While Turkey’s booming population is growing faster than any other country in Europe, the Central Bank of the Republic of Turkey stated a requirement for 5.5 million extra houses in Turkey by 2016.
The population is set to soar to 83 million by 2023, up from 73.5 million today. The country has an unusually young demographic, with half the population below 29 years old. The working population is an unusually large section of the total population, which has a strong impact on economic growth.
The entry of global actors into the real estate market is increasing the competitiveness of the sector, while massive mergers and acquisitions taking place help its expansion and overall growth rates.