Why House Price Increased In Istanbul 2023?

Mortgage Accessibility And Low Interest Rates

The Impact of Enhanced Mortgage Accessibility in Istanbul’s Real Estate Market

The year 2023 saw a marked improvement in mortgage accessibility in Istanbul, a development that played a pivotal role in shaping the real estate landscape. With more potential buyers able to secure financing, the demand for housing in Istanbul surged. This increased demand, a direct consequence of more accessible mortgages, contributed to the upward trend in house prices. At Homes Gravity, we witnessed a diverse range of clients, from first-time buyers to seasoned investors, benefitting from these relaxed mortgage conditions, thereby fueling their interest in Istanbul’s property market.

Mortgage accessibility did not just open doors for local buyers. It also caught the attention of international investors looking to capitalize on Istanbul’s booming real estate sector. The ease of securing financing meant that properties in prime locations such as Besiktas, Sariyer, and Kadikoy became highly sought after, driving prices up as these areas witnessed an influx of both local and international buyers.

Low Interest Rates Is A Catalyst for Rising House Prices in Istanbul

Another significant factor contributing to the rise in house prices in Istanbul in 2023 was the prevailing low interest rates. Historically, low interest rates have a direct correlation with increased real estate activity, as they make borrowing more affordable. In Istanbul, these attractive rates led to a substantial increase in property investments, both from Turkish citizens and foreigners.

Homes Gravity observed that these low rates not only encouraged more people to buy homes but also enabled them to invest in higher-value properties. This shift in buyer behavior had a ripple effect, increasing the average selling price of homes across Istanbul. Areas such as Levent, Maslak, and Atasehir, known for their luxury properties and high-end amenities, saw particularly notable increases in property values.

Moreover, low interest rates also stimulated the construction sector in Istanbul. Developers were more inclined to undertake new projects, knowing that the demand for housing was robust. This surge in construction activities brought a variety of new properties to the market, catering to different preferences and budgets. However, the high demand still outpaced supply, leading to an overall increase in property prices.

Homes Gravity’s Perspective on Istanbul’s Real Estate Market

Looking ahead, Homes Gravity anticipates that the trends of enhanced mortgage accessibility and low interest rates will continue to influence the Istanbul real estate market. While these factors have significantly contributed to the increase in house prices, they have also made property investment in Istanbul more attractive than ever.

Potential buyers and investors should consider these dynamics when making real estate decisions. With our extensive knowledge and experience in the Turkish and North Cyprus real estate markets, Homes Gravity is ideally positioned to guide clients through the intricacies of investing in Istanbul’s dynamic property landscape.

In conclusion, the year 2023 has been a landmark period for Istanbul’s real estate market, with mortgage accessibility and low interest rates acting as key drivers behind the rising house prices. As the market evolves, Homes Gravity remains committed to providing expert advice and insights, ensuring our clients make informed, strategic real estate investments in this ever-changing market.