Turkey: Panic home buying increases in Istanbul, report says

Panic buying and selling of houses in Turkey’s largest populated city, Istanbul, creates sharp increase in house prices in the second-hand market, Anadolu News Agency reports.

According to the report, Turkish Statistical Institute’s report shows that the increase has been lingering at around 60 per cent.

“Most of the people offer their homes on the market in order to buy another one. As the price of the house they want to purchase rises, they, in return, are asking even higher prices for the properties they are selling,” said Gokhan Tas, the Chair of Coldwell Banker Turkey by analysing the TUIK’s report for the Agency.

Tas also added that people are turning to real estate in the face of the high inflation to protect their savings, which creates additional demand for homes.

The highest figure in rental fees for residences was seen in Sarıyer, and the lowest in Sultanbeyli.

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