We recall the most significant news of the residential real estate market over the past week. Moreover, a detailed transaction report for March and the first quarter of 2024 has recently been published, so there are certain trends.
The key countries, where citizens buy the most residential real estate in Turkey, have not changed for many months: Russia, Iraq, Iran and Ukraine. The cost of 1 sq.m of housing in Turkey exceeded TL 25,000 taking into account the cheapest housing in villages, and the price of expensive apartments exceeded TL 30,000. The payback period for housing in the country has been reduced to 15 years. The largest housing stock for sale is located in the Marmara Sea area. The average price per residential unit exceeded TL 3.2 million.
Other costs are increasing as well, for example, new taxes on real estate are being actively discussed. The authorities were also puzzled by the revision of benefits, including the "balancing" of the housing for employees on preferential terms. After collecting statistics in the urban transformation programme, which covered the whole of Turkey, it turned out that a third of citizens live either in emergency houses or in housing with incorrect documents, while many officials undeservedly occupy high-quality apartments and houses paying a symbolic amount for rent — from TL 1,000 per month.
The retail real estate market is also undergoing changes: rental prices are rising, but merchants who left the central and popular streets of Istanbul and went to the outskirts in search of cheaper rental space for shops and restaurants are returning to the city centre.