Rising housing prices and rents have shifted the priorities of young people. They now consider owning a home important. In Istanbul, one in three people is afraid of facing housing problems in the future.

The previously implemented low interest rate policy led to a rapid increase in housing prices. Due to high inflation, an adequate level of production could not be achieved.

The Association of Real Estate Developers and Investors (KONUTDER) and Istanbul University conducted a joint study.

According to the study, 34% of Istanbul residents are afraid of facing housing problems in the future. KONUTDER President Ramazan Kumova stated, “Looking at the past five years, we see a production that does not meet the demand. Our production, which should correspond to 650,000, remained in the 450,000s. For Istanbul, 200,000 units were underproduced. When all these factors come together, rent prices soar, and people become anxious.” In 2019, owning a home was in 5th place among the priorities of young people. It has now risen to the second place following career planning. The main reasons for those without plans to buy a home are high credit interest rates, house prices, and insufficient income… Kumova, who stated that housing prices need to decrease, said, “On the other hand, there must be a method of income payment. It seems like we have handed over the production only to TOKI for affordable housing. We believe that collaboration between TOKI and the private sector will increase production. The key point is, of course, the decrease in land prices.” According to the research, 72 out of 100 young people say they would give up expenses like “clothing, entertainment, vacation” if favorable payment conditions are provided.