urkey has become a country that attaches great importance to the construction and real estate sectors since the year 1980. For the last 15 years, new residential areas, shopping centers, bridges and airports have been built all over the country. It should 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 the cities are demolished and modern and safer buildings are built. Such people are encouraged to live in better conditions and to be homeowners with more favorable payment terms.
Now let’s look at some important information you need to know about the Turkish housing and property sector.
Being a home owner is an important issue for the Turks
It is important to have a home in Turkish culture. Vurg Place in the world and faith in the Hereafter mekan emphasizes the importance of being a homeowner. In the last 20 years, the increase in the purchasing power of the people, the state support for those who want to buy a house, the affordable apartments produced by the Housing Development Administration (TOKI) and the banks having attractive loan opportunities have become more accessible to the Turks in the 2000s.
1.409.000 Houses Sold in 2017
In Turkey, a total of 1,408,314 housing units were sold as of December 2017. Considering that this figure is 1.341.453 in 2016, we can say that the real estate sector grew by 5.1% in 2017. 1.28932 million in Turkey in 2015 was 1,165,381 in 2014, while residential sales. So the interest in the real estate sector in Turkey has increased able to observe on a regular basis.
Mass Housing Administration Leading the Sector
Founded in 1984, the Housing Development Administration is an institution that is responsible for meeting the increasing housing demand in a planned manner by encouraging the housing production sector. Acting on the principle of social benefit, it provides millions of people with affordable prices and suitable 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 has been a year of record sales for foreigners
Residential sales to foreigners in Turkey is increasing on a regular basis. 2017 was an important year because in 2017, an increase of 22.2% was realized compared to the previous year and a total of 22,234 houses were sold to foreigners.
The first place in residential sales was Istanbul with 8182 houses, followed by Antalya with 4707 houses, followed by 1474 residential districts in Bursa.
Iraqi citizens in 2017 bought a total of 3805 from Turkey. Iraq has received Saudi Arabia with 3345 houses, Kuwait with 1691 houses and Russia with 1331.
In this case, we can say that incentives such as tax cuts and citizenship rights are effective for foreigners.
Turkish Citizenship to Foreigners
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 $ 250,000 worth of home, land, workplace foreigners, if they apply to be Turkish citizens directly.
Most Popular City Istanbul
We can say that 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 expect that the interest in Istanbul will continue and that the number of foreigners who buy housing from Istanbul will increase.
Growth Target in 2018 5%
The growth rate in the housing sector is expected to be 5% in 2018. With the public offering of new financing models, lower and middle-income groups will be able to purchase housing. Although there was a 19% increase in construction materials in 2017 compared to 2016, we can say that 2018 will be a very suitable year for homeowners if there is not a significant increase in house prices.