Home Economy Global Real Estate Market Reaches $365.51 Trillion Valuation in 2023

Global Real Estate Market Reaches $365.51 Trillion Valuation in 2023

ISTANBUL — The global real estate and infrastructure market achieved a historic milestone, reaching a valuation of USD 365.51 trillion in 2023, as reported by Trem Global, a prominent Turkish real estate firm. This growth comes amid ongoing geopolitical tensions and demonstrates the sector's resilience and strategic importance worldwide.

According to Philippines News Agency, which cites findings from Precedence Research, the surge in the global real estate market is particularly notable within the residential sector, despite the backdrop of international challenges. Murat Meric, the deputy general manager of sales at Trem Global, highlighted Turkey's significant role in this expansive market, noting the country's appeal to a diverse array of investors due to its dynamic economy and varied real estate offerings.

Meric emphasized Turkey's pivotal position in connecting international real estate markets, with its competitive advantages drawing heightened interest. The country has witnessed a broad spectrum of investments from 52 different nationalities between 2022 and 2023, with a notable shift in 2024 as demand increasingly originates from Western nations. This trend is expected to diversify Turkey's real estate market further and contribute to its economic growth and the sector's innovative evolution.

The firm also pointed out that real estate's future seems geared towards smart, sustainable, and diverse developments. Factors such as the emergence of co-living spaces, digitalization of transactions, and emphasis on sustainable practices are increasingly prominent. Additionally, the influence of significant projects in regions like Saudi Arabia, Dubai, and the popularity of cities such as Istanbul, which have attracted a high volume of international attention, underscores the sector's global interconnectivity and appeal.

Trem Global also noted that while adversities like wars and natural disasters have impacted population distributions, the lure of better economic prospects, educational opportunities, and quality of life continues to drive migration to both developed and developing nations. Countries like the USA, Germany, Canada, Australia, Turkey, and the United Arab Emirates are poised to be key destinations for migrants in 2024, influencing real estate demand dynamics.

The firm concluded that Turkey remains a focal point for international investors, with its strategic location, burgeoning tourism, diverse real estate options, and climatic benefits maintaining its attractiveness in the global market.