Luxera GYO Chairman: Housing Market Shows Resilience

Luxera GYO Chairman Ramazan Taş has commented on the March 2026 housing statistics released by the Turkish Statistical Institute (TÜİK), asserting that the data reflect continued investor confidence in the Turkish economy. Despite the geopolitical shadow cast by the conflict involving the US, Israel, and Iran, which drove many investors toward “safe haven” assets like gold and foreign currency, the primary residential market maintained an upward trajectory.

Primary Market Growth and Investor Sentiment

According to Luxera GYO Chairman Ramazan Taş, the 1.3% increase in first-hand home sales (totaling 35,725 units) is a significant indicator of market health. He noted that while a “wait-and-see” attitude prevailed among some investors due to regional instability, the core demand for new housing remained robust.

“Even with the global tensions, the increase in first-hand sales—though limited—demonstrates that the housing investor’s trust in the sector and the Turkish economy persists,” Taş stated in the company’s official press release.

Anticipating a Second-Half Momentum

Taş also highlighted the steady rise in mortgaged sales as a positive signal for the future. While the Central Bank (TCMB) has temporarily paused interest rate cuts, Luxera’s leadership expects a shift in the coming months:

• Interest Rate Forecast: Taş predicts that policy rates will begin to decline starting in the summer months.

• Credit Accessibility: Lower policy rates are expected to bring mortgage rates down to more “attainable” levels.

• Market Acceleration: This shift is anticipated to provide the housing market with significant momentum during the second half of 2026.

The “Opportunity Window”: Costs vs. Real Prices

One of the most striking points in the evaluation by Luxera GYO Chairman Ramazan Taş is the decoupling of construction costs and housing prices. While annual construction costs are still rising at approximately 25%, house prices are declining in real terms.

According to the TCMB Residential Property Price Index, while nominal prices rose by 26.4% annually in March 2026, they decreased by 3.4% in real terms (adjusted for inflation).

“Housing prices are still rising below the inflation rate,” Taş noted. “In a period where costs continue to climb but real prices are falling, there is an attractive opportunity for those looking to invest in real estate. Our recommendation is for citizens to evaluate this window of opportunity.”