A selection of the most relevant real estate market news in Turkey is in our weekly digest.
Experts advise not to delay the purchase of housing: the average cost of 1 sq. m has exceeded $1,000 in the country. Locals are increasingly buying land plots to build more budget houses instead of buying expensive residences. The cost of land is steadily increasing for this and other reasons as well. This process keeps going, unlike the decline in housing prices in winter, primarily in the secondary market.
The Department of Mass Housing Construction will take care of those who do not have the opportunity to purchase a plot and implement a factory-built house. This applies only to citizens of the country, and, unfortunately, not all, although new TOKI social projects are launched every month throughout the country.
Tourism, which is also suffering from the lingering effects of the pandemic and the economic crisis, is facing problems: three out of every five hotels in Turkey are at risk of confiscation by banks because they cannot cope with debts.
However, the demand for high-quality branded residential complexes is growing, and similar projects are being implemented one after another: for example, a residential complex of 312 apartments in Sultanbeyli or a new complex 200 metres from Konyaalti beach.
The transport infrastructure is also expanding thanks to the efforts of the authorities. There will be another metro line on the Asian side of Istanbul, which will be free to use for 15 days.