Global real estate market reaches record $365.51 Trillion in 2023

Trem Global, a Turkish real estate firm, has reported that the global market for real estate and infrastructure reached an unprecedented high of $365.51 trillion in 2023, according to Precedence Research. Despite global economic uncertainties and geopolitical tensions, particularly in the residential sector, the market has shown resilience and growth.

Deputy General Manager of Sales at Trem Global, Murat Meric, highlighted Türkiye’s growing appeal as a key investment destination, thanks to its dynamic economy and diverse property offerings. Meric emphasized Türkiye’s role as a pivotal market in international real estate, attracting investors from 52 nationalities between 2022 and 2023. He noted a shift in demand towards investors from Western countries in 2024, which is expected to bring diversity and innovation to Türkiye’s real estate sector.

The company anticipates that 2023 will mark a significant shift towards a smarter, more sustainable, and diversified future for the real estate sector. This growth is supported by factors such as tourism and infrastructure investments in the Middle East, along with trends like co-living spaces, digital transaction processes, and sustainable development practices.

Key contributors to the increasing interest from international investors include the development of mega cities in Saudi Arabia, Dubai’s market trends, and Istanbul’s popularity as one of the world’s most visited cities last year.

The statement from Trem Global also touched on the broader dynamics affecting global real estate markets, including the impact of wars, natural disasters, economic opportunities, and quality of life on migration trends. Countries like the US, Germany, Canada, Australia, Türkiye, and the United Arab Emirates are expected to be prime destinations for immigrants in 2024, influencing real estate demand patterns in those nations.

Türkiye’s strategic location, burgeoning tourism sector, and diverse real estate landscape continue to draw international investment interest, positioning it as a key player in the global real estate market in 2024.–News Desk