In Q3 2022, Second Hand Housing Sales Created 69% of Total Sales!

According to the 'Second Hand Housing Market Report' prepared in cooperation with TÜGEM and Endeksa, the number of housing sales in the 3rd quarter of 2022 decreased by 17% compared to the same period last year, as of the end of the 3rd quarter The increase in housing prices across Turkey amounted to 202% year-on-year. The average sales price of residential square meters in Turkey is 11 thousand 972 TL, the average depreciation period is 19 years, the average marketing period is 61 days, the highest annual value increase as of the end of the 3rd quarter The provinces were Antalya, Mersin and Istanbul.

In Q3, the number of residential sales decreased by 19% compared to the previous quarter

In the 3rd quarter of 2022, 330,795 housing sales took place. The number of residential sales decreased by 19% compared to the previous quarter and 17% compared to the same period last year.

Quarterly Residential Sales

Second-hand housing sales accounted for 69% of total sales and credit housing sales accounted for 18%

In the 3rd quarter, 227 thousand 128 units of second-hand housing were sold. With this figure, second-hand housing sales decreased by 22% compared to the previous quarter and 18% compared to the same period last year. Second-hand housing sales accounted for 69% of total housing sales. In the 3rd quarter, credit housing sales accounted for 18% of total housing sales, amounting to 58 thousand 284 units. Credit housing sales decreased by 43% compared to the previous quarter and 25% compared to the same period last year.

Görkem Ögüt, Co-Founder and General Manager of Endeksa, who shared his views on the subject: “We see a slowdown in both the housing market and second-hand housing market in the 3rd quarter. The reasons for this slowdown are BDDK's regulation on housing loans, the scarcity of stock on the market and high housing prices. We observe the expectation of a decline in the market after a high rise in housing prices in the recent period. According to Endeksa data, we can say that you have cut the pace of the increase in housing prices. In the last quarter, which has always been very mobile for the real estate sector, I expect the conditions of the market to be more seated and the annual number of residential sales will close with an increase.”

Hakan Akdogan, Founding President of TÜGEM, said, “The share of second-hand housing sales in total housing sales continues at a very high level with 69%. On the other hand, mortgage sales fell by 43% compared to the previous quarter due to contractions in financing. This significantly restricts access to the dwelling. Although we do not expect serious declines in prices, the monthly contraction in sales will continue,” he said.

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