Home Furnishings in Turkey - New Study Released

Sales of home furnishings in Turkey are directly related to residential property sales, particularly sales of newly built homes. In recent years, new residential real estate development projects have flourished in Turkey, especially in suburban areas of the country’s major cities as the boom in new home building which began during the second half of the 2000s gained pace in 2010 as the end economic recession came to a close. This led to residential real estate sales reaching record highs in Turkey during 2013, with 1.14 million homes sold, including new home sales. While some of these homes were acquired as investment purposes and while a significant portion of them are not yet inhabited due to the surplus of housing in Turkey, growth in home sales continues to drive sales of home furnishings. When the typical Turkish household moves into a new home, they tend to replace all of the furniture in the public areas of the home, which means new includes sitting furniture, dining furniture, living room furniture and kitchen furniture. As the homes constructed within the majority of new housing projects tend to be supplied to their new owners with kitchen furniture already installed, new home sales tend not to boost sales of kitchen furniture to the extent that they drive living room furniture and sitting furniture.

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Competitive Landscape

MAPA Mobilya Aksesuar AS was among the top three players in terms of value sales in home furnishings with 3% share in 2013. The company owes its strong position in the category to its wide variety of products across nearly all home furnishings categories. Through aggressive advertising, the company has been able to bolster awareness of its IKEA retail brand among Turkish consumers.

Industry Prospects

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