Turkey has historically had a robust real estate market, with residential properties being a significant part of the overall market. The country’s growing population, urbanization trends, and favorable policies (such as the Citizenship by Investment Program you mentioned earlier) have contributed to the demand for residential properties.
Key factors that influence the Turkish residential real estate market include:
1. **Urbanization**: Turkey has experienced significant urbanization, with people moving to cities for better job opportunities and improved living standards. This has driven the demand for housing in urban areas.
2. **Tourism**: Turkey is a popular tourist destination, attracting millions of visitors annually. This has led to demand for vacation homes and rental properties, especially in tourist hotspots.
3. **Economic Growth**: Economic growth and increasing middle-class population have contributed to higher disposable incomes, which in turn can boost demand for housing.
4. **Government Policies**: As you mentioned earlier, government policies such as the Citizenship by Investment Program can attract foreign investment into the real estate market.
5. **Interest Rates**: Interest rates and access to credit play a significant role in determining the affordability and demand for residential properties.
6. **Supply and Demand Dynamics**: Like any real estate market, the balance between supply and demand influences property prices and market trends.
For the most current and accurate information about the size and share of the residential real estate market in Turkey, as well as recent trends and developments, I recommend consulting reputable real estate market research reports, Turkish government agencies, and industry associations that track and analyze real estate data regularly.
