Since more than ten years ago, the Turkish real estate market has continued to rise and grow. Imposing itself as a problematic economic number locally, regionally, and internationally, Turkey has become a centre of attraction for Arab and foreign investors. There are many investment opportunities for all investors interested in working in the trade sector of various types of goods. Why do overseas buyers invest in Turkish property? They are affordable and your money goes further in Turkey than if you invest in most other European countries.
The Turkish construction sector
Recently the country has experienced significant growth and development, with foreign investors making significant real estate purchases in Turkey. One of the characteristics of the Turkish real estate market is a developing and robust market. It is the world’s second most active and most vigorous construction market. Turkey is currently ranking fourth among the top ten real estate investment sites globally due to its components and infrastructure and the extensive government facilities that it provides to its people.
But what about the Turkish real estate market’s long-term viability? What are the company’s prospects and those of investors? Sustainable development is referred to as meeting the needs of current generations and achieving their well-being without jeopardising future generations’ ability to meet their own needs while also considering the challenges of preserving environmental systems and limited renewable natural resources. This definition focuses on two central ideas: the idea of requirements for current generations and future generations’ needs.
The importance of sustainable development
The significance of sustainable development’s definition stems from the fact that economic growth does not always imply an improvement in all people’s welfare. In real terms, the word welfare suggests, as the fruits of growth may afflict some society members. In contrast, others are spared due to an unequal or disproportionate distribution of wealth. This all contributes to societies losing their cohesion and ability to coexist over time, which threatens their political, security, and, as a result, economic stability.
On a different level, development can occur in many areas to the detriment of the environment (air, water, atmosphere, soil, and biological diversity) as a result of pollutant gas emissions from certain industrial activities. Unsustainable soil extraction, and water contamination from lakes, valleys, oceans, and groundwater caused by the phenomenon of global warming.
Similarly, these activities cause severe environmental damage (air and water pollution, climate change, soil poverty, and the extinction of certain species), which present and future generations would have to coexist with and the consequences of these damages. The depletion of nonrenewable natural resources reduces the amount of natural capital that future generations inherit.
Turkish real estate market and sustainable development
The Turkish government and economic authorities have taken several steps to ensure Turkey’s real estate market continues to develop sustainably. Therefore the most notable of these was the announcement in February, 2019, of the fourth quarter report of GYODER for house prices in Turkey, which included a series of information and tips on achieving sustainable development.
Mortgages in Turkey
Implementing a system for mortgage banks to provide suggestions and services for low-income owners helps them own real estate more conveniently. This mechanism is perfect abroad because it relies on a long-term mortgage with low interest. This mechanism facilitated many low-income owners in owning a suitable property, and the same applies to real estate loan options. The need for more transparent data and information in the Istanbul real estate sector, and as a result, all statistics related to the real estate field must be stored. They must be evaluated and permanent reports issued. This issue can be resolved by establishing an autonomous institution that includes public and professional organisations and academic departments.