ISTANBUL HOUSING MARKET REPORT JANUARY 2023 NO:24

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Specific to Istanbul, total returns including capital gain and gross rental income in November reached 4,33% monthly and 191,44% annually. In the retrospective 12 years as of November 2022, total returns of housing investments in Istanbul (31,89%) 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 November is analyzed, it could be seen that all across Istanbul there was a nominal increase in housing prices by 3,91% monthly; 32,69% half-yearly; 186,31% annually, and 82,55% 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 December is +3,86%. (Source : TUİK&TCMB)

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Based on «Construction Cost Index» data prepared by Turkish Statistical Institute, construction costs increased by 1,17% monthly, and increased by 103,45% annually in November 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.