Foreign demand and high-rise luxury housing projects in two Turkish cities: Ankara and Trabzon

Abstract

In recent years, Turkey has experienced a drastic increase in transnational migration, especially from Middle Eastern countries, and consequently, there has been a significant rise in foreign demand for Turkish property. After the 2000s, new arrangements in the Land Registry Law eased the acquisition of the real estate by foreigners, and the ensuing rise in demand for real estate had a significant effect on the Turkish housing sector. Turkish cities have seen a significant rise in the development of high-rise residential communities in recent years, some of which aim to attract foreign investors. This study investigates the relationship between the emergence of high-rise luxury housing projects and the rising demand for homes by foreigners focusing on two case study cities: Ankara and Trabzon. Both cities face the pressure of high-rise residential development and the foreign demand for real estate but under different circumstances.