The Turkish real estate sector, offering greater opportunities for investors, has come to prominence especially in the last years. With the recent economic crisis and the global economic recession the European and US markets have been negatively affected, the market in Turkey is still promising.
While the reduction in demand and a downward trend in house prices have been observed all over Europe, according to TurkStat statistics the number of apartment units sold in the second quarter of 2009 increased 72 percent compared with the same period of 2008 in Turkey, which shows that Turkey has a huge growth potential in the property sector.
The entry of global actors into the real estate market is increasing the competitiveness of the sector, while massive mergers and acquisitions taking place help its expansion and overall growth rates. Different surveys and publications such as the "Emerging Trends in Real Estate Europe", prepared jointly by PricewaterhouseCoopers (PWC) and the Urban Land Institute, show how global and local interest in the Turkish real estate sector has increased. According to the 2009 publication of this report, Istanbul is ranked as the third most attractive investment market in Europe after Munich and Hamburg.
As Turkey progresses along the road to EU membership, the essential legislative reforms introduced have made investing in the real estate market even easier and more profitable. The amendments to the Land Registry Law, the Draft Mortgage Law and the redrafting of tax laws are also designed to improve the competitiveness of the Turkish property sector.
The poperty sector in Turkey also has great prospects thanks to demographic factors that are changing in parallel with improving economic figures. The demand for offices and logistical and industrial areas is expected to increase in line with the increasing number of global and local companies.
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