Total number of home sales in Turkey between 2015 and 2020.
Total number of home sales to foreigners in Turkey between 2015 and 2020.
5.6 million sqm
Grade A office supply in Istanbul in 2020.
13.6 million sqm
Active gross leasable area in shopping centers throughout Turkey in 2020.
10.2 million sqm
Total logistics real estate stock in Istanbul and Kocaeli in 2020.
Logistics leasing transactions completed during 2020, almost triple the figure from 2019 year-end.
Turkey is one of the most promising real estate markets in Europe, and the mantra “location, location, location" rings especially true for this country. Strategically situated at the crossroads of Europe, the Middle East, and Central Asia, and home to 83 million people, Turkey offers great opportunities for real estate developers and investors by combining a large construction sector with growing commercial and industrial output.
- FDI inflows in Turkey stood at USD 7.8 billion, while real estate was USD 4.4 billion, 57 percent of total FDI in 2020.
- Urban renewal and mega projects dominate the agenda for the foreseeable future, particularly in Istanbul. Some projects in the city include Marmaray, Yavuz Sultan Selim Bridge, Eurasia Tunnel, and Istanbul Airport.
- The Urban Renewal and Development initiative will encompass 7.5 million housing units. The initiative has a budget of USD 400 billion, with a large contribution coming from the private sector.
- The total number of homes sold in the Turkish property market reached 1.5 million units in 2020; likewise, sales of real estate to foreigners began to increase following the abolishment of the reciprocity law in 2012. In 2020, 40,812 homes were sold to foreigners in Turkey. Regarding home sales to foreigners, Istanbul was the top-performing province with 19,175 sales in 2020, followed by Antalya with 7,735 sales, Ankara with 2,746 sales, and Bursa with 1,340 sales.
- By 2020 year-end, the existing Grade A office stock in Istanbul surpassed 5.6 million square meters. There is more than 1.7 million square meters of office supply under construction including the Istanbul International Finance Center (IIFC), and it is expected that the total grade A office supply will reach almost 7.4 million square meters gross leasable area by the end of 2022.
- 447 shopping centers are operational in Turkey with a total gross leasable area of 13.6 million square meters. 133 shopping centers in Istanbul with a total gross leasable area of 5.1 million square meters represent 37 percent of the total leasable shopping center area in Turkey.
- Total logistics real estate supply in Istanbul and Kocaeli in 2020 was 10.2 million square meters. During 2020, 318,000 square meters of logistics leasing transactions were completed, almost triple the figure from 2019 year-end.