Even if the interest in domestic real estate market is low, the sector is to recover in the next 1, 1.5 years period. Urban transformation and demand for housing in Turkey would never end because of population growth and basic needs.
Today, there are about 6 million risky structures involved in the process of urban transformation. We need around 650 thousand housing per year. Although the sector is still on the boil, we need to focus on the future demands.
Considering the first 6 years of urban transformation, we should start the “Second Urban Transformation Period” by issuing regulations about zoning, project planning, lack of neighborhood, financing structure and restriction of building-oriented transformations.
I am very optimistic that we will turn the urban transformation process into an opportunity to plan our cities in a good way.
We need to work on smart and sustainable cities to pursue a life without keeping the real estate sector on the agenda within 20 years.
With the help of new regulations, we will strengthen the Ministry of Environment and Urbanization, which takes important steps to overcome the current issues to strengthen the real estate sector with the support of all relevant ministries.
I believe Turkey’s economy will grow in the mid-long term into a much stronger position than ever before, as previously proved the resistance against many negative factors. It will continue to grow and develop in 2019 and beyond.
As GYODER, we keep representing Turkey by taking part in international trade fairs and meetings. As a sector representative, we will be more proactive in 2019.