"Turkey is one of the most promising real estate markets in Europe"
Turkey is one of the most promising real estate markets in Europe, . 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.
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.