Real estate in Turkey: what awaits the industry in 2022
We live in a difficult and not entirely clear time, but even such times are favorable for profitable investments for many investors. Especially for those who prefer to invest in a more stable haven - namely real estate.
The construction industry in Turkey creates added value and feeds another 250 sub-sectors. Even the increase in prices for building materials did not reduce the demand for real estate, and the global trend in housing stock around the world, as well as immigration and the opening of universities stimulated the demand for real estate in Turkey.
So, what awaits us in 2022:
- The volume of sales in the secondary market will increase due to the increase in prices for prime cost and land plots and a decrease in the flow of real estate due to the passive two years of the pandemic in terms of obtaining a construction permit and implementing new projects
- The increase in the cost of construction and difficulties in finding land will push developers to those areas where there is a cheaper and suitable land fund. In Alanya, for example, many large developers have already started implementing projects in the new Demirtas district
- Prices will only rise. To the objective reasons listed above, we can also add quite global changes in preferences, as well as the mandatory and compulsory introduction of new building standards
My forecast is quite positive, and the indicators of completed transactions and the daily growing demand for real estate among foreigners with an ever-expanding geographical map fully confirm everything written above.
The only and rather negative point that worries me personally more and more: the Tapu registration procedure is becoming more complicated and the terms of registration have not been our usual 7 working days for a long time.
And the latest innovation in the legislative framework has strained not only us, but also the state structures and banks themselves.
Nevertheless, Turkey and Turkish real estate, due to low taxation, transparency of laws and registration procedures, as well as compliance with all the rights of foreign investors while still undervalued, remains a trend and just a comfortable place to live.