Istanbul Property Listings Linger as Sellers Cut Asking Prices

Apartment owners in Istanbul are waiting noticeably longer to find buyers this summer – and growing numbers are dropping their prices as a result. According to data compiled for June by the Istanbul Chamber of Realtors (Istanbul Emlakçılar Odası), the average days on market for residential properties pushed above 72 days citywide for the first time since late 2022, while the proportion of vendors accepting offers below list has reached its highest level in three years.

The shift comes as a cooling in demand coincides with new supply and a still-strong lira, squeezing sellers who had grown accustomed to rapid deals and bidding wars. The change matters now, agents say, because it signals more than just a summer slowdown – it marks the first broad-based loosening after years of frantic appreciation driven by both domestic buyers and foreign investors taking advantage of Turkey’s citizenship-by-investment scheme. The country’s recent tightening of minimum investment thresholds and tougher documentation requirements have also played a part in slowing turnkey sales, especially at the luxury end.

Slowing in Key Neighbourhoods

This cooling trend is evident in diverse districts. On the European side, districts like Şişli and Beşiktaş – both long-time hotspots for professionals and expatriates – now see average days on market climbing past 80. Popular streets off Halaskargazi Caddesi in Şişli, once known for quick turnovers in new build apartments, are now dotted with listings that have lingered since April. Meanwhile, sought-after properties in iconic Cihangir in Beyoğlu sit on market platforms like Sahibinden.com weeks longer than last summer, despite proximity to Taksim and the Bosphorus. Even in Kadıköy, which has remained a bright spot for young professionals on the Asian side, agents on Bağdat Caddesi report owners frequently shaving 3-5% off initial asking prices after more than a month without serious offers.

The market softening is visible in the numbers. Istanbul’s average asking price is reported at $2,570 per square metre as of the end of June, per data from Endeksa. But only 43% of properties listed in April sold by the end of June, sliding down from 61% for comparable listings in spring 2025. The Istanbul Emlakçılar Odası estimates that the average agreed-upon discount — the gap between the first advertised price and the final sale — hit 5.7% in June, with some city centre landlords accepting reductions of up to 10% to secure a buyer. The phenomenon is especially pronounced in the $500,000 to $1 million bracket, where overseas demand has thinned and domestic banks have tightened mortgage lending criteria since early May.

What Now for Buyers and Sellers?

The consensus among local agents is that buyers now have more negotiating power than any time in the past four years. Prospective purchasers are advised to factor in room for bargaining and to move decisively if a suitable property appears after an extended market stay. Sellers, meanwhile, are being urged by agencies such as Realty World Nisantasi and Remax Koşuyolu to price at or just below recent comparable sales if a quick transaction is essential, rather than "testing" the upper band.

Looking ahead, the market is likely to remain cooler through the late summer, with most observers expecting days on market to stay above 70 unless there is a notable fall in borrowing rates or another influx of foreign capital before September. For now, Istanbul’s residential sellers are having to adapt to the city’s most balanced playing field since the pandemic-era boom.