ISTANBUL HOUSING MARKET REPORT OCTOBER 2022 NO:21

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Specific to Istanbul, total returns including capital gain and gross rental income in August reached 8,31% monthly and 215,70% annually. In the retrospective 12 years as of August 2022, total returns of housing investments in Istanbul (28,16%) was higher than the financial investment tools. (Source : TUİK&TCMB)

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When Residential Property Price Index published by Central Bank of the Republic of Turkey for August is analyzed, it could be seen that all across Istanbul there was a nominal increase in housing prices by 7,97% monthly; 59,83% half-yearly; 210,76% annually, and 80,28% 5 yearly. It could be said that in the long run real return in Istanbul reflected positively. On the other hand, our Istanbul residential property price index expectation change for September is +5,80%. (Source : TUİK&TCMB)

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Housing prices in Istanbul were calculated as 24.533,80 TL/m2 and 1.362 U.S. Dollars/m2 as of August. Housing prices increased by 238% in local currency and increased by 59% in U.S. Dollars compared to the same month of last year.(Source : TUİK&TCMB)

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Based on «Construction Cost Index» data prepared by Turkish Statistical Institute, construction costs increased by 1,99% monthly, and increased by 117,01% annually in August 2022. The fact that correlation between construction cost index and exchange rate of dollar is at +0,99 level, demonstrates that variability in exchange rate has absolute effect on construction input costs.(Source : TUİK&TCMB)