House sales price decline, housing return time also reduced

In the last year, house sales prices have declined both throughout Turkey and in the megacity istanbul. But the decline in the megacity is well below the national average of 10 percent. According to Indexa.com, which revealed all this data, these declines also shortened the return time in housing investment.

According to the current data of the technology-oriented real estate valuation platform Indexa.com, the average house sales price in Turkey is TL 290,030, the average rent is 1.283 TL, and the return time of housing investment is 17 years.

Examining the change in the return period of housing investment in the last 4 years, Endeksa.com noted that there has been a decrease in the return period since May 2019, the main reason for this is the decline in house sales prices. According to the Endeksa data, there has been a 9 percent decrease in house sales prices in Turkey and 6 percent in rents in the last year. According to the Endeksa data, house sales prices are expected to rise by 8% in the next 6 months.

ISTANBUL ABOVE TURKEY AVERAGE

The decrease in the price of housing sales throughout Turkey was also observed in Istanbul. In megacity, residential square meters sales and rental prices have fallen by 3 percent in the last 1 year.

In Istanbul, the average house sales price is 412 thousand 505 TL, the average rent is 1,503 TL. The return period of megacity and housing investment is 22 years. According to the Endeksa data, the return period in Istanbul decreased from May 2018 to September 2018 to 23 years, compared to 22 years in October 2018 and 21 years in January 2019. House prices are expected to increase by 4% in Istanbul in the next 6 months.