Is Real Estate Investment in Turkey a Good Idea?
The answer is undoubtedly YES. Turkey is experiencing rapid population growth, and this trend is expected to continue for the foreseeable future. Every year, 750,000 new houses are needed to meet this growing demand, making real estate investment a smart and lucrative choice.
Turkey’s Population Growth: A Key Driver for Real Estate Demand
As of September 12, 2019, Turkey’s population reached 83,610,524, based on the latest United Nations estimates. This places Turkey as the 18th most populous country in the world, making up about 1.08% of the global population.
Population Density and Urbanization
Turkey’s population density stands at 108 people per square kilometer (281 per square mile), spread across a vast land area of 769,630 square kilometers (297,156 square miles). A significant factor to consider is that 75.2% of the population resides in urban areas. The demand for housing in these urban zones is constantly increasing, creating opportunities for real estate investors.
The Importance of Turkey’s Young Population
Turkey also has a young median age of 30.2 years, which is a vital indicator for real estate growth. A youthful population typically leads to a growing need for housing, especially affordable options for young individuals and families. As Turkey’s population continues to rise, the demand for homes, particularly in major cities, will only increase.
Why Is This Relevant to Investors?
1. High Housing Demand
With 750,000 new homes needed annually, the demand for new housing units in Turkey remains consistently high. Whether you are an investor looking to buy or develop properties, this ongoing need for homes presents a steady market for your investments.
2. Urbanization is Key
Given that over 75% of the population lives in cities, Turkey’s urban areas, including Istanbul, Ankara, and Izmir, are constantly expanding. Investing in these metropolitan areas can yield long-term growth, as there is always demand for both residential and commercial properties.
3. A Growing Market for Younger Families
The large proportion of young people in Turkey means that future housing needs will predominantly come from this demographic. This creates a substantial market for affordable housing, as younger people often seek quality yet reasonably priced living options.
4. Long-term Market Potential
Turkey’s growing population and continuous urban expansion mean that the real estate market will likely continue to thrive. With a steady increase in population and housing demand, investors can expect long-term growth and profitable returns in the property market.
Conclusion: Turkey’s Real Estate Market in 2024
Turkey’s booming population, especially in urban areas, combined with the consistent demand for housing, makes the country’s real estate market an excellent opportunity for investment. Whether you’re interested in residential or commercial properties, the demand for new homes in Turkey will continue to rise, providing investors with abundant opportunities for growth and profit.
