While interest in the real estate market has been on the rise, it has been revealed that Istanbul has not been able to perform successfully against foreign exchange in recent years. On the housing front, the investors were pleased with the yields they provided while the land prices were below the yields. According to the data of Turkish Data Processing Center (TÜVİMER), foreign exchange increased by 68 percent between 2014 and 2017, while the average price of housing increased by 39 percent in Istanbul.
The highest increase in the reserve was observed in Avcılar with 90 percent, which is 22 points more than the corresponding amount. After the 1999 earthquake, the housing supply to the Avcılar region within the scope of urban transformation also increased the land prices in the region.
On the other hand, it is observed that especially the branded housing producers tend towards the provinces of Tuzla, Pendik and Sancaktepe in the vicinity of Anatolia and also evaluate the development in this region. In these regions, prices increased over 80 percent in 3 years.
Bosphorus houses worth 500 billion liras
According to TÜVİMER’s report, the total land market value of the Bosphorus real estate supply share of 114 million 453 thousand , excluding monuments and invaluable land, was estimated to be about 670 billion TL. In TÜVİMER’s report, the average market value of the structures against the share of the real estate supply was determined as about 500 billion liras.