Housing prices in Istanbul are about to exceed the cost of housing in Miami, writes the portal Emlak365. According to the latest Housing Price Index published by the Central Bank, the value of residential real estate in Turkey has increased by 226% in the last 12 months alone. At the same time, the average price per square meter of housing for sale in the country's largest metropolis, Istanbul, rose from 8,169 Turkish lira (TL) to 26,637 TL. That is, more than three times.
Assessing this dynamic, the Chairman of the Board of Mars Gayrimenkul Hakan Budzhak clarified: «Even in Kurtkey, the cheapest area of Istanbul, the cost of a «square» of housing is $2,000, that is 36,000 TL. And as we approach the city center, it is already $3,000, $4,000 (54,000 and 72,000 TL, respectively) and higher. Well, in areas like Umranie, prices are inflated by dreams of being able to sell housing to foreigners at a high price: demand is high, supply is limited».
So, Istanbul prices are now fully competing with the most popular resort locations around the world, including in Miami.
Even experts in the local real estate sector consider housing prices in Turkey to be excessively inflated; but there is a version that the balance of supply and demand will soon return to the market. Anyway, Turkey remains in the top of requests from citizens of many countries in terms of investment in housing, including Russians.