Second Hand Housing Sales Increased 24% Compared to Last Quarter in Q1 2022

According to the “Second Hand Housing Market Report” prepared in cooperation with TÜGEM and Endeksa, as of the end of the 1st quarter of 2022, there was an annual increase in housing prices across Turkey by 127%. As of the first quarter, the average residential square meter sales price in Turkey is $7.395, the average depreciation period is 19 years, the average marketing period is 63 days, while the provinces with the highest value increase are Mersin, It was Aydin and Antalya.

In Q1, the number of residential sales increased 22% compared to the same period last year

In the 1st quarter of 2022, the sale of 320 thousand 63 units of housing took place. Residential sales decreased by 41% compared to Q4 2021 and increased 22% compared to the same period last year.

Second-hand housing sales accounted for 70% of total sales and credit housing sales accounted for 21%

In the 1st quarter, 225 thousand 626 second-hand housing sales took place. With this figure, second-hand housing sales decreased by 39% compared to the previous quarter and 24% compared to the same period last year. Second-hand housing sales accounted for 70% of total housing sales.

In the 1st quarter, overcredit housing sales accounted for 21% of total housing sales, amounting to 68 thousand 342 units. Over-credit housing sales decreased by 39% compared to the previous quarter and increased 45% compared to the same period last year.

Sales of housing to foreigners increased by 45% compared to the same period last year

In the 1st quarter, a total of 14 thousand 344 housing sales to foreign nationals took place. With this amount, housing sales to foreigners decreased by 32% compared to the previous quarter; 45% increase compared to the same period last year.

Housing prices rose 147 percent in Istanbul, 116 percent in Ankara, 119 percent in Izmir

Housing prices in Istanbul, where 57 thousand 836 units accounted for 18% of housing sales in the 1st quarter, increased 147% in 1 year and the average sales price per square meter was 12.102 TL. In Ankara, 29,328 units accounted for 9% of residential sales in Q1, and housing prices increased by 116% in the last 1 year, the average sales price per square meter was 5,352 TL. There were 19 thousand 112 sales in Izmir, where 6% of housing sales occurred, and housing prices increased by 119% in the last 1 year, the average sales price per square meter was 9.448 TL.

Provinces with the highest housing prices are Muğla, Istanbul and Aydın

As of the end of the 1st quarter, the provinces with the highest residential square meter sales prices were Mugla, Istanbul and Aydin respectively.

Hakan Akdogan, Founding President of TÜGEM, commented on the report, “Second-hand housing sales, whose share in total residential sales has reached 70%, a record level so far. While leaving behind a qualifying period in terms of real estate businesses, it is very important that rising prices are balanced at a certain point. We need acceleration in the construction sector for new portfolios, both for rent or sale,” he said.

Görkem Ögut, Co-Founder and General Manager of Endeksa, said, “There are several main reasons for high prices in the real estate sector in the recent period; pandemic impact, exchange rate fluctuations, construction costs increase and the supply of housing remains below demand. Increasing construction input costs are driving up first-hand housing prices, causing both the demand to divert to second-hand housing and the price increase in second-hand housing due to the rise of the market can be. When we examine the trend in the recent period, we observe that the sale in the housing market dominated second-hand housing.”

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