The cost of residential real estate in Istanbul has increased by 241% percent over the past year alone, and rental rates – by 145%.
Recall that prices for residential real estate, which are already constantly increasing, have been showing a truly explosive growth in Turkey over the past 2-3 years due to the rise in the cost of construction, currency fluctuations and the coronavirus pandemic that complicated the economic situation.
In Istanbul, which remains the leader of sales in all cities, this trend is especially noticeable.
Gerkem Ogyut, founding partner of the analytical portal Endeksa, explained: this is due to the fact that the metropolis ranks first in terms of housing sales both in the domestic market and to foreigners. So, it affects the formation of the housing market in the whole country, and not just within its borders. Stressing that Istanbul is the most important locality in the Turkish real estate market, the most important city in the real estate market, Mr. Ogyut clarified: «Any phenomena in its housing market affect the state of the market of the whole state».
Recall that it is in the largest Turkish metropolis that a number of landmark housing projects are being built for the developer market. One of them is a complex near Topkapi. Hundreds of residences and villas will soon appear next to the Istanbul Canal being laid. And Istanbul has recently been recognized as the most convenient city to live in Turkey.