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Turkey Commercial Real Estate Market Report by Type (Rental, Sales), End Use (Offices, Retail, Leisure, and Others), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A23703
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Turkey Commercial Real Estate Market Overview:
The Turkey commercial real estate market is projected to exhibit a growth rate (CAGR) of 7.10% during 2024-2032. Economic stability, rapid urbanization, government policies encouraging foreign investment, infrastructure development, demographic trends, technological advancements, growing tourism sector, and evolving workplace dynamics are factors stimulating the market growth.
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Report Attribute
|
Key Statistics
|
|---|---|
|
Base Year
|
2023 |
|
Forecast Years
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2024-2032
|
|
Historical Years
|
2018-2023
|
| Market Growth Rate (2024-2032) | 7.10% |
Turkey Commercial Real Estate Market Trends:
- Economic Stability and Growth: One of the most important factors that define the situation on the commercial real estate market in Turkey is its high reliance on the continuous economic growth of the country. As per the industry reports, the nationwide real estate prices went up at a breakneck 86.46% y-o-y in October 2023, to a mean of TRY 30,036 (US$998) per sq. m., following the y-o-y increases of 179% in 2022, 64% in 2021, 32.6% in 2020, and 2.9% in 2019. Moreover, a growing economy and rising incomes contribute to increased consumer spending, driving demand for retail properties. As disposable incomes rise, consumers have greater purchasing power, leading to higher demand for goods and services. Additionally, Turkey's economy has experienced significant growth over the past few decades, driven by various sectors including manufacturing, services, and construction. This economic expansion has fueled demand for commercial real estate across different asset classes
- Urbanization Trends: Rapid urbanization is a key driver shaping the commercial real estate landscape in Turkey. Major cities like Istanbul, Ankara, and Izmir are experiencing substantial population growth due to migration from rural areas and natural population increase. This demographic shift fuels demand for various types of commercial properties, including office spaces, retail outlets, and residential complexes. As urban populations continue to swell, developers and investors capitalize on the opportunity by undertaking projects to meet the evolving needs of urban dwellers, contributing to the overall growth and vibrancy of the commercial real estate market.
- Government Policies and Regulations: Governmental decisions and regulation are critical forces that regulate and modify Turkey’s commercial real estate market. The Turkey government influences the level of incentives for investment, strategies for developing, and dynamics in the market. The country has implemented various initiatives that encourage investments by foreign: tax incentives, simplified authorization processes, and economic citizenship programs. According to an industry report, Turkey’s foreign direct investments (FDI) equity capital inflows for 2022 was to $6.48 billion and $7.1 billion for 2021. Türkiye’s investment incentives were to direct green and renewable investments and investments in strategic industries and regions developing strategically for Türkiye. Additionally, zoning regulations, land use policies, and building codes dictate the parameters within which commercial properties can be developed, influencing the supply-demand equilibrium and shaping property values.
Turkey Commercial Real Estate Market News:
- In 2024: Emlak Konut GYO launched the second stage of the Vadi Houses project in Istanbul. This phase features a series of terraced houses designed to provide family-friendly living environments with lush green spaces. Additionally, Emlak Konut began the first stage of the Bizim Mahalle project in Küçükçekmece, Istanbul, which spans a million square meters. This project aims to create a new neighborhood with comprehensive social and cultural amenities.
- In 2023: Akfen Real Estate Investment Trust (Akfen REIT) initiated three new projects in Kadıköy Söğütlüçeşme, Bodrum Yalıkavak, and Kıyıkışlacık. The company will invest a total of $170 million in these three projects, which are scheduled for completion by 2026.
Turkey Commercial Real Estate Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on type, and end use.
Type Insights:
- Rental
- Sales
The report has provided a detailed breakup and analysis of the market based on the type. This includes rental and sales.
End Use Insights:
- Offices
- Retail
- Leisure
- Others
A detailed breakup and analysis of the market based on the end use have also been provided in the report. This includes offices, retail, leisure, and others.
Regional Insights:
- Marmara
- Central Anatolia
- Mediterranean
- Aegean
- Southeastern Anatolia
- Blacksea
- Eastern Anatolia
The report has also provided a comprehensive analysis of all the major regional markets, which include Marmara, Central Anatolia, Mediterranean, Aegean, Southeastern Anatolia, Blacksea, and Eastern Anatolia.
Competitive Landscape:
The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Turkey Commercial Real Estate Market Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | Billion US$ |
| Scope of the Report | Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
|
| Types Covered | Rental, Sales |
| End Uses Covered | Offices, Retail, Leisure, Others |
| Regions Covered | Marmara, Central Anatolia, Mediterranean, Aegean, Southeastern Anatolia, Blacksea, Eastern Anatolia |
| Customization Scope | 10% Free Customization |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
- How has the Turkey commercial real estate market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the Turkey commercial real estate market?
- What is the breakup of the Turkey commercial real estate market on the basis of type?
- What is the breakup of the Turkey commercial real estate market on the basis of end use?
- What are the various stages in the value chain of the Turkey commercial real estate market?
- What are the key driving factors and challenges in the Turkey commercial real estate?
- What is the structure of the Turkey commercial real estate market and who are the key players?
- What is the degree of competition in the Turkey commercial real estate market?
Key Benefits for Stakeholders:
- IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Turkey commercial real estate Market from 2018-2032.
- The research report provides the latest information on the market drivers, challenges, and opportunities in the Turkey commercial real estate market.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Turkey commercial real estate industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.
Need more help?
- Speak to our experienced analysts for insights on the current market scenarios.
- Include additional segments and countries to customize the report as per your requirement.
- Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
- For further assistance, please connect with our analysts.
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