Signs of stagnation in the Istanbul housing market

According to the report of Bahçeşehir University Economic and Social Research Center (BETAM), the annual housing price increase rate in Istanbul decreased by 2.1 percentage points in August compared to the previous month.

BETAM shared the September report named “the Housing Market Outlook for Sale”, based on data by sahibinden.com (advertising portal)

According to the report, compared to August of last year, the average price for square meter of homes for sale in Turkey increased by 198.7 percent and became 13 thousand 91 TL.

The current prices of square meters advertised for sale increased by 238.8 percent in Istanbul, 203.3 percent in Ankara and 180.4 percent in Izmir, in the same period. The average residential square meter prices for sale were 19 thousand 802 TL in Istanbul, 8 thousand 848 TL in Ankara and 14 thousand 583 TL in Izmir.

Although housing prices have increased throughout the country and in three major provinces, the annual growth rate of housing prices in Istanbul has decelerated after a long while.

Accordingly, the annual price growth rate in Istanbul decreased by 2.1 percent compared to last month. The report said: “It is noteworthy that this decrease is the highest decrease in the period we examined in our reports (after September 2017).”