Prices rose 127 percent nationwide

The “Second Hand Housing Market Report” for the 1st quarter of 2022, prepared in cooperation with TÜGEM and the New Generation Real Estate Valuation and Location Analysis Platform Endeksa.com, has been announced. The report drew attention to the increase in housing prices. Second-hand house sales decreased by 39 percent compared to the previous quarter. Housing sales to foreigners increased by 45 percent compared to the same period of the previous year. There was an annual increase of 127 percent in housing prices throughout Turkey.

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According to the research done; In the first quarter of the year, 225 thousand 626 second-hand houses were sold. Second-hand housing sales, which make up 70 percent of the total housing sales, decreased by 39 percent compared to the previous quarter and increased by 24 percent compared to the same period of the previous year. As of the end of the first quarter, the annual increase in housing prices in Turkey reached 127 percent. On the other hand, an increase of 45 percent in housing sales to foreigners, compared to the same period of the previous year, drew attention. The provinces with the highest residential square meter sales prices in Turkey were Muğla, Istanbul and Aydın, respectively.

The ‘Second Hand Housing Market Report’, prepared in cooperation with the Entrepreneurial Real Estate Agents Association (TÜGEM) and the real estate valuation and location analysis platform Endeksa.com, has been published. According to this; In the first quarter of the year, 320 thousand 63 houses were sold. While house sales decreased by 41% compared to the fourth quarter of 2021, they increased by 22% compared to the same period of the previous year.

SECOND HAND HOUSING SALES ACCOUNTED 70 PERCENT OF TOTAL HOUSING SALES

In the first quarter, 225 thousand 626 second-hand houses were sold. With this figure, second-hand house sales decreased by 39 percent compared to the previous quarter and increased by 24 percent compared to the same period of the previous year. Second hand house sales accounted for 70 percent of total house sales. In the first quarter, credit housing sales, on the other hand, constituted 21 percent of the total housing sales, amounting to 68 thousand 342. While loan sales decreased by 39 percent compared to the previous quarter, it increased by 45 percent compared to the same period of the previous year.

FOREIGN HOUSING SALES INCREASED

In the first quarter, a total of 14,344 residences were sold to foreign nationals. With this number, the sales of residences to foreigners decreased by 32 percent compared to the previous quarter and increased by 45 percent compared to the same period of the previous year.

As of the end of the first quarter of 2022, there was an annual increase of 127 percent in housing prices throughout Turkey. As of the first quarter, the average residential square meter sales price in Turkey was 7 thousand 395 TL, the average depreciation period was 19 years, and the average marketing period was 63 days. Mersin, Aydın and Antalya were the provinces with the highest value increase among the 50 provinces with the highest house sales, while the provinces with the highest housing prices were Muğla, Istanbul and Aydın.

HOUSING PRICES IN ISTANBUL INCREASED 147 PERCENT

In the first quarter, 18 percent of the housing sales were realized in Istanbul with 57 thousand 836 units. In Istanbul, where housing prices increased by 147 percent in a year, the average square meter sales price was 12 thousand 102 TL. In Ankara, 9 percent of the housing sales in the first quarter were made with 29 thousand 328 units. Housing prices have increased by 116 percent in the last year, and the average square meter sales price in Ankara has been 5 thousand 352 TL. 19 thousand 112 units were sold in İzmir, where 6 percent of the housing sales took place. In İzmir, where housing prices increased by 119 percent in the last year, the average square meter sales price was 9 thousand 448 TL.

It has been calculated that the highest number of stocks is in Istanbul among the 50 provinces with the highest number of house sales. As of the end of the first quarter, there are 308,402 housing units in Istanbul. The housing stock in Ankara is 156 thousand 927 units, and 91 thousand 127 units in İzmir.

MOST VALUE INCREASED IN MERSIN, AYDIN ​​AND ANTALYA

Among the 50 provinces with the highest number of house sales, the provinces with the highest value increase were Mersin, Aydın and Antalya, respectively. The annual value increase in housing prices in Mersin is 158 percent, the average square meter sales price is 6 thousand 172 TL. Housing prices in Aydın have increased by 153 percent in the last year, the average square meter sales price is 11 thousand 204 TL. In Antalya, the annual value increase in housing prices is 148 percent and the average residential square meter sales price is 9 thousand 861 TL.

PROVINCES WITH THE HIGHEST HOUSING PRICES

As of the end of the first quarter of the year, the provinces with the highest square meter sales prices in Turkey were Muğla, Istanbul and Aydın, respectively.

‘SECOND HAND HOUSING SALES REACHED A RECORD LEVEL’

Making evaluations about the report, TÜGEM Founding President Hakan Akdoğan said, “The share of second-hand house sales in total house sales has reached a record level of 70 percent so far. While leaving behind a qualified period for real estate businesses, it is very important that the rising prices are balanced at a certain point. We need acceleration in the construction sector for new portfolios, both for rent and for sale.”

‘PANDEMI, LOW SUPPLY AND COSTS INCREASED PRICES’

Görkem Öğüt, the founding partner and General Manager of Endeksa, said:

“There are several main reasons for the high prices in the real estate sector lately; the effect of the pandemic, fluctuations in the exchange rate, rising construction costs and housing supply being below demand. While the increase in construction input costs raises the prices of first-hand housing, it can cause both demand for second-hand housing and an increase in the price of second-hand housing due to the rise in the market. When we examine the trend recently, we observe that second-hand housing dominates the sales in the housing market.

ANKA

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