Turkey’s appetite for building new homes is showing no signs of slowing down, according to recent figures by the Turkish Statistical Institute (TURKSTAT), which show the construction sector grew its turnover by 4.5 per cent in the last quarter of 2015 compared to the previous quarter. Year-on-year, this growth rises to 10 per cent for the same quarter.
Further good news comes in the latest ‘Housing Price Index for Turkey‘, published by the Central Bank of Turkey, which reveals that residential house prices have increased by 93 per cent in the last five years. Unsurprisingly, it is the Istanbul market that stands out above all other areas of Turkey, with a significant increase of 140 per cent during that period.
Meanwhile, the most recent report from Colliers International, entitled ‘Turkey Real Estate Review’, highlights the importance of Turkey‘s construction sector, explaining that “its potential for future growth and its increasing contribution to Turkey’s overall economy will continue hand in hand with urban transformation works and large scale infrastructure projects”.
Turkey’s new-build market continues to attract foreign investors, in particular from the Middle East. Director of Cityscape Group, which is launching a real estate exhibition in Istanbul, Wouter Molman commented recently in a supplement promoting Turkey published with the ‘Sunday Telegraph’: “More than 54,000 properties have been sold to foreigners in the past three years; with two out of every 100 properties having been purchased by foreigners. The interest of foreign investors will increase with the launch of Cityscape Turkey.”