Istanbul’s property supply jumps 2.5 times in three years: Survey
REUTERS photoThe property supply in Istanbul soared 2.5 times in the last three years, a new survey showed on Nov. 29.
The annual commercial volume of property transactions also hit $249.43 billion on a U.S. dollar basis, according to data compiled by the data mining company TUVIUS.
While the number of supplied properties was 464,974 units in 2014, this figure rose to 1.14 million units in 2016.
The total area of supplied properties also surged by 3.5 times in the last three years, increasing to 590.5 million square meters in 2016.
While the annual commercial volume created by the sector in Istanbul was at around $83.15 billion in 2014, this volume almost doubled and increased to $166 billion in 2015. In 2016, the sector’s sales volume surged to $249.43 billion, the company data showed.
TUVIUS CEO İshak Kurtuluş Altın warned of a continuing astronomical increase in Istanbul’s property supply due to speculation and manipulations, while underlining the need for accurate data in the sector.