Evolving Trends in Istanbul’s Real Estate Sector
The momentum of rising housing prices in Istanbul, Turkiye’s bustling metropolis, has notably slowed down in recent months, signaling a shift in the market landscape. According to the latest sahibindex Rental and Sale Housing Market Outlook report, the increase in current prices in Istanbul recorded a modest 1.6% uptick. As of April 2024, the average house price per square meter stood at ₺39,080, marking a significant contrast from the peak of 240.9% surge observed in July 2022. This decline suggests the onset of a market equilibrium phase, ushering in a period of stabilization.
Ankara Witnesses Deceleration in Price Escalation
A parallel trend is evident in the capital city of Ankara. The report indicates a subdued growth rate in current prices, with a 1.4% increase recorded. As of April 2024, the average house price per square meter in Ankara was reported at ₺21,250. The annual price escalation, which peaked at 205.6% in September 2022, has since tapered down to 51.3%, indicating a moderation in the housing market’s upward trajectory towards a more sustainable level.
Stabilization of Housing Prices Emerges in Izmir
Similarly, housing prices in Izmir are experiencing a slowdown in their upward trajectory. According to the sahibindenx report, the increase in current prices in Izmir registered at 2.6%. As of April 2024, the square meter price of the average house in Izmir reached ₺32,632. The annual price hike, which hit a peak of 183.1% in September 2022, has now decreased to 43.6%, signaling a stabilization phase in the Izmir housing market.
Insights from Experts and Future Projections
Industry experts suggest that this deceleration in the housing market may mark the beginning of a sustainable balancing phase. A more controlled increase in housing prices could present significant opportunities for investors and prospective homeowners alike. The interplay between economic fluctuations and the supply-demand dynamics will continue to shape the trajectory of prices in the housing market.
Looking ahead, it is anticipated that housing prices will adopt a more stable trajectory as economic indicators normalize, fostering a healthier market structure. This shift towards predictability and equilibrium will foster a conducive environment for both buyers and sellers, ensuring a more balanced and sustainable real estate market in the foreseeable future.
Source: Emlakdergisi / Prepared by Irem Yildiz