Housing Price Increase Speed Cut!

Görkem Öğüt, Co-Founder and General Manager of Endeksa, who made statements about the housing market, said, “When we examine the price increases in residences for sale on a month-by-month basis, the peak was seen in May with 14.7%, then we see that the increase rates enter into a downward trend. That is, although the rise in housing prices continues, the pace of increase is slowing down. When we examine the rates of change on a month-by-month basis, we anticipate that double-digit growth rates come in single-digit figures and will continue at this balance until the end of the year. Rental housing peaked at 18.2% monthly change in April. After April, the growth chart began to look downward, and as of July it fell to single-digit (6%) figures. So for rent, we can say the same thing: the price increase continues, but the rate of increase is slowing down. On the other hand, we often hear news about the fact that rented houses cannot be rented in recent times. This can push landlords in the rental market to behavior such as 'let me set a more reasonable wage, get my rent regularly'. This development can also provide a partial relief, but we do not foresee a very large decline in the rental housing market.”

“The last quarter is the most volatile period of the housing market. A serious process of displacement is taking place because during this period. The opening of schools, displacements due to officer appointments, home need due to universities are moving the market. Therefore, we anticipate that from September-October, the slowdown in the growth rate will again shift to an upward acceleration, albeit small. We can also treat this as a “seasonal effect”. These increases will not exceed 2-3% on a month-by-month basis, so we do not expect rapid ups and downs as in the provincial quarter of the year. The average housing square meter price of 10 thousand 683 TL across Turkey as of the end of July will increase to 12 thousand 779 TL in December, while the average housing price of 1 million 410 thousand 156 is 1 million 674 thousand We foresee 409. We anticipate that the average housing price in Istanbul, which is 2 million 238 thousand 360, will reach 2 million 680 thousand 448.”

Value predictions for sale and rent in 5 major provinces at the end of 2022