The housing supply in Istanbul exceed over the housing demand in Istanbul and the housing prices decrease around 20 % . Also the house renting prices decrease over 20 %. There are two reason behind the decrease. One reason people start to turn back to their own homes who left the homes because of urban transformation. The other reason is that housing constructions were done although there was not enough demand and ultra luxury houses are more expensive than people can afford.
The demand of housing projects could not catch the supply. The demand of houses decrease when we compared to last years demand. In the same season of last year there was a scarcity for renting houses, but this year most of the renting houses are empty. The reason behind is constructors did not regard the demand, they only pay attention to construct in the expensive projects to earn more and this year there is not enough demand for these expensive projects. Moreover, most of the new housing projects are in the suburban places. This places are far away from the city center and people do no prefer these projects. Besides the private construction projects there are Government’s Urban Transportation Projects, all together the number exceed to total requirement.
Due to the urban transportation projects, a lot of family had to left their home and started to live other renting houses. Now, most of the projects are completed and these families start to move back to their renewed houses.