The Turkish real estate market is tiny. The country has twice as much land as Japan, but its commercial property, according to one estimate, is worth just 3.1% of that of the world’s second-largest economy.
Turkey has the 11th largest economy in Europe, but its real estate sector, by that same estimate ranks as 18th.
But from a low absolute number, startling potential can arise – for example the rental market in Turkey has recently generated such rapid rent rises (20% in 2004 alone) that in September, a local newspaper reported that the Cabinet was considering enforcing rent controls to ensure that further rises did not increase inflationary pressures.
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