Housing Market Rise: Prices for Sale Housing Increased 172%, Rentals Increased by 152%

According to Endeksa data, Antalya, Istanbul and Mersin were the provinces with the highest annual value growth when the first 30 provinces were evaluated according to the average square meter housing sales price in May. Housing prices in Antalya increased by 210% in the last year, the average sales price per square meter of housing is 13 thousand 351 TL, the average housing sales price is 1 million 735 thousand 500 TL. The annual value increase in Istanbul is 209%, the average housing square meter sales price is 15 thousand 775 TL, the average housing sales price is 1 million 892 thousand 040 TL. The annual value increase in Mersin was 194%, the average housing square meter sales price was 7 thousand 907 TL, the average housing sales price was 1 million 186 thousand 050 TL.

Rents Rise

In parallel with the train in housing for sale, rent prices are also increasing. According Endeksa data, rents across Turkey increased by 152% in the last 1 year and 233% in the last 4 years. In Turkey, the average rent per square meter was 46.72 TL, the average rent was 5 thousand 139 TL, and the return period of housing investment was 17 years. In May, rents increased 25% compared to the previous month.

The provinces with the highest rental price are Muğla, Antalya and Istanbul

Mugla, Antalya and Istanbul were the provinces with the highest rental price throughout Turkey. According to the index data, the annual value increase in rents in Mugla is 86%, the average square meter rent is 138.27 TL, the average rent is 15 thousand 763 TL, the return period is 18 years. Rentals in Antalya increased by 334% in the last 1 year. The average square meter rent is 93.56 TL, the average rent is 10 thousand 292 TL, the return period is 16 years.

In Istanbul, the province where housing sales are made to foreigners, rents have increased 163% in the last 1 year. The average rent per square meter is 74.15 TL, the average rent is 7 thousand 786 TL, the return period is 17 years.

The reflections of mobility in the summer housing market began

Görkem Öğüt, Co-Founder and General Manager of Endeksa, evaluating the data, said that while the Ministry's attempts to regulate the housing market continue, the trend of increase in sale and rent continues. In May, we began to see reflections of mobility, especially in the summer housing market. Month-by-month increases in provinces along the coastline are increasing remarkably. Istanbul is one of the provinces with the greatest increase in value in both rent and sale housing. Looking at the upward trend in Istanbul, we can say that in the future the housing market will be one of the important topics of the agenda. Despite the upward trend in housing, I think that regulation for the removal of fake ads on classifieds sites is a positive development and can create a partial decline. At least there may be a little solution to speculative price movements,” he said.