The real estate sector has accounted for approximately 8.4% of GDP in the last decade. On the investment side, total FDI inflows were recorded as USD 10.8 billion in 2017, while the share of real estate and construction sectors in this amount was USD 4.6 billion (42.9%).
The Urban Renewal and Transformation initiative will cover 7.5 million residences. The private sector contributes greatly to this initiative with a budget of US $ 400 billion.
According to Knight Frank Global House Price Index, On the annual price index increase, Turkey was ranked # 6 out of 56 locations in the 3rd quarter of 2017. After Turkey, Australia recorded an annual price increase of 11.1% and after these two Latvia and India has become one of the world’s best performing of the housing market.
With the abolition of the reciprocity law in 2012, real estate sales to foreigners started to increase. In 2017 there was an increase in sales in houses in Turkey compared to the previous year, an increase of 22.2% and 22 234 housing units were sold to foreigners.
In terms of housing sales to foreigners, Istanbul ranked first with 8,182 sales in 2017. Following Istanbul; Antalya recorded 4.707 units of sales and Bursa registered 1,474 units of sales.
As of year-end 2017, Class A office stock in Istanbul exceeded 5.3 million square meters in 249 office buildings.
The average annual increase in gross leasable area in the office market between 2010 and 2017 was approximately 12%.
Over 1.2 million square meters of office supply is under construction and by the end of 2020, the total grade A office supply is expected to reach a gross leasable area of 7.1 million square meters.
The total number of shopping centers in Turkey that are active is 401 units and a total gross leasable area in these shopping centers is 12.2 million square meters.
4.2 million square meters of gross leasable area of 114 shopping center in Istanbul, covers 34% of the total leasable area of the shopping center in Turkey.
Istanbul is the 6th most attractive market in Europe, following London, Paris, Moscow, Milan, and Madrid, according to the JLL 2016 Cross-Border Retail Attraction Index.
According to the Ministry of Culture and Tourism data by the end of 2016, there are 3,641 rated hotels in Turkey and the number of rooms in these hotels is 426.981
42.7% of the hotels established are 5-star hotels whereas the share of 4-star hotels in this stock is 24.8% and the share of 3-star hotels is 12.6%.