Last Updated on 05/04/2023
The year 2022 was a challenging year for Turkey in different sectors especially real estate. Many factors such as currency fluctuation and high inflations with the repercussion of the Covid pandemic caused defiant situations. Yet some political issues such as the Russian invasion of Ukraine created a new investment target for the real estate market in Turkey
All these decisive changes made international and local investors wonder, with the beginning of a new year, about the future of Turkish real estate in 2023.
Turkey Property Market Outlook 2022
The real estate market in Turkey in 2022 has witnessed certain variations. Construction has slowed as a result of building materials’ high costs. Moreover, with the coronavirus pandemic and the Turkish currency’s volatility, the construction industry has faced significant challenges.
Therefore, the shortage of new construction has created high competition among the property of the real estate in Turkey, increasing prices. As long as there has been a demand for homes, the price has been rising. Local people now found the expense of real estate in Turkey intolerable. However, foreigners kept showing interest in the Turkish real estate market in 2022.
Turkish properties attracted the attention of Russian and Ukrainian buyers after the conflict situation that started in February 2022 between the two countries. While Ukrainians were looking for a better peaceful life, Russians chose to invest in Turkey to avoid western financial sanctions.
If you are curious about the real estate market trends in 2022 you can take a look at the property sales evolutions month by month.
Turkey Real Estate Market Forecast 2023
Turkey 2023, a 100-year republic
In October 2023, The Turkish Republic will celebrate the 100th anniversary of its establishment. Due to its major importance for both government and the population,
Turkey’s preparations have been wisely planned. They followed a deliberate plan known as the “2023 Vision“ by Turkish President Recep Tayyip Erdogan, which propelled Turkey into the ranks of the first developed nations in the world by emphasizing urban revolution at all levels.
To accomplish essential goals, the Turkish government developed its plan along the main important axes that ran from the political field to the economic and development side.
Therefore, it was prepared with a robust economy, significant investments, infrastructure, and extensive transportation systems, bringing about an ongoing revolution in urbanism, urban transformation, and economic openness to the rest of the world, which places it prominently among the world’s strongest economies.
Future of Turkish Real Estate in 2023
Turkey intends to commemorate the 100th Turkish republic declaration day in 2023. Therefore, the government plans to achieve many prominent projects. The accomplishment of Turkey’s objectives and its entry into the top 10 economies in the world will strengthen its position as a destination for investment and as an attractive hub for international investors. Even though real estate investments in Turkey already provide investors with satisfying earnings, predictions and research show that the investment return will dramatically increase in the years 2023 and beyond.
Impact of Infrastructure on the real estate market in Turkey in 2023
Experts state that robust and developed infrastructure facilities boost the demand for real estate.
New housing developments will rise in Istanbul due to the construction of the Istanbul canal. And this implies that more international and local people will prefer Istanbul to establish careers and pursue education. Therefore, demand for real estate will increase more and more.
Turkey has a thriving real estate industry. As a result, it makes sense to analyze market activity over an extended period. If you are investing in Turkey real estate, MEO Consultants professionals can guide you thoroughly.
