by Melih Alsaç
The real estate sector has gone through different phases throughout history as an important area reflecting the economic and social structures of societies. In Turkey, this process has been shaped by important turning points from the Ottoman Empire to the present day. Let's take a closer look at this development.
Ottoman Period: Foundations and Social Solidarity
In the Ottoman Empire, the real estate sector was largely run through foundations. Buildings such as mosques, hospitals, fountains and schools were financed by foundations and became part of social solidarity. Individual ownership was limited and mostly under state control.
Republican Era Land Registry Law and Planned Development
With the proclamation of the Republic, the 1924 Land Registry Law regulating property rights entered into force. Urbanization accelerated and the need for housing in cities increased with industrialization. From the 1950s onwards, large waves of migration from rural to urban areas led to the formation of slum areas.
1980s: Free Market and Housing Investment
With the transition to a free market economy, private sector investments increased and large housing projects were realized. With the establishment of TOKİ in 1984, social housing projects were developed and affordable housing began to be offered to low-income families.
2000s: Urban Transformation and Mega Projects
The 2000s saw one of the biggest transformations in the real estate sector. Thanks to urban transformation projects, old buildings were renovated and cities were modernized. The process of acquiring property became easier for foreign investors. At the same time, mega projects such as the 3rd Airport, Marmaray and Yavuz Sultan Selim Bridge contributed to the appreciation of the real estate market.
Present and Future: Technology and Sustainability
Today, the real estate sector is undergoing a major transformation with the impact of technology. Smart buildings, green certified projects and structures focusing on energy efficiency are becoming increasingly common.
Buying and selling real estate through digital platforms has become easier, and technologies such as artificial intelligence and blockchain have made title deed transactions faster and more secure.
In addition, due to changing living habits after the pandemic, the demand for living spaces away from city centers and in touch with nature has increased, and home-office concept projects have become popular.
Conclusion
The real estate sector in Turkey has continued to evolve and grow since the Ottoman Empire to the present day. Developing technology, increasing population and changing investment dynamics are among the most critical factors shaping the future of the sector.
