The number of construction projects under construction in Turkey has almost tripled since 2017. Six years ago, 1.4 million construction licenses were issued, and by 2023 their number has decreased to 520 thousand. Such data is provided by the Turkish Statistical Institute (TΓΔ°K).
Turkish construction companies are postponing new projects. This trend started back in the pandemic period. In 2021, the number of licenses issued decreased to 725 thousand and in 2022 to 695.8 thousand.
In 2023, 1.2 million residential properties were sold in Turkey. Three quarters of them were secondary housing. New buildings are becoming unaffordable for local buyers, so developers are reducing the number of new projects. This situation will lead to a shortage of housing and increase the price of secondary real estate.
