Türkiye’s housing market has undergone a dramatic transformation. According to Hakan Akçam, President of the Ankara Real Estate Professionals Chamber (ATEM), the number of tenants in the country has reached 24 million, while property prices have increased 18-fold and rents 12-fold during the same period.
This explosive growth has not been without consequences. Currently, an estimated 1.6 million residential properties remain unsold, signaling a serious stagnation in the market.
Why Aren’t Prices Falling?
Despite an apparent oversupply, prices have not dropped. Akçam attributes this to the dominant role of investors. “The housing market is now largely driven by investment behavior,” he said, emphasizing that demand is increasingly speculative rather than need-based.
Akçam notes that the housing problem in Türkiye is no longer just an economic issue — it has evolved into a social crisis. He outlines a multi-step strategy to address the situation:
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Increasing the number of affordable social housing projects
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Lowering interest rates to make mortgages more accessible
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Imposing tighter regulation on online listing platforms to curb artificial price inflation
For those considering real estate investment in Türkiye, or exploring the best property options in Istanbul, understanding these dynamics is crucial. The future of housing in Türkiye will depend on how quickly these structural issues are addressed.
