Experts: Period of peak demand in housing is over

The sharp rise in house prices causes housing investment to lose its attractiveness for foreigners as well. The annual decline in the sale of housing to foreigners, excluding Russians and Ukrainians who left their country due to the war, amounted to 40 percent.

Istanbul Chamber of Realtors President Nizamettin Aşa said that the period of intense demand in housing was over.

According to the housing price index published by the Central Bank (MB), housing prices in Turkey increased by 184.6 percent annually, in August. In Istanbul, prices increased by 210.8 percent.

According to MB data, the square meter price of houses exceeded 836 dollars in the country and 1360 dollars in Istanbul. This situation has put even foreigners who benefit from the value of the Turkish Lira in purchases into difficulty.

According to sector representatives, for these reasons, first-hand housing purchases by foreigners have decreased by about 40 percent in recent months. It was stated that there was an increase in the second-hand housing purchases of foreigners at the same rates.

SOURCE: diken.com.tr/uzmanlar-konutta-yogun-talep-donemi-bitti/