ISTANBUL HOUSING MARKET REPORT AUGUST 2022 NO:19

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Specific to Istanbul, total returns including capital gain and gross rental income in June reached 10,10% monthly and 189,68% annually. In the retrospective 12 years as of June 2022, total returns of housing investments in Istanbul (25,52%) was higher than returns of financial investment tools rather than gold (26,49%).(Source : TUİK&TCMB)

LINK TO DOWNLOAD THE REPORT MINTLAB_AUGUST 2022_NO 19

When Residential Property Price Index published by Central Bank of the Republic of Turkey for June is analyzed, it could be seen that all across Istanbul there was a nominal increase in housing prices by 9,79% monthly; 72,76% half-yearly; 184,87% annually, and 76,90% 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 July is +8,64%.(Source : TUİK&TCMB)

LINK TO DOWNLOAD THE REPORT MINTLAB_AUGUST 2022_NO 19

Housing prices in Istanbul were calculated as 21.328,60 TL/m2 and 1.279 U.S. Dollars/m2 as of June. Housing prices increased by 213% in local currency and increased by 62% in U.S. Dollars compared to the same month of last year.(Source : TUİK&TCMB)

LINK TO DOWNLOAD THE REPORT MINTLAB_AUGUST 2022_NO 19

While 76,476 houses were sold in Istanbul in the second quarter of 2022, the number of new construction permits received in the same period remained only at 22,398. Despite the decreasing number of new permits, especially in the period after 2017, the continued demand for housing purchases supports the upward movement in prices. On the other hand, in the second quarter, the volume of mortgage loans in Istanbul reached 106.1 billion TL. The Mortgage loan volume increased by 13.9% compared to the previous quarter and increased by 31.2% compared to the same period of the previous year.(Source : TUİK&TCMB&BDDK)