ISTANBUL HOUSING MARKET REPORT DECEMBER 2022 NO:23

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Specific to Istanbul, total returns including capital gain and gross rental income in October reached 5,12% monthly and 209,66% annually. In the retrospective 12 years as of October 2022, total returns of housing investments in Istanbul (30,77%) was higher than the financial investment tools. (Source : TUİK&TCMB)

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Housing prices in Istanbul were calculated as 26.637,00 TL/m2 and 1.434 U.S. Dollars/m2 as of October. Housing prices increased by 226% in local currency and increased by 61% in U.S. Dollars compared to the same month of last year. The level of «House Sales Volume» calculated by MintLab considering number of housing sales and average sales prices in Istanbul in October 2022 is 45,2 billion TL.(Source : TUİK&TCMB)

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In Istanbul in November 2022, 1.733 houses were sold to foreigners. Sales in Istanbul were 28% of the total houses sold to foreigners in Turkey. On the other hand, the level of sales in November were higher 75 houses than the last month. It could be said that there was a correlation of +0,72 between the exchange rate and the housing sales to foreigners.(Source : TUİK&TCMB)