkey sold 40,812 properties to foreign buyers in 2020. With 19,175 sales, Istanbul was the most successful province, followed by Antalya with 7,735, Ankara with 2,446 sales, and Bursa with 1,335 sales.
By the end of the year 2020, Grade A office space in Istanbul topped 5,6 million square meters. More than 1.7 million square meters of office supply, including the Istanbul International Finance Center (IIFC), are now under development, and it is predicted that the entire grade A office supply will reach over 7.4 million square meters of the gross leasable area by the end of 2022.
Turkey has 447 shopping centers with a total gross leasable area of 13.6 million square meters; Istanbul's 133 shopping malls account for 37% of the total leasable shopping center space in Turkey.
The entire logistics real estate supply in Istanbul and Kocaeli in 2020 was 10.2 million square meters. In 2020, logistics lease agreements of 318,000 square meters were concluded, almost double the quantity from the end of 2019.
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