In the second half of April, the Turkish media actively discussed the topic of reducing the growth rate of residential real estate. Analysts are voicing the alleged reasons.
Firstly, there is a slight decrease in demand: many of those who planned to buy apartments or houses have already done so. Someone got a chance to take part in a housing purchase program with state support, and is waiting for subsidies; and some of the potential buyers were "knocked down" by inflation, coupled with the consequences of the earthquake.
In addition, deposit rates have recently begun to gradually increase, and the stock market remains one alternative option for investment. Here is what economist Mahfi Eilmez writes: "If in January 2022 housing prices increased by 153%, then in January this year the growth was 59%".
In the last few months, Turkish banks have really started gradually raising interest rates in order not to lose their "deposit" customers. Since the ceiling on interest rates on deposits with currency protection was lifted at the end of March, their growth, as well as the growth of interest on bonds, accelerated; and now keeping money in banks relatively protects savings from inflation.
As for the current preferences of buyers, more and more people prefer buying lots in new buildings, rather than in the secondary real estate, with tenants "in the load".
Moreover, Istanbul is the leader in second-hand housing sales.