Recent reports suggest sale of houses in Istanbul have dropped 37.5 percent in the first quarter of this year
Sales in the Turkish market increased by 6.07 percent in the first quarter of the year compared to the same period last year, according to the Turkish Statistical Institute.
On the other hand, the Istanbul market experienced an “unexpected decline” in the number of houses sold, representing a 37.5 percent decrease in the first quarter of this year compared to last year. The figures showed that 91,071 houses were sold in the first quarter of 2011.
This decline is attributed to the fact that many housing projects including luxury accommodation accumulated quickly in the Istanbul real estate market, while the demand has not increased.