In Istanbul prices per square meter of housing began to decline. Experts of the real estate market note that now houses in the center of Istanbul are sold for 1 million liras.
The prices for apartments in Istanbul, which previously averaged from 10 to 12 thousand per square meter, began to decline. The number of some contractors in the market decreased to 25-30%. According to official data published by the Turkish Statistical Institute (TURKSTAT), prices do not rise above the early rates.
According to the same data, in April 2015 the growth rate of house prices was 8.21%, in May – 8.23%, and in April this year – 7.53%. Monthly increase from 0.41 percent to 0.21 percent decreased. Growth in March 2015 from 7.05 percent compared to the same period last year and was 2.36 percent in the latest report for March 2017 compared to the same period last year. The specified growth rate reached its highest level with the indicator of 14.75 percent in November 2013. In January last year, when this index rose by 8.84 percent compared to the same month of the previous year.
While house prices continued to grow throughout Turkey, the price increase in Istanbul began to decline. According to statistics, house prices in Istanbul in April fell by 0.60 percent, and the annual price increase was only 7.28, which is lower than the general increase in prices in the country, which was 9.07 percent.
Chairman of the Istanbul Chamber of Realtors, said that prices actually reached the real level. “There is a supply and demand, but the price does not fit. We need to identify the target buyer and purchasing power and make projects that they like”.