Foreign Capital's Bond Offensive and the Real Deadlock in Housing Market

As of July 19, 2026, global and local markets are shaped by strong capital flows into the bond market despite shadows of geopolitical risks, while the housing sector sees record volumes but deepening real value losses.

Bond Strike and New Phase in Dollarization Spiral

Foreign investors' appetite for emerging markets is confirmed by purchases reaching a six-month peak in the Turkish bond market, while liquidity dynamics in the banking sector are closely monitored.

■Foreign investor bond buying climbed to the peak of six months.

■Total deposits in the banking sector showed an increase.

■FX deposits started rising, keeping the pressure on the currency side alive.

■Increase in short-term external debt stock amplifies financing cost risks.

Housing Market Volume Record vs Real Value Collapse

Although the highest sales figures of the year are reached in the housing market, the real value of assets is eroding in an inflationary environment, while the gap in leasing raises sustainability question marks.

■Highest monthly sales of the year in housing realized.

■Real loss in housing entered its seventh month, alerting investor algorithms.

■The inflation gap between current and new tenants remains unclosed.

Global Risk Report: From Fed to Tech

Policies of global central banks and regional banking movements determine risk perception, while the selling wave in tech stocks questions growth scenarios.

■Positions for Fed rate hikes are being closed.

■'Technological' selling wave dominates global markets.

■Housing starts in the US gave signals of recovery.

■Germany prepares for critical talks with Unicredit regarding the acquisition of Commerzbank.

Hakan Fidan's visit to Qatar and the tension on the US-Iran front are geopolitical triggers on my radar that could create volatility in commodity prices. However, the main signal is the aggressive positioning of foreigners on the bond side in AKD (Brokerage Distribution) data. This indicates that smart money is turning to carry trade in the short term and looking for liquidity abundance. The selling pressure in tech stocks confirms that risk appetite remains regional but selective globally.