In the housing market, the first month of 2026 marked a period when the gap between prices and sales widened further. The Housing Price Index announced by the Central Bank increased by 3.7 percent in January compared to the previous month, reaching 211.8. The index increased by 27.7 percent in nominal terms on an annual basis. However, when adjusted for inflation in the same period, prices decreased by 2.3 percent in real terms. While a limited real depreciation was noticeable throughout Türkiye, the fact that houses continued to gain real value in Istanbul, Ankara and Izmir revealed that metropolitan demand remained relatively strong. On the other hand, it seems that the price momentum spreading throughout the country has weakened.
3 CITIES ARE BURNING POCKETS
The New Tenant Rental Index, which the Central Bank started to publish as of this month, provided a clearer framework for the rental market. While the index increased by 3.5 percent monthly in January, the annual increase was 34.2 percent. The real increase was calculated at 2.7 percent. The fact that rent increase rates in Istanbul, Ankara and Izmir are above the Turkish average showed that the demand for rental housing in metropolitan cities remains vibrant.
HAVE SALES DECREASED?
Sales data reveal that demand is moving cautiously despite price increases. According to TÜİK’s housing and workplace sales statistics for January 2026, housing sales have decreased on an annual basis. First-hand house sales decreased by 2.1 percent compared to the same month last year, falling to 34 thousand 69. Second-hand sales decreased by 5.9 percent to 77 thousand 411. The share of first-hand houses in total sales was 30.6 percent, and the share of second-hand houses was 69.4 percent.. In data adjusted for calendar effects, there was an annual increase of 4.2 percent in first-hand sales, while second-hand sales decreased by 0.1 percent.
MORTGAGED SALES INCREASED
What do the numbers say?
On the financing side, a limited revival in mortgage transactions attracted attention. Mortgage house sales increased by 15.7 percent on an annual basis, reaching 20 thousand 263. On the other hand, other sales types decreased by 8.3 percent to 91 thousand 217. While the share of mortgage transactions in total sales was 18.2 percent, the share of other sales was calculated as 81.8 percent. This outlook shows that a movement, albeit selective, has begun in credit channels.
The downward trend in housing sales to foreigners continued. In January, sales to foreigners decreased by 20.8 percent to 1,306. Its share in total sales remained at 1.2 percent. While the highest sales were made to Russian Federation citizens with 219 houses, Iranian and Ukrainian citizens also ranked high.
PRICE DECREASES IN NEGOTIATION
What do the experts say?
FOREIGN PURCHASES ARE DECREASING
“While prices are relatively more resilient in metropolitan cities due to limited supply and migration pressure, the slowdown in the rate of increase across Anatolia indicates that demand has become more selective and cautious. Although the increase in mortgage sales indicates a controlled opening in credit channels, it does not yet mean a strong and widespread revival.”
WEIGHT LOSS ON A REAL BASIS
Real Estate Expert, İmarpanosu.com Editor-in-Chief Emre Kulcanay, while commenting on the emerging picture, said, “In the general framework, the first data of 2026 show that although the price increase in the housing market continues, the weakening in real terms continues. All indicators point to a period in which the price, demand and financing balance in the residential and commercial real estate markets is reshaped.”
(email protected)
