Global real estate market hits $366tr in 2023

ISTANBUL: A Turkish real estate firm said the global real estate and infrastructure market hit a record high of $365.51 trillion in 2023. The real estate sector, which has defied global economic fluctuations, continues to maintain its strength this year, according to Trem Global statement, based on Precedence Research results.

The increase in the market was achieved in an environment full of geopolitical tensions in the residential segment.

Murat Meric, deputy general manager of sales at Trem Global, said Türkiye is an attractive destination for foreign and domestic investors with its dynamic economy and rich real estate options.

"Türkiye is a bridge in international real estate markets and its competitive advantages are increasing," he added.

Meric stated that between 2022 and 2023, investors from 52 nationalities pioneered their investments in Türkiye, and "in 2024, the demand started to come mainly from western countries and this situation will provide diversity in Türkiye''s real estate markets and will pave the way for both Türkiye''s economy and innovative approaches in the real estate sector.

"The firm expected that 2023 will see significant transformation for the real estate sector toward a smart, sustainable and diverse future.

While tourism and infrastructure investments in the Middle East support the growth of the real estate market, trends such as the rise of co-living spaces, increasing digitalization in real estate transactions and sustainable development come to the fore, according to the statement.

The company said factors such as Saudi Arabia''s mega cities, Dubai''s rising trend and Istanbul''s topping the list of the world''s most visited cities last year are increasing the daily interest of international investors in those countries.

International investment trends continue to play an important role in real estate markets, it noted.

While factors such as wars and natural disasters cause population loss, issues such as economic opportunities, education and quality of life increase the demand for migration to developed and developing countries, it said.

The US, Germany, Canada, Australia, Australia, Türkiye and the United Arab Emirates are among the countries expected to receive the most immigration in 2024, it asserted.

It stressed that while this trend increases the demand for real estate in immigrant countries, it leads to a decrease in demand in immigrant countries.