seo
We are pleased to announce the latest Istanbul real estate market update for July 2023. With favorable numbers and promising statistics, now is a great opportunity for real estate agents, buyers and investors to enter the dynamic Turkish housing market.
Unprecedented growth in home sales
In the Turkish real estate market, home sales in July 2023 increased by 16.7% compared to the previous year, with a total of 109,548 homes sold. Istanbul leads with 14.4% of total revenue, followed by Ankara and Izmir with 8.8% and 4.7%.
First home sales are on the rise
First home sales in July were 31,641, up 10.3% from a year earlier. These sales represented 28.9% of total sales. However, first home sales fell slightly by 14.5% between January and July.
The used market remains strong
Second-hand home sales in July were up 19.5% year-over-year, accounting for 71.1% of total sales. However, from January to July, pre-owned sales fell by 19.0%.
Overseas interest continues
Foreign buyers are interested in Turkish real estate. In July, 2,801 homes were sold to them, representing 2.6% of total sales. Antalya is the most popular destination, followed by Istanbul and Mersin. Russian citizens top the list of foreign buyers, followed by Iran, Iraq and Ukraine.
the demographics
Istanbul is a growing city. The population has grown steadily since the 1960s and will continue to do so, with an estimated two million additional people by 2023. As more people move to Istanbul and have children, the average age of its citizens is falling, which means housing demand is increasing.
The gender distribution of Istanbul’s population is heavily skewed towards men. There are 1 million women to 4 million men. This is an imbalance that can be attributed to Turkey’s recent history of rural migration and social norms regarding women living outside the home. Educational opportunities for girls versus boys in the workplace. The national character plays an important role here. Since Turkish identification is traditionally a religious association, the religious association (99%Turkey) and many Turkish decisions instead of Muslims instead of Kurdish or Albanin. For example, how the family will be organized internally, for example, between countries between countries and countries between countries between countries between countries, all personal life, all personal life, all personal life, and external life between the nations It affects how it will be organized within the state between the nations between the nations between the nations between the nations of the country.
economy
The Istanbul economy has a strong, strong, stable, stable, stable, bright future.
According to the Turkish Institute of Statistics (2nd), Turkey’s GDP increased by 5.1%in 2018. This growth was driven by growth in private consumption and investment, as well as exports and imports.
In addition to these strong indicators, Istanbul’s real estate market has recently developed due to a stable economic environment.
International policies and regulations
International policies and regulations have a direct impact on real estate markets. The importance of international policies and regulations cannot be underestimated as they can determine whether an investor will invest in a country’s real estate market. Here are some examples of how international policies affect Istanbul’s real estate landscape.
Governments impose capital controls to limit access to foreign currency, which can affect property prices if buyers cannot obtain financing through banks or other financial institutions. This was one of the reasons why many developers left Turkey during the financial crisis at the end of 2018. These restrictions on internal capital movements made it impossible to raise funds from external sources.
Foreign investment restrictions can keep investors away from certain areas of Istanbul, as they must enter through their home country’s embassy instead of using local institutions such as banks or insurance companies (which can be more difficult for non-English speakers – natives). The future development of the real estate market in Istanbul
The new airport will be a game changer for Istanbul’s real estate market.
It’s scheduled to open in October and it’s going to be huge. It would cost $20 billion and could accommodate 90 million passengers a year. This is good news for real estate developers who want to build hotels near the airport. Because this means that more tourists than ever will pass through Istanbul.
This can also mean business travelers staying in hotels near the airport. This is because you can get to the meeting quickly without having to use public transport from Istanbul or other parts of Turkey (which can sometimes take hours). To succeed in the real estate market, it is necessary to clearly understand the factors that determine the future of real estate.
To succeed in the real estate market, it is necessary to clearly understand the factors that determine the future of real estate. The real estate market in Istanbul is cyclical and is driven by supply and demand, politics, demographics and the economy. International policies and regulations also play an important role.
Life cycle cost of the product
In addition to the price of the product, consumers also consider the total lifetime cost (durability, maintenance, energy consumption) and environmental characteristics. An important question for manufacturers and sellers is what factors are most important to consumers when purchasing a particular type of product.
making life easier
Robotic, multifunctional, smart and wireless products that are easy to use and make life easier outperformed the category average this year. Additional features include smart features including AI that automatically changes device settings to save energy based on the individual user’s lifestyle.
Individualism and personalized experiences
Individualism and ambitious design still buy drivers, but there is no “solution in search of a problem”. Individuals or niche groups save their “table” spending on products designed specifically for them. Examples include digital content creation, gaming, fitness, cooking and photography. it belongs to him.
Environment and sustainability
Globally, 71% of people believe that “global climate change/global warming” is a very or very serious problem. This affects consumer spending in two ways.
Buy fans, air purifiers, air conditioners, etc. as needed to address climate issues. Value-based purchases that support green products and brands.
We estimate that 50% of global consumers will be “green shoppers” by 2030, with a potential spend of over $1 trillion on FMCG and $700 billion on consumer technology and durables.
conclusion
To succeed in the real estate market, it is necessary to clearly understand the factors that determine the future of real estate. This article provides an insight into some of these factors and how they will affect the Istanbul real estate market in the future. With these insights in mind, we can now speculate on what might be in store for investors looking to join this lucrative industry.
