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Critical Development In The Real Estate Market

Developments in the real estate market in Turkey have been a important subject in the Financial Times at last mounth. The newspaper noted that the price of luxury housing has fallen due to the “depreciation of the lira and the political and economic conditions that have deteriorated,” while paying attention to incentives such as tax advantages and Turkish citizenship for foreign buyers. The Financial Times said that April 16th President Recep Tayyip Erdogan “might be a strong president in Turkey’s history” in the article entitled “Istanbul’s luxury market has damaged in Turkish real estate“. To revive the newspaper, he noted that “supporters see Erdogan as the architect of economic renaissance of the country”.

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Based on the London-based international real estate consultancy firm Knight Frank, the average housing prices in Turkey for the last 7 years until the beginning of 2017 are close to 2.5 kata in the country, And 3 times as much. The subject market gains were assessed as locomotives being middle class, developing and first accessing mortgage lending, and the declining interest rates were also pointed on the residential housing market for Istanbul and some other cities.

Bağdat Street, which Knight Frank described as “the best places in Istanbul” and the fact that the square meter prices in İstiklal Caddesi are approaching 11 thousand dolars, explained that a three bedroom apartment overlooking the Bosphorus in Trump Towers was sold for 1.69 million dolars. “According to Knight Frank, extreme demand has enabled Turkey to become the world’s fastest growing real estate market in 2015. The real estate market has gained 13 percent in 2016, and the average prices in Istanbul have increased by 12 percent. However, it is stated that the city is different from the developments in the luxury housing market, the components are mostly priced in dollars, the Knight Frank main house index is falling since the beginning of 2016, the decrease is 8.4% in the last year and this is also due to the depreciation of the Turkish lira.

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