In a significant move that highlights Turkey’s improving economic stability, Fitch Ratings has upgraded the country’s credit rating from B+ to BB-, with a stable outlook. This marks the second upgrade by Fitch in 2024, underscoring the positive strides Turkey is making in strengthening its external buffers and restoring confidence in its monetary policies. This […]
The report delves into the intricacies of the Turkey property market during the first quarter of 2024. Through meticulous analysis of key statistics and trends by Realty Homist experts, we aim to provide valuable insights for investors, developers, and stakeholders operating within this dynamic sector.
While third-quarter transactions in 2023 show a 1% increase, we are still witnessing a 14.9% decrease in the first nine months of the year compared to a similar period in 2022, according to statistics. The recent increase in bank interest rates has had a direct impact on housing transactions with bank facilities. In fact, September saw the lowest real estate transactions since 2021, and this trend is expected to continue through the end of 2023.
Source: TUIK In line with economic challenges in Turkey, real estate market continued decline in transaction volume. New baking strategies regarding the increase of interest rates has significantly effected the market. International investors in Turkey account for only 3% of transactions. #homistgroup#realtyhomist#buyhomeinturkey#investinTurkey#residenceinTurkey#homist#istanbul#luxuryhomes#ramsbeyond#emaar#ritzcarlton#bomonti#citizenship#russia#usa#uk#togetherwebuildwealth
In a closely watched electoral showdown, President Recep Tayyip Erdogan has emerged victorious in Turkey’s presidential election, extending his rule into a third decade. Defeating opposition leader Kemal Kilicdaroglu in a tense runoff vote held on Sunday, President Erdogan’s re-election cements his position as the country’s paramount political figure. With nearly all votes counted, preliminary official results announced by Turkey’s Supreme Election Council (YSK) confirm Erdogan’s win with 52.14% of the votes, while Kilicdaroglu received 47.86%.
The 7.8-magnitude quake that struck southeastern Turkey – Kahramanmaras, Gaziantep and Adana – left more than 80,000 buildings partially or fully damaged with more than 35,000 fatalities. That catastrophic earthquake will likely become Turkey’s deadliest — a 1939 quake killed 32,962 people.
Generally that natural disaster will have an impact on the Turkey’s real estate market specially in the affected areas, as well as on the overall economy of the country. In the immediate aftermath of a significant earthquake, we expect demand for real estate in the affected area may decline as people move away from the area or are hesitant to invest in property there. This can lead to a decrease in property values and a slowdown in the local real estate market. In cities like Istanbul, the demand may decrease also but due to significant demand in the area that won’t last longer.
It’s also worth noting that the impact of earthquakes on the real estate market in Turkey can be reflected on factors such as the overall economic conditions in the country and the level of investment in the affected areas.
Late December, officials of Turkish government announced new major changes will take place from 1 January 2023 regarding Turkish citizenship law. Homist team has summarized the main implications of new regulation as below: 1, Pre-sales Agreement for immovable property has to be signed as a single contract for one immovable property 2, Immovable property value […]
For the last two decades construction and real estate sector was one the key driving industries empowering the economy of Turkey. Due to increasing local and international demanding in housing market, project developing companies extended in faster pace. Homist has provided list of top developers in Turkey in 2022 based local data and analytics. Note […]
Homist offers deep analysis of real estate market in Turkey for Q3-2022 The third quarter was very similar to Q2 for foreign investor having Russian buyers on top of the list again. Turkey’s Economy in Q3 – 2022 GDP reached 4 trillion 258 billion 168 million TRY at current prices in the third quarter of […]
Istanbul International Finance Center (IFC) – Next Frontier In The Economy of Turkey. one of the largest developments in Istanbul with 300,000 Sqm. offering unique opportunities for international financial institutions. Homist team is ready for any inquiries for investment in the region.