A selection of the most relevant news of the country's real estate market is in our weekly digest.
In the midst of the economic crisis, complicated by the consequences of the pandemic, Turkey has become the world leader in terms of house price growth.
By the way, over 20 years, Turkish builders have implemented projects abroad for almost $500 billion, in more than 130 countries.
The increase in rental rates continues to go through the roof: for example, in Istanbul, only in the first seven months of 2022, tariffs rose by 200%. The local chamber of realtors believes that this cannot continue: the rental «bubble» will «burst» pretty soon, and the owners will have to significantly reduce prices - up to 40%.
At the same time, programs are being intensified to provide social housing to those in need - not for free, of course, but on quite favorable terms. So, TOKI announced the sale of apartments this time in Konya province.
Two large financial organizations at once - banks - offer residences with a starting fee of only 8,000 Turkish liras. Well, the president of the country, Recep Tayyip Erdogan, summing up the interim results of the social project that covered the whole country, focused on the new opportunity for newlyweds to purchase their own housing. However, we are talking only about those who are getting married for the first time.
From the legal points, it was decided to simplify the procedure for changing the address when moving. Now it has been moved online.