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 led to an estimated 1.6 million residential properties remaining unsold, signaling stagnation. Why Aren’t Prices Falling? Despite oversupply, prices remain high because the market is now largely driven by investment behavior and speculative demand rather than basic needs. Akçam notes that this has evolved from an economic issue into a social crisis. He suggests a multi-step strategy to address the situation: increasing affordable social housing projects, lowering interest rates for more accessible mortgages, and imposing tighter regulations on online listing platforms to curb artificial price inflation. For those considering real estate investment in Türkiye or exploring property options in Istanbul, understanding these structural dynamics is crucial for the future.
Türkiye’s Housing Market Crisis
