IMM Deputy Secretary General Dr. Bugra Gokce suggested, “Suspension of housing sales to foreigners for a certain period of time throughout Turkiye will be positive for balancing the housing market.”
IMM Deputy Secretary General Dr. Bugra Gokce shared striking data about housing prices on his social media account.
Gokce announced that 94 thousand 642 houses were sold to foreigners in three big cities between 2020 and 2023. “In the same period, the average house sales price increased from ₺521 thousand to ₺4.2 million in Istanbul, from ₺312 thousand to ₺2.4 million in Ankara, and from ₺510 thousand to ₺3.8 million in Izmir. While a total of 197 thousand 477 houses were sold to foreigners in the 2020-23 period, approximately one in every 2 houses purchased by foreigners was located in three major cities.”
‘THERE ARE BETWEEN 450-750 THOUSAND VACANCY HOUSES IN ISTANBUL’
Gokce emphasized that the sale of housing to foreigners, on the one hand, unbalances the housing market in terms of prices, and on the other hand, deepens the problem of unused and idle housing.
Gokce said, “According to estimates, there are between 450 and 750 thousand empty houses in Istanbul. The fact that houses remain idle also affects the housing market by reducing the supply of rental houses.”
‘HOUSE SALES TO FOREIGNERS SHOULD BE SUSPENDED’
Pointing out that the sale of housing to foreigners is also discussed in many developed democracies, Gokce made the following suggestions:
”Canada suspended housing sales to foreigners for 2 years at the beginning of this year. New Zealand banned foreigners from buying existing homes in 2017. Such measures have previously been implemented in places such as Hong Kong and Australia and caused housing prices to fall to a certain extent. Suspending housing sales to foreigners for a certain period of time throughout Turkiye will be positive for balancing the housing market.
“In order to solve the housing crisis we are experiencing today, especially in our three major cities and throughout the country, there is a need to take steps that protect the right to housing and include the production and supply of holistic, various types of social housing.”
Source: Sozcu / Prepared by Irem Yildiz