ISTANBUL HOUSING MARKET REPORT FEBRUARY 2023 NO:25

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Specific to Istanbul, total returns including capital gain and gross rental income in December reached 5,13% monthly and 179,38% annually. In the retrospective 12 years as of December 2022, total returns of housing investments in Istanbul (32,92%) was higher than the financial investment tools. (Source : TUİK&TCMB)

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While 222.980 houses were sold in Istanbul in the year 2022, the number of new construction permits received in the same period remained only at 113.631. 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, at the end of the year 2022, the volume of mortgage loans in Istanbul reached 108.5 billion TL. The mortgage loan volume increased by 22,1% compared to the same period of the previous year.(Source : TUİK&TCMB)

LINK TO DOWNLOAD THE REPORT MINTLAB_FEBRUARY 2023 NO 25

In Istanbul in January 2023, 1.380 houses were sold to foreigners. Sales in Istanbul were 33% of the total houses sold to foreigners in Turkey. On the other hand, the level of sales in January were lower 588 houses than the last month. It could be said that there was a correlation of +0,69 between the exchange rate and the housing sales to foreigners.(Source : TUİK&TCMB)