Izmir Real Estate Bulletin: Updates

The real estate market in Izmir has shown significant activity and growth recently. According to data from the Turkish Statistical Institute (TUIK), during the January-October period of 2024, a total of 60,085 homes were sold in Izmir, making it one of the leading cities in Turkey in terms of real estate transactions.

In November 2024, property sales saw a notable increase, rising by 68.1% compared to the same period last year, reaching 8,583 units. This increase has been attributed to interest rate reductions and the redirection of income from the government-protected deposit accounts into real estate.

Property prices in key districts of Izmir have also seen remarkable growth. Since January 2022, prices have increased by 111% in Karşıyaka, 109% in Konak, 108% in Bayraklı, and 96% in Bornova.

Looking ahead to 2025, expectations for the market remain positive. Specifically, demand for properties in the price range of 1 to 5 million TL is projected to increase by 20-30%, and demand for properties in the 5-10 million TL range is expected to rise by 10%.

New housing projects in the northern part of Izmir, such as the Sirius Florida, Sirius Gold, and Nova Star Residence projects, are also attracting attention and offering great investment opportunities.

Overall, the Izmir real estate market continues to offer attractive opportunities for investors, driven by growing demand and new projects.