How the Turkish real estate sector affects the country’s economy
The real estate sector is one of the main factors affecting the economy of any country,
and Turkey is one of those countries,
Where its real estate sector has witnessed major changes over the past years,
and this has had noticeable effects on the national economy.
So we have below how the Turkish real estate sector affects the country’s economy from multiple aspects:
1. Economic Growth and Investment
The real estate sector constitutes a large part of the Turkish economy, as it plays a major role in economic growth.
And investment in the Turkish real estate sector,
Whether commercial or residential, increases the demand for building materials and related services such as design and construction,
Which in turn creates new job opportunities and contributes to stimulating various sectors,
which contributes to increasing the gross domestic product.
2. The impact of the Turkish real estate market on the financial and banking sector
The impact of the Turkish real estate sector extends to the financial and banking sector,
where real estate financing plays a major role in this regard,
This is by providing banks and banks with loans for those wishing to buy or develop real estate,
which increases the demand for Turkish real estate,
and contributes to enhancing growth in this sector.
3. Employment and labor
The real estate sector is an important source of jobs in Turkey, as job opportunities are available to hundreds of thousands of Turks in fields such as construction, architecture, interior design and property management through construction projects.
Which positively affects the level of income and consumer spending,
This is reflected positively on the general economy.
4. Impact of foreign investment
As Turkey has become a strong and attractive destination for foreign investment in the real estate sector.
This is due to the government’s encouragement of foreign investment in real estate,
Which has contributed to attracting foreign capital and helped in the country’s financial stability.
Also, through foreign investment, it is possible to accelerate major development projects and improve the infrastructure,
which benefits the national economy.
5. Impact on tourism
It must be mentioned that the impact of the Turkish real estate sector is limited to the country’s economy only,
as it also plays a role in tourism,
As the development of tourist facilities such as hotels and tourist apartments increases the attraction of tourists.
In addition, growth in this sector leads to an increase in the number of visitors,
which contributes to enhancing tourism revenues and enhancing more economic opportunities.
We conclude from this that the Turkish real estate sector affects and plays an important and vital role in the national economy by stimulating economic growth, providing job opportunities, in addition to its impact on the financial and tourism sectors.
