TURKEY HOUSE PRICES FOR SALE HAVE INCREASED BY 120 PERCENT IN A YEAR


According to the ‘Turkish Housing Market for Sale’ report for the February 2022 period prepared by Turkish iClassified, the square meter prices of residential buildings for sale across the country increased by 120 percent compared to the same period last year.

According to the “Housing Market Outlook for Sale” report prepared by Turkish iClassified together with a real estate website TurkishClassified.com, although the increase in sales prices slowed down slightly, it reached its highest level in the period examined in the reports. Prices per square meter of housing for sale doubled in the same period last year.

The “Housing Market Outlook for Rent” report, which includes data for February, prepared by Turkish iClassified with the announcement data of a widespread Turkey property site, has been published.

According to the report, compared to the same period last year, the average advertised current price of a square meter of the cheap house for sale in Turkey increased by 119.3 percent to 7,965 TL. The current prices of houses advertised for sale per square meter increased by 137.9 percent in property Istanbul, 105.5 percent in property Ankara and 104.5 percent in property Antalya over the same period. Thus, the average prices of square meters of housing for sale were 11 thousand 578 TL in Istanbul, 5 thousand 137 TL in Ankara and 8 thousand 947 TL in property Izmir.

Annual change in the prices of house for rent in Turkey by owner and three major provinces (%)

THE PRICE OF SQUARE METERS HAS DOUBLED IN A YEAR

The annual rate of increase in current prices of housing for sale has lost momentum compared to the annual increase in January. The annual growth rate, which rose by 18 points in January, rose by 10.2 points in February.

Despite this slowdown, house prices for sale increased by 119.3 percent compared to the same month last year and reached a new high for the period studied in the reports. Accordingly, the average advertised square meter price of luxury holiday homes in Turkey, which was 3 thousand 632 TL in the same month of last year, increased to 7 thousand 965 TL.

THE PACE OF PRICE GROWTH IS INCREASING IN THE THREE MAJOR PROVINCES

The annual rate of increase in current prices of housing for sale continued to rise, although it slowed slightly compared to last month in the three major provinces, as well as throughout Turkey. The growth rate of house prices for sale increased by 10.4 points in Istanbul, 8.4 points in property Ankara and 10.5 points in Izmir compared to last month. Thus, the annual rate of increase in the current price of housing for sale was 137.9 percent in Istanbul, 105.5 percent in Ankara and 104.5 percent in Izmir.

The average prices of square meters of housing for sale increased to 11 thousand 578 TL in Istanbul, 5 thousand 137 TL in Ankara and 8.947 TL in Izmir. Real selling prices in Turkey have increased since May 2020, while the real house price index rose slightly in February to 132.2. September February data shows that the real price index of buying Turkey property for sale exceeded its value in September 2017 by 32.2 percent.

THE FASTEST INCREASE IS IN MERSIN

House sale prices also increased in all metropolitan cities in February compared to the same month last year. The provinces where the fastest increase in the prices of square meters of housing for sale is observed are Mersin 154.2 percent, Istanbul 137.9 percent, Antalya 129.7 percent, Aydin 129 percent and Diyarbakir 128.2 percent. The provinces where the lowest growth rate occurred were Manisa at 87 percent, Eskişehir at 85 percent, Malatya at 82.7 percent, Erzurum at 80.1 percent and Van at 79.1 percent.

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