Construction costs rise 106.6% in Turkey

The Turkish Ministry of Treasury and Finance has announced its readiness to introduce a new law requiring rental contracts to be signed electronically through the e-Government portal, "e-Devlet." This initiative aims to simplify and expedite the rental process between property owners and tenants, with implementation expected in the near future. Licensed real estate agents will also be able to use this system by the end of the year.

The electronic lease contract system will be introduced in two phases: in the first phase, property owners and tenants will be able to complete rental agreements directly through the "e-Devlet" portal, where the owner creates the contract, and the tenant approves it electronically. The second phase will enable licensed real estate agents to prepare contracts and send them to both the owner and tenant for approval through the portal.

Minister of Treasury and Finance, Mehmet Şimşek, stated that these reforms represent "fundamental changes aimed at reducing bureaucracy, saving citizens time and effort, and facilitating access to property valuation information across Turkey."

The UAE’s real estate sector experienced significant growth in the first half of 2024, driven by the country’s economic stability and a surge in new projects catering to the rising demand.

As reported by the Emirates News Agency (WAM), leading real estate companies have launched numerous large-scale projects since the beginning of the year, offering a wide range of investment opportunities.

Dubai has been at the forefront of this growth, with over 12 new projects from major players like Emaar, Deyaar, and Dubai Investments. These include notable expansions, such as the extension of The Dubai Mall.

The Emirate successfully completed approximately 6,600 new residential units, raising the total number of units to 736,000, with an additional 20,000 units anticipated in the second half of 2024.

According to the Dubai Land Department, the sector attracted around 50,000 new investors, resulting in real estate transactions worth AED346 billion (approximately $94.2 billion), marking a 23% year-on-year increase across 100,520 transactions.

With the new shifts in Turkey's economic policy, American investor and economic expert Jim Rogers indicated that Turkey has become an attractive point for foreign investments. These investments are not limited to commercial and industrial sectors but also extend to the real estate market, where improved investment climate enhances the attractiveness of real estate assets in the country.