Demand for Turkish property exceeds supply: construction sites are not enough

According to Hurriyet Daily News, offers from developers do not keep up with the tripled demand. Despite the rise in real estate prices in Turkey, apartments and houses find their owners in a short time. It is estimated that at least 800,000 new buildings are needed to meet consumer demand, while only 262,000 construction permits were issued in the first half of 2022. A total of 721,000 such permits were signed in 2021 The slowdown in the pace of development is due to the rise in price of building materials and land plots for construction. The value of the latter has grown by over 80% over the past year.