By Justin Mays
A recent report by McKinsey and Company, a management consulting firm, highlighted that about two-thirds (68%) of the world's global net worth is stored in real estate. The remaining percentage is spread across infrastructure, machinery, and intangibles such as intellectual property and patents.
A study on the balance sheets of ten countries that depict more than 60 percent of global income was done on Japan, Australia, Canada, China, Germany, France, Sweden, Mexico, the United Kingdom, and the United States.
Gross Domestic Product
The report indicated that the market value of the global balance sheet had tripled in the first two decades of this century. "Each of its three components — real assets and net worth; financial assets and liabilities held by households, governments, and nonfinancial corporations; and financial assets and liabilities held by financial corporations — grew from about $150 trillion in 2000, or about four times GDP, to about $500 trillion, or about six times GDP in 2020", stated the report. The global net worth increased to $514 trillion in 2020 from $156 trillion in 2000. China accounted for almost one-third of this increase. The wealth of this country propelled from $7 trillion in 2000 to $120 trillion.
That being said, "Turkey's real estate year-on-year has increased by 15% in October. The total number of houses sold in Turkey in the same month is 137,401 compared to 119, 574 units that were sold the previous year," according to the Turkish Statistical Institute (TurkStat).
Of the houses bought in October, 12%, which translates to 5.893 units, were bought by foreigners. This shows the footprint foreigners are making on Turkey's real estate. Istanbul sold more units, - 2.464, followed by Antalya, the Mediterranean hotel resort, which sold 385 units. In October, three hundred fifty-nine houses were sold in the capital city of Turkey, Ankara.
Nationals Who Bought Property in Turkey
Iranians bought most of Turkey's residential property, which equaled 1.265 units, followed by Iraqis, who bought 926 units. Russians, Germans, and Kazakhs bought 543, 256, and 191 units, respectively. The first ten months of this year have found sales to foreigners amounting to 43,372 units which is a 38% increase from the previous year. The statistics above indicate that many people invest their money in real estate worldwide. This will continue to encourage others to look for avenues for investment.