Turkey is a country attaches great importance to the construction and real estate sectors since the year 1980. New residential areas, shopping centers, bridges and airports have been built in most of the country for the last 15 years. It should also be noted that the construction sector is the locomotive sector of the Turkish economy and creates jobs for millions of people.
In the context of urban transformation, old buildings in cities are being demolished and more modern and safer constructions are being built. In this way people are encouraged to live on better conditions and be more hosted with more affordable payment terms.
Let us now consider some important information you need to know about the Turkish housing and real estate sector.
Being a Home Owner is an Important Idea for Turks
It is very important to have a house in Turkish culture. Many proverbs and sayings about this issue emphasize the importance of having a home. In the last 20 years, the increase in people’s purchasing power, state support to buyers, reasonably priced apartments produced by the Housing Development Administration (TOKİ) and hosting banks with attractive credit opportunities have become something more accessible for Turks in the 2000s.
Approximately 1.409.000 Housing Sold in 2017
As of December 2017 a total of 1,408,314 housing units were sold in Turkey. If we think that this figure is 1.341.453 in 2016, we can say that the growth rate of the real estate sector for 2017 is 5.1%. 1.28932 million in 2015 while sales in Turkey as well as in 2014 was 1,165,381 residential sales. So the interest in the real estate sector in Turkey has increased able to observe on a regular basis.
Mass Housing Administration is the Biggest Power Which Managing the Sector
In 1984, the Public Housing Administration, or so-called TOKI, is an institution dedicated to meeting the growing demand for housing by encouraging the housing production industry. It is based on the principle of Social Benefits, enabling millions of people to be hosted at affordable prices and affordable payment options.
2017 Turkey’s 81 provinces in which a total of 800 112 housing TOKI estate sector in Turkey for the “market maker” can say.
2017 Becomes a Record Year for Sale the Homes to Foreigners
House sales to foreigners in Turkey is increasing on a regular basis. 2017 was a significant year in this regard because in 2017 there was a 22.2% increase over the previous year and a total of 22.234 homes were sold to foreigners. In the residential sales, the first order was Istanbul with 8182 houses, the second order with 4707 houses Antalya and the third order with 1474 houses Bursa. Iraqi citizens in 2017 bought a total of 3805 from Turkey. Iraq received 3345 houses with Saudi Arabia, 1691 houses with Kuwait and 1331 with Russia. In this case, we can say that incentives such as tax deductions and citizenship are effective.
Buying a Residence is a Turkish Citizenship Opportunity
In 2017 the Turkish Citizenship Law amendment with foreigners who buy housing from Turkey, will have the right to Turkish citizenship. According to this, at least $ 1 million worth of houses, land, foreigners who buy a place of work, if they apply, they may be Turkish citizens directly.
The Most Popular City Istanbul
Istanbul is the heart of the Turkish housing sector. Both received a lot of attention by both domestic and foreign investors in Istanbul, alone constitute 20% of home sales in Turkey.
Job offers in Istanbul Turkey where 18.5% of the population, education, health, thanks to the natural and historical beauties will carry the distinction of being the focal point of Turkey in the coming years. Industry experts predict that the interest in Istanbul will continue and that the number of strangers buying property from Istanbul will increase.
Growth Target in 2018 is 5%
The growth rate for the housing sector in 2018 is expected to be 5%. With the introduction of new financing models to the public, the possibility of lower and middle income groups to purchase housing will increase. We can say that 2018 will be a very good year to host, given that there is no significant increase in housing prices despite a 19% price increase in construction materials in 2017 compared to 2016.