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Aside from the increased momentum in logistics, land available for the development of residential projects was at the top of investors’ lists in 2021, as residential sales numbers reached record highs, and these two sectors benefited from a lack of supply and robust growing demand.

Being the most populated country across Europe with 84.7 million population is one of the major factor that benefits retail demand. As well as population growth, shifts in consumer spending also favoured recorded growth in organized retail in Türkiye. Thanks to the shifting population; nearly one third of the consumer profile in Türkiye changes into individuals who are aged below 21 years, prefer spending rather than saving, always chasing for the innovation and ‘new’.

Despite having lower disposable income per household that is mainly occurred by depreciation in Turkish Lira in the recent years, Istanbul is one of the best opportunistic market in terms of forecasted retail sales growth total change and is competing with main mature markets such as London, Paris, Moscow and Madrid

While the recovery in retail spending across Europe is mixed as a result of the impact of the COVID-19 pandemic on local markets and the ability of governments to aim for a swift rebound in economic activity, the projected retail sales growth in Türkiye significantly outpaces some mature European markets such as Italy, the UK, Germany, France and Russia with an annual growth forecast of 2.4% between 2022 and 2024.