Experts have stated that with the decline in interest rates, housing demand has started to rise again. However, they also point out a significant change in the distribution of housing demand. Since the beginning of 2025, 95% of the demand has been for occupancy purposes, whereas in the past, this ratio was more balanced between investment and occupancy. They highlight that there has been increased activity in sales offices, as investor demand has decreased while the demand for homes for living purposes has grown.
First-Hand Housing Sales
Regarding first-hand housing sales, they say that there has been a noticeable increase in activity in all sales offices. The share of first-hand homes in total sales is currently 27%, but they emphasize that this share should reach 45%. They mention that if access to credit becomes cheaper, this share is expected to rise. They add that in 2018, one in every two homes sold was a first-hand property, but now, only one out of every four homes sold is a first-hand property.
Housing Demand and Production Gap in Istanbul
They highlight that Istanbul needs 11,500 first-hand housing sales per month to meet its annual demand. However, in the first two months of 2025, the average monthly first-hand sales were only 4,859 units. They point out that new housing production in Istanbul is insufficient to meet current demand, and this gap is being filled by second-hand home sales. However, they stress that this is not a sustainable model. They have also shared the five districts in Istanbul with the highest first-hand housing sales: Esenyurt, Başakşehir, Sultanbeyli, Pendik, and Tuzla.
