The Turkish Statistical Institute (TÜİK) released housing sales statistics for August. Nationwide, the number of home sales rose by 6.8% year-on-year in August to 143,319. In İzmir, home sales in the first eight months increased by 30% year-on-year to 57,374. Representatives of İzmir’s construction sector emphasized that İzmir continues to attract demand from across Türkiye, highlighting the importance of interest rate cuts and the production of new land. They also underlined that real estate remains the safest investment vehicle in the country, noting the significant impact of investors who acted before new price hikes.
Ayhan Sulak, President of the Contractors’ Federation (MÜFED):
HOUSING PRODUCTION AND SALES ARE RISING
Demand for real estate in İzmir continues. Following the earthquakes, the quest for earthquake-resistant and reliable housing, along with rising rents, has accelerated home purchases. Investors anticipating higher housing costs also boosted sales in the first eight months. To sustain this momentum, the land issue— the main driver of price increases— must be resolved. High land prices and elevated revenue-sharing ratios are constraining supply. New residential zones should be created to address this. We must prioritize urban transformation against earthquakes—this is our most urgent national issue—and take swift action. Mortgage rates should be reduced to ensure access to safe, new, earthquake-resistant homes. The coming period will be a preparation phase for our colleagues. I expect both housing production and sales to increase in the last quarter and into the new year.
Op. Dr. Kenan Kalı, Chairman of Gözde Group:
THOSE PLANNING TO BUY SHOULD MAKE THE MOST OF THE FINAL QUARTER
The Central Bank’s rate cuts will continue. In parallel, housing prices will start climbing over the next few months. Those looking to buy should capitalize on the final quarter of the year. The upward price trend in housing will accelerate through autumn and winter. Because real returns on bank deposits have been high, investors kept their savings in banks until now. It’s time to convert those returns into investments. If they can, prospective buyers should act in the coming period. New-build homes may soon exceed many budgets. Developers are building at very high costs. With demand set to rise, prices could increase by up to 40%. The best day to buy at the best price is today; tomorrow will likely be more expensive.
Barış Öncü, Chairman of Sirius Yapı:
RATE CUTS WILL MOBILIZE INVESTORS
There was momentum through March in the first quarter, which slowed after events at the end of March. From a sectoral standpoint, we’re seeing renewed activity as of September. If rate cuts continue in October as they did in September, this will become even more pronounced. Unfortunately, the construction sector is currently selling below cost. Perhaps for the first time, labor costs have surpassed the financial index of material costs. Many skilled workers moved to the earthquake region, and available crews now demand higher rates. With rising costs, housing prices will keep increasing. Those who can should buy now; they will likely have opportunities to refinance later.
Münir Tanyer, Chairman of Tanyer Yapı:
HOUSING IS A SAFE HAVEN
Demand is rising for both new and second-hand homes. People still struggle to access adequate credit. There is a general expectation that mortgage rates will continue to decline. Economic volatility can occur worldwide; we must act knowing such fluctuations are temporary. Maintaining inflation targets and tight monetary policy is crucial. Since the pandemic, housing production has lagged, yet demand remains strong. Projects that have just started or are underway are important and valuable for everyone. People view housing as a safe harbor. In my view, İzmir is Türkiye’s rising star. Thanks to its lifestyle, climate, transport convenience, and proximity to holiday destinations, it continues to attract qualified migration—hence the persistent demand growth.
Özkan Yalaza, Sales, Marketing & Business Development Manager, Normkar İnşaat:
THOSE WANTING TO BUY SHOULD ACT NOW
Rate cuts by the Central Bank have been a major factor behind rising sales. As rates fall, housing prices gain upward momentum. The FX-protected deposit scheme has ended. People want to invest their cash in housing before prices climb further. There is also talk of adjustments to assessed values and transaction taxes in the new year. Meanwhile, prices have been relatively stable for a while. I believe now is the right time to invest, as rents and housing prices could rise by up to 70% in 2026. If you don’t act today, tomorrow may be too late.
Onur Durmuş, Co-Founder of Coordinat Yapı:
HOUSING DEMAND CONTINUES TO GROW
Housing needs remain valid in Türkiye. İzmir, in particular, attracts heavy migration, so demand for both rentals and sales stays vibrant year-round. People are converting returns from bank interest or other instruments into cash and moving into housing as a safe haven. Housing is now regarded as the safest investment for everyone. Meanwhile, rising inflation has significantly pushed up material and labor costs. After a long period of stagnation, we expect prices to rise again with rate cuts. We will feel this more clearly in the new year. Therefore, those looking to invest should act quickly—whether for 1+1 or 2+1 homes. Time works against the investor, and becoming a homeowner is getting harder. At this point, new supports for the construction sector—starting with land costs—are needed. Our citizens should be able to access both resilient and affordable homes.