Türkiye 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 85 million people, Türkiye offers great opportunities for real estate developers and investors by combining a large construction sector with growing commercial and industrial output.
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FDI inflows in Türkiye increased to USD 13.3 billion, while real estate FDI was USD 5.6 billion, 42.2 percent of total FDI in 2021.
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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.
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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.
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The total number of homes sold in the Turkish property market was 1.4 million units in 2021. Sales of real estate to foreigners began to increase following the abolishment of the reciprocity law in 2012. In 2021, a new record was set with the sales of 58,576 homes to foreigners in Türkiye. Regarding home sales to foreigners, Istanbul was the top-performing province with 26,469 sales in 2021, followed by Antalya with 12,384 sales, Ankara with 3,672 sales, and Mersin with 2,513 sales.
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By 2021 year-end, the existing Grade A office stock in Istanbul surpassed 5.8 million square meters. There is more than 1.6 million square meters of office supply under construction including the Istanbul Finance Center (IFC), and it is expected that the total grade A office supply will reach almost 7.4 million square meters gross leasable area by 2022 year-end.
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453 shopping centers are operational in Türkiye with a total gross leasable area of 14 million square meters. 134 shopping centers in Istanbul with a total gross leasable area of 5.2 million square meters represent 37 percent of the total leasable shopping center area in Türkiye.
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Total logistics real estate supply in the Marmara Region, including Istanbul and Kocaeli, is 10.2 million square meters as of 2021 year-end. During 2021, 233,000 square meters of logistics leasing transactions were completed.
