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Real estate in Turkey: the main news of the past week (April 8-14)

Real estate in Turkey: the main news of the past week (April 8-14)

19 April 2023

The provinces that were leading in terms of transactions in March became known. 

In total, during March, 277,496 real estate objects in 81 provinces were purchased and sold in Turkey, totaling 5.2 billion Turkish liras (5,221,277,948 TL). 

Let’s clarify that we are talking about real estate of various types – residential, commercial, land plots, etc. In particular, 100,867 housing units, 93,187 lots of the “fields” category, 51,646 land plots and 10,542 commercial plots were sold; the rest of the transactions fell into other categories, that is, “other real estate”. 

The TOP 10 provinces with the largest volume of transactions have also been announced. Istanbul took the first place as expected: 32,149 lots sold. Ankara and Izmir came second with 20,876 and 15,018 lots respectively.

Istanbul and its susceptibility to earthquakes also remained in the focus of attention: given the overpopulation of the metropolis, it is urgent to get rid of very old and dilapidated buildings. But it will take from 10 to 20 years – provided timely financing. 

Although the Department of Mass Housing Construction is now doing its best: a lot of projects are starting all over the country, and especially in Istanbul – some for hundreds of residences. And in total, TOKI announced the imminent launch of ten new projects in this metropolis at once, for a total of five and a half thousand lots. Tenders for all ten projects will be held in May 2023. Modern residential complexes will appear in Gaziosmanpaşa, Maltepe, Arnavutkey, Tuzla and Çatalca districts.

Last week there was especially a lot of news concerning industrial facilities and transport infrastructure – among those that can greatly affect the residential real estate market in terms of redistribution of demand, as well as pricing in certain areas. Thus, the date of commissioning of the first power unit of the future Akkuyu Nuclear Power Plant has been set. 

  1. The largest “resort” airport, Antalya, is expanding and improving: one of the leading European banks announced that it will invest 140 million euros in its development. 
  2. News about the former Istanbul Atatürk Airport. The huge territory related to it was reconstructed for a long time; and, finally, it became known when the largest national park in Turkey would open here. 

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    ARAVANA Capital management
    19 April 2023
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