Please see below the most relevant news on the Turkish real estate and construction market over the past seven days.
The two key themes of the week were definitely “rent” (just like in previous weeks, actually) and “real estate sales to foreigners”.
Home rental rates in Antalya Province, the most in-demand one in Turkey since the start of the military conflict between Russia and Ukraine, have grown by 329% over the year and could soar even higher by the end of the season.
Istanbul, however, is only slightly behind: the average monthly rent in the megalopolis’ most sought-after districts exceeded 19,000 Turkish Liras. Workers who receive minimum wages of TL 5,000+ can no longer find any housing they can afford in Turkey’s largest city.
So people who can afford to purchase an apartment or a house instead of renting it are doing so. These are primarily rich foreigners who accounted for every fourth real estate transaction in the expensive Bodrum resort this season. Antalya Province turned out to be most popular among Russian and Iranian nationals.
The Turkish Government is trying to take all possible measures: besides containing the inflation and the growing rental rates, it is launching adaptation courses for future holders of initial residence permits from other countries.
As for the highest-profile properties mentioned last week, the construction of the Finance Center in Istanbul is quickly progressing and will soon finish. At 352 meters, this will be the tallest building in Europe.