Average Housing Price Across Turkey Was 2 million 691 thousand 780 TL

In July, 109 thousand 548 units of housing were sold throughout Turkey. Residential sales across Turkey increased by 31% in July compared to the previous month and 17% compared to the same month of the previous year. According to the data of the index, which achieved the most reliable results in real estate valuation using artificial intelligence and big data analysis; As of July, the annual value increase in housing sales prices across Turkey was 109%. The average sales price of square meters of housing throughout Turkey was 20 thousand 706 TL, the average housing price was 2 million 691 thousand 780 TL, and the return period of housing investment was 16 years.

Istanbul Ranked First in Residential Sales

Istanbul had the highest share in residential sales in July with 15,724 units and 14%. According to sales numbers, Istanbul was followed by 9,000 688 housing sales, Ankara with 9% share, 5 thousand 203 housing sales and Izmir with 5% share. According to the index data, as of the end of July, the annual value increase in housing sales prices in Istanbul was 91%, the average sales price per square meter is 31 thousand 927 TL, the average housing price is 3 million 831 thousand 240 TL. Housing prices in Ankara increased 124% in the last year, the average sales price per square meter is 16 thousand 501 TL, the average housing price is 2 million 145 thousand 130 TL. In Izmir, the annual value increase is 111%, the average housing square meter sales price is 26 thousand 466 TL, the average housing price is 3 million 440 thousand 580 TL.

According to the index data, when assessing the top 30 provinces with the most residential sales in July, the provinces with the highest annual value growth are Hatay, Ankara and Mugla, respectively. Housing prices in Hatay have increased 158% in the last year, average housing square meter sales price 15 thousand 800 TL, average housing sales price 2 million 417 thousand 400 TL, value increase in housing sales prices in Ankara by 123%, average housing square meter sales price 16 thousand 501 TL, average housing price 2 million 145 thousand 130 TL, and value increase in housing sales prices in Muğla 112%, average housing square meter sales price 47 thousand 439 TL, average housing price 6 million 261 thousand 948 TL.

Mortgage Housing Sales Increased 8%

Across Turkey, mortgage housing sales increased 8% in July compared to the previous month, a decrease of 24% compared to the same month of the previous year, compared to 14,533. In total residential sales, the share of mortgage sales amounted to 13%.

First Hand Housing Sales Number 31 Thousand 641

The number of first hand residential sales across Turkey increased by 10% in July compared to the same month of the previous year to 31 thousand 641. In total housing sales, the share of first-hand housing sales was 29%. First-hand housing sales in January-July 2023 decreased by 14% compared to the same period of the previous year and amounted to 202 thousand 799.

Second Hand Housing Sales Increased 35%

Second-hand housing sales increased 35% in July compared to the previous month and 20% compared to the same month of the previous year, up 77 thousand 907. In total housing sales, the share of second-hand housing sales was 71%. Second-hand housing sales decreased by 19% in the period January-July 2023 compared to the same period of the previous year, amounting to 472 thousand 528.

Antalya took the first place in housing sales to foreigners

Residential sales to foreigners were 2,801 in July, an increase of 7% compared to the previous month and a decrease of 29% compared to the same month of the previous year. In July, the share of housing sales to foreigners in total housing sales was 3%. Antalya took the first place in housing sales to foreigners with 996 housing sales. Istanbul was followed by Mersin with the sale of 263 housing, with the sale of 832 houses, respectively, Antalya.

Evaluating the data, Indeksa.com Co-Founder and General Manager Görkem Ögüt said, “The number of housing sales increased in July compared to the previous month, above 100 thousand units, but we see a 17% decline compared to July last year. The increase in prices and the difficult access to credit are the main reasons for the decline in the number of housing sales. In July, overcredit housing sales accounted for only 13% of total sales. When we look at the price increase rates, we see that the high growth rates in 2021 and 2022 have fallen, but continue at 6-7% monthly. As long as the increase in construction costs and supply demand imbalance continues, we do not expect a significant decline in housing prices in the coming period.”