Housing crisis deepens in Istanbul as nearly half of citizens concerned

A recent survey conducted in Istanbul has revealed that 46.8% of Turkish citizens living in Europe’s most populous city are highly concerned about the housing crisis, citing skyrocketing prices as a major issue.

According to a study by KONUTDER, conducted between November 1-20, 2024, among individuals aged 18-50 with an income exceeding ₺30,000 ($822.76), homeownership remains a key priority, particularly among young people. While previous research ranked “owning a home” as the fifth most important goal for young adults, the latest findings indicate that it has now risen to the second spot.

The study suggests that Turkish youth are increasingly prioritizing homeownership as a long-term investment and financial security measure.

Meanwhile, 80% of respondents expressed dissatisfaction with being tenants, with the level of discontent rising as income levels decrease.

Homeownership declines, rental rates rise

Other key findings from the report include:

• The homeownership rate in Istanbul dropped to 56.1% in 2024, while the percentage of renters increased to 36.7%.
• A significant 81.1% of participants believe real estate investment is a rational financial decision.
• Some 72.1% of respondents are willing to cut expenses on clothing, entertainment, and other discretionary items to afford a home through long-term mortgage plans with favorable payment conditions.
• Additionally, 71.2% of participants indicated that they would consider purchasing a second or new property in Istanbul if their income levels increase.

KONUTDER Chairman Ramadan Kumova commented on the survey results, emphasizing that homeownership provides individuals with a greater sense of security. He also reiterated that real estate remains the most valuable investment tool.

Kumova further stressed the importance of public-private partnerships to boost the development of social and affordable housing projects, highlighting that expanding such initiatives is the most effective solution to the ongoing crisis.

According to the Turkish Statistical Institute (TurkStat), 239,213 houses were sold in Istanbul in 2024, the highest number recorded among Turkish cities.