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Turkey Real Estate Market Overview 2022

Tugra Gonden • 02/02/2023

The year 2022 was a year in which the visible effects of the pandemic were lost, but the economic effects continued. Additionally, the inflation caused by the Russia-Ukraine war has been on the agenda of the whole world and Turkey. In this process, many international companies have chosen to terminate or suspend their activities in Russia following the sanctions imposed against Russia. In this sense, Turkey has become a preferred country for many European, Russian and Ukrainian companies due to its advantageous geopolitical position. As a result of increased inflation and ongoing volatility in the exchange rate, prime rents have increased in US$ and ₺. After the pandemic, the demand for Class A offices increased and central business areas (CBD) where accessibility is high also increased, resulting in a significant decrease in vacancy rates. Especially, there was a 39% increase compared to the same period of the previous year in terms of US$ in Levent. Therefore, it can be seen that this situation has created significant upward pressure on prime rents on the US$ terms. As a result of all these, the process of re-pricing and balancing prime rents in Istanbul is continuing.

Reduction The Turkish economy recorded a growth rate of 7% in the first quarter, following a growth rate of 7.7% in the second quarter. In the third quarter, the growth trend continued with a rate of 3.9% compared to the same period of the previous year. However, forecasts for the Turkish economy in 2022; Moody’s Analytics revised its forecast upward from 4.5% to 5.3%, and forecasts a growth rate of 2% in 2023. The IMF, on the other hand, revised the growth forecast for Turkey in 2022 from 4% to 5% and the forecast for 2023 from 2.9% to 2.3%. Fitch Ratings also stated that Turkey will grow by 5.3% in 2022 and that the growth rate is expected to reach 2.9% in 2023.

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