Spring is approaching its midpoint, and we are talking about the current trends in the real estate sector for the first quarter of the year.
Winter market stagnation and recent elections have slowed down sales. The implementation time has also increased averaging 68 days nationwide and 74 days in Istanbul. The volume of mortgage transactions decreased in 76 provinces out of 81 and increased in only five provinces. Rental rates continue to rise rapidly following inflation. If the moratorium on housing continues to apply "a maximum of +25% to the price of last year" with the extension of annual contracts, they have increased by 56% in 12 months in other segments — offices, warehouses, etc.
However, housing in Turkey has been getting cheaper in dollar terms for several months. So, overseas investors should take advantage of the moment if they have an idea of what they would like to buy: it is not a fact that the dollar price will continue to decline. Additionally, the government has promised to make it much easier for foreigners to open bank accounts: the authorities announced this step to return visitors to Turkey — many of those who spent much money and lived in Turkey for months, had to leave the country because of residence permit restrictions.
Let's mention interesting projects in the media — a complex of villas with elevators in Istanbul and new details about a residential complex from Turkish Airlines in the same city.